ELFI Bonus: $350

Biglaw Investor readers can get a $350 ELFI bonus if you refinance using the links on this page. How do we do it? Each company has an advertising budget. We asked ELFI to pay you instead of us. But don’t worry, the site gets a little as well. If you refinance your student loans with ELFI through the links on this page, ELFI will pay you a cashback bonus after you refinance and you’ll help support the site.

Get $350 Bonus

ELFI Review: Student Loan Refinancing

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. 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. Just some of the benefits ELFI provides are: (1) expert loan advisors; (2) personalized options, and (3) co-signers allowed.

Expert loan advisors. If you’ve shopped around for the best way to refinance your law school debt, you’ve probably noticed that 99% of institutions don’t offer advisors. You’re expected to make all the decisions yourself, even if you don’t have enough information. ELFI is different. They connect you with advisors who will guide you through every step of the process and help you refinance your debt as soon as possible.

Personalized options. After you upload your information, you’ll get prequalified rates and offers in a matter of minutes. ELFI offers plenty of repayment options so you can choose the right one for your needs. You can also consolidate and/or refinance loans such as: private and federal loans, Grad PLUS, Parent PLUS and so on. They’ve got something for everyone. ELFI will also replace your loan servicer with MOHELA or AES.

Co-signers allowed. Just because your credit score isn’t ideal, that doesn’t mean you can’t refinance your student loans. With ELFI, you can bring a co-signer on board. And if you demonstrate the ability of regularly paying your instalments, they’ll release the co-signer. This makes ELFI a great option if you’ve started working recently and know you can handle the payments, but your credit history isn’t brilliant. With ELFI, you don’t have to wait (and consequently, lose money). You can simply get a co-signer and start reshaping the way you think about student debt.

Who are ELFI's competitors?

ELFI is a solid student loan refinancing company with a legitimate chance of giving you a great deal but to get a full sense of the interest rates available to you it's a good idea to check out the competition. The list below includes the other student loan refinancing companies that you may want to consider when searching for the lowest interest rate.

  • Earnest. Flexible repayment plans allows you to pick your own term. Financially backed by Navient, giving them some of the lowest interest rates available in the current market.
  • First Republic Bank. This is a traditional bank looking to build a long-term customer relationship with you and is willing to refinance your student loans at below-market rates to build the relationship. You'll be required to open up a checking account, initiate direct deposit of your paycheck, and jump through other hoops, but if you're willing to do so they offer the lowest rates available.
  • CommonBond. With their Pencils for Promise program, CommonBond offers a social mission to student loan refinancing. They have a dedicated law firm group located in NYC, which means a team is available to specifically help you through the refinancing process.
  • SoFi. SoFi is by far the largest lender in the student loan refinancing market. They may not be able to offer you the best rate as they can rely on their brand name to bring in borrowers but there are lots of other perks when you refinance with SoFi and they are actively expanding their products if you're interested in keeping your financial life with one company.
  • Credible. Known as the "Kayak of student loan refinancing", Credible offers you access to a marketplace of lenders. Fill out a form once and Credible will pre-qualify you with a bunch of lenders to get rates (soft credit check). To confirm the actual rates, you'll have to continue the application with the individual lender.
  • LendKey. If you're looking to borrow from a local credit union, LendKey is the lender for you. They partner with local banks and credit unions to offer you student loan refinancing in your neighborhood.
  • Splash Financial. Splash Financial is based in Cleveland and one of the newest players in the refinancing space. Originally they only offered loans to medical residents and fellows but have recently been expanding thanks to a partnership with Pentagon Federal Credit Union (PenFed).
  • Laurel Road. Primarily a good option for medical professionals (which seem to be their target audience), Laurel Road is an option for parents that want to refinance Parent PLUS loans in their child's name.
  • Interest Rates: 2.39%+
  • Bonus Cashback: $350
  • Loan Types:
    • Fixed
    • Variable
  • Loan Terms:
    • 5
    • 7
    • 10
    • 15
    • 20
  • Rating: 7/10
    3.5 rating
  • Visit ELFI

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