Written By Jolene Latimer
Updated on May 19, 2026
If you’re thinking about refinancing your student loans, you’ve probably come across ELFI and Earnest, two major players in the student loan refinancing space. It’s hard to know which is the better lender between ELFI vs. Earnest without digging into the details.
When comparing the two student loan refinancing options, it’s best to review not just the basics like interest rates and terms, but the perks each lender offers that make refinancing easier.
Having the facts about each lender in front of you can help you decide if it’s best to pursue an ELFI or Earnest student loan refinance. Here’s what ELFI and Earnest refinance products look like when compared, side-by-side.
ELFI vs. Earnest: The basics
ELFI: Best for customer service
- Positives: Highly competitive fixed rates
- Allows cosigners: Yes, but no cosigner release
- Deferment or forbearance available: Yes, up to 12 months
- Interest rates: Fixed starting at 4.29% APR; Variable starting at 4.74% APR
- Bonus: $300 for refinancing at least $50,000. $500 for 100k to 149k, and $1,099 for refinancing 150k+.
Education Loan Finance, aka ELFI, excels with customer service and low rates for borrowers with the highest credit scores. There is a minimum loan size of $10,000 but no max loan size, and their fixed rates are very competitive historically. Expect about 5 minutes to get an initial rate estimate. Get up to a $1,099 bonus when you use our ELFI link. (For eligible refinances of $150,000 or more, $500 of the bonus would come directly from Student Loan Planner®). Additional terms apply.
Earnest: Best for flexible repayment
- Positives: Flexible repayment terms, custom loan payments
- Allows cosigners: Yes
- Deferment or forbearance available: Yes, up to 36 months
- Interest rates: Fixed starting at 3.74% APR; Variable starting at 5.73% APR1
- Bonus: $200 for refinancing 50k to $99,999; $1,000 for refinancing 100k to $199,999; $1,500 for refinancing $200k or more.2
Payment flexibility and consistently low rates make Earnest a top lender that Student Loan Planner® readers use when refinancing student loans. Earnest also services its own loans and has a Rate Match program that matches competitors' contractual interest rates. If you refinance $100,000 to $199,999, you can get a $1000 bonus ($500 Earnest bonus + $500 from Student Loan Planner®).
If you refinance $200,000 or more, you can get a $1500 bonus ($500 Earnest bonus + $1,000 from Student Loan Planner®). Additional terms apply.
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1APR Disclosure:
Actual rate will vary based on your financial profile. Fixed annual percentage rates (APR) range from 3.94% to 9.99% (3.69% – 9.74% with .25% auto pay discount). Variable annual percentage rates (APR) range from 3.74% to 9.99% (3.49% – 9.74% with .25% auto pay discount). Earnest variable interest rate student loan refinance loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once a month, but there is no limit on the amount that the rate could increase at one time. Please note, we are not able to offer variable rate loans in AK, IL, MN, MS, NH, OH, TN, and TX. Our lowest rates are only available for our most credit qualified borrowers and requires selection of our shortest term offered and enrollment in our .25% auto pay discount from a checking or savings account. Enrolling in Auto Pay is not required as a condition for approval.
2 Bonus Disclosure:
Terms and conditions apply. To qualify for this Earnest Welcome Bonus offer: 1) you must not currently be an Earnest client, or have received the bonus in the past, 2) you must submit a completed student loan refinancing application through the designated partner link; 3) you must provide a valid email address and a valid checking account number during the application process; and 4) your loan must be fully disbursed. The bonus will be automatically transmitted to your checking account after the final disbursement. There is a limit of one bonus per borrower. This offer is not valid for current Earnest clients who refinance their existing Earnest loans, clients who have previously received a bonus, or with any other bonus offers received from Earnest. Bonus cannot be issued to residents in KY, MA, or MI. Bonus amounts of $600 or greater in a single calendar year may be reported to the Internal Revenue Service (IRS) as miscellaneous income to the recipient on Form 1099-MISC in the year received as required by applicable law. Recipient is responsible for any applicable federal, state, or local taxes associated with receiving the bonus offer; consult your tax advisor to determine applicable tax consequences.
Since you’re most likely refinancing to save money, let’s get an understanding of how each lender can help you reduce the cost of your student loans.
If you need to refinance less than $10,000, Earnest may be the better fit since it accepts smaller loan balances than ELFI. When it comes to interest rates, both lenders offer competitive fixed and variable APR options, but the rate you qualify for will depend on factors like your credit profile, income, debt-to-income ratio, and chosen repayment term. Since rates change over time, it’s smart to compare personalized offers from both lenders before deciding. Just remember that variable interest rates can rise over time, which could increase your payment.
Also, it’s important to remember that you might not be eligible for these rates based on your location. For example, Earnest doesn’t offer variable rates to borrowers in the following states: Alaska, Illinois, Minnesota, Mississippi, New Hampshire, Ohio, Tennessee, and Texas.
Before choosing either lender, it’s important to review the extra benefits of each lender that can make your refinancing experience better.
ELFI vs. Earnest: The best perks
Not all lenders are created equal and where they can really start to distinguish themselves is with the extra features and benefits they offer. Here’s how ELFI and Earnest stack up against each other when it comes to additional perks or policies.
| ELFI | Earnest | |
|---|---|---|
| Allows cosigner | Yes | Yes |
| Cosigner release | No | Yes (strict eligibility) |
| Late fees | 5% or $50, whichever is less | No |
| Prepayment penalty | No | No |
| Refinance without a degree | No | Yes (strict eligibility) |
| Skip a payment | No | Once per year |
| Mobile app | No | Yes (for iOS) |
| Loan minimum | $10,000 | $5,000* |
| Credit score minimum | 680 | 650 |
*Residents of California must request to refinance $10,000 or more. Residents of New Mexico must request to refinance $10,001 or more.
Although ELFI might be attractive to borrowers who need a cosigner, Earnest has a few more perks that help sweeten the deal if you want to refinance your student loan.
For starters, Earnest doesn’t charge any late fees. It also doesn’t charge a fee if your payment is declined, while ELFI charges $30 per returned, unpaid payment.
Earnest also has more flexibility with repayment — it allows you to skip up to one payment a year. Life and finances can get complex and sometimes it can be helpful to take advantage of the opportunity to skip a payment. Also, knowing you won’t be charged a fee if you’re late for any reason is a great plus.
Should you refinance student loans with ELFI or Earnest?
Not sure if ELFI vs. Earnest is best for you? Here are a few scenarios that can show who is likely to get the most out of each lender.
Borrowers likely to benefit from ELFI
- If you have great credit and qualify for the lowest rate: ELFI may be worth considering if it provides a competitive rate or loan terms for your situation. Since refinancing offers vary by borrower, it’s worth checking quotes from both ELFI and Earnest to compare interest rates, repayment terms, and borrower perks.
Related: ELFI Review (Up to $1,099 Refinancing Bonus)
Borrowers likely to benefit from Earnest
- If you need less than $10,000: Since Earnest offers student loan refinancing for amounts as low as $5,000, borrowers who have a balance below ELFI’s $10,000 cut off will need to go with Earnest.
- If you want flexible repayment options: Earnest gives you the ability to skip one payment a year, plus they offer a choice between biweekly or monthly payments, and they allow you to change your payment date at any time.
- If you want to manage your repayment through a mobile app: Earnest’s intuitive mobile app makes it easy for borrowers to manage their loans on the go. Not everyone wants to use an app to manage their finances, but if this is you then Earnest would be the better student loan refinance lender for your scenario.
Related: Biggest Earnest Review Review + Bonus (Up to $1,500)
You should always shop around to compare several lenders before deciding with one. After narrowing down your top prospects, get quoted rates at several lenders and use your rate plus any added perks to help you decide which lender is best for you.
Refinance student loans, get a bonus in 2026
| Lender Name | Lender | Offer | Learn more |
|---|---|---|---|
|
$1,000 Bonus
Bonus for eligible users who refinance $200k or more. $500 for $100k to $200k (bonus from SLP, not SoFi. Terms apply.)
|
Fixed 3.99 - 9.99% APR
Variable 5.74 - 9.99% APR with all discounts with all discounts |
|
|
$1,500 Bonus
For $200k or more. $1,000 for $100k to $200k. $200 for 50k to $100k
|
Fixed 3.74 - 9.99% APR
Variable 5.73 - 9.99% APR
|
|
|
$1,750 Bonus
For $200k+. $1,250 for $100k to $199k. $350 for $50k to $99k. $100 for $5k to $50k
|
Fixed 3.64 - 10.35% APR
Variable 3.63 - 10.72% APR with autopay with autopay |
Not sure what to do with your student loans?
Take our 11-question quiz to get a personalized recommendation for 2026 on whether you should pursue PSLF, IDR, or refinancing (including the one lender we think could give you the best rate).
