Updated: October 20, 2023

ELFI Parent Student Loan Review

Parent Loans for College

Parents
Student Loan Rating
4 of 5
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, 7 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 disclose their maximum fixed or variable interest rates. We rate them below-average.

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, 7 years, and 10 years

Cons

  • Does not offer cosigner release
  • Does not offer any discounts or rewards
Education Loan Finance (ELFI) Alaska Commission on Postsecondary Education (ACPE) College Ave
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:
6.75% - 7.00%
Variable:
Not Available
Fixed:
4.07% - 16.69% 1
Variable:
5.59% - 16.69% 1
Loan repayment terms (Years) 5 years, 7 years, 10 years 10, 15 years 5, 15 years
Cosigner release? None None Not specified

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 and 7 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, 7 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

Other Loans that Education Loan Finance (ELFI) Offers:

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