ELFI vs Laurel Road: Which refinancing lender fits your situation?
If you are looking to lower your monthly payments or pay off debt faster, ELFI and Laurel Road are two of the strongest contenders in the market. Here is the quick answer: ELFI vs Laurel Road comes down to service preference and profession. ELFI is ideal for borrowers who want a dedicated personal loan advisor and flexible terms, while Laurel Road is often the superior choice for healthcare professionals seeking industry-specific perks and a fast, digital experience.
Refinancing student loans is a major financial move that can save thousands of dollars in interest over the life of a loan. However, choosing the right lender involves more than just glancing at an interest rate advertisement. In this comprehensive guide, you will learn how these two top-tier lenders compare regarding interest rates, repayment terms, eligibility criteria, and unique borrower benefits. Whether you are a recent graduate managing your own debt or a parent looking to refinance Parent PLUS loans, understanding these differences is the key to maximizing your savings.
By the end of this comparison, you will have a clear decision framework to help you choose the lender that aligns with your financial goals. We will cover the specific trade-offs of each option, helping you move from uncertainty to a confident financial decision.
Context: How to compare ELFI vs Laurel Road
Before diving into the specific numbers, it is helpful to understand the framework for comparing these two lenders. When you refinance, you are essentially taking out a new private loan to pay off your existing federal or private loans. Because you are choosing a new financial partner for the next 5 to 20 years, the quality of that partnership matters just as much as the numbers.
ELFI (Education Loan Finance) is a division of SouthEast Bank. Their model is built on customer service; they assign a specific Personal Loan Advisor to every applicant to guide them through the process. This makes them a strong choice for borrowers who want a human touch or have complex income situations that require explanation.
Laurel Road, a digital banking platform of KeyBank, has carved out a massive niche in the healthcare space. While they refinance loans for all eligible professionals, their benefits for doctors, dentists, and nurses are industry-leading. They prioritize a seamless, tech-forward digital experience designed for busy professionals who want to get funded quickly.
When evaluating ELFI vs Laurel Road, you should weigh five main factors: interest rate competitiveness, term flexibility, eligibility requirements, ease of application, and borrower protections. It is also critical to remember that if you are refinancing federal loans, you are permanently trading federal benefits for private terms—a trade-off we will detail later in this guide. For a broader look at how this process works, you can review our student loan refinancing guide.
Quick comparison: ELFI vs Laurel Road at a glance
To help you make an initial assessment, we have compiled the key features of both lenders side-by-side. This table provides a snapshot of what you can expect regarding costs and requirements.
| Feature | ELFI | Laurel Road |
|---|---|---|
| Fixed APR Range | 5.29% – 8.99% | 5.24% – 9.49% |
| Variable APR Range | 5.28% – 9.29% | 5.49% – 9.74% |
| Loan Terms | 5, 7, 10, 15, 20 years | 5, 7, 10, 15, 20 years |
| Min/Max Loan Amount | $10,000 – No Maximum | $5,000 – No Maximum (degree dependent) |
| Min. Credit Score | 680 | 660 (may vary by profession) |
| Autopay Discount | 0.25% (included in rates above) | 0.25% (included in rates above) |
| Cosigner Release | Not available | Available after 36 payments |
| Best For | Borrowers wanting personal support | Healthcare professionals & digital natives |
Sources: ELFI.com, LaurelRoad.com (rates and terms as of October 2024). Rates include autopay discount.
Interpreting the data:
If your primary goal is the absolute lowest advertised rate and you work in healthcare, Laurel Road often edges out the competition due to their specialized underwriting. However, if you have a very high loan balance (such as $300,000+ from medical or law school) or prefer not to navigate a digital-only system, ELFI’s “no maximum” limit and personalized advisor model provide significant value. Additionally, note the difference in cosigner release policies; if removing a cosigner later is a priority for you, Laurel Road is the clear winner here.
Why it matters
Even a 0.50% difference in interest rates can save you thousands of dollars over the life of a loan. However, the “lowest rate” isn’t the only cost factor. If a lender offers a term length that fits your budget better—allowing you to avoid missed payments—that structural benefit can be worth more than a slightly lower APR.
Interest rates: ELFI vs Laurel Road
The interest rate is the most visible cost of your loan, and both ELFI and Laurel Road offer competitive pricing that generally undercuts federal Direct PLUS loan rates. However, how they arrive at your specific rate varies slightly.
Both lenders offer fixed and variable interest rates. A fixed rate remains the same for the life of the loan, providing stability and predictable monthly payments. A variable rate may start lower but can fluctuate quarterly based on market conditions. For most borrowers looking for long-term stability, fixed rates are generally recommended, especially in uncertain economic environments. You can learn more about the risks and rewards in our fixed vs. variable rates guide.
According to ELFI, as of October 2024, their fixed rates of are competitive with the market floor, often rewarding borrowers with high credit scores and strong debt-to-income ratios. Laurel Road similarly rewards creditworthiness but adds another layer: profession-based pricing. Healthcare professionals, specifically doctors and dentists, may see lower rate offers from Laurel Road because the lender views them as lower-risk borrowers.
Both lenders offer a 0.25% interest rate reduction if you enroll in automatic payments. This is standard across the industry, but it is essential to ensure you maintain sufficient funds in your connected account to avoid overdrafts or returned payment fees, which could jeopardize the discount.
Your specific rate at either lender will depend heavily on your credit profile (or your cosigner’s). ELFI places significant weight on your debt-to-income ratio and credit history. Laurel Road looks at these factors but also heavily weighs your profession and degree type. If you are a parent refinancing Parent PLUS loans, both lenders will evaluate your credit history and income stability rather than the student’s.
Loan terms and repayment options: ELFI vs Laurel Road
The “term” of your loan is simply how long you have to pay it back. The length of your term directly dictates your monthly payment: shorter terms mean higher monthly payments but less interest paid overall, while longer terms lower your monthly obligation but increase the total cost of the loan.
According to ELFI, as of October 2024, borrowers can choose from 5, 7, 10, 15, and 20-year terms. This standard range allows you to customize your repayment strategy. For example, if you can afford to pay aggressively, a 5 or 7-year term will maximize your savings. If cash flow is tight, a 20-year term offers breathing room.
Laurel Road matches this flexibility with similar term options ranging from 5 to 20 years. However, according to Laurel Road, they offer a distinct advantage for medical residents and fellows: eligible healthcare professionals can pay $100 per month during their residency and fellowship, with interest accruing but not capitalizing until the training period ends. This specific repayment feature is a massive differentiator for doctors in training who cannot yet afford full payments.
According to ELFI, they have a minimum loan amount of $10,000 and explicitly state there is no maximum loan amount, provided you meet credit and income requirements. This makes ELFI an excellent option for borrowers with high balances from private universities or graduate programs.
As reported by Laurel Road, they generally have a minimum of $5,000, though this can vary by state and degree type. Like ELFI, they do not cap the maximum amount for qualified borrowers, accommodating professionals with substantial debt loads. You can use a loan term calculator to see how different term lengths and loan amounts affect your monthly budget.
Eligibility requirements: ELFI vs Laurel Road
Before applying, it is crucial to know if you meet the basic criteria. Refinancing lenders are generally stricter than federal loan programs because they do not have the government backing their loans.
According to ELFI, as of October 2024, applicants generally need a minimum credit score of 680 to qualify. They also require a minimum income of $35,000 per year. Importantly, ELFI does not currently offer a cosigner release program, meaning the primary borrower (and cosigner, if applicable) are tied to the loan until it is paid off.
As reported by Laurel Road, they typically look for a credit score of 660 or higher, though this can vary based on your profession and degree. For example, medical professionals might have slightly different underwriting criteria that account for future earning potential. Laurel Road allows cosigners, and unlike ELFI, they offer a cosigner release option after 36 consecutive on-time payments, provided the primary borrower meets credit criteria on their own.
Both lenders require borrowers to be U.S. citizens or permanent residents. Additionally, both ELFI and Laurel Road require you to have graduated; they generally do not refinance loans for students who did not complete their degree. This is a standard industry practice to ensure borrowers have the earning power to repay the debt.
According to Mark Kantrowitz, financial aid expert, “Most students will need a cosigner to qualify for a private student loan.” This is particularly true for recent graduates who may have high income potential but a “thin” credit file. If you are a student borrower, adding a creditworthy parent as a cosigner can significantly improve your odds of approval and secure a lower interest rate with either lender.
Borrower benefits and perks: ELFI vs Laurel Road
Beyond the math, the “extras” can sometimes tip the scale. This is where the personalities of the two lenders diverge most sharply.
ELFI’s standout benefit is its customer service model. When you apply, you are assigned a Student Loan Advisor who serves as your single point of contact. You get their direct phone number and email address. You aren’t dialing into a generic call center and explaining your story to a new person every time. For parents or borrowers who feel overwhelmed by the process, this concierge-style service is incredibly reassuring. ELFI also offers a referral bonus program, allowing you to earn money for referring friends.
Laurel Road shines with industry-specific perks. Their “resident program” mentioned earlier is a game-changer for doctors. Furthermore, they offer relationship discounts if you bank with them. For example, opening a checking account with Laurel Road (KeyBank) can sometimes unlock additional rate discounts beyond the standard autopay reduction. They also provide access to financial wellness resources tailored to high-earning professionals.
This is a critical differentiator. As noted, Laurel Road offers cosigner release after 36 months of on-time payments. ELFI does not. If your goal is to eventually remove a parent from the loan obligation to free up their credit for other purposes (like a mortgage or retirement), Laurel Road is the better structural fit.
Application process and timeline: ELFI vs Laurel Road
Both lenders operate as modern fintech-enabled companies, meaning you won’t be mailing in paper forms. However, the user experience differs slightly.
The most important step for both lenders is prequalification. You can check your estimated rates with both ELFI and Laurel Road without affecting your credit score. They perform a “soft credit pull” to show you what rates you are likely to qualify for. You should absolutely utilize this feature for both lenders before committing to a full application.
Laurel Road’s application is renowned for speed. Many borrowers report completing the initial application in under 5 minutes, with automated document retrieval for some employment verification. It is designed for efficiency.
ELFI’s process is also digital and streamlined, but because of the personal advisor component, there may be more human interaction involved in finalizing documents. This isn’t necessarily slower, but it is less automated. For both lenders, once you submit a full application (triggering a hard credit check) and sign the promissory note, funding typically occurs within 2 to 4 weeks, depending on how quickly your current servicer processes the payoff.
Federal loan protections: What you give up when refinancing
Before you choose a lender, we must address the most critical risk of refinancing. If you are refinancing federal student loans (like Direct Subsidized/Unsubsidized or Parent PLUS loans) with any private lender, including ELFI or Laurel Road, you permanently forfeit federal benefits.
According to StudentAid.gov, as of January 2026, federal benefits include access to Income-Driven Repayment (IDR) plans, Public Service Loan Forgiveness (PSLF), and generous deferment or forbearance options during economic hardship. Private lenders are not required to offer these programs. While both ELFI and Laurel Road offer short-term forbearance for financial hardship (usually in 3-month increments up to 12 months total), it is discretionary and not guaranteed by law.
If you work in public service, have a variable income, or anticipate needing federal forgiveness, you should likely keep your federal loans with the government. For more details on these trade-offs, review our guide to federal loan benefits. Refinancing is best reserved for private loans or for borrowers with stable income who are certain they will not need federal protections.
Decision framework: Which lender is right for you?
You have reviewed the rates, terms, and benefits. Now it is time to decide. Use this framework to identify the best fit for your profile.
- You value guidance: You want a dedicated expert to walk you through the application and closing process.
- You have a high balance: You need to refinance a very large amount ($300k+) and want assurance of no loan caps.
- You prioritize flexible terms: You want a straightforward menu of term options (5 to 20 years) to dial in your budget.
- You don’t need cosigner release: You are the primary borrower with strong credit, or your cosigner is comfortable staying on the loan permanently.
- You work in healthcare: You are a doctor, dentist, nurse, or PA and want access to residency payments or professional pricing.
- You want speed: You prefer a completely digital, automated experience with minimal human interaction.
- You need cosigner release: You are applying with a parent but plan to take over the loan entirely in 3 years.
- You want banking integration: You are interested in checking or savings accounts that could lower your rate further.
Decision checklist:
- Check your credit score (Soft check).
- Gather your current loan payoff statements.
- Prequalify with BOTH lenders to see real numbers.
- Compare the APR and the monthly payment against your budget.
Ready to compare your personalized rates? Check rates with ELFI and Laurel Road (soft credit check—won’t affect your credit score). Trusted by thousands of borrowers.
Frequently asked questions: ELFI vs Laurel Road
Yes, both lenders allow you to refinance Parent PLUS loans. You can refinance them in the parent’s name to secure a lower rate, or in some cases, refinance them into the child’s name (transferring the debt obligation), provided the child meets the lender’s credit and income requirements. This is a powerful strategy for parents looking to retire debt-free.
As noted in the eligibility section, ELFI typically looks for a score of 680+, while Laurel Road generally requires 660+. However, the “minimum” score often comes with a higher interest rate. To get the lowest advertised rates, borrowers typically need scores in the high 700s or 800s and a strong history of on-time payments.
Checking your rate (prequalification) does not affect your score; it uses a soft credit inquiry. However, once you select a lender and submit a formal application, they will perform a hard credit inquiry. This typically drops your score by a few points temporarily, but responsible repayment of the new loan will build your credit over time.
Generally, no. Both ELFI and Laurel Road usually require you to have graduated and to be in repayment. Laurel Road has specific exceptions for medical residents and fellows, allowing them to refinance as soon as they match to a program, even before full practice begins.
Yes, both lenders allow you to consolidate federal and private loans into a single new private loan. This simplifies your financial life into one monthly payment. Just remember the caution regarding federal protections mentioned earlier.
Both ELFI and Laurel Road are top-tier lenders that offer transparent terms, competitive rates, and no hidden origination or prepayment fees. Your choice largely depends on the type of experience you want.
Key takeaways:
- ELFI wins on customer service and personalized support, making them ideal for borrowers who want a guided experience.
- Laurel Road is the clear leader for healthcare professionals and digital natives who value speed and industry-specific perks.
- Rates matter: Your specific rate depends on your credit profile, so checking both is the only way to know which is cheaper for you.
- Federal caution: Only refinance federal loans if you are certain you won’t need IDR plans or PSLF forgiveness.
- No risk to check: Prequalifying takes minutes and doesn’t hurt your credit score.
Refinancing is a powerful tool to regain control of your financial future. By lowering your rate or adjusting your term, you can save money for other life goals like buying a home or saving for retirement. Don’t let indecision cost you interest—checking your options is the first step toward financial freedom.
Ready to see your personalized rates? Compare offers from ELFI, Laurel Road, and other top refinancing lenders. Checking rates takes minutes and won’t affect your credit score. Trusted by 50,000+ students and families.
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References and resources
For more information or to begin your application, you can visit the official lender sites or explore our deep-dive guides below:
