SuperMoney

Education Loan Finance Student Loan Refinance

in Student Loan Refinancing from SouthEast Bank

Claimed Visit Site Get Personalized Rates

Education Loan Finance Student Loan Refinance

Claimed

in Student Loan Refinancing from SouthEast Bank

Net Recommendation Score +50%

SUPERMONEY NET RECOMMENDATION SCORE

+50%

Recommendation score measures the loyalty between a provider and a consumer. It's at 100% if everybody recommends the provider, and at -100% when no one recommends.

Rating not yet determined  

1 user recommends
1 user is unsure
0 users don't recommend
Cast your vote

Would you recommend Education Loan Finance Student Loan Refinance to your friends?

Thanks for your vote!

You voted: May or may not recommend

Highlights
Community Rating

Rating not yet determined  

Loan Amount $15,000 - $1,000,000
Loan Term (Years) 5 - 20 years
Fixed APR 2.79% - 5.99%
Variable APR 2.39% - 6.01%

Education Loan Finance Student Loan Refinance Review

Education Loan Finance Student Loan Refinance is a student loan refinance offering by SouthEast Bank, . Founded in 1995, SouthEast Bank offers student loan refinancing in 50 states (and Washington, DC).

Education Loan Finance Student Loan Refinance FAQ

What APRs does Education Loan Finance Student Loan Refinance offer on its student refinancing loans?

The range of APRs you qualify for when refinancing a student loan vary widely by lender and will depend on your creditworthiness and the type of loan you choose. Loans with fixed rates will typically have higher APRs than loans with a variable rate. 

Education Loan Finance Student Loan Refinance offers variable rate APRs that range from 2.39% to 6.01%.
Borrowers who choose a fixed-rate refinancing loan can expect APRs that range from 2.79% to 5.99% APR.

How much can you borrow via Education Loan Finance Student Loan Refinance?

Loan amounts start at $15,000 and go up to $1,000,000

Does Education Loan Finance Student Loan Refinance charge an origination fee?

No, Education Loan Finance Student Loan Refinance does not charge a loan origination fee.

A loan origination fee is what some lenders charge for processing, underwriting, and funding a loan. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees.

Does Education Loan Finance Student Loan Refinance charge prepayment fees?

No, Education Loan Finance Student Loan Refinance does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.

What terms does Education Loan Finance Student Loan Refinance offer?

Education Loan Finance Student Loan Refinance provides refinancing loans of 5 to 20 years.

What type of borrowers will Education Loan Finance Student Loan Refinance consider?

Education Loan Finance Student Loan Refinance considers loans applications from:

  • parents of students
  • undergraduate degree holders
  • graduate degree holders
  • parents of graduates

What do you need to qualify for Education Loan Finance Student Loan Refinance?

Applicants with a credit score of at least 680 and up to 850 may be eligible for Education Loan Finance Student Loan Refinance.

Education Loan Finance Student Loan Refinance does not have or does not disclose a minimum annual income eligibility requirement. Education Loan Finance Student Loan Refinance only considers borrowers who are employed.

U.S. citizens are, of course, eligible for the services offered by Education Loan Finance Student Loan Refinance. Permanent resident / green card holders are also eligible to apply.

SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Contact

  • Headquarters
  •   12700 Kingston Pike
    Farragut, TN 37934
  •   Visit Site

About Education Loan Finance Student Loan Refinance

Message From SouthEast Bank

Education Loan Finance (“ELFI”) makes financing your future simple by offering easy payment options, affordable rates, and flexible terms in an application process that is transparent and secure. Ready for something truly different? You’ll never go it alone. When you apply, you’ll receive a Personal Loan Advisor, an expert ready to walk you through the application process and answer any questions along the way.

Message From Our Editor

What is Education Loan Finance (ELFI), and can it save you money on your student loans? ELFI is SouthEast Bank's student loan debt consolidation program. The program helps borrowers to consolidate multiple student loans into one, reducing the costs and stress involved with the repayment process.

What types of loans does Education Loan Finance offer?

ELFI offers loan refinancing options for both parents and students. Students can consolidate their government and private student loans, while parents can consolidate private and PLUS loans taken out for a dependent student.

ELFI's consolidated loans feature the following options:

  • Loan terms: five, seven, 10, 15, and 20-year terms.
  • Interest rates: Fixed and variable interest rates are available. Variable rates cap at 9.95% APR. Apply online to get a rate quote.
  • Fees: No origination, application, or prepayment fees/penalties. Late fees may apply if your payment is more than 10 days late.

Not sure if the program is available in your state? ELFI serves all 50 states, Washington D.C., and Puerto Rico. So no matter where you are in the U.S., you can apply for ELFI refinancing. That doesn't mean Education Loan Finance is the best option for you.

SuperMoney's student loan refinancing top picks

Here are SuperMoney's top choices based on rates, availability, and customer care.

Splash financial offers top rates and no origination or prepayment fees. It allows you to check your personal rate within three minutes and checking will not hurt your credit.

LendKey offers to refinance federal and private loans at fixed or variable interest rates and charges no origination fees. A difference between LendKey and other lenders is that it’s an online platform connecting borrowers with a network of credit unions and banks, rather than being the lender itself. Each loan will be funded by a lender from the network.

SoFi has no hidden fees or payment penalties, it offers very competitive interest rates, and it lets you choose between a fixed or variable interest rate. However, only borrowers with excellent credit can qualify.

About SouthEast Bank

SouthEast Bank has over 30 years of experience in the student lending industry. It's a Tennessee State chartered bank, headquartered in Knoxville. The Education Loan Finance program is a Southeast Bank division that helps borrowers nationwide to save on their student loans.

SouthEast Bank's parent holding company is Educational Services of America, which is committed to helping students to afford their education. In addition to facilitating student loan refinancing, the institution has awarded over $20 million in scholarships.

Who services Education Loan Refinance loans?

Education Loan Finance passes off its loans to third-party servicers American Education Services (AES) and Missouri Higher Education Loan Authority (MOHELA). So, after you refinance with ELFI, MOHELA or AES will reach out to set up your monthly payment plan.

This servicer has a decent online reputation. However, it has received some complaints regarding customer service and data inaccuracies. This is common for a large servicer, but you can compare the customer reviews of other providers here.

Do you qualify for an Education Loan Refinance loan?

To qualify for loan refinancing or consolidation with Education Loan Finance, you must meet the following requirements:

  • Minimum loan amount of $15,000.
  • An annual income of at least $35,000.
  • Bachelor's degree or higher from a qualifying post-secondary institution.
  • U.S. citizen or permanent resident.
  • Qualifying debt-to-income ratio.
  • A credit score of at least 680.

In addition, all applications are subject to credit approval.

Ready to see if you qualify?

Education Loan Finance's online application

Education Loan Finance makes it easy to apply online. Here's what you can expect from the process.

Note that the application uses a soft credit pull, which means that applying won't hurt your credit score. 

  • First, visit the website and click, "Start Your Application."
  • Next, provide your name, email address, and password.
  • Verify your email address.
  • Then provide your personal contact information.
  • Next, enter your education history details.
  • Share your housing situation and desired loan amount. Finally, review the policies and click "Get My Rate."

After this step, you will find out if you prequalify. If you do and want to accept the offer, it's time to submit a full application. This will perform a hard inquiry on your credit report, which may cause it to drop a few points.

But remember: prequalifying is a prediction, not a guarantee of approval. Your loan offer is not final until you submit a formal application and receive an official offer.

To process your application, Education Loan Finance needs copies of your most recent payoff letter (or billing statements) from each of your student loan servicers.

Education Loan Finance Referral Program

Next, ELFI wants you to share its program with others. If you refer someone who finances a loan within 90 days, you will receive a $400 check. Further, the person who you referred will receive $100 off their principal balance.

ELFI forbearance options

If you fall into economic hardship, SouthEast Bank may grant a forbearance up to 12 months. But forbearance is not guaranteed. The bank decides whether to grant forbearance on a case-by-case basis.

Is ELFI right for you?

The Education Loan Finance program by SouthEast Bank may be able to streamline your student loan repayments and save you money. It can't hurt to get a quote, as you can quickly learn your rates, and prequalifying won't affect your credit.

But before accepting their offer, shop around and collect at least three other quotes. Vet the companies as a whole, considering factors beyond the cost (e.g., forbearance policies, credibility, customer service, referral programs, and servicing). Then, choose the lender that provides the best overall value.

Availability

  Available in 50 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

No Origination Fee  
No Prepayment Fee  
Late Fee Amount $50
Credit Score Range 680 - 850
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Self-Employed
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Fixed APR 2.79% - 5.99%
Loan Amount $15,000 - $1,000,000
Variable APR 2.39% - 6.01%
Loan Term 5 - 20 years

Education Loan Finance Student Loan Refinance Community Reviews

 

Would you recommend Education Loan Finance Student Loan Refinance to your friends?

Before we publish your vote:

Please explain your vote by sharing your experience.

Writing a review increases the credibility of your vote and helps your fellow users make a better-informed decision.

Please write a review to submit your vote
Cancel my vote
(will require moderator approval)

SUPERMONEY NET RECOMMENDATION SCORE

+50%

Recommendation score measures the loyalty between a provider and a consumer. It's at 100% if everybody recommends the provider, and at -100% when no one recommends.

sorted by

Other Student Loan Refinancing