Updated: October 20, 2023

ELFI Undergraduate Student Loan Review

Undergraduate Student Loans

Undergraduate
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% - 12.29%
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% - 12.79%
Repayment Terms
5, 7, 10, 15 years
Important Information

Rewards: None

Yearly Loan Limits: Covers up to 100% of your Cost of Attendance

Overall Loan Limits: $1,000 (minimum)

Cosigner Terms: Cosigner optional, does not offer Cosigner Release

The bottom line:

Education Loan Finance (ELFI) is known for its dynamic customer service team and giving you the option to borrow all of the money you need for school. On the other hand, they do not offer rewards like other lenders, and do not allow for cosigners to be released.

Pros

  • No application, origination or guarantee fees
  • Has evening and weekend call center hours
  • Can borrow up to the full cost of attendance

Cons

  • Does not offer auto-debit discount (or any other reward, for that matter), as all borrowers are required to make automatic payments
  • Does not offer cosigner release
Education Loan Finance (ELFI) Earnest Ascent Student Loans
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% - 12.29%
Variable:
4.98% - 12.79%
Fixed:
5.19% - 15.90%
Variable:
5.99% - 18.26%
Fixed:
4.09% - 15.66%
Variable:
6.22% - 16.08%
Loan repayment terms (Years) 5, 7, 10, 15 years 5, 7, 10, 12, 15 years 5, 7, 10, 12, 15 years
Cosigner release? None None Yes, after 12 months on-time principal and interest payments

ELFI shares some things in common with top lenders, including its fee policy and customer service. You won’t be paying application, origination or guarantee fees, nor will you be paying a prepayment penalty if you want to pay off your loan in full before the end of your repayment term. When it comes to customer service, they take calls on weekends and evenings.

Though ELFI offers an incredibly short repayment term of 5 years (among others), they also don’t allow your cosigner to be released (if you have one).

Education Loan Finance (ELFI) - Private Student Loan Details

Interest Rates, Fees and Terms
  • Credit Check: Soft for Rate Check, Hard for Application
  • Repayment Terms: 5, 7, 10, 15 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
  • Interest-Only Repayment: Yes
  • Full Deferment: Yes
Repayment Details
  • Length of Grace Period: 6 months
  • Maximum Deferment Period: Does not offer
  • 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: Personalized rate in minutes
Extras
  • Scholarship Search Tool: None
  • Sponsors a Scholarship: None
  • Job and Career Assistance: None
  • Financial Literacy Training: Yes

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

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.