Updated: July 19, 2024

ELFI Parent Student Loan Review

Parent Loans for College

Parents
Student Loan Rating
3.5 of 5
Check Rates
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include an autopay discount if available.
4.48% - 12.04%
Variable APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include an autopay discount if available.
4.98% - 12.54%
Repayment Terms
5 years, 10 years
Important Information

Yearly Loan Limits: 100% Cost of Attendance

Overall Loan Limits: $1,000 (minimum)

Cosigner Terms: Cosigner optional, does not offer Cosigner Release

The bottom line:

Though ELFI’s Parent Loans are quite flexible when it comes to qualifying and repayment, they do not offer any discounts or rewards.

Pros

  • Allows you to defer repayment until the student graduates
  • Has a low minimum income threshold for borrowers ($35,000/year)
  • Offers repayment terms of 5 years and 10 years

Cons

  • Does not offer cosigner release
  • Does not offer any discounts or rewards
View full rankings of the best student loans for parents
Education Loan Finance (ELFI) College Ave SoFi
Rates from (APR) i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include an autopay discount if available.
Fixed:
4.48% - 12.04%
Variable:
4.98% - 12.54%
Fixed:
3.74% - 17.99% 1
Variable:
5.59% - 17.99% 1
Fixed:
6.50% - 14.83%
Variable:
6.32% - 15.86%
Loan repayment terms (Years) 5 years, 10 years 5, 15 years 5 years, 10 years, 15 years
Cosigner release? None Not specified Yes, after 24 months on-time principal and interest payments
Check Rates
Check Rates
Read Review
Check Rates
Read Review

ELFI’s Parent Loans are remarkable when it comes to qualifying and repaying. Unlike other lenders, the minimum income they require from borrowers is $35,000, and the minimum credit score they require is 680. They will cover up to 100% of the student’s annual cost of attendance, and they are available in all 50 states. Repayment-wise, they offer a full deferment option and shorter repayment terms such as 5 years.

However, they do not offer any discounts or rewards, and do not offer cosigner release.

Education Loan Finance (ELFI) - Private Student Loan Details

Interest Rates, Fees and Terms
  • Credit Check: Soft to check rates, hard to process application
  • Repayment Terms: 5 years, 10 years
  • Minimum Borrowing Limit: $1,000
  • Yearly Borrowing Limit: 100% of Cost of Attendance
  • Aggregate Borrowing Limit: Not specified by lender
  • Application Fee: None
  • Origination Fee: None
  • Prepayment Penalty: None
  • Late Fee: Yes
Requirements to Qualify
  • Minimum Credit Score: 680
  • Minimum Annual Income: $35,000
  • Citizenship Restriction: Citizens or Residents
  • Minimum Enrollment Restriction: Half-Time
  • List of States where Loan is Not Available: None
  • Approved Schools Include: Non-Profit
Repayment Options
  • Immediate Principal and Interest Repayment: Yes
  • Fixed Monthly Repayment: Yes, 25
  • Interest-Only Repayment: Yes
  • Full Deferment: Yes
Repayment Details
  • Length of Grace Period: 6 months
  • Maximum Deferment Period: None
  • Maximum Forbearance Period: 12 months
  • Cosigner Release Option: None
  • Disability Discharge: Not specified by lender
Customer Service
  • US-Based Call Center: Not specified by lender
  • Hours of Operation (in addition to weekdays): Evenings and Weekends
  • Application Timeline: Not specified by lender
Extras
  • Scholarship Search Tool: None
  • Sponsors a Scholarship: Not specified by lender
  • Job and Career Assistance: None
  • Financial Literacy Training: None
Check Rates

Other Loans that Education Loan Finance (ELFI) Offers:

Wondering how much that loan is going to cost you? Check out our free Loan Calculator!
Input your loan terms and we’ll tell you how much you can expect to pay monthly and in total
Get Started

Savingforcollege.com provides our readers with free access to objective information, articles and tools to help them make informed decisions about saving and paying for education. We are able to do this because we are compensated by our partners, including some private student lenders. Some, though not all, of the products featured here are offered by partners who may pay us a sales commission. Our partnerships do not influence our ratings or reviews, which are based on in-depth research and objective methodologies, though they may influence which products we write about and where those products appear on our site. Our opinions are our own.