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Paving their way to a brighter future.

Let’s remove the obstacles around helping your child pay for college. ELFI provides parent loans with flexible payment terms of 5, 7 and 10 years and no penalties for paying them off early. Rest easy knowing you’ve secured a low-interest rate and chosen a repayment plan that’s tailored to fit your lifestyle. Work with a team who deeply cares about education. Beyond those we empower through our student loans and refinancing, we are honored to give back to our community through financial literacy programs and academic scholarships that have impacted over 20,000 students.

Your Personal Loan Advisor Is Waiting

Don’t miss out on the features and competitive interest rates that accompany our parent loans.

Applying Is Simple

Our parent loan process is quick, transparent and straightforward. Best of all, every applicant receives a Personal Loan Advisor who will provide guidance every step of the way. What are you waiting for? See your potential savings with a no-risk prequalification.

With ELFI, You’ll Never Pay:

• Application fees
• Origination fees
• Prepayment penalties

Prequalification does not affect your credit score.

1

PREQUALIFICATION

See personalized rates in minutes.

2

APPLY

Explore options and select a plan with the best rates and terms to fit your needs.

3

UPLOAD & SIGN

Upload screenshots or smartphone photos of your documents. Then sign your paperwork electronically!

Parent Student Loan Calculator

We offer flexible repayment options to fit your lifestyle. Enter the desired loan amount and months remaining until the student graduates. We’ll calculate an estimated monthly payment based on your preferred terms. What are you waiting for? Pick the repayment option that works for you!

Affordable Rates & Flexible Terms for Student Loans*

We have no application fees, no loan origination fees and no penalty for paying off your loan early.

Loan Amounts From

$10,000

 

Rates From

Variable

3.95% APR

Fixed

4.99% APR

Terms From

5 – 10 years

* 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. Education Loan Finance Parent Loans are limited to a maximum of the 10-year term.

Are We A Match?

  • The student must be enrolled at least half-time in a Bachelor’s, Master’s or Doctoral degree program at an eligible school.
  • Borrowers and cosigners must be U.S. citizens or permanent resident aliens without conditions and with proper evidence of eligibility.
  • Borrower (or cosigner) must have a minimum credit score of 680.

 

Borrowing Details

The minimum amount required per loan is $10,000. The maximum loan size will be the amount approved by the school for qualified education expenses for the requested academic period. Loans cannot fund more than one academic year of school-certified costs. The student must be attending an eligible school to qualify for an ELFI Private Student Loan. Additional terms and conditions apply.

Get More Eligibility Details Here

 

FAQs

Do ELFI Parent Loans have any fees?

There are no application, origination, or prepayment fees.

What discounts do you offer?

ELFI does not require you to do anything extra to get the best rate we can offer. All borrowers are required to make payments with an electronic or digital transfer. Therefore the auto pay discount is already reflected in your approved interest rate.

I don’t see my child's school listed in the application. What does that mean?

ELFI’s parent loans are currently available to eligible four year public and private, non-profit degree-granting institutions. If your child’s school isn’t listed, fill out our contact form and request inclusion for future consideration.

What documents will I need to complete my application with Education Loan Finance?

To speed up your private student loan application, you will need to have the following documents:

If applying with or without a cosigner

  • Paystubs documenting the last 30 days of payment (if employed)
  • Previous year W-2
  • Government-issued Identification

Your cosigner should also provide

  • Paystubs documenting the last 30 days of payment (if employed)
  • Previous year W-2Potentially, some additional documents may be required depending on the source of your income or your cosigner’s income. Your ELFI Personal Loan Advisor will contact you with details should this be the case.
  • Government-issued Identification
What repayment options are available for parent loans?

Immediate

  • Loan term starts upon disbursement of funds to the school.
  • Make principal and interest payments while attending school.
  • Full payment of interest and principal will begin 30 to 60 days following disbursement.

Interest Only

  • Make interest-only payments on the loan while attending school.
  • Continue interest-only payments during the six month grace period.
  • Full payment of interest and principal will begin 30 to 60 days upon completion of the grace period.

Fixed

  • Make $25 payments while attending school.
  • Continue $25 payments during the six month grace period.
  • Full payment of interest and principal will begin 30 to 60 days upon completion of the grace period.

Deferred

  • While attending school, no payments are required on the loan.
  • No payments are required during the six month grace period.
  • Full payment of interest and principal will begin 30 to 60 days upon completion of the grace period.