Update: On 6/3, President Biden signed The Fiscal Responsibility Act of 2023 into law, confirming that the federal student loan payment pause will officially end August 30th, with payments resuming in October.

Designed with one thing in mind. Your Success.

If you’ve completed the FAFSA, used scholarships and grants, or explored federal loan products, an undergraduate student loan from ELFI may be right for you. We take a modern approach to college financing with a safe, secure, and simple online application. Pair it with no fees, flexible repayment options and a dedicated Student Loan Advisor, and your path to graduation just got a whole lot easier.


Get Started Now

Our online application process is simple, and it only takes a few minutes to see personalized rates.

Applying Is Simple

Our undergraduate student loan process is quick, transparent and straightforward. Best of all, every applicant receives their own Student Loan Advisor who will provide guidance every step of the way. What are you waiting for? Get prequalified in minutes.

With ELFI, You Won’t Pay:

• Application fees
• Origination fees
• Prepayment penalties

Pre-qualification does not affect your credit score.



See personalized rates in minutes.



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



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

Private Student Loan Calculator

We offer flexible repayment options to fit your lifestyle. Enter the desired loan amount and months remaining until graduation. 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


Rates From


4.73% APR*


4.48% APR*

Terms From

5 – 15 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.

Is An ELFI Loan Right for You?

  • The student must be enrolled at least half-time in a Bachelor’s degree program.
  • Borrowers and cosigners must be a U.S. citizen or permanent resident alien 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 $1,000. 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. Additional terms and conditions apply.

Get More Eligibility Details Here


Do ELFI Private Student 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.

How long does the application process take? How quickly can I get my loan?

Our entire application process is online, so completing your application can be done in a matter of minutes. Once you have submitted your application, you’re assigned a Student Loan Advisor who will be available to answer any questions.

If approved, we send the loan application information to the school for certification. Your school will verify your enrollment status, academic progress, and your financial aid package to confirm the loan amount. Once the school has certified the amount, you must complete your application by accepting your loan terms. We will then send the funds directly to your school on your behalf.

Do I need to be a full-time student to obtain an ELFI Private Student Loan?

You do not need to be a full-time student, but you must be enrolled in a degree-seeking program and be attending classes at least half-time. Check out our full eligibility requirements to learn more.

Do I need a cosigner? What are the benefits of having a cosigner?

You don’t need a cosigner when applying for a private student loan with Education Loan Finance as long as you qualify by yourself. If you have limited credit history and income, a cosigner with a good credit history and income can improve your chances of obtaining a private student loan.

What repayment options are available for student loans?


  • 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.


  • 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.


  • 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.
Do you offer temporary forbearance for an economic hardship?

If you are unable to repay the loan because of financial hardship or medical difficulty, Education Loan Finance may grant forbearance for up to 12 months. Forbearance is at the discretion of Education Loan Finance.

What Our Customers Are Saying