Refinancing Parent Loans is Simple

No hassle, no hidden fees. By refinancing parent student loans 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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You Deserve Simple, Straightforward Savings.*

Loan Amounts From


Rates From


5.28% APR


5.48% APR

Terms for 5, 7, or 10 years

See What You Could Save

Prequalify to see your rates and options in minutes without affecting your credit score.

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





5.28% - 7.94% APR
60 Payments
Total Payments
$28,499 - $30,371
7 Year





6.88% - 8.29% APR
84 Payments
Total Payments
$31,571 - $33,036
10 Year





6.93% - 8.49% APR
120 Payments
Total Payments
$34,724 - $37,180
Fixed Rate Loans for Parents
5 Year





5.48% - 8.09% APR
60 Payments
Total Payments
$28,638 - $30,479
7 Year





5.99% - 8.24% APR
84 Payments
Total Payments
$30,668 - $32,983
10 Year





6.09% - 8.29% APR
120 Payments
Total Payments
$33,442 - $36,859

What Makes ELFI the Best for Parent Loan Refinancing?

Some of the Lowest Rates Available

We believe in rewarding financially responsible borrowers by providing some of the lowest student loan refinancing rates available.

Expertise That’s Second to None

Our ELFI management team has over 30 years of expertise in parent loans and parent loan refinancing.

Fast and Easy Process

Secure your personalized parent loan or refinancing options in just a few short minutes.

Student Loan Advisors

You'll be assigned a single Student Loan Advisor from our award-winning customer service team to guide you every step of the way.

No Unnecessary Fees

With ELFI, you won’t pay any application fees, origination fees, or have prepayment penalties. See the other benefits of student loan refinancing with ELFI.

Service Coast to Coast

ELFI parent loans and parent loan refinancing are available across the entire U.S. and Puerto Rico.

What Our Customers Are Saying

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.

Eligible Student Loans:

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 Student 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. Parents are still required to have obtained a bachelor’s degree from an approved university.


Click Here for Additional Eligibility Requirements

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 student loan interest rate
  • Refinancing to transfer the loan in their child’s name
  • Securing new loan terms
  • Consolidating private and parent PLUS loans

Learn More:

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

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. Meaning, the child can apply to refinance the parent loan and any other private or federal loans they have, while the parent is still the co-signer. The parent cannot take over the child’s loan they are co-signed on.

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

Variable vs Fixed Rate Parent Loan Refinancing

Variable Rates may help you get a low rate and a low monthly payment with an interest rate that changes monthly. With Variable Rates, your monthly payments can vary throughout the life of your loan. Fixed Rates provide an interest rate that stays the same over the life of your loan. With Fixed Rates, your monthly payments do not change.

Learn More: Variable vs Fixed Student Loan Interest Rates

Will Refinanced Parent Loans be Considered Student Loans for Tax Purposes?

Yes, student loans refinanced by ELFI are considered student loans for federal and state tax consideration. Please note that individuals may or may not be eligible for interest deductions depending on their individual tax situation. Please consult your tax advisor for additional information.

Do I Need to Refinance All of My Parent Loans or Can I Only Refinance the Ones I Want?

You can choose to refinance all of your parent loans or only the amount you want. During the application process, you can choose the amount of student debt you would like to refinance.

Learn more: How to Partially Refinance Your Student Loans

What is the Average Interest Rate for Federal Parent PLUS Loans?

From 2010 to 2021, the average fixed interest rate for Federal Parent PLUS Loans was 7.04%. Furthermore, those with good credit can likely get a lower interest rate that will save them money on repayment in the long term.

Will I Still be Able to Take Advantage of Federal Student Loan Protections and Benefits?

If you choose to refinance your parent loans with a private lender, you will no longer have access ti federal student loan protections and benefits.