Education Loan Finance Review

Michael Dinich

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
  • Personal Loan Advisors provided for each applicant


  • Federal repayment schemes compromised if multiple loans combined
  • Shortest available loan term is 5 years
Loan Types
Student Loans, Education Loans
Loan Amount
$15,000 – No Maximum*
Repayment Terms
5 years to 20 years (no repayment penalty)*
Suitable For
Borrowers with multiple student loans
Direct Lender or Marketplace 
Direct lender

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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 in student lending, knowing what it takes to make repayment easy and affordable.

In a very broad sense, the program assists borrowers with multiple student loans by consolidating these loans into a single loan. The program allows borrowers to select from multiple repayment options for additional flexibility in term length and interest rate tyles. 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 more than $20 million in scholarships to date. ElFI offers a generous referral program providing over $400 for each referral. 

Suitable for?

The ELFI program is tailored toward students and young professionals who want to simplify their student loan finances. Specifically, this program is suited for borrowers who have 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 and 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 some of the lowest interest rates and easy payment options.  In an effort to simplify the process further ELFI provides Personal Loan Advisors to assist applicants with refinancing

Some of the main features refinancing with ELFI include:

  • Low APRs of 2.39% APR (variable)* and 2.79% 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 payment, ELFI makes life easier.
  • Rate calculator – Even before starting with the application, you can use the find my rate calculator to get an idea of what you could be saving when you refinance your student loan. 
  • 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 provides personal loan advisors or a single point of contact who can walk you through the loan process and answer any questions you might have.
  • If you previously had a loan with a cosigner they can be removed by refinancing assuming you qualify on your own for a loan. 


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 for the refinancing loan. The main eligibility requirements are as follows:

  • A minimum loan amount of $15,000 (can be from multiple education loans) to refinance.
  • A bachelor’s degree, at least, and it should be from an approved post-secondary institution.
  • Must be a U.S. citizen or permanent resident alien without conditions and with proper evidence of eligibility. 
  • Must be aged 18+ at the time of the loan application.
  • All loans are subject to credit approval.

Repayment Terms*

Repayment can range anywhere between 5 years to 20 years depending on your specific loan amount and payback timeframe. It could be different from one applicant to the next. 

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 are helpful, well trained, and respond in a timely manner. You can reach out to them either via email, phone call, or even text.


ELFI 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

Education Loan Finance Education Loan Finance Visit ELFI

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 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 $1,100 per $1,000 borrowed. 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. Electronic payment is required. Other restrictions may apply. See for details. 

**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.

Michael writes for and has worked in personal finance since 1999. He shares unique insights on how to save money, increase income and prepare for retirement. Michael is a sought-after expert in the areas of taxation, personal finance, and health insurance planning.

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28 Feb 2021

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Top Reviews

Liz, NY
a year ago

Ease of use

Brand satisfaction

Value for money

Service quality

They set up all the payments I need to make in order to make the payments to pay it off, which is very helpful.

a year ago

After finishing up school education the length of time it takes to payback financial aid are payback with 2 years after graduation

Niki, OH
a year ago

I haven't had any issues but the interest is super high. They are a reputable company and I am receiving the service as expected

Kelly, VA
a year ago

I think it's good because it hasn't given me any issues as of yet. I think it's useful for many students.

Shari, GA
a year ago

It's just something I have to do. And I took out minimum loans but for grad school they start accruing interest immediately. Not really fair considering undergrads don't pay interest until they graduate

Emily, AR
a year ago

Again, I'm not very savvy with finances so I did need assistance but I felt like it did a good job to help explain everything. Easy to use after a while did everything I needed.

Halie, NY
a year ago

Good loan company but could have better rates for loans so that the rest of the world isn't in debt.

Tracy, WV
a year ago

I like the fact that it easy to apply and they allow me to defer payment until after I graduate as long as I maintain a certain number of course hours.

Sarah, CA
a year ago

The interest rate is super high but it's one of the only ones I could get a loan through. Customer service isn't the best either.

Jennifer, CO
a year ago

I finance school through financial aid or loans. They could have better payment plans. Also, there could be different options to go back to school if need a break

10 reviews