Earnest Student Loans vs ELFI Student Loans

Earnest is a merit-based lender with custom terms. How does it compare to ELFI? Read our comparison chart below.

Earnest sets itself apart by taking a more personalized approach to lending. Instead of just looking at your credit score, Earnest also considers your job, savings habits, and how you handle finances. It offers flexibility in payments, with the option to switch between fixed and variable rates. You also can skip a payment every 12 months without penalty. Minimum $5,000 in loans to be eligible.

While ELFI offers some of the lowest fixed rates among all student loan refinance providers. There is no origination fee or prepayment penalty. However, eligibility requirements are high. You need a minimum $10,000 in loans to refinance, as well as credit score and income minimums.

Compare Earnest with ELFI, side-by-side. Read on for an in-depth look, including ratings, reviews, pros and cons.

	Earnest Student Loans	ELFI Student Loans

	Learn More	Learn More
	OFFER Refinance Student Loans - Learn More Read Earnest Review	SPECIAL OFFER Refinance Student Loans - Learn More Read ELFI Review
	Benefits and Features
Variable APR	5.99% - 9.74% APR (includes 0.25% autopay discount)	5.28% - 8.99%
Fixed APR	5.19% - 9.74% APR (includes 0.25% autopay discount)	5.48% - 8.69%
Minimum Amount	$5,000	$10,000
Maximum Amount	$500,000	No maximum - depends on your eligibility
Loan Term	Custom term from 5 to 20 years (180 term options)	5, 7, 10, 15, and 20 years
State Residency	Most states with the exception of: DE, KY, and NV and no variable rate loans to residents of: AK, IL, MN, NH, OH, TN and TX	All 50 states plus Washington D.C. and Puerto Rico
Degree Requirements	Associates or higher	Bachelor's or higher from an approved post-secondary institution and program of study
Income Requirements	None	$35,000
Employment Requirements	Must be employed or have an offer for a position to start within 6 months	Must be employed
Interest Only Payments	No	No
Origination Fees	None	None
Prepayment Penalty	None	None
Can Use a Cosigner	No	Yes
Can Release a Cosigner	Only on existing loans	No
Auto-Pay Interest Rate Reduction	Yes	No
Soft Credit Check	Yes	Yes
Unemployment Protection	Yes	Yes - up to 12 months forbearance
	CreditDonkey® Reviews

Loan Term
Customer Service
Ease of Use
Interest Rates
Payment Flexibility
Pros & Cons	Pros: Looks beyond your credit score Custom term based on budget Option to skip one payment every 12 months Cons: Tougher requirements No co-signer option	Pros: Low fixed rates Up to 12 months forbearance Cons: Minimum $10,000 to refinance No cosigner release
Bottom Line	Merit-based lender with custom terms... Read full review	Good choice for low rates, but high eligibility requirements... Read full review
	Learn More	Learn More
	Refinance Student Loans	Refinance Student Loans
Earnest: Pricing information from published website as of 11/28/2023 ELFI: Pricing information from published website as of 3/11/2024

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Which is Better: Earnest or ELFI?

Still need help deciding which student loans is better? Read the in-depth reviews below. You may also be interested in comparing Earnest or SoFi.

Articles on Earnest Student Loans

Earnest Reviews

Earnest offers low student loan refinance rates and customizes payments based on your budget. But approval may be harder. Read on for the pros and cons.