Education Loan Finance (ELFI) now has an offer of a $100 bonus credit when you refinance your student loans with a referral code. Plus, you will get a $400 bonus check for every person that you’ve referred towards this student loan service. Find more referral bonuses here.
With ELFI, they are apart of the SouthEast Bank headquartered in Tennessee. They will offer student loan refinancing and private student loans for: undergraduates, graduate students and parents.
Read below for more information on ELFI’s recent promotions and student loan refinancing.
ELFI $100 Off Student Loan Balance
Receive a $100 bonus credit when you’ve refinanced your student loans with a referral link. Then you can get credit as a principal reduction for your loan in about 6-8 weeks of having your loan disbursement.
- 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 partake in this bonus offer, you have to refinance a loan in about 90 days of signing up for ELFI. View the referral program information here.
Feel free to leave your referral link down in the comments below.
ELFI $400 Referral Bonuses
Receive a $400 bonus check for each person that refinances their student loans with ELFI with your referral code. Every one of your referrals will even receive a $100 bonus credit as well.
There won’t be a limitation to the amount of people you’re able to refer, or the amount of bonus checks you’re able to gain.
To take part in this referral bonus offer:
- Fill out the online Referral Program Form.
- Then receive your referral link immediately.
- Copy and share your link with friends and family over email, social media, blogs, or other websites.
Then, you will receive your bonus check in about 6-8 weeks after your referral’s loan is disbursed and your referral has given ELFI a complete 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 |
What makes ELFI stand out from the other student loan refinancing services are:
- There won’t be any origination, application, or prepayment charges. You can even receive a 10-day allowance after your payment due date before the late fees are placed.
- Competitive interest rates for those who qualify.
- They have flexible repayment terms and conditions. There are about 5-20 years for majority student loans. Then there are about 30 years for a federal consolidation loan.
- It will substitute your current loan service with a federal student loan service MOHELA. They offer amazing customer services and are well known for getting students out of their debts.
- You can call, tect, or email your dedicated personal loan adviser. If you have any questions at any time of the refinancing process, they will be there to assist your needs.
- There is a Parent PLUS loan refinancing choice as well. You can refinance your parent’s loans into your name or they can combine other private loans and refinance it. This will make the payment process much easier.
- Since federal student loan consolidation won’t help you save money, loan consolidation services have private lenders that can decrease your interest rates.
ELFI Requirements
if you want to refinance your student loans with ELFI, then you must be familiar with the requirements and what you need to sign up.
They will be available in all 50 states, Washington D.C. and Puerto Rico. To partake in the bonus you have 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)
If you want a fast and easier refinancing process, have the following current (less than 30 days old) documents with you:
- 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
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Conclusion
If you sign up with ELFI, it’s a great student loan refinancing choice for you. If you already have a good job and high student loan debts, you should consider applying for ELFI to help you out. They offer lower interest rates and smaller monthly payments than your typical student loan refinancer. You’ll be able to save lots of money if you use ELFI to refinance your student loan debts.
