When it comes to education, most people believe that the more you invest, the better your return will be. However, with the cost of tuition and other associated school expenses on the rise, many students and families are finding themselves in a difficult position when it comes to paying for school. In this Education Loan Finance review, we’ll show you why ELFI can be a solid alternative to help you pay for college. 

With competitive rates and flexible terms, you can get loans from $1,000 up to the full cost of attendance. ELFI allows borrowers to pre-qualify without a hard inquiry on their scores, and you can repay your loan between 5 and 15 years. ELFI offers fixed and variable rates and you can apply with a cosigner.

Education Loan Finance, also known as ELFI, offers student loans for undergraduate and graduate students, as well as parents and people who need refinancing. ELFI is an established program offered by SouthEast Bank and has been funding loans since 2015. They offer a pre-qualification process for new applicants to check what rates they can get with only a soft credit pull.

There are fixed and variable rates for undergrad and graduate students starting at 1.86%. The terms range from 5 to 15 years and you can get from $1,000 to the total cost of your attendance. Parents can also request a loan to help them pay for their child’s education, but the terms are different: from 5 to 10 years.

There are no application, origination or prepayment fees. However, ELFI charges a late payment fee and returned payment fee, so it’s important to keep all payments on time. 

Getting a student loan is a long-term commitment. Therefore, you should know all the advantages and drawbacks of the service you’re hiring before you apply. Check the pros and cons of this loan next in our Education Loan Finance review. 

While this is a great alternative for a student loan, the service is not available to all. That means that in order to become eligible for ELFI, you or your cosigner must have a FICO score of at least 680.

If after reading our Education Loan Finance review you’d like to learn more about the application process, follow the link below. In it you’ll find information on how to apply, eligibility requirements and more.