Education Loan Finance is an alternative to the traditional bank for refinancing education loans. This bank helps you to consolidate multiple federal and private student loans into one loan, thus providing you with better repayment terms. The company has more than 25 years of experience and offers several benefits.
Before you decide to use ELFI to refinance your education loan, you should compare your options. You should look at your credit history and the interest rates and flexibility of your loan choice. If you have a bad credit score, it might be better to consider a lender with a good reputation. However, if you have a great DTI ratio and an excellent credit history, ELFI may be a good option for you.
ELFI is a division of Tennessee-based SouthEast Bank. They are well known for their competitive rates, as well as their commitment to outstanding customer service. In fact, ELFI is considered to be one of the top lenders in the industry.
ELFI offers fixed and variable rates on education loans. For a variable rate, you can expect an APR that begins at 3.20% fixed. Interest rates will vary by the amount you borrow, your credit history, and the length of your loan. ELFI also does not charge origination fees, and your loan will be sent directly to your school on behalf of the lender.
ELFI also provides a six-month grace period after you graduate. After the grace period, you will be required to make all payments on your loan. These payments are interest only, and will start in approximately 30-60 days after the funds are disbursed to your school. Some students have the option of a 12-month deferment on their payments in cases of hardship or medical emergencies.
When you apply for an ELFI loan, you’ll be asked to fill out a short form. ELFI will then review your case and determine the loan products that are right for you.
If you qualify, you’ll be offered a promissory note. This is a legally binding contract between you and the lender. You will have to sign it and agree to the terms before you can complete the application process.
Although ELFI does not have a minimum income requirement, the maximum amount of a loan is limited to a specific amount. This means that you will need to have a sufficient income to support yourself, including housing costs, transportation, and food. You must also be enrolled in a bachelor’s degree program at least half-time. Additionally, you must be a US citizen or permanent resident.
One of the most attractive features of ELFI is its ability to provide quick and easy approval. Once you have completed the online application, you’ll be able to submit your documents and receive a response in less than an hour.
When applying for an ELFI loan, you’ll have the option of using a co-signer. Co-signers must be US citizens and have a minimum credit score of 680. Having a co-signer can greatly improve your chances of getting approved.