SoFi Student Loans vs ELFI Student Loans

SoFi is a good option if you have a great credit score. How does it compare to ELFI? Read our comparison chart below.

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.

While 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.

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

	SoFi Student Loans	ELFI Student Loans

	Learn More	Learn More
	SPECIAL OFFER Refinance Student Loans - Learn More Read SoFi Review	SPECIAL OFFER Refinance Student Loans - Learn More Read ELFI Review
	Benefits and Features
Variable APR	5.74% - 9.99% APR (with AutoPay)	5.28% - 8.99%
Fixed APR	4.99% - 9.99% APR (with AutoPay)	5.48% - 8.69%
Minimum Amount	$5,000 (may be higher depending on state)	$10,000
Maximum Amount	No maximum	No maximum - depends on your eligibility
Loan Term	5 to 20 years	5, 7, 10, 15, and 20 years
State Residency	All states eligible	All 50 states plus Washington D.C. and Puerto Rico
Degree Requirements	Associates or higher	Bachelor's or higher from an approved post-secondary institution and program of study
Income Requirements	None	$35,000
Employment Requirements	Must be employed or have an offer to start within 90 days	Must be employed
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	Yes	No
Soft Credit Check	Yes	Yes
Unemployment Protection	Yes	Yes - up to 12 months forbearance
	CreditDonkey® Reviews

Loan Term
Customer Service
Ease of Use
Interest Rates
Payment Flexibility
Pros & Cons	Pros: Keep federal grace period Refinance Parent Plus loans Cons: Must have great credit score	Pros: Low fixed rates Up to 12 months forbearance Cons: Minimum $10,000 to refinance No cosigner release
Bottom Line	Good option if you have a great credit score... Read full review	Good choice for low rates, but high eligibility requirements... Read full review
	Learn More	Learn More
	Refinance Student Loans	Refinance Student Loans
	Terms Apply. SoFi Disclaimers
SoFi: Pricing information from published website as of 5/9/2023 ELFI: Pricing information from published website as of 3/11/2024