Education Loan Finance Review

BySarah PritzkerOct.08, 2018

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In a Nutshell

Education Loan Finance refinancing lets you combine multiple loans into one simple, easy to pay, affordable loan. With some of the lowest interest rates in the industry and a simple application process it's a great option for young professionals who are struggling with repayment of their student loans.


  • Variety of plans for different budgets
  • Seamless application and verification process


  • Federal repayment schemes compromised if multiple loans combined
  • Lack of educational resources
Loan TypesStudent Loans, Education Loans
Loan Amount$15,000 – No Maximum*
Repayment Terms5 years – 20 years (no repayment penalty)*
APR2.69% (variable)*, 3.09% (fixed)*
Best ForBorrowers with multiple student loans

Education Loan Finance at a Glance

Education Loan Finance (ELFI) is a consolidated loan repayment program offered by SouthEast Bank, which is located in Tennessee. The founders have been actively involved in shaping the finance and education loan industry for over 3 decades and have a wealth of experience, knowing what it takes to make repayment easy and affordable.

In a very broad sense, the program assists borrowers with multiple outstanding student loans by consolidating these loans into a single loan. The mission of the program is to help student loan borrowers save in terms of interest rates for their different education loans and to make repayment hassle free and simple. ELFI also offers student loan refinancing and consolidation to parents with Parent PLUS and private student loans. 

Furthermore, ELFI's parent company, SouthEast bank offers scholarships to students, having provided around $18 million in scholarships to date. Over the years, the program claims to have assisted over a million borrowers and their families with financing their higher education.

Best for?

The ELFI program is tailored toward students and young professionals who want to put their financial life in order. Specifically, this program is best suited for borrowers who have raked up multiple student loans, as the program’s main feature is that it will consolidate all of your student loans into one loan with a new interest rates or repayment term. Please note that the refinancing options offered in this program are only available for borrowers that went to pre-approved post-secondary institutions for their higher education.

Loan Features*

The refinancing loan provided by Education Loan Finance makes life simpler by taking all of your education debts and combining them to form one single loan that you can manage easily. This can potentially help you save hundreds of dollars every month thanks to lower interest rates and easier payment options.  With some of the lowest annual percentage rates you will find and an easy application and verification process, this public student loan forgiveness program can turn out to be a true lifesaver for those bearing the brunt of multiple educational loans.

Some of the main features of the refinancing loan include:

  • Low APRs of 2.69% APR (variable)* and 3.09% APR (fixed)*
  • No maximum loan amount restriction or limitation
  • No prepayment penalty
  • No application processing fees
  • No origination fees
  • Repayment terms that can range from 5 years to 20 years

Pros and Cons


  • Very flexible – Several different plans for different needs and different budgets.
  • Ease – From a seamless application and verification process to a simple single loan repayment scheme, ELFI makes life easier.
  • Fast track bonus – Once approved, all you need to do is confirm the refinancing loan within a period of 30 days and you are guaranteed a bonus of $100.**
  • Rate calculator – Even before starting with the application, you can use the find my rate calculator to get all the details you need.
  • Refer and win – It’s a win-win situation for both you and your friend. Have a friend sign up for the program using your referral link and receive $400 as a bonus and your friend will also receive $100 for using the link.***
  • Personal Loan Advisors – ELFI has personal loan advisors to walk you through the loan process and to answer any questions you might have.
  • Release cosigner – If your education loans have a cosigner on them (usually a parent) you can release them from the loan when you use the refinancing option. This way, you can take responsibility for your loan yourself and it will also help boost the credit score of the cosigner.


Federal repayment schemes compromised – If you happen to combine multiple federal loans and decide to refinance them, you will lose out on other federal repayment options that are otherwise available to you. However, this is the case with any refinancing program.

The Application Process*

Applying is a speedy, three-step process.

  1. Create a profile on the ELFI website and with just a few questions find out your rate.
  2. Upload ID and other requested documents relevant to your student loans, finances, and education.
  3. Electronically sign your new loan agreement and auto debits will be charged to your account every month.

Loan Terms *

There are, of course, some eligibility requirements that you will need to meet to be considered prequalified for the refinancing loan. The main requirements are as follows:

  • A minimum amount to refinance of $15,000 (can be from multiple education loans).
  • A bachelor’s degree, at least, and it should be from a recognized post-secondary institution.
  • A green card or a US passport, and you should be either at or older than the age of majority.
  • A debt to income ratio which indicates that you have the resources to be able to pay back the loan.

Repayment Terms*

Repayment can range anywhere between 5 years to 20 years depending on your specific loan amount and pay back scheme. It could be different from one applicant to the next. Annual Percentage Rates offered by ELFI are hard to beat – 2.69%-6.01% APR for variable* and 3.09%-6.69% APR for fixed*.

How Safe is It?

The security of your information is very important to ELFI. ELFI takes all the required steps and uses the most up-to-date software to ensure that your data is safe. 

Help & Support

The Personal Loan Advisors at ELFI is helpful, well trained, and respond in a timely manner. You can reach out to them either via email, phone call, or even text.


EFLI refinancing helps graduates with multiple student loans by combining their loans into one simple, easy to pay, affordable loan. The application process involves signing up and uploading documents, and the interest rates are some of the lowest you will find in the industry.

Physical Address

SouthEast Bank

104 N. Seven Oaks Dr.

Knoxville, TN 37922

Subject to credit approval.  Terms and conditions apply.


This offer is subject to credit approval and additional requirements, including verification of attendance at an approved post-secondary institution and fulfillment of a Bachelor’s Degree or higher. Complete details, including a list of eligible schools, are available online at Minimum loan amount: $15,000. Terms from 5 to 20 years. Note that a longer term also means you’ll pay more interest over the life of the loan. Rates and terms provided by Education Loan Finance, the education loan finance program offered by SouthEast bank. For a variable rate loan product, the rate may change after the account is opened. The variable rate is based upon the 3-month London Interbank Offered Rate (LIBOR), as published in The Wall Street Journal. Rates are offered for different loan amounts, loan terms, and credit score combinations. Electronic payment is required. Other restrictions may apply. See for details. The lowest fixed APR of 3.09%* and the lowest variable APR of 2.69%* do not represent a guaranteed rate on an Education Loan Finance loan. Your interest rate will depend on a variety of factors, including household income, debts, credit qualifications, the loan type (fixed or variable) that you select, the loan term, loan amount, and other underwriting criteria. Rates and terms are subject to change.

**Fast Track Bonus: To earn the $100 Education Loan Finance Fast Track Bonus, new customers must complete an application including submission of all required documents, and refinance a loan with Education Loan Finance within 30 days of initial application. A new customer is defined as an individual without an existing Education Loan Finance loan account or who has not held an Education Loan Finance loan account within the past 24 months.  Taxes are the responsibility of the recipient. 

***Referral Bonus:  Limit one $400 cash bonus per referral. Offer available to anyone who refers new customers who refinance their education loans with Education Loan Finance. The new customer will be mailed a $100 cash bonus via check and the referring party will be mailed a $400 cash bonus via check within 6-8 weeks of loan disbursement. A new customer is defined as an individual without an existing Education Loan Finance loan account and who has not held an Education Loan Finance loan account within the past 24 months. The new customer is required to register online at and refinance a student loan with Education Loan Finance within 90 days of registration. The minimum refinance balance required to refinance with Education Loan Finance and obtain the bonus is $15,000. Offer is subject to change without notice. Employees of SouthEast Bank and its affiliates are not eligible.  Taxes are the responsibility of the recipient.