Update: On 8/24, the White House announced up to $10,000 in forgiveness on qualified federal student loans for qualified borrowers and up to $20,000 qualifying for Pell Grant recipients and suspended federal student loan payments with 0% interest until 12/31/22. Before refinancing federal student loans, keep in mind that doing so will cause you to lose access to future benefits applied to federally-held loans. Learn More

Refinancing Parent Loans is Simple

No hassle, no hidden fees. By refinancing with ELFI, you can pick repayment terms that work for you – choose from 5, 7 or 10 years* with a rate that could be lower than your current loans. Your Student Loan Advisors will walk you through the entire process making sure you receive the service and support you need, from start to finish.

With ELFI, You Won’t Pay:

• Application fees
• Origination fees
• Prepayment penalties

*For example, a 10 year loan with a fixed rate of 6% would have 120 payments of $11.10 per $1,000 borrowed. Rates are subject to change.



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Explore options and choose which plan has the best rates, terms and payments for your needs.



Upload screenshots or smartphone photos of your documents, then sign your paperwork electronically!

You Deserve Simple, Straightforward Savings.*

Loan Amounts From


Rates From


2.48% APR


4.29% APR

Terms for 5, 7, or 10 years

See What You Could Save

View our Parent Loan Refinancing Calculator to find your estimated savings.

Loans to Fit your Budget

Below are sample payments for a $25,000 loan using each of Education Loan Finance’s parent loan refinance options.*

Variable Rate Loans for Parents
5 Year





2.48% - 6.19% APR
60 Payments
Total Payments
$26,608 - $29,132
7 Year





4.73% - 6.54% APR
84 Payments
Total Payments
$29,415 - $31,224
10 Year





4.74% - 6.74% APR
120 Payments
Total Payments
$31,440 - $34,432
Fixed Rate Loans for Parents
5 Year





4.29% - 6.29% APR
60 Payments
Total Payments
$27,821 - $29,202
7 Year





4.78% - 6.59% APR
84 Payments
Total Payments
$29,465 - $31,276
10 Year





4.79% - 6.79% APR
120 Payments
Total Payments
$31,513 - $34,508

Reasons to Refinance Parent PLUS Loans

Parent PLUS Loans can’t be refinanced through the federal government, but they can be refinanced through a private lender. The federal government only offers Parent PLUS Loan consolidation, which rounds up your interest rate to the nearest one-eighth percent and can have hidden fees, making Parent PLUS Loan refinancing a good option to save money. There are several reasons why refinancing Parent PLUS Loans can be beneficial, such as:

  • Securing a lower monthly payment
  • Saving money by getting a lower interest rate
  • Refinancing to transfer the loan in their child’s name
  • Securing new loan terms
  • Consolidating private and parent PLUS loans

Learn More: Should You Refinance Parent PLUS Loans?

When Is It A Good Idea To Refinance Parent PLUS Loans?

There are several scenarios in which refinancing your Parent PLUS Loans may be smart. Whether refinancing is a good idea depends on the interest rate you can acquire, your credit profile, the types of loans you have, your employment status, and your goals. Here are some situations in which refinancing Parent PLUS Loans may be for you:

  • You want to take advantage of low interest rates
  • You have a good credit score and credit history that can earn you a lower interest rate
  • You have federal parent loans with high interest rates
  • You have a steady income and can reliably make your loan repayments
  • You want to avoid hidden fees on your current parent loans

Learn More: When You Should Refinance a Parent PLUS Loan

Refinancing to Consolidate Parent PLUS and Private Student Loans

Refinancing Parent PLUS Loans may also offer you the opportunity to consolidate other debt associated with financing your child’s education. If you have Parent PLUS Loans and have also cosigned private student loans for your child, your Parent PLUS Loans and their private student loans that you cosigned can be consolidated together by refinancing with a private lender like ELFI.

The federal government does not allow Parent PLUS Loans to be refinanced, but only consolidated through a Direct Consolidation Loan, and private loans can not be included. Refinancing and consolidating Parent PLUS Loans and private student loans can provide you with one simple monthly payment and potentially a lower interest rate, allowing you to pay off your loans faster and save money over your loan term.

Learn More: Refinancing and Consolidating Student Loans

ELFI Parent Plus Loan Refinance Program

Program Eligibility:

Minimum Loan Amount $10,000
No Maximum Loan Amount for exceptionally well-qualified borrowers.
Loan Terms offered in 60, 84, and 120 month maturities with fixed and variable interest rate structures.

Loan Eligibility:

All loans to be included in a SouthEast Bank Refi Loan must be “Qualified Student Loans” as defined by the U.S. Internal Revenue Service.

Ineligible Loans:

Employer-sponsored education financing and payment plans, school-sponsored tuition payment plans.

Term Limits:

Parent loans are limited to a maximum term of 120 months. The applicant must still meet the graduation and school eligibility criteria.


Click Here for Additional Eligibility Requirements

What Our Customers Are Saying

*The interest rate and monthly payment for variable rate loans may increase after closing. Your actual interest rate may be different from the rates shown above and will be based on the term of your loan, your financial history, and other factors, including your cosigner’s (if any) financial history. For example, a 10-year loan with a fixed rate of 6% would have 120 payments of $11.00 per $1,000 borrowed. To qualify for refinancing or student loan consolidation through Education Loan Finance, you must have at least $10,000 in qualified student loan debt and must have earned a bachelor’s degree or higher from an approved post-secondary Education Loan Finance institution. Education Loan Finance Parent Loans are limited to a maximum of the 10-year term.