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ELFI Student Loan Refinance Review
Student Loan Refinancing
Flexibility: Cosigner release not available
Overall Limits: $10,000 (minimum)
Flexibility: Cosigner release not available
Overall Limits: $10,000 (minimum)
The bottom line
Education Loan Finance (ELFI) through Southeast Bank is a very strong candidate for student loan refinancing across the board. Though this lender’s terms come with a few limitations — no cosigner release, for example — it is still an all-around great choice with competitive rates and good repayment flexibility for students and parents.
Pros- Loan refinancing available for both parents and students
- Spousal cosigning available
- Borrow up to the full balance of your loans
- No origination, application or prepayment fees
Cons- Cosigner release not available
- High minimum borrowing requirement
- Late fees
Loan comparison
Full review
Unlike some more lenient lenders, you need to have at least a Bachelor’s degree from an approved post-secondary institution in order to qualify for ELFI refinance loans. Those that didn’t complete their degree or that earned Associate’s degrees or Certificates are not eligible. ELFI offers both fixed- and variable-rate loans. Deferment and discharge are not generally available (this is assessed on an individual basis), but students or parents facing temporary financial hardship may apply for up to 12 months of forbearance.
ELFI’s call center has evening and weekend availability to take questions.
The minimum you must borrow for an ELFI refinancing loan is $10,000. An advantage, is that you may borrow up to the total balance of your remaining private and/or federal student loans. Student loan refinancing term options include 5, 7, 10, 15 and 20-year variable or fixed-rate loans, and parent refinancing term options range from 5 to 10 years. If you have a limited credit history or income, you will need to apply with a cosigner in order to qualify. And if you do this, you will not have the option to release your cosigner from their obligation.
Education Loan Finance (ELFI) - Student Loan Refinancing
Other loans that Education Loan Finance (ELFI) offers:
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