Education Loan Finance (ELFI) is now offering up to $1,000 bonus credit when you refinance your student loans using a referral link. You’ll also get a $400 bonus check for each person you refer to the student loan provider. See other referral deals here.
ELFI is a division of SouthEast Bank, based in Tennessee. The company offers student loan refinancing and private student loans for undergraduates, graduate students and parents. In this article, we’ll focus on ELFI’s student loan refinancing as well as its current offers.
Update 8/24/24: The offer is still available.
Also, see the $300 bonus offer for student loan refinancing from Splash Financial.
ELFI $100 Off Student Loan Balance
Get $100 off your student loan balance when you refinance your student loans using our ELFI referral link.
- You’ll receive the credit as a principal reduction on your loan within six to eight weeks of loan disbursement.
- The minimum refinance balance required to refinance with Education Loan Finance and obtain the bonus is $15,000
- You must prequalify from the offer page.
- Limit one $100 cash bonus.
- Taxes are the sole responsibility of each recipient.
- This offer is not valid for current ELFI customers who refinance their existing ELFI loans, customers who have previously received a bonus, or with any other bonus offers received from ELFI via this or any other channel.
To qualify, you must refinance a loan within 90 days of registration. You can see the referral program details here.
ELFI $400 Referral Bonuses
Get a $400 bonus check for every person who refinances their student loans with ELFI using your referral link. Each of your referrals will also get a $100 bonus credit.
There’s no limit to how many people you can refer, nor how many bonus checks you can earn.
To participate:
- Complete the online Referral Program form.
- Get your referral link automatically.
- Invite your friends by sharing your referral link via email, social media, blog or website.
You’ll get your bonus check within six to eight weeks after your referral’s loan has been disbursed and your referral has provided ELFI with a completed IRS W-9 form.
ELFI Student Loan Refinancing
| Interest Rates | Fixed: 3.14% – 6.69% Variable: 2.39% – 6.01% |
| Loan Terms | 5, 7, 10, 15, 20, 30 years |
| Minimum Loan Amount | $15,000 |
| Maximum Loan Amount | No limit |
| Co-signer Release | Apply again without your cosigner |
| Parent Loan Transfer To Child | Yes |
There are plenty of student loan refinancing providers on the market, so what makes ELFI special? Below are its advantages:
- No origination, application or prepayment fees. You also get a ten-day allowance after your payment due date before late fees are assessed.
- Competitive interest rates for those who qualify.
- Flexible repayment terms. From five up to twenty years for most loans, and up to 30 years for Federal consolidation loans.
- Replaces your existing loan servicer with federal student loan servicer, MOHELA. They have excellent customer service and a good reputation for getting students out of debt.
- Dedicated personal loan advisor. Call, text or email your advisor any question you might have throughout the refinancing process.
- Parent PLUS loan refinancing options. Refinance your parent’s loan into your name or parents can combine other private loans and refinance to simplify the payment process.
- Loan consolidation services. While federal student loan consolidation won’t save you money, consolidating through a private lender like ELFI might lower your interest rate.
Interested in refinancing your student loans with ELFI? Before you get started, make sure you know the requirements and what you need to apply:
ELFI is available in all 50 states, Washington D.C. and Puerto Rico. To qualify, you need to:
- Be a US citizen or permanent resident
- Be at least 18 years old
- Have a student loan debt that totals no less than $15,000
- Graduate from an approved education institution with at least a bachelor’s degree
- Have a debt-to-income ratio that shows you have the ability or capacity to repay the loan (max DTI = 55%)
- Have sufficient credit score for approval (min credit score = 680)
To make the ELFI refinancing process quick and simple, have the following current (less than 30 days old) documents on hand:
- Your account number(s)
- Your current balance or payoff amounts
- Your payment mailing address
- Your most recent billing statement or a payoff letter from your existing lender or servicer for each loan you want to refinance
- Your most recent pay stubs for the past 30 days or other proof of employment
- Your W-2s
- Your tax returns (if self-employed)
- Your valid ID (driver’s license, passport, etc.)
- Your billing account information for automatic debit
Bottom Line
ELFI is a good student loan refinancing option if you have a stable job and high student loan debts. With lower interest rates and reduced monthly payments, you could save thousands of dollars.
READ MORE: SEE THE BEST BANK BONUSES HERE AND THE BEST INVESTING BONUSES HERE.
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