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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
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
Loan comparison
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 and 7 years.
However, they do not offer any discounts or rewards, and do not offer cosigner release.
Education Loan Finance (ELFI) - Parent Loans for College
Other loans that Education Loan Finance (ELFI) offers:
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