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How Refinancing Student Loans With ELFI Works

Paying off student loans can be difficult. Challenges like correctly budgeting, prioritizing debt, and a high-interest rate can present hiccups in your student loan repayment process. 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


5.28% APR*


5.48% 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 $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.

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Our customers have reported that they are saving an average of $278 every month or will see an average of $20,774 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 01/03/23 and 03/01/23. 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.

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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.

ELFI vs Other Student Loan Refinancing Companies

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.

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.

What is student loan refinancing?

Student loan refinancing is designed to support your loan repayment progress. When you refinance your student loans, you’ll choose a new lender, like ELFI, to repay your original loan. After that, you’ll receive a new contract with an updated interest rate and repayment term.

Depending on your financial situation, you may receive a lower interest rate and save money over the life of the loan. Choosing a new repayment term is beneficial because your financial needs have likely changed since you took out the original loan, and your new term may better fit your repayment goals. Learn more about how student loan refinancing works.

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. Learn more about how to choose the right student loan refinancing term for you.

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 student loan 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 $10,000.
  • 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 bachelor’s degree from a Title IV U.s. domiciled non-profit college or university.

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?

Most, but not all types of student loans are eligible for student loan refinancing. Most federal 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.

Should you refinance private student loans?

Private student loan refinancing can offer several benefits. Two of the primary benefits include the potential to secure a lower interest rate and adjust your repayment term to pay off student loans faster or lower your monthly payment.

Plus, student loan refinancing offers the opportunity to transfer your loans to a new lender, giving you the chance to research various lenders and choose the one you’d most like to apply with.

Keep in mind that if you are unable to earn a lower interest rate by refinancing your student loans, or if you’d pay more over the life of your loan, then refinancing may not be the optimal choice for your financial situation.

Should you refinance federal student loans?

If you aren’t currently taking advantage of federal student loan benefits like Public Service Loan Forgiveness (PSLF) or an income-driven repayment (IDR) plan, then refinancing federal student loans may be right for you.

Before you refinance, consider prequalifying to determine whether refinancing will help you to save money over the life of your loan or lower your monthly payment.

Is now a good time to refinance federal student loans?

On August 24, 2022, President Biden announced his plan to forgive up to $10,000 in federal student loan debt and up to $20,000 for Pell Grant recipients. The debt forgiveness will be limited to borrowers with incomes of less than $125,000 a year or families earning less than $250,000.

On November 22, 2022, the student loan payment pause was extended until the U.S. Department of Education is permitted to implement the debt relief program or the litigation is resolved. Payments will restart 60 days later. If the debt relief program has not been implemented and the litigation has not been resolved by June 30, 2023 – payments will resume 60 days after that.

With the possibility of the payment pause ending, it may be worth checking your rate to see if you can save on your federal student loans by refinancing them. However, keep in mind that refinancing federal student loans will cause you to lose access to future benefits applied to federal student loans.

Is it free to refinance student loans?

In most cases, there is no cost to refinance student loans. Before you sign on the dotted line, ask the lender you’d like to refinance with about their fee structure to ensure it meets your financial needs.

Keep in mind that if you extend your repayment term to lower your monthly payment, you will pay more in interest over the life of the loan.

Choosing a reputable lender like ELFI is a great way to ensure you’re getting the most out of your refinancing experience. ELFI does not charge fees to refinance, and borrowers can pre-qualify without impacting their credit scores.

How can I get the lowest student loan refinancing interest rate?

The lowest student loan refinancing interest rates are given to applicants with the best credit. A high credit score shows that you make consistent, on-time payments and that you haven’t taken on more debt than you can afford. Furthermore, adding a cosigner can help lower your student loan interest rate. A cosigner could be a parent, relative, or a trusted friend willing to share responsibility for the loan.

If you’re concerned that your credit may hold you back from refinancing, consider applying with a cosigner who has strong credit. You can also work to improve your credit score by paying your bills on time, improving your debt-to-income ratio and shopping around to find the best lender for your situation.

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 WSJ Prime Rate.

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

Can I refinance to remove a cosigner?

If you’d like to remove a cosigner from your student loan, one way to do so is by refinancing, as you will be paying off the old loan. By refinancing, you will release your cosigner from sharing responsibility for your loan.

Can I refinance only some of my student loans?

Yes, you may choose whether you’d like to refinance some or all of your student loan debt when going through the application process.

Learn more about how to partially refinance your student loans.

Who can I contact for help or questions about student loan refinancing?

ELFI has a team of exceptional customer service representatives that are here to answer any and all questions you may have. Our specialists are available to help you along each step of the student loan process.

Click here to get in contact with our team.

Do I need to continue making my payments during the refinance process?

Yes, you should continue making payments on your existing student loans during the refinancing process until your outstanding loans are paid off as reflected by a $0 balance for each of your loans at your current servicer(s). This is to ensure that you do not risk having a late payment with your current servicer(s) as it can take between 2-3 weeks for the loans you are refinancing to pay off and for funds to post.

Our payoff of your outstanding loans may post after your payment(s) on your refinanced loans, which may cause an overpayment with your previous lender(s). In this case, we request the funds be sent back to us, and we then apply them to the principal balance of your ELFI loan and backdate it to the day we disbursed the initial payoff. Receiving the refund and applying it to your account can take between 4-6 weeks.

Learn More About Student Loan Refinancing