ELFI Student Loans vs Earnest Student Loans

ELFI is a good choice for low rates, but high eligibility requirements. How does it compare to Earnest? Read our comparison chart below.

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.

While 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.

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

		EarnestSoFi
	Learn More	Learn More
	ELFI Student Loans	Earnest Student Loans
	SPECIAL OFFER Refinance Student Loans - Learn More Read ELFI Review	OFFER Refinance Student Loans - Learn More Read Earnest Review
	Benefits and Features
Variable APR	5.28% - 8.99%	5.99% - 9.74% APR (includes 0.25% autopay discount)
Fixed APR	5.48% - 8.69%	5.19% - 9.74% APR (includes 0.25% autopay discount)
Minimum Amount	$10,000	$5,000
Maximum Amount	No maximum - depends on your eligibility	$500,000
Loan Term	5, 7, 10, 15, and 20 years	Custom term from 5 to 20 years (180 term options)
State Residency	All 50 states plus Washington D.C. and Puerto Rico	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
Degree Requirements	Bachelor's or higher from an approved post-secondary institution and program of study	Associates or higher
Income Requirements	$35,000	None
Employment Requirements	Must be employed	Must be employed or have an offer for a position to start within 6 months
Interest Only Payments	No	No
Origination Fees	None	None
Prepayment Penalty	None	None
Can Use a Cosigner	Yes	No
Can Release a Cosigner	No	Only on existing loans
Auto-Pay Interest Rate Reduction	No	Yes
Soft Credit Check	Yes	Yes
Unemployment Protection	Yes - up to 12 months forbearance	Yes
	CreditDonkey® Reviews
Loan Term
Customer Service
Ease of Use
Interest Rates
Payment Flexibility
Pros & Cons	Pros: Low fixed rates Up to 12 months forbearance Cons: Minimum $10,000 to refinance No cosigner release	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
Bottom Line	Good choice for low rates, but high eligibility requirements... Read full review	Merit-based lender with custom terms... Read full review
	Learn More	Learn More
	Refinance Student Loans	Refinance Student Loans
ELFI: Pricing information from published website as of 3/11/2024 Earnest: Pricing information from published website as of 11/28/2023

Refinance Student Loans

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Which is Better: ELFI or Earnest?

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

Articles on ELFI Student Loans

ELFI Student Loan

Struggling to repay your student loans? ELFI offers lower interest rates and reduced monthly payments. But is this refinance program right for you?

• ELFI vs 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.

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