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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 $15,000 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 LoansSoFi Student Loans
 Learn MoreLearn More
 

ELFI Student Loans

SoFi Student Loans

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
2.39% - 6.01%
2.25% to 6.43% APR (with AutoPay)
Fixed APR
2.47% - 5.99%
2.99% to 6.88% APR (with AutoPay)
Minimum Amount
$15,000
$5,000 (may be higher depending on state)
Maximum AmountNo maximum - depends on your eligibility
No maximum
Loan Term
5, 7, 10, 15, and 20 years
5 to 20 years
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 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 ProtectionYes - up to 12 months forbearance
Yes
 

CreditDonkey® Reviews

 ELFI Student LoansSoFi Student Loans
Customer ServiceStarStarStarStarEmpty StarStarStarStarStarHalf Star
Loan TermStarStarStarStarHalf StarStarStarStarStarHalf Star
Ease of UseStarStarStarStarStarStarStarStarStarStar
Interest RatesStarStarStarStarHalf StarStarStarStarStarHalf Star
Payment FlexibilityStarStarStarStarEmpty StarStarStarStarStarEmpty Star
Pros & ConsPros:
  • Low fixed rates
  • Up to 12 months forbearance
Cons:
  • Minimum $15,000 to refinance
  • No cosigner release
Pros:
  • Keep federal grace period
  • Refinance Parent Plus loans
Cons:
  • Must have great credit score
Bottom LineGood choice for low rates, but high eligibility requirements... Read full reviewGood option if you have a great credit score... Read full review
 Learn MoreLearn More

Refinance Student Loans

Refinance Student Loans

 Terms Apply. SoFi Disclaimers

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

SoFi: Pricing information from published website as of 2/22/2021

Which is Better: ELFI or SoFi?

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.


Articles on ELFI Student Loans

ELFI Reviews

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

Articles on SoFi Student Loans

SoFi Refinance Reviews

Is student loan refinancing a good idea? Is SoFi legit? Is NOW a good time to refinance? Read on. The answers may surprise you.

Which Do You Think is Best?





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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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CreditDonkey does not know your individual circumstances and provides information for general educational purposes only. CreditDonkey is not a substitute for, and should not be used as, professional legal, credit or financial advice. You should consult your own professional advisors for such advice.

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