Eligibility Requirements

If you meet Education Loan Finance’s underwriting criteria and eligibility requirements, you may be qualified to refinance your student loans. Is student loan refinancing right for you?

Please note that there are additional factors such as financial history, credit, and your debt-to-income ratio that will be considered for loan application approval.



Verify you meet eligibility requirements listed below.


Participating Schools

Did you graduate with at least a bachelor’s degree from a Title IV non-profit college or university?


Documents Required

Do you have all the documents required to refinance your student loans?

ELFI Student Loan Refinance Eligibility Requirements*

  1. Must be a U.S. citizen or permanent resident alien without conditions and with proper evidence of eligibility.

  2. Must be at the age of majority or older at the time of loan application.

  3. Must have a minimum loan amount of $10,000.

  1. Must have earned a Bachelor’s degree or higher.

  2. Must have a minimum income of $35,000.

  3. Must have a minimum credit score of 680.

  4. Must have a minimum credit history of 36 months.

  5. Must have received a bachelor’s degree from a Title IV U.S. domiciled non-profit college or university.

Participating Schools

In order to qualify for an ELFI refinance student loan, you must have graduated with at least a bachelor’s degree from a Title IV U.S. domiciled non-profit college or university.

Billing Statements

For billing statements or payoff letters to qualify for student loan refinancing, we’ll need to see the below information.

  • Name
  • Account number
  • Current balance or payoff amounts
  • Payment mailing address

Please note that each statement should not be more than 30 days old. Additionally, if you plan to exclude some loans from a single servicer, you will need to provide sequence numbers, loan IDs, or any identifying number for each loan to be included in your refinance.

Click here to view sample statements.



Documents Required to Refinance Student Loans

  • Recent Pay Stub or proof of employment from within the last 30 days.
  • Tax Returns only if self-employed.
  • Government-issued Identification
  • Account Information because all borrowers are required to make payments electronically. If making payments with auto debit, you must submit billing account for setup.
  • Current Billing Statement or Payoff Letter for each eligible loan.


Which Student Loans Are Eligible For Refinancing?

Almost all student loans are eligible for refinancing, including:

Ineligible Loans:
    • Medical Residency Loans
    • Bar Study Loans
    • Naivent Tuition Answers Loans
    • International loans made from institutions outside of the U.S. or loans for attending school outside of the U.S.


If I Qualify For Student Loan Refinancing How Much Can I Save?

The amount you can save by refinancing student loans depends on a number of factors. Typically, borrowers with stronger credit scores, credit histories, and debt-to-income ratios receive lower rates, allowing them to save more by refinancing. Here are some additional factors that may affect your savings:

      • Current student loan balance – The larger your student loan balance, the more money you will likely save over the course of your loan term. Likewise, if you have a small loan balance, you may save the same portion of money, but save less money overall.
      • Refinanced student loan interest rate – The lower the interest rate that you qualify for, the more you will save in interest over your loan term.
      • Loan term – Shorter student loan terms typically come with lower interest rates, as well as decrease the amount of time that interest accrues. Choosing a shorter loan term will usually allow you to save more than choosing a longer loan term.
      • Making early payments – If you make additional payments or early payments on your student loans, you will save more in interest and pay off your student loans faster.


How Do I Qualify for Student Loan Refinancing?

In order to qualify for student loan refinancing, you must meet the eligibility requirements listed above. If you don’t currently meet the eligibility requirements, you can work on strengthening your finances to increase your chances of being approved. Here are some areas to work on:

      • Improve your credit score – Improving your credit score will not only allow you to qualify for refinancing, but it will also help you lower your rate when you refinance.
      • Lower your Debt-to-Income Ratio – as with your credit score, improving your Debt-to-Income Ration by either increasing your income or paying off debt can help you qualify for refinancing student loans.
      • Refinance with a cosigner – If you don’t currently meet the student loan refinancing eligibility requirements, you can consider adding a cosigner that does meet the requirements in order to qualify.


Benefits of Refinancing With ELFI

If refinancing your student loans seems like a great fit, here are a few reasons to consider ELFI:

    • No application fees – To maximize the benefits of student loan refinancing, ELFI doesn’t charge application fees.
    • Lower interest rate – Refinancing your student loans could help you to earn a better interest rate and save money over the life of your loan.
    • No prepayment fees – ELFI doesn’t charge prepayment fees, so you can pay your loan off early without penalty.
    • Great customer service – When you refinance with ELFI, you’ll be paired with a Personal Loan Advisor who can support you throughout the process. How’s that for exceptional customer service?

Compare Student Loan Refinance Rates

Choose a company to compare with ELFI
Laurel Road
Fixed Rates APR
5.48% - 8.69%
5.24% - 9.99%
4.99% - 9.74%
5.44% - 9.75%
Variable Rates APR
5.28% - 8.99%
6.24% - 9.99%
5.89% - 9.74%
5.49% - 9.95%
Loan Terms
5, 7, 10, 15, or 20 years
5, 7, 10, 15, or 20 years
5 to 20 years
5, 7, 10, 15, or 20 years
TrustPilot Score
NerdWallet Rating
US News Rating
Rates and scores in this chart were obtained from lenders' and aggregators' websites on 6/6/24. All information and rates are subject to change at any time. Please see each lender's website for current information.

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