ELFI Undergraduate Student Loan Review
Undergraduate Student Loans
Rewards: None
Yearly Loan Limits: Covers up to 100% of your Cost of Attendance
Overall Loan Limits: $1,000 (minimum)
Cosigner Terms: Cosigner optional, does not offer Cosigner Release
ELFI is known for its dynamic customer service team and giving you the option to borrow all of the money you need for school. On the other hand, they do not offer rewards like other lenders, and do not allow for cosigners to be released.
Pros
- No application, origination or guarantee fees
- Has evening and weekend call center hours
- Can borrow up to the full cost of attendance
Cons
- Does not offer auto-debit discount (or any other reward, for that matter), as all borrowers are required to make automatic payments
- Does not offer cosigner release
How does this loan compare?
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|---|---|---|---|
| Rates from (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. Interest rates listed include an autopay discount if available. |
Fixed:
3.69% - 14.22%
Variable:
5.00% - 14.22%
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Fixed:
3.69% - 16.49%
Variable:
5.62% - 16.85%
|
Fixed:
3.59% - 17.99%
1
Variable:
5.59% - 17.99%
1
|
| Loan repayment terms (Years) | 5, 7, 10, 15 years | 5, 7, 10, 12, 15 years | 5, 8, 10, 15 years |
| Cosigner release? | None | None | Yes, after 24 months on-time principal and interest payments |
Full Review
ELFI shares some things in common with top lenders, including its fee policy and customer service. You won’t be paying application, origination or guarantee fees, nor will you be paying a prepayment penalty if you want to pay off your loan in full before the end of your repayment term. When it comes to customer service, they take calls on weekends and evenings.
Though ELFI offers an incredibly short repayment term of 5 years (among others), they also don’t allow your cosigner to be released (if you have one).
ELFI - Private Student Loan Details
- Credit Check: Soft for Rate Check, Hard for Application
- Repayment Terms: 5, 7, 10, 15 years
- Minimum Borrowing Limit: $1,000
- Yearly Borrowing Limit: 100% of Cost of Attendance
- Aggregate Borrowing Limit: Not specified by lender
- Application Fee: None
- Origination Fee: None
- Prepayment Penalty: None
- Late Fee: Yes
- Minimum Credit Score: 680
- Minimum Annual Income: $35,000
- Citizenship Restriction: Citizens or Residents
- Minimum Enrollment Restriction: Half-Time
- List of States where Loan is Not Available: None
- Approved Schools Include: Non-Profit
- Immediate Principal and Interest Repayment: Yes
- Fixed Monthly Repayment: Yes
- Interest-Only Repayment: Yes
- Full Deferment: Yes
- Length of Grace Period: 6 months
- Maximum Deferment Period: Does not offer
- Maximum Forbearance Period: 12 months
- Cosigner Release Option: None
- Disability Discharge: Not specified by lender
- US-Based Call Center: Not specified by lender
- Hours of Operation (in addition to weekdays): Evenings and Weekends
- Application Timeline: Personalized rate in minutes
- Scholarship Search Tool: None
- Sponsors a Scholarship: None
- Job and Career Assistance: None
- Financial Literacy Training: Yes
Other Loans that ELFI Offers:
