As seen on:

How Refinancing Student Loans With ELFI Works

We know that financing an education is a reality most students face. That’s why we work hard to make the student loan refinancing process simple and convenient, so you can focus on what matters most – your bright future.

Pre-qualification does not affect your credit score.



See personalized savings on your student loans in minutes, with no impact on your credit.



Explore our student loan refinancing options and select a plan with the best interest rates and terms to fit your needs.



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

Low Student Loan Refinancing Rates & Flexible Terms

ELFI has flexible options for student loan refinancing and parent loan refinancing to fit your specific goals and budget.

Loan Amounts From


Rates From


2.39% APR*


2.58% APR*

Terms From

Student Loan Refinancing

5 – 20 years*

Parent Loan Refinancing

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 $11.10 per $1,000 borrowed. To qualify for refinancing or student loan consolidation through Education Loan Finance, you must have at least $15,000 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.

Created with Sketch.

Our customers have reported that they are saving an average of $214 every month or will see an average of $18,699 in total savings after refinancing their student loans with Education Loan Finance.1

1Average savings calculations are based on information provided by SouthEast Bank/ Education Loan Finance customers who refinanced their student loans between 12/25/2020 and 1/31/2021. While these amounts represent reported average amounts saved, actual amounts saved will vary depending upon a number of factors.

Refinance Your Student Loans & Save

Refinancing your student loans could help you save money on your monthly payments or over the life of your loan. Use our Student Loan Refinancing Calculator to get an estimate for what you could save by refinancing your student loans with ELFI.

Why Refinance with ELFI?

Some of the Lowest Rates Available

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

First place ribbon icon
Expertise That’s Second to None

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

Fast and Easy Process

Secure your personalized student 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 private student loans and student loan refinancing are available across the entire U.S. and Puerto Rico.

Compare ELFI with Top Student Loan Refinance Companies

Choose a company to compare with ELFI
Laurel Road
Fixed Rates APR
2.58% - 5.99%
2.74% - 6.94%
2.5% - 5.79%
2.5% - 6%
2.98% - 5.79%
Variable Rates APR
2.39% - 6.01%
2.25% - 6.59%
1.88% - 5.64%
1.89% - 5.9%
1.99% - 5.61%
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
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 09/20/2021. All information and rates are subject to change at any time. Please see each lender's website for current information.

What Our Customers Are Saying

Student Loan Refinancing Frequently Asked Questions

If you're considering refinancing your student loans, you likely have questions. Here are some of the most frequently asked questions we hear from customers.

Who should refinance student loans?

Student loan refinancing can be a good option for any individual who would like to either lower their interest rate or adjust their repayment term. Refinancing is especially beneficial to those with high-interest student loans, but it can also be helpful for those with unsubsidized Direct Loans, Graduate PLUS loans, and private student loans. Additionally, refinancing can be useful for those who would like to extend their repayment term to make monthly payments more manageable. 

When should I refinance student loans?

Deciding the right time to refinance student loans depends on your current goals and financial situation. If you have a good credit score, stable income, and would like to save money by lowering your interest rate, pay off your loans fast by shortening your repayment term, or extend your repayment term to make repayment more manageable, now may be the time to refinance. Learn more about when to refinance student loans.

What do I need to qualify for student loan refinancing?

In order to qualify for student loan refinancing with ELFI, you must meet the following criteria, among other factors:

  • Must be a U.S. citizen or permanent resident alien without conditions and with proper evidence of eligibility.
  • Must be at the age of majority or older at the time of loan application.
  • Must have a minimum loan amount of $15,000.
  • Must have earned a Bachelor’s degree or higher.
  • Must have a minimum income of $35,000.
  • Must have a minimum credit score of 680.
  • Must have a minimum credit history of 36 months.
  • Must have received a degree from an approved post-secondary institution and program of study.

Learn more about ELFI’s student loan refinancing eligibility requirements.

What is the difference between student loan refinancing and student loan consolidation?

Student loan consolidation is the process of combining multiple loans into one loan. The federal government offers the Federal Loan Consolidation program to borrowers of federal student loans, and only federal loans are eligible for the program (private student loans are not). Through the federal student loan consolidation, your loans are combined and the interest rate is the average of your loans rounded up to the nearest 1/8 percent.

Similar to consolidation, refinancing student loans involves combining multiple student loans into one loan with one monthly payment. However, unlike Direct Loan Consolidation, this option is only offered by private lenders and includes the consolidation of both federal and private student loans. Student loan refinancing can reward borrowers who demonstrate responsible financial habits with rates and payment options not offered through the federal consolidation program. New interest rates are calculated based on the borrower’s credit history and overall financial health, as well as current financial market conditions, rather than the weighted average of the included loans.

Learn more about student loan consolidation vs refinancing.

What types of loans are eligible for refinancing?

In short, all types of student loans are eligible for student loan refinancing. Federal student loans and private student loans can be combined when refinancing, or you can choose specific federal or private student loans to refinance. The choice is yours to make based on what will best benefit you.

Is now a good time to refinance?

The CARES Act passed in March of 2020 provided several benefits to borrowers of federal student loans, and the recent executive order signed by the Biden administration extended many of these benefits through September 30, 2021. These benefits include:

  • Federal loan payments suspended
  • Interest rates reduced to 0%
  • Non-payments for those pursuing Public Service Loan Forgiveness and loan rehabilitation count as qualifying payments
  • Collection activities postponed

It’s important to consider your federal student loan protections before refinancing federal student loans. Learn more about the CARES Act student loan protections from the U.S. Department of Education.

However, while federal student loans are under protection, private student loans are not. Student loan refinancing rates are currently at historical lows, making now an opportune time to refinance private student loans or a combination of private and federal student loans.

What's the difference between fixed and variable interest rates?

A fixed-rate student loan has an interest rate that does not change over the life of the loan. This means you will pay the same amount in interest each month for the duration of the loan.

Variable-rate loans, on the other hand, have interest rates that may fluctuate during the term of your loan. These fluctuations are directly linked to changes in common financial indexes, such as the LIBOR index, typically by adding the current index amount to a fixed margin defined by the lender to determine the current rate.

Learn more about the pros and cons of fixed vs. variable interest rates.

Learn More About Student Loan Refinancing