ELFI vs. SoFi for Student Loan Refinancing
August 13, 2021If you’re interested in refinancing your student loans, both ELFI and SoFi can provide you with the chance to consolidate student loans and get a lower monthly payment or reduce your interest rate.
Additionally, both lenders offer private student loans to help college students and families pay for college.
As you shop around for the right lender, though, it’s important to compare various features to find the best fit for you. Here’s how you can compare ELFI vs. SoFi.
Student Loan Refinancing Rates and Terms
The primary goal of refinancing student loans should be to obtain the best interest rate possible to maximize your savings. The student loan refinancing repayment terms offered by lenders can also help give you some flexibility with your student loan repayment plan.
Here’s how ELFI and SoFi compare in regards to their interest rates and repayment terms, as well as the loan amounts:
| ELFI | SoFi | |
| Fixed APRs* | 2.58% – 5.99% | 2.74% – 6.94% |
| Variable APRs* | 2.39% – 6.01% | 2.25% – 6.59% |
| Loan terms | 5, 7, 10, 15 or 20 years | 5, 7, 10, 15 or 20 years |
| Loan amounts | As low as $15,000 | As low as $5,000 |
On average, ELFI’s competitive fixed and variable interest rates are lower than the rates that SoFi provides. Both lenders are available in all 50 states, Washington D.C., and Puerto Rico.
Eligibility Requirements
Most lenders set their own student loan refinancing eligibility requirements that borrowers must meet to refinance their loans. Here are the criteria for ELFI vs. SoFi:
| ELFI | SoFi | |
| Minimum credit score | 680 | 650 |
| Minimum credit history | 36 months | None |
| Minimum income | $35,000 | None |
| Education level | Bachelor’s degree or higher from a Title IV U.S. domiciled non-profit college or university | Associate’s degree or higher from a Title IV school |
| Minimum age | Age of majority in your state | Age of majority in your state |
| Citizenship | U.S. citizen or permanent resident | U.S. citizen, permanent resident, or visa holder; can qualify as a non-permanent resident with a cosigner who is a citizen or permanent resident |
One thing to note is that while ELFI’s eligibility criteria are higher than SoFi’s, ELFI, on average, approves more borrowers overall for refinancing. Approval rate can be an important factor when comparing different lenders and what they have to offer.
Student Loan Refinancing Customer Benefits
Although interest rates are seen as the most important aspect of refinancing, working with a lender that offers certain benefits is another way to help you choose which lender is right for you.
Here are some similar perks that both ELFI and SoFi offer:
- Allow for parents to transfer Parent PLUS Loans to adult children
- Referral bonuses
- Cashback bonuses
- New customer bonuses
- Allow for cosigners
- Pre-qualification with a soft credit check
- No prepayment penalties
The following is a list of perks that are specific to ELFI:
- Utilizes multiple servicers
- ELFI’s $400 referral bonus has no limit; SoFi has a limit of $10,000
- ELFI has Personal Loan Advisors that will act as a continuous point of contact for any help you need or questions you have
- Student loan forbearance as a form of unemployment protection
ELFI vs. SoFi Review Ratings
Reviews for ELFI and SoFi from financial organizations such as Student Loan Planner and NerdWallet are generally very similar. As such, borrowers should also focus on the benefits of student loan refinancing that are offered by each company, as well as rates and terms.
Here’s a quick look at ELFI’s review ratings from major financial publications as of July 29, 2021:
- NerdWallet: 5 stars
- Student Loan Planner: 4.5 stars
- LendEDU: 4.5 stars
- Credit Donkey: 4.4 stars
It can also be a good idea to read customer reviews to get an idea of how the customer experience can be for you.
Refinance Your Student Loans With ELFI Today
Refinancing your student loans with ELFI can be an excellent decision because of its low, competitive interest rates and a higher rate of approval compared to other lenders like SoFi. Student loan refinancing can help you save money, simplify your repayment plan, and give you the flexibility to choose your own term.
If you’re considering refinancing, consider using a student loan refinancing calculator to find out how much you can save. Also, get pre-qualified with ELFI to get a quote and compare that with quotes from other lenders to find the best path forward for you.