ELFI Review

Bank-direct refinancing with the strictest eligibility here, from a lender whose refinance program was the subject of a 2025 Justice Department settlement.

By Michael Hewitt, Founder & Editor-in-Chief. Rates last checked September 11, 2026.

Our verdict

High-income graduates with strong credit are the only ones who get in: ELFI needs a bachelor's degree, $35,000 income, a 680 score, 36 months of credit history and a $10,000 balance, with fixed rates from 4.29%. SouthEast Bank paid $1.5 million in January 2025 to settle a Justice Department discrimination claim over this program. There's no cosigner release or grace period either.

Skip it if you don't clear the $35,000 income and 680 score gates, or need a cosigner released later.

About ELFI

Bank-direct refinancing with the strictest eligibility here, from a lender whose refinance program was the subject of a 2025 Justice Department settlement. ELFI is offered by Education Loan Finance, a division of SouthEast Bank. Our editorial rating is 3 out of 5.

Best for: High-income graduates with strong credit who want a bank to lend directly.

Editorial grade: C (composite score 59/100).

Highlights

Fixed from 4.29% APR and variable from 4.74% APR, current as of 14 August 2026
Terms from 5 to 20 years, minimum loan $10,000
Lent by SouthEast Bank, a state-chartered Federal Reserve member
No application fee, no origination fee, no prepayment fee

What we like

A chartered bank lends directly rather than arranging it through someone else
Trustpilot 4.9 across 2,269 reviews
Its own terms warn against refinancing federal loans more plainly than any competitor here
Genuinely zero fees at origination

Where it falls short

SouthEast Bank paid $1.5 million in January 2025 to settle a Justice Department claim that the ELFI refinance program discriminated. From 2015 to 2021 it auto-denied graduates of schools whose default rates crossed thresholds the bank set, and Black applicants were up to 4.3 times more likely to be excluded
No cosigner release at all. ELFI's own answer is to refinance again
No grace period. Principal and interest begin the month after disbursement

Fees, minimums, and rates

Monthly fee: No application, origination or prepayment fee. Late charge lesser of 5% or $50. Minimum to open: $10,000 minimum loan. Rates and fees last checked on September 11, 2026.

How we reviewed it

This is a desk review: we have not opened an account with Education Loan Finance, a division of SouthEast Bank. It is built from Education Loan Finance, a division of SouthEast Bank's published rates, fee schedule and terms and from the public complaint record, and compared with the other products in the Student Loan Refinancing shortlist. The rubric is the same for every brand.

Similar products to compare

Read our full editorial methodology for how we review products.