ELFI Parent Student Loan Review
Parent Loans for College
Yearly Loan Limits: 100% Cost of Attendance
Overall Loan Limits: $1,000 (minimum)
Cosigner Terms: Cosigner optional, does not offer Cosigner Release
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
How does this loan compare?
Full 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.
ELFI - Private Student Loan Details
- 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
- 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
- Immediate Principal and Interest Repayment: Yes
- Fixed Monthly Repayment: Yes, 25
- Interest-Only Repayment: Yes
- Full Deferment: Yes
- 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
- US-Based Call Center: Not specified by lender
- Hours of Operation (in addition to weekdays): Evenings and Weekends
- Application Timeline: Not specified by lender
- Scholarship Search Tool: None
- Sponsors a Scholarship: Not specified by lender
- Job and Career Assistance: None
- Financial Literacy Training: None