SoFi vs Elfi

SoFi vs ElFi

Exploring Student Loan Refinancing Options with SoFi and Elfi. Below we highlight some of the pros and cons of both SoFi and Elfi helping you gain insight into what lender may be the best option for you.

Eligibility:

• SoFi: To be eligible for a student loan from SoFi, you must be a citizen or permanent resident of the United States and have graduated from a Title IV accredited university or graduate program. You must also have a credit score of at least 660 and a demonstrated ability to repay your loan. In addition to traditional student loans, SoFi also offers refinancing options for student loan borrowers who have already graduated.
• Elfi: Elfi also requires that you be a citizen or permanent resident of the United States and have graduated from a Title IV accredited university or graduate program. However, they have more lenient credit requirements and may consider borrowers with a credit score as low as 600. Like SoFi, Elfi offers refinancing options for borrowers who have already graduated.

Loan terms:

• SoFi: SoFi offers student loans with terms ranging from 5 to 20 years. The exact term will depend on the amount of your loan and your creditworthiness. SoFi allows borrowers to choose their own loan terms when refinancing, giving them more control over their repayment plan.
• Elfi: Elfi also offers loan terms ranging from 5 to 20 years. However, they allow borrowers to choose their own term length within this range, giving them more flexibility to customize their repayment plan.

Rates and fees:

• SoFi: SoFi offers competitive interest rates on their student loans, with rates as low as 3.49% for borrowers with excellent credit. They also have an origination fee of 1.00% – 6.00%. The exact rate and fee you receive will depend on your creditworthiness and other factors.
• Elfi: Elfi also offers competitive interest rates, with rates as low as 3.50% for borrowers with excellent credit. They do not charge any origination fees. Like SoFi, the exact rate you receive from Elfi will depend on your creditworthiness and other factors.

Repayment options:

• SoFi: SoFi offers a variety of repayment options to help borrowers manage their debt. These include the option to make interest-only payments while in school, the ability to postpone payments during hardship periods, and the option to refinance your loan to lower your interest rate. SoFi also has a program called “Career Strategy” that provides career counseling and job search assistance to borrowers.
• Elfi: Elfi also offers a range of repayment options, including the ability to make interest-only payments while in school, the option to postpone payments during hardship periods, and the option to refinance your loan to lower your interest rate. Elfi also has a program called “Elfi Edge” which provides career development resources and assistance with job searching to borrowers.

In summary, both SoFi and Elfi are reputable online lenders that offer competitive rates, flexible repayment options, and career development resources for student loans. Ultimately, the best lender for you will depend on your individual financial situation and creditworthiness.