Please note: Education Loan Finance is rebranding to our commonly known name, ELFI. Our look and name have changed, but our commitment to providing our customers with great products and service remains the same. Please note that this will not affect any existing loans or applications in any way.

Private Student Loans: FAQs

Have questions about ELFI’s Private Student Loans? Get the answers you need here. If you still have questions, reach out to our Customer Service Center at 1-844-601-ELFI and we will be happy to assist you.

Will my ELFI Private Student Loan have a variable or fixed interest rate?

ELFI offers both fixed and variable interest rates. Fixed interest rates will not change from year to year, but variable interest rates will fluctuate based on the LIBOR index or the Prime Rate of Interest (see paragraph below for clarification), which may increase or decrease over the life of the loan.

Please Note: New variable rate ELFI loans applied for after 7:00 PM EST on January 7, 2022, will use the Prime Rate of Interest appearing in the Money Market section of the Wall Street Journal (WSJ) as the benchmark rate index. Borrowers who have an existing variable rate ELFI loan(s) that use the London Interbank Offered Rate (LIBOR) as the benchmark rate index will continue to have LIBOR as the benchmark rate index on their loans. ELFI will notify borrowers with existing variable rate loans originated prior to 7:00 PM EST on January 7, 2022, of the expected change from LIBOR to an alternative benchmark rate index in the future.

Am I automatically approved for the loan if I receive a prequalification interest rate range?

No. ELFI still has to go through the underwriting process to determine if a borrower is eligible for a loan. Prequalification does not automatically qualify you for a final offer.

What is the basis for ELFI’S variable rate loans? What is LIBOR? What is the Prime Rate of Interest?

ELFI’S variable rate loans are based on either the 3-Month LIBOR or the Prime Rate of Interest (please see below for clarification). The interest rate on an ELFI’S variable rate loan may increase or decrease as the 3-Month LIBOR index or the Prime Rate of Interest increases or decreases. These indexes can be found in resources like The Wall Street Journal.

Please Note: New variable rate ELFI loans applied for after 7:00 PM EST on January 7, 2022, will use the Prime Rate of Interest appearing in the Money Market section of the Wall Street Journal (WSJ) as the benchmark rate index. Borrowers who have an existing variable rate ELFI loan(s) that use the London Interbank Offered Rate (LIBOR) as the benchmark rate index will continue to have LIBOR as the benchmark rate index on their loans. ELFI will notify borrowers with existing variable rate loans originated prior to 7:00 PM EST on January 7, 2022, of the expected change from LIBOR to an alternative benchmark rate index in the future.

How often will my variable rates change?

Rates are subject to change without notice, until a Student Loan Approval Disclosure is provided by Education Loan Finance. After receiving a variable rate loan, the rate is subject to change quarterly on January 1st, April 1st, July 1st, and October 1st if the loan uses the LIBOR index rate or monthly if the loan uses the Prime Rate of Interest as the rate index. For more information about how variable rates are calculated, please view the Application and Credit Agreement.

Explore the eligibility requirements for private student loans

Prequalify to see your estimated options or return to an existing application.

Read our latest topics around private student loans and get the knowledge you need

Bring Your Future Into Focus

Prequalify to see your potential rate in minutes, without impacting your credit score.

Excellent Customer Experiences

When you combine personalized service, an easy application with no fees, and flexible loan options, you get 5-star customer experiences.