Learn More: Refinancing and Consolidating Student Loans. Parents who are refinancing are limited to a maximum 10-year term. Education Loan Finance (ELFI) Student Loan Refinancing Review Do You Need a Cosigner to Refinance Your Student Loans? Interest rates current as of 05-29-2020. No application fee, origination fee, or prepayment penalties are not offered like most legitimate lenders. Parent loans are limited to a maximum term of 10 years. Another cool feature of Elfi is the opportunity that you have to make some money back when you refer a friend. Loans cannot fund more than one academic year of school-certified costs. *For example, a 10 year loan with a fixed rate of 6% would have 120 payments of $11.10 per $1,000 borrowed. As of 2021, the interest rate on Parent PLUS loans is 5.30%. 2.5 of 5. Loan term starts upon disbursement of funds to the school. ELFI offers refinance options for Parent PLUS and private education loans, either fixed or variable rate, with terms ranging from 5-10 years. While some private lenders offer loan amounts for as little as $1,000, ELFI’s minimum is much higher. ELFI is designed to assist borrowers through consolidating and refinancing loans into one single loan that effectively lowers your cost of education debt and/or makes repayment very simple. A borrower does not need to have a degree or pass a credit check, to qualify for ELFI Loan. The cost of attendance typically includes tuition, books, supplies, room and board, transportation, and personal expenses. Though this lender’s terms come with a few limitations — no cosigner release, for example — it is still an all-around great choice with competitive rates and good repayment flexibility for students and parents. Update 1/21/2021: President Biden has issued an executive order to extend the federal student loan payment suspension through Sept 30, 2021. Student Loan Rating. Student Loan Refinancing With a Private Lender. This is your only other federal loan option. With student loans, a co-signer is usually a parent or relative. Don’t miss out on the features and competitive interest rates that accompany our parent loans. These loan terms will be for a shorter amount of time, however. 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. With stellar customer service and personal loan experts to assist through the refinancing process, they put their client’s needs first. What makes ELFI student loans unique? But be sure to work with credible private lenders who offer low-interest and flexible repayment plans for parent loan refinancing. While SoFi is one of the largest student loan refinancing providers. The term of your loan, financial history, and other factors, including your cosigner’s (if any) financial history can affect the interest rate. We offer flexible repayment options to fit your lifestyle. Borrowers and cosigners must be U.S. citizens or permanent residents with at least a 680 credit score to qualify. Your ELFI Personal Loan Advisor will contact you with details should this be the case. Rates starting at: Variable 2.39% APR | Fixed 2.58% APR*. 7-Parent loan refinancing. Education Loan Finance (“ELFI”) is a division of SouthEast Bank, based in Tennessee. One unique benefit is that SoFi offers complimentary career coaching to borrowers out of work. Parent loan, grad school loan, refinancing Education Loan Finance , commonly known as ELFI, is part of a Tennessee-based bank. 6 Parent Loans to Consider . All rights reserved. ELFI Refinancing Loan Details and Interest Rates. More Student Loan borrowers are having trouble making their student loan payments, as they place their student loans into deferment and forbearance.. A recent study by the Consumer Financial Protection Bureau found that more than 40% of student loan borrowers graduate with at least $20,000 of student loan debt.Shockingly, there are 2.6 million borrowers … Parent PLUS loan 2. It offers loan terms from 5 to 20 years. While attending school, no payments are required on the loan. They focus on graduates with good credit scores and steady incomes. It originates and refinances private student loans for undergraduates, graduate students and parents. Education Loan Finance Parent Loans are limited to a maximum of the 10-year term. As such, ELFI is a great option for lawyers who have taken out multiple loans to finance their way through undergraduate programs and … Borrowers refinancing their own debt can choose repayment terms between five and 20 years. Borrowers can receive a rate estimate with a soft-credit pull before submitting a full application. See your potential savings with a no-risk prequalification. A Personal Loan Advisor will walk you through the entire process offering assistance. *The interest rate and monthly payment for variable rate loans may increase after closing. • Prepayment penalties. Start by comparing rates and work with a well-reputed and experienced lender such as Education Loan Finance (ELFI) to pay off your parent loan, so you don’t have to carry the weight of the debt all your life. ELFI offers Student Loan Refinancing & Private Student Loans with … Do I need to be a full-time student to obtain an ELFI Private Student Loan? Education Loan Finance (also known as ELFI) is a division of SouthEast Bank, and has been widely acclaimed as one of the first institutions to allow borrowers to consolidate a variety of loans into a single loan with better repayment terms. Education Loan Finance, better known as ELFI, offers student loan refinancing to students and parents. • Application fees The maximum amount of student loan debt that can be refinanced varies based on eligibility. How the ELFI user experience works. Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. As a division of Tennessee-based SouthEast Bank, ELFI offers loans in all 50 states and doesn’t charge application or origination fees. ELFI is a lender that allows parents to refinance their Parent PLUS loans into a child’s name. Education Loan Finance (ELFI) Parent Loan. While federal student loan consolidation won’t save you money, consolidating through a private lender like ELFI might lower your interest rate. See Terms and Conditions. Explore student loan refinancing rates and student loan refinancing options with ELFI. With several refinancing options, you can refinance all federal student loans, parent loans, and other private loans at competitive interest rates. Prequalification does not affect your credit score. To qualify for the student loan, the applicant must have a credit score of at least 680 and an income of at least $35,000 per year. ELFI offers both student loan refinancing and private student loans to pay for college. [9] SouthEast Bank’s parent company Educational Services of America, Inc. has awarded over $20 million for scholarships and provide financial literacy to borrowers since its inception. The rates and loan terms between the two groups are slightly different, where students have more term length options than parents. Loan agencies know parents have numerous obligations and often need help affording higher education for their children. No hassle, no hidden fees. The student must be enrolled at least half-time in a Bachelor’s, Master’s or Doctoral degree program. For example, a 10-year loan with a fixed rate of 6% would have 120 payments of $11.00 per $1,000 borrowed. The loans can be used to pay for debt from both undergraduate and graduate education. Full payment of interest and principal will begin 30 to 60 days upon completion of the grace period. Borrowers and cosigners must be U.S. citizens or permanent resident aliens without conditions and with proper evidence of eligibility. ELFI is a lender that allows parents to refinance their Parent PLUS loans into a child’s name. The federal government only offers Parent PLUS Loan consolidation, which rounds up your interest rate to the nearest one-eighth percent and can have hidden fees, making Parent PLUS Loan refinancing a good option to save money. All rights reserved. Next stimulus package deal might prolong student loan cost pause till May Coronavirus and student loans: What debtors ought to know Education Loan Finance (ELFI) now has an offer of a $100 bonus credit when you refinance your student loans with a referral code. The ELFI Difference. Within minutes, you can compare rates and pick a term that fits you. Enter the desired loan amount and months remaining until the student graduates. Both students and parents can take out a loan through Elfi to pay off student loans. Upload screenshots or smartphone photos of your documents. © 2015-2021 Education Loan Finance from SouthEast Bank®. Note that ELFI does NOT offer co-signer release, so choose your co-signer carefully. We’ll calculate an estimated monthly payment based on your preferred terms. 1. 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 (also known as ELFI) is a division of SouthEast Bank, and has been widely acclaimed as one of the first institutions to allow borrowers to consolidate a variety of loans into a single loan with better repayment terms. For example, a 10-year loan with a fixed rate of 6% would have 120 payments of $11.10 per $1,000 borrowed. Make interest-only payments on the loan while attending school. Make principal and interest payments while attending school. ELFI can refinance student loans at both fixed and variable rates for terms of five, seven, 10, 15 and 20 years. Interest rates 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. The loans can be used to pay for debt from both undergraduate and graduate education. *Education Loan Finance is a nationwide student loan debt consolidation and refinance program offered by Tennessee based SouthEast Bank. Federal loan from the Department of Education 28 talking about this. Refinancing Parent PLUS Loans may also offer you the opportunity to consolidate other debt associated with financing your child’s education. Being able to help your child through college is a great blessing, but what if you had the opportunity to save some money in the process. Here are some situations in which refinancing Parent PLUS Loans may be for you: Learn More: When You Should Refinance a Parent PLUS Loan. ELFI’s Parent PLUS loans offer a lower interest rate and better terms. In August 2018, ELFI expanded its student loan lending platform to include direct student loans for undergraduates, graduates and parents of students to finance post-secondary education. ELFI (Education Loan Finance) Basics ELFI, or Education Loan Finance, is a loan refinance program. Then sign your paperwork electronically! 34 talking about this. Student Loans Made Simple. The minimum you can borrow is $10,000. Launched in December 2015, ELFI is a national private lending company that refinances graduate and undergraduate student loan debt. 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. Rates are subject to change. Interest rates current as of 04-30-2021. Benefits of refinancing your student loans with ELFI. Continue $25 payments during the six month grace period. By the time you become a parent, you’ve worked with financial institutions at least once. There is a minimum income of $35,000 for all loans, but cosigners are allowed if you don’t meet this requirement. ELFI doesn’t offer a 15-year term for its parent loan, but all other requirements and features are … If you aren’t eligible for a Parent … ELFI Refinancing Loan Details and Interest Rates. • Prepayment penalties. ELFI: The Details Loan Amounts and Term Lengths. Although ELFI refinances Parent PLUS loans, these loans cannot be transferred to the student. Student Loans Made Simple. They will offer student loan refinancing and private student loans … The founders knew a lot about loaning money to people in need, but they spotted some vulnerabilities in the student loan market they thought they could fill. The ELFI Private Student Loan program can cover up to 100% of your school-certified cost of attendance. Rates are subject to change. SouthEast Bank is an independent community bank in Eastern Tennessee that is highly respected and … Elfi offers the opportunity for parents to refinance and consolidate their Parent PLUS loans. Approval requirements may be strict for some borrowers. Citizens Bank Student Loan for Parents 3. Student Loans Made Simple. Education Loan Finance (ELFI) is ideal for good-credit borrowers with high debt loads looking to qualify for a lower rate. Here are five excellent options for parent student loans, both federal and private: 1. Loan terms range from 5 to 20 years. See Terms & Conditions. Upload screenshots or smartphone photos of your documents, then sign your paperwork electronically! Borrower (or cosigner) must have a minimum credit score of 680. There are several reasons why refinancing Parent PLUS Loans can be beneficial, such as: Learn More: Should You Refinance Parent PLUS Loans? Support your child’s future with a parent loan that includes no application, origination, or prepayment fees – all offered with our award-winning customer service. ELFI has officially launched its student loan refinancing and consolidation loan for parents - the Parent Loan - which will allow parents to refinance both their Parent Plus loans and private student loans. If you have Parent PLUS Loans and have also cosigned private student loans for your child, your Parent PLUS Loans and their private student loans that you cosigned can be consolidated together by refinancing with a private lender like ELFI. Other Loans that Education Loan Finance (ELFI) Offers: Parent Loans for College; Student Loan Refinancing; Undergraduate. ELFI has been providing low-cost refinancing and consolidation solutions for borrowers with both federal and private student loans … Full payment of interest and principal will begin 30 to 60 days following disbursement. The minimum you can borrow is $10,000. Education Loan Finance Parent Loans are limited to a maximum of the 10-year term. Parents can take out a loan for both undergraduate and graduate students. The ELFI Private Student Loan program can cover up to 100% of your school-certified cost of attendance. Variable interest rates may increase after closing but will never exceed 18.00%. Explore options and choose which plan has the best rates, terms and payments for your needs. Subject to credit approval. Parents can borrow up to the cost of attendance, minus additional aid like scholarships, grants and other loans. A minimum loan amount of $15,000 is set, and applicants must have graduated with a bachelor's degree from a qualifying school. Our parent loan process is quick, transparent and straightforward. At ELFI, refinancing is available for graduates with their own loans, as well as for parents with federal parent PLUS loans or private loans. The maximum loan size will be the amount approved by the school for qualified education expenses for the requested academic period. Whether you’re trying to refinance existing student loans at low interest rates, or you're a parent looking to refinance a Parent PLUS Loan into your child's name, ELFI (or Education Loan Finance) is one of the best lenders out there. ELFI does not require you to do anything extra to get the best rate we can offer. This may not be conducive for borrowers who do not have as much in college expenses or time left in school. The ELFI loan minimum is $15,000 for refinancers, with the maximum being your outstanding loan balance. *The interest rate and monthly payment for variable rate loans may increase after closing. Refinance your parent’s loan into your name or parents can combine other private loans and refinance to simplify the payment process. ELFI differentiates between student and parent refinancing. As the graduate, you may also refinance your mom or dad’s parent PLUS Loans into your name (if you can qualify on your own, without a cosigner). If you’re a student reading this article expecting to make small monthly payments, it’s probably worth looking into refinancing your loans as … At ELFI, refinancing is available for graduates with their own loans, as well as for parents with federal parent PLUS loans or private loans. Explore options and select a plan with the best rates and terms to fit your needs. Paystubs documenting the last 30 days of payment (if employed). When You Should Refinance a Parent PLUS Loan, Refinancing and Consolidating Student Loans, Click Here for Additional Eligibility Requirements, post-secondary Education Loan Finance institution, Saving money by getting a lower interest rate, Refinancing to transfer the loan in their child’s name, Consolidating private and parent PLUS loans, You want to take advantage of low interest rates, You have a good credit score and credit history that can earn you a lower interest rate, You have federal parent loans with high interest rates, You have a steady income and can reliably make your loan repayments, You want to avoid hidden fees on your current parent loans. Parent PLUS loans are federal loans that can be used by parents of dependent undergraduate students to … With several refinancing options, you can refinance all federal student loans, parent loans, and other private loans at competitive interest rates. What is the Statute of Limitations for Student Loans? The company offers student loan refinancing, as well as consolidation of federal and private student loans and parent loans. Subject to credit approval. Education Loan Finance, or ELFI for short, has a long history of offering student loan refinancing to graduates. We will continue to monitor these changes and post them as they occur. ELFI requires a minimum credit score of 680, a minimum annual income of $36,000, and at least three years of credit history, which may be tough for some recent graduates. Parents who have financially helped their children throughout their college years deserve to get the same great loan refinancing options at competitive interest rates. Best for parent loan refinancing: ... use a student loan refinancing calculator like this one from ELFI. ELFI private loans have repayment terms of 5 to 15 years. For example, a 10-year loan with a fixed rate of 7% would have 120 payments of $11.61 per $1,000 borrowed. ELFI Private Loan Repayment. College Ave Parent Loan 4. • Origination fees As the graduate, you may also refinance your mom or dad’s parent PLUS Loans into your name (if you can qualify on your own, without a cosigner). It offers the option to match competitors’ rates, and you won’t have to pay an origination fee. We have no application fees, no loan origination fees and no penalty for paying off your loan early. Education Loan Finance | 241 followers on LinkedIn. More recently, the lender started offering student loans to pay for college as well. We will continue to monitor these changes and post them as they occur. Education Loan Finance (also known as ELFI) is a division of Tennessee-based SouthEast Bank which launched in 2015 and is designed to assist borrowers with student loan refinancing as well as with undergraduate, graduate and parent private student loans. 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. In 2015, SouthEast Bank set out to deliver lower cost student loan refinancing options through the creation of its Education Loan Finance program. However, the variable and fixed rates are the same. *Education Loan Finance is a nationwide student loan provider offered by Tennessee based SouthEast Bank. Education Loan Finance (ELFI) opened in 1994 as a division of Tennessee-based SouthEast Bank. parent loans with flexible payment terms of 5, 7 and 10 years and no penalties for paying them off early. Parent PLUS loan refinancing options. As the graduate, you may also refinance your mom or dad’s parent PLUS Loans into your name (if … To qualify for the student loan, the applicant must have a credit score of at least 680 and an income of at least $35,000 per year. Therefore the auto pay discount is already reflected in your approved interest rate. Education Loan Finance (also known as ELFI) is a division of SouthEast Bank, and has been widely acclaimed as one of the first institutions to allow borrowers to consolidate a variety of loans into a single loan with better repayment terms. For decades, Education Loan Finance has been a leader in education. 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. All borrowers are required to make payments with an electronic or digital transfer. Education Loan Finance is offered by SouthEast Bank and designed to assist borrowers through consolidating and refinancing education loans. Interest rates may also differ from the rates shown above. Education Loan Finance Student Loan Refinancing APR ELFI offers both variable and fixed APRs. Unlike most refinancing companies, ELFI does not provide a discount for automatic payments. The program is available in … Minimum $5,000 in loans to be eligible. Whether refinancing is a good idea depends on the interest rate you can acquire, your credit profile, the types of loans you have, your employment status, and your goals. Minimum loan amount: $10,000 What are you waiting for? Education Loan Finance (ELFI) through Southeast Bank is a very strong candidate for student loan refinancing across the board. The cost of attendance typically includes tuition, books, supplies, room and board, transportation, and personal expenses. As a result, they’ve created plenty of options parents can choose from to help pay for school. With ELFI, you can choose between a variable APR, which changes every three months, or a fixed APR, which stays the same through the life of your loan. To speed up your private student loan application, you will need to have the following documents: © 2015-2021 Education Loan Finance from SouthEast Bank®. The federal government does not allow Parent PLUS Loans to be refinanced, but only consolidated through a Direct Consolidation Loan, and private loans can not be included. Student Loans Made Simple Private Student Loans & Student Loan Refinancing Award-Winning Customer Service & Support | ELFI … Education Loan Finance (ELFI) is one of the newest entrants to the student loan refinancing scene, and its approach is to offer a “smarter way to refinance student loans.” ELFI is backed by SouthEast Bank and its management team has over 30 years of experience in student lending. Your Personal Loan Advisors will walk you through the entire process making sure you receive the service and support you need, from start to finish. Additional terms and conditions apply. Loan Terms offered in 60, 84, and 120 month maturities with fixed and variable interest rate structures. 104 N. Seven Oaks Dr., Knoxville, TN 37922. But ELFI’s rates are comparatively low, and the company limits parent refinance loan terms to 10 years, which can help borrowers ensure … Apply Now. Refinancing and consolidating Parent PLUS Loans and private student loans can provide you with one simple monthly payment and potentially a lower interest rate, allowing you to pay off your loans faster and save money over your loan term. Parent loan refinancing is available for terms of five, seven and 10 years. The interest rate and monthly payment for a variable rate loan may increase after closing, but will never exceed 9.95% APR. By refinancing with ELFI, you can pick repayment terms that work for you – choose from 5, 7 or 10 years* with a rate that could be lower than your current loans. As such, ELFI is a great option for lawyers who have taken out multiple loans to finance their way through undergraduate programs and law school. It allows borrowers to combine multiple federal and private student loans into one single loan with lowered interest rates. 104 N. Seven Oaks Dr., Knoxville, TN 37922. Learn the benefits and drawbacks of ELFI student loan refinancing before you apply. If you’ve maxed out your student loans, your parents can take out Parent PLUS loans to pay for summer classes. Parents are able to refinance their parent loans into the student’s name so long as there is consent from both sides and the student is willing to accept responsibility for the debt (and they qualify for it). ELFI's private student loans help undergraduate students, graduate students & parents pay for college with competitive repayment options, terms & rates. Subject to credit approval. See Terms & Conditions. Best of all, every applicant receives a Personal Loan Advisor who will provide guidance every step of the way. Update 1/21/2021: President Biden has issued an executive order to extend the federal student loan payment suspension through Sept 30, 2021. At ELFI, refinancing is available for graduates with their own loans, as well as for parents with federal parent PLUS loans or private loans. ELFI is a student loan company offering private loans and refinancing at competitive rates. Both students and parents can take out a loan through Elfi to pay off student loans. Parent PLUS Loans can’t be refinanced through the federal government, but they can be refinanced through a private lender. As the graduate, you may also refinance your mom or dad’s parent PLUS Loans into your name (if you can qualify on your own, without a cosigner). Education Loan Finance (ELFI) through Southeast Bank is a very strong candidate for student loan refinancing across the board. 28 talking about this. ... 15, and 20-year repayment terms. See Eligibility Requirements for more information. The company does not charge application, origination, or prepayment fees. Continue interest-only payments during the six month grace period. There are no application, origination, or prepayment fees. No payments are required during the six month grace period. Plus, you will get a $400 bonus check for every person that you’ve referred towards this student loan service.. With ELFI, they are apart of the SouthEast Bank headquartered in Tennessee. See Terms and Conditions. Well, at Education Loan Finance, they are currently offering some very nice rates for Parent PLUS loans as well. A Personal Loan Advisor will walk you through the entire process offering assistance. ELFI offers Student Loan Refinancing & Private Student Loans with competitive rates & flexible terms. Previous year W-2Potentially, some additional documents may be required depending on the source of your income or your cosigner’s income. Education Loan Finance stands out thanks to its low starting rates — variable APRs start at a cool 1.5%, while fixed rates also start low at 2.58%.Plus, you can check to see what rates and terms you might qualify for without affecting your credit score. About ELFI . View our Parent Loan Refinancing Calculator to find your estimated savings. Education Loan Finance, or ELFI, offers its student loan refinancing and private student loan borrowers dedicated customer support. Education Loan Finance review: The basics ELFI, a subsidiary of Tennessee-based SouthEast Bank, is now lending to undergraduate and graduate students as well as to parents. With a strong focus on strengthening communities, we have helped create positive opportunities for individuals looking to better themselves and their families by providing over $20 million in …
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