Get up to $599 When You Refinance with ELFI (1)
Earn up to a $599 principal reduction exclusively for being referred by White Coat Investor when you refinance your student loans with ELFI.(1)
$400 bonus for $50k – $99,999 refinanced (1)
$599 bonus for $100k+ refinanced (1)
You must start your application from this page in order to qualify for the bonus.
Industry Leader for Refinancing
Whether you’re refinancing parent loans or student loans, ELFI’s competitive rates, flexible terms, and personalized service are among the best.
Best Refinancing for Parents
2024 – NerdWallet
Best Student Loan Refinance Lenders
2023 & 2024 – US News
Best Refi for Customer Service
2019 – NerdWallet
Low Rates. Flexible Terms.
How Does Student Loan Refinancing Work?
Refinancing your student loan debt doesn’t have to be a headache. We’re here to help address the loan-based challenges that have made repayment so difficult. High rates? Unmanageable monthly payments? Let us help fix that.
We’ve made the student loan refinancing process as convenient as ordering takeout, because you can start right now on your phone. It’s as easy as:
1. Prequalifying
See your estimated plan options within minutes without impacting your credit score.
2. Applying
Select a plan with the rates and terms that fit your needs.
3. Uploading & Signing
Simply upload screenshots or photos of your required documents, then sign your paperwork electronically.
The ELFI Difference
Competitive Rates & Flexible Terms
We believe in rewarding financially responsible borrowers by providing competitive rates with flexible terms that make repayment more manageable.
Award-Winning Customer Service
Each customer is paired one-on-one with their own Student Loan Advisor who guides them through their application from start to finish.
No Fees or Painful Waiting
Enjoy an easy online application process without application fees, origination fees, or prepayment penalties for paying off your loan early.
See Your Estimated Rate Risk-Free in Minutes
Before you commit, you can see your estimated rates and repayment options in minutes, without impacting your credit score.
REFINANCING CAN FEEL COMPLICATED.
Having a Student Loan Advisor Makes Refinancing Easy.
When you apply to refinance with ELFI, you’ll be paired one-on-one with a Student Loan Advisor. They’ll guide you through the entire process from start to finish and are available by phone, text, or email and answer any questions you might have along the way.
A More Affordable Future Starts Now
Prequalify in minutes 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.
Student Loan Refinance FAQs
Can I refinance only some of my student loans with ELFI?
Yes, you may choose whether you’d like to refinance some or all of your student loan debt when going through the application process.
What’s 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 1/8th of a percent.
Similar to consolidation, refinancing lets you combine multiple student loans into one loan with one monthly payment or simply refinance one student loan. 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.
What do I need to qualify for student loan refinancing with ELFI?
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.
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.
Is it free to refinance student loans with ELFI?
ELFI does not charge any application fees, origination fees, or prepayment penalties for paying off your loan early.
With many lenders, 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.