How Refinancing With Education Loan Finance Can Save You Money

In 2012, 71 percent of college graduates left school with student debt. In 2016, students left college with an average of $37,172 in loans. For millions of people, student loans and high interest rates are a significant burden, and many struggle to keep up with their payments.

Looking into loan refinance options can be a smart way to get a lower student loan interest rate, reduce your monthly payment, and save big money over the long-term.

If you’re considering refinancing your debt, Education Loan Finance (formerly known as “ELFI”) is one option that can save you hundreds or even thousands of dollars over the life of your loan.

Education Loan Finance review

Education Loan Finance is a student loan refinancing and consolidation program run by SouthEast Bank, a financial institution based in Tennessee. The company was designed to simplify repaying your loans by combining them into one easy payment.

After you graduate from school, Education Loan Finance allows you to make your education more affordable. Many students leave school with a mix of private and federal loans; with a loan refinance, you can streamline your payments so you do not have to keep track of several different lenders.

Unlike many refinancing companies, Education Loan Finance’s management team has been involved in the student loan business for a long time — over 30 years. They are experienced in every aspect of the student loan industry and can help meet your needs and answer any questions you may have.

Education Loan Finance products

Education Loan Finance offers refinancing options for graduates with their own loans as well as for parents with Parent PLUS loans or private loans.

When you refinance, you can choose your own terms, including the length of repayment and whether you want a fixed or variable interest rate. Repayment terms range from five to 20-year intervals.

With Education Loan Finance, you can consolidate multiple loans together, including federal and private loans. That can make it easier to manage your debt with one easy payment and one loan servicer. Borrowers can refinance loans between $15,000 and $250,000.

Education Loan Finance has also recently added a soft credit check, so you can find out your eligibility and get a rate quote without harming your credit. That can help you compare offers and find the right loan for you without lowering your credit score.

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Using the online platform

Education Loan Finance’s online platform is user-friendly and intuitive. When you’re ready to get started, just visit their website and click on “Find My Rate.”

The site will prompt you to create a profile, where you choose whether you’re looking to refinance student loans, parent loans, or to serve as a cosigner.

Education Loan Finance

Once you enter your information, Education Loan Finance will send you a verification code via email that you need to proceed.

Once you enter the code, fill in information about your location, education, and income to get an estimate of your rate. It’s important to know that this stage is just a soft credit pull, which does not affect your credit.

Once you click on “Get My Rate,” Education Loan Finance will process your information and give you a refinancing quote. From there, you can opt to complete your application and submit documentation of your income to get your loan.

Interest rate and fees

Education Loan Finance’s interest rates vary depending on the type of loan you want. If you apply for a fixed-rate loan and are approved, the offered loan’s interest rate could range from 3.09% to 6.69%.

For a variable-rate loan, the starting interest rate can range from 2.69% to 6.01%. After that, the interest rate may increase along with market changes. However, while the rate can vary after you accept the loan, it will never rise above 9.95%.

With Education Loan Finance, borrowers are never charged an application fee, origination fee, or prepayment penalty. For late payments, you may be charged 5% of the late amount or $50, whichever is less. If a payment must be returned for any reason, you could be charged $30.

Eligibility requirements

To qualify for refinancing with Education Loan Finance, you must have at least $15,000 in student loan debt, be a U.S. citizen, and have completed your bachelor’s degree or higher from an approved postsecondary institution.

While Education Loan Finance doesn’t cite a specific number, they do say that applicants should have a debt-to-income ratio that shows you have the ability to pay back the loan.

If you do not qualify for a loan based on your own credit, income, or debt-to-income ratio, you may need a cosigner.

Customer service

Education Loan Finance has been around for a long time, so they have a lot of customer support documentation on their website, including a comprehensive FAQ, loan calculator, and document checklist to help you through the process.

But if you do need additional support, they offer customer service via phone, email, or text.

More about Education Loan Finance

Besides the benefits of refinancing, Education Loan Finance offers other perks, too.

Potential borrowers get an added incentive to refinance with their Fast Track Bonus program. If you apply for a loan, submit all of the required documentation, are approved, and accept the terms of the loan offer within 30 days of your initial application date, the company will give you $100. That can be a nice way to start making extra payments on your debt.

Additionally, Education Loan Finance’s referral program can be lucrative, as well. If you refer a friend, you get $400 and your buddy will get $100. (You get the money as a check to use as you want.)

Best of all, there’s no limit to how many people you can refer; you can post a referral link on your social media pages, your personal website, and more to get the word out and earn cash.

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Education Loan Finance contact

You can reach company representatives by phone or text at 1-844-601-ELFI. If you prefer to get help through email, you can contact them at

You can also connect with them on Facebook, Instagram and Twitter.

Interested in refinancing student loans?

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Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print, understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.