ELFI Student Loans vs SoFi Student Loans

ELFI is a good choice for low rates, but high eligibility requirements. How does it compare to SoFi? 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 SoFi is one of the largest student loan refinancing providers. It refinances both federal and private loans, as well as Parent PLUS loans. It offers loan terms from 5 to 20 years. One unique benefit is that SoFi offers complimentary career coaching to borrowers out of work. Minimum $5,000 in loans to be eligible.

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

	ELFI Student Loans	SoFi Student Loans

	Learn More	Learn More
	SPECIAL OFFER Refinance Student Loans - Learn More Read ELFI Review	SPECIAL OFFER Refinance Student Loans - Learn More Read SoFi Review
	Benefits and Features
Variable APR	5.28% - 8.99%	5.74% - 9.99% APR (with AutoPay)
Fixed APR	5.48% - 8.69%	4.99% - 9.99% APR (with AutoPay)
Minimum Amount	$10,000	$5,000 (may be higher depending on state)
Maximum Amount	No maximum - depends on your eligibility	No maximum
Loan Term	5, 7, 10, 15, and 20 years	5 to 20 years
State Residency	All 50 states plus Washington D.C. and Puerto Rico	All states eligible
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 to start within 90 days
Interest Only Payments	No	No
Origination Fees	None	None
Prepayment Penalty	None	None
Can Use a Cosigner	Yes	Yes
Can Release a Cosigner	No	No
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: Keep federal grace period Refinance Parent Plus loans Cons: Must have great credit score
Bottom Line	Good choice for low rates, but high eligibility requirements... Read full review	Good option if you have a great credit score... Read full review
	Learn More	Learn More
	Refinance Student Loans	Refinance Student Loans
		Terms Apply. SoFi Disclaimers
ELFI: Pricing information from published website as of 3/11/2024 SoFi: Pricing information from published website as of 5/9/2023