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ELFI Student Loans vs CommonBond Student Loans

ELFI is a good choice for low rates, but high eligibility requirements. How does it compare to CommonBond? 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 $15,000 in loans to refinance, as well as credit score and income minimums.

While CommonBond is a student loan refinance provider focused on community. It has a strong community that hosts networking events and career assistance. In addition, it has a social mission to fund the education of global students in need. CommonBond offers both fixed and variable rate loans, as well as a hybrid loan. Minimum $5,000 in loans to be eligible.

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

 ELFI Student LoansCommonBond Student Loans
 Learn MoreLearn More
 

ELFI Student Loans

CommonBond Student Loans

SPECIAL OFFER
Refinance Student Loans - Learn More

Read ELFI Review

SPECIAL OFFER
Refinance Student Loans - Learn More

Read CommonBond Review

 

Benefits and Features

Variable APR
2.39% - 6.01%
2.43% to 6.59% (with AutoPay)
Fixed APR
2.79% - 5.99%
3.49% to 8.07% (with AutoPay)
Minimum Amount
$15,000
$5,000
Maximum AmountNo maximum - depends on your eligibility
Up to $500,000
Loan Term
5, 7, 10, 15, and 20 years
5 to 20 years; Hybrid loans are 5 years of fixed payments and 5 years of variable payments
State ResidencyAll 50 states plus Washington D.C. and Puerto Rico
All states eligible
Degree RequirementsBachelor'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
Interest Only Payments
No
No
Origination Fees
None
None
Prepayment Penalty
None
None
Can Use a Cosigner
Yes
Yes
Can Release a Cosigner
No
Yes
Auto-Pay Interest Rate Reduction
No
Yes
Soft Credit Check
Yes
Yes
Unemployment ProtectionYes - up to 12 months forbearance
Yes
 

CreditDonkey® Reviews

 ELFI Student LoansCommonBond Student Loans
Customer Service
Loan Term
Ease of Use
Interest Rates
Payment Flexibility
Pros & ConsPros:
  • Low fixed rates
  • Up to 12 months forbearance
Cons:
  • Minimum $15,000 to refinance
  • No cosigner release
Pros:
  • Hybrid program
  • Payment protections
  • Social mission
Cons:
  • Not available for all states
  • Long process to approval
Bottom LineGood choice for low rates, but high eligibility requirements... Read full reviewCommunity-focused lender with unique hybrid rate option... Read full review
 Learn MoreLearn More

Refinance Student Loans

Refinance Student Loans

ELFI: Pricing information from published website as of 06/16/2020

CommonBond: Pricing information from published website as of 6/19/2019

Which is Better: ELFI or CommonBond?

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

In short: CommonBond's payment flexibility is excellent.


Articles on ELFI Student Loans


Articles on CommonBond Student Loans


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About CreditDonkey®
CreditDonkey is a student loan comparison website. We publish data-driven analysis to help you save money & make savvy decisions.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

†Advertiser Disclosure: Many of the offers that appear on this site are from companies from which CreditDonkey receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). CreditDonkey does not include all companies or all offers that may be available in the marketplace.

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