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.
Learn More | Learn More | |
ELFI Student Loans | Earnest Student Loans | |
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Refinance Student Loans - | Refinance Student Loans - | |
Benefits and Features | ||
Variable APR | 5.99% - 9.74% APR (includes 0.25% autopay discount) | |
Fixed APR | 5.19% - 9.74% APR (includes 0.25% autopay discount) | |
Minimum Amount | ||
Maximum Amount | No maximum - depends on your eligibility | |
Loan Term | 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 | |
Income Requirements | ||
Employment Requirements | Must be employed or have an offer for a position to start within 6 months | |
Interest Only Payments | ||
Origination Fees | ||
Prepayment Penalty | ||
Can Use a Cosigner | ||
Can Release a Cosigner | ||
Auto-Pay Interest Rate Reduction | ||
Soft Credit Check | ||
Unemployment Protection | Yes - up to 12 months forbearance | |
CreditDonkey® Reviews | ||
Loan Term | ||
Customer Service | ||
Ease of Use | ||
Interest Rates | ||
Payment Flexibility | ||
Pros & Cons | Pros:
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Bottom Line | Good choice for low rates, but high eligibility requirements... | Merit-based lender with custom terms... |
Learn More | Learn More | |
ELFI: Pricing information from published website as of 3/11/2024 Earnest: Pricing information from published website as of 11/28/2023 |
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.