Education Loan Finance is an organization that helps borrowers to finance education. It offers loans for both undergraduate and graduate students. The company has a reputation for providing affordable rates and excellent customer service.
In addition to student loans, Education Loan Finance also helps parents refinance their private student loans. The company provides an easy-to-follow application process and a variety of payment options. For example, borrowers can choose to make monthly payments, fixed repayments, or an interest-only loan. These payment options can help borrowers avoid overspending on their loan.
ELFI does not charge origination or application fees. However, they do charge a late fee of 5% of the amount due, or $50. They also do not provide discounts or prepayment penalties. Additionally, applicants can request an academic deferment, which gives the borrower an opportunity to delay payments until a specified time.
Before applying for an ELFI loan, you’ll need to fill out a short form on the company’s website. Once you submit this form, they will verify your identity and financial information. They will then send a preliminary offer to you. After you accept it, ELFI will review your case and determine the type of loan you qualify for. ELFI will provide you with a Student Loan Advisor who will walk you through the entire process and answer any questions you may have. You can also receive advice from them via email or phone.
In order to apply for an ELFI loan, you must be an American citizen or permanent resident. You will need to have a credit score of at least 680. As for income, you will need at least $35,000 per year. If you are a graduate student, you will need to be enrolled at least half-time in a master’s degree program.
Aside from lending to borrowers, Education Loan Finance also offers a referral bonus. In order to qualify for the referral bonus, you must be approved within 90 days of registering with the company. There are no limits on the number of referrals you can make. Another benefit to working with ELFI is that they don’t report your debt-to-income ratio to credit bureaus. This allows you to pay off your debt faster.
ELFI loans are available to students and parents in all 50 states. The company also offers an autopay option. Borrowers can opt to make fixed repayments of $25 per month, or to make deferred payments. Deferred payments are not required while in school, but they do accrue interest. When you’re finished attending school, you can resume making payments. Both repayment terms can be up to 15 years.
ELFI also has a convenient and easy-to-understand application. Applicants only need to fill out a short form online to start the application process. After completing the online form, ELFI will verify your identity and financial information. Next, they will reach out to the school you’re applying to to verify your enrollment. Upon receiving your certification, ELFI will forward the funds to your school.