Education Loan Finance facts for kids

Education Loan Finance, also known as ELFI, is a part of SouthEast Bank. It is based in Knoxville, Tennessee. ELFI started in December 2015.

ELFI is a company that helps people pay back their college loans. They do this by combining many smaller loans into one new, easier-to-manage loan. By January 2020, ELFI had helped people refinance over $1 billion in student loans.

What ELFI Does

ELFI mainly helps college students and graduates with their student loans. They offer a way to combine these loans into one new loan. This can make it simpler to pay them back.

To get a loan from ELFI, people need to meet certain requirements. For example, they must be a U.S. citizen. They also need to have a college degree. There are no fees to apply for these loans. There are also no extra charges for paying off a loan early. Many people and companies have given ELFI good reviews for its programs.

Help for Parents

In October 2016, ELFI started a special program for parents. This program helps parents who took out loans to pay for their children's college. These parents can also combine their loans into one new loan through ELFI.

New Student Loans

In August 2018, ELFI began offering new student loans directly. These loans help students and their parents pay for college. This means ELFI can help with both new loans and combining old ones.

SouthEast Bank's parent company, Educational Services of America, Inc., has also helped students. They have given over $20 million for scholarships. They also teach people how to manage their money.

Awards and Recognition

ELFI has received high ratings from important financial groups.

• AAA rating from Standard & Poor’s, 2018
• AAA rating from DBRS, 2018