Scholar Mortgage Financing (ELFI) 2021 Scholar Mortgage Overview

ELFI father or mother pupil loans
Floating fee From 1.50% APR
Fastened fee From 4.50% APR
Mortgage quantities $ 10,000 as much as “the quantity accredited by the varsity for qualifying training bills for the tutorial interval requested,” which can not exceed one tutorial yr.
Mortgage circumstances 5, 7 or 10 years

Mortgage eligibility

College students should be enrolled a minimum of half-time in a bachelor’s, grasp’s or doctoral program to be eligible for ELFI pupil loans. Debtors and co-signers should be of the age of majority when making use of for the mortgage and be a U.S. citizen or everlasting resident alien with out circumstances.

There are additionally monetary necessities. The borrower or co-signer should have a minimal credit score rating of 680, a minimum of 36 months of credit score historical past and a minimal earnings of $ 35,000 per yr.

Is the mortgage prequalification obtainable?

ELFI gives prequalification, which suggests you may see your estimated charges and discover reimbursement choices with out affecting your credit score.

Prequalification provides you a extra correct thought of ​​what charges you may be accredited for with out affecting your credit score rating. So all the time make the most of it when it’s obtainable.

Mortgage charges

There isn’t any request, prepayment or meeting prices. There’s a late cost of 5% of the overdue quantity or $ 50, whichever is much less, and a cost of $ 30 for a returned test or inadequate funds.

Mortgage reductions

Since debtors are required to make funds by digital or digital switch, an computerized fee low cost is robotically mirrored in your accredited rate of interest.

Reimbursement choices

ELFI gives speedy, mounted, interest-free and deferred reimbursement choices:

  • Rapid Curiosity and principal funds start 30 to 60 days after the mortgage is funded.
  • Fastened – You make month-to-month funds of $ 25 throughout your research and as much as six months after commencement or after going under half-time.
  • Curiosity solely – You make curiosity funds solely throughout your research and as much as six months after commencement or under half time.
  • Deferred – Funds begin six months after commencement or should not enrolled a minimum of half time.


ELFI has a referral program for its pupil mortgage refinancing program. When somebody refinances utilizing your personalised referral hyperlink, you get a referral bonus of $ 400, and the individual you referred will obtain a $ 100 credit score utilized to their ELFI mortgage principal stability.

Are co-signatories obligatory?

If you happen to meet the monetary eligibility necessities, you do not want a co-signer for an ELFI pupil mortgage.

Mortgage forbearance and discharge choices

Abstention is out there in sure conditions from the mortgage officer. American Schooling Companies, the third-party firm that manages ELFI pupil loans, says it gives forbearance and deferral, in addition to the power to alter your fee date or change fee plans to decrease your month-to-month fee. It can additionally repay loans from debtors who’ve died or turn into completely and completely disabled.

Is Scholar Mortgage Refinancing Obtainable?

Graduates with a minimum of a bachelor’s diploma from an accredited establishment can refinance their pupil loans with ELFI. Mother and father also can refinance by ELFI, with no most mortgage quantity for certified debtors.

Customer support

You may contact ELFI’s inner customer support seven days every week by telephone or SMS at 844-601-3534 or by e-mail at [email protected]

American Schooling Companies mortgage service is out there by telephone, electronic mail, mail, or fax Monday by Friday, 7:30 a.m. to 9 p.m. EST.

Since ELFI has solely been providing pupil loans since August 2019, there aren’t any complaints about ELFI pupil loans within the Shopper Monetary Safety Bureau’s client complaints database. Nonetheless, in 2019 there have been 29 complaints about non-public loans managed by American Schooling Companies.

Apply for a pupil mortgage Fund a pupil mortgage

The appliance course of is accomplished on-line and could be accomplished in as little as a couple of minutes. To use, you have to:

  1. Pre-qualify to see your fee and reimbursement choices
  2. Apply on-line and choose the speed and circumstances that match your wants
  3. Submit pay stubs documenting the final 30 days of fee, earlier yr’s W-2, and government-issued identification for you and your co-signer (if relevant)

It’s essential to apply earlier than the beginning of the tutorial yr or semester for which you want funding.

Pay for faculty

Earlier than making use of for personal pupil loans, you have to exhaust all of your federal help choices by filling out the shape. Free Software for Federal Scholar Support (FAFSA). If you happen to’ve explored your whole choices for federal scholarships, grants, and pupil loans and nonetheless want extra funding, then a personal pupil mortgage will help.

Closing verdict

ELFI makes it straightforward to use for a pupil mortgage with its totally digital software course of and devoted private mortgage advisor that can assist you by the method. If you happen to’ve exhausted your whole federal help choices and nonetheless want greater than $ 10,000, ELFI may be an important selection for you. Nonetheless, for those who solely want a small mortgage to cowl some extras, you may wish to look to a different lender.


Investopedia is dedicated to offering customers with unbiased and complete evaluations of pupil lenders. We have collected over 45 information factors from over 15 lenders, together with rates of interest, charges, mortgage quantities, and reimbursement phrases, to verify our content material helps customers get the proper factor. borrowing choice for his or her training wants.

Investopedia requires that writers use major sources to assist their work. These embrace white papers, authorities information, unique reviews, and interviews with trade specialists. We additionally reference unique analysis from different respected publishers the place relevant. You may learn extra concerning the requirements we observe to provide correct and unbiased content material in our editorial coverage .

  1. Shopper Monetary Safety Bureau. “Shopper complaints database.“Accessed April 5, 2021.

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