Updated: September 15, 2021

ELFI Undergraduate Student Loan Review

Undergraduate Student Loans

Undergraduate
Student Loan Rating
2.5 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.
Not Available
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.
Not Available
Repayment Terms
5 years, 7 years, 10 years, 15 years
Important Information

Rewards: None

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

Overall Loan Limits: $10,000 (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 don’t publish the highest interest rates they charge and do not offer rewards like other lenders, making it difficult to accurately assess the cost of their loans.

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
  • High minimum loan amount
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.
Fixed:
Not Available
Variable:
Not Available
Fixed:
2.99% - 12.78%
Variable:
0.99% - 11.44%
Fixed:
5.65% - 12.95%
Variable:
4.08% - 11.08%
Loan repayment terms (Years) 5 years, 7 years, 10 years, 15 years Up to 15 years 5 years, 7 years, 10 years, 12 years, 15 years
Cosigner release? None None Yes, after 24 months on-time 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.

Their loan limit policy has its pros and cons. While they do allow you to borrow up to the full cost of attendance at your school, they also require you borrow at least $10,000 (which is a lot by industry standards). Their repayment policies are similarly double-sided. Though they offer an incredibly short repayment term of 5 years (among others), they also don’t allow your cosigner to be released (if you have one).

Now for the most important thing you should take into account: they don’t publish their maximum interest rates like other lenders. That means we can’t accurately rate how cost-effective their student loans really are. They may be much more expensive than other lenders. They also don’t offer any rewards or discounts, meaning you’ll be bound to the interest rate they give you.

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 years, 7 years, 10 years, 15 years
  • Minimum Borrowing Limit: $10,000
  • 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, 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:

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