Undergraduate Student Loan from ELFI
Updated November 12, 2021
Learn more
Check your student loan rates
Fixed APR
3.2%
Variable APR
1.2 - 18%
Amount
up to 100%
Grace period
N/A
Degree
Undergraduate
Co-signer required
No
See full info about rates in different states
Options
- Degree:Undergraduate
- Lender:Education Loan Finance, Inc
- Bank:SouthEast Bank
- Credit Level:Good (670-739)
- When funds are available:1-3 business days.
Fees
- Origination feeNo origination fee.
- Application feeNo application fees.
- Early payment feeNo early payment fees.
- Late fee5%
- Returned check fees$30
Pros & Cons
Pros:
- Online application
- No Application, Origination, or Prepayment Fees
- Loans are available in all states
Cons:
- Late Payment Fee
- Returned Check Fee
Variable rates
Rates
1.2 - 18%
Term
60 - 180 months
Loan Amount
$1,000 - 100%
Fixed Rates
Rates
3.2%
Term
60 - 180 months
Loan Amount
$1,000 - 100%
Repayment Options
- Immediate – Interest and principal payments begin 30 to 60 days after the loan has been funded.
- Fixed – You make $25 monthly payments while in school and for up to six months after graduating or dropping below half-time attendance.
- Interest-Only – You make interest-only payments while in school and for up to six months after graduating or dropping below half-time attendance.
- Deferred – Payments begin six months after you graduate or are not enrolled at least half time.
Requirements
- What you need to get approved (Qualifications)FICO® score 680 or higher.
- Ages
A Borrower must be at the age of majority or older at the time of loan application.
- Requirements Description
- The student must be enrolled at least half-time in a Bachelor’s degree program.
- Borrowers and cosigners must be a U.S. citizen or permanent resident alien without conditions and with proper evidence of eligibility.
- Borrower (or cosigner) must have a minimum credit score of 680.
Description
Education Loan Finance offers Fixed and Variable loans from $1,000. Terms are 5 to 15 years.
The APR range: from 3.20% (Fixed), 1.20% to 18.00% (Variable).