ELFI student loan refinancing review for dentists

ELFI (Education Loan Finance) is a direct lender. It makes the refinance loan itself rather than showing you offers from others. Everything below comes from ELFI’s own pages, checked September 26, 2026.

The quick verdict

ELFI can fit you if:

• You’re an associate or owner in private practice, with no plan to work for an FQHC, the VA, a public hospital or another PSLF employer.
• Your credit score is 680 or higher and you’ve had credit for at least three years.
• You’d like one person to walk you through the application.
• You want to refinance private loans only and keep your federal loans federal.

Skip ELFI, or wait, if:

• You’re in residency. We didn’t find a reduced-payment resident refinance on ELFI’s refinance pages.
• You’re pursuing PSLF, or you’re relying on RAP’s income-based payment.
• A written death and disability discharge matters to you. ELFI’s refinance pages we opened don’t state one.

First, the federal trade-off

Refinancing turns federal loans into a private loan. For those loans you lose access to RAP, PSLF, federal forgiveness, and federal forbearance and deferment. You can’t switch back.

That’s why the answer is “no” for many dentists, whatever the rate. Start with Should you refinance? and When refinancing is a mistake.

Rates

ELFI publishes only its lowest “from” rates, fixed and variable, dated August 14, 2026. It doesn’t publish the top of its range. Both are in the dated rate table at the end of this page.

Your rate depends on the term, your credit and your finances. The lowest rate goes to the strongest applicants.

Autopay. ELFI requires every borrower to pay electronically. Its FAQ says the autopay discount is “already reflected” in your approved rate, so there’s no extra discount to add later.

Variable rates. ELFI’s variable rate follows the Prime Rate plus a margin, and ELFI says it may increase after closing. ELFI’s own pages disagree on how often the rate resets, so ask before you sign. The maximum rate is stated in your loan agreement.

Terms

ELFI lists its term choices in the rate table below. Its medical refinance page shows a narrower range than its main refinance page, so confirm the terms in your actual offer.

A shorter term usually carries a lower rate and a higher payment. Here’s how much a term changes the math.

Example: $300,000 at 6.0% fixed APR over 10 years is about $3,330 a month and $400,000 in total. At the same rate over 20 years, it’s about $2,150 a month and $516,000 in total. Not an offer; your rate depends on credit.

ELFI has no grace period. Payments start the month after the loan pays off your old lenders, per its terms page.

Minimum loan amount

ELFI’s minimum is $10,000, on its refinance page, its eligibility page and its medical refinance page. We didn’t find a maximum.

You don’t have to refinance everything. ELFI’s FAQ says it pays off only the loans you choose. For a dentist with both private and federal loans, that matters: you can refinance the private ones and leave the federal ones alone.

Residency options

We didn’t find a resident refinance program at ELFI. Its medical refinance page mentions deferment during residency or fellowship. That’s in the context of its in-school loans, not a reduced resident payment on a refinance.

If you’re a resident, RAP waives the interest your payment doesn’t cover each month. For most residents that beats any private option. See Refinancing during residency.

Protections if something goes wrong

What ELFI’s pages say:

• Forbearance: ELFI “may grant forbearance for up to 12 months” for financial hardship or medical difficulty. It’s at ELFI’s discretion.
• Deferment: possible, but interest keeps accruing and is added to your balance (capitalized), per the terms page.
• Death and disability: not stated on the refinance pages we opened. ELFI’s own blog tells borrowers to check the promissory note. Ask for the policy in writing before you apply.

Compare that with federal loans, which have a legal death and disability discharge and income-based payments. A private loan’s safety net is whatever the contract says.

Fees

Fee	ELFI
Application	None
Origination	None
Prepayment penalty	None
Late payment	The lesser of 5% of the past-due amount or $50, if a payment is more than 10 days late
Returned payment	$30

No origination fee means the rate you’re quoted is close to the full cost. Some lenders that charge no late fee at all, such as Earnest, may be worth a look if you worry about a missed payment.

Eligibility

ELFI’s eligibility page lists:

• U.S. citizen or permanent resident without conditions
• A bachelor’s degree or higher from a Title IV, U.S. nonprofit school (a DDS or DMD qualifies)
• At least $10,000 to refinance
• Income of at least $35,000
• A credit score of 680 or higher
• At least 36 months of credit history

ELFI says it also weighs your debt-to-income ratio. It counts only your income or a cosigner’s, not household income. If you don’t qualify alone, you can add a cosigner who does.

How to apply

1. Check your rate. ELFI’s prequalification uses a soft pull, which doesn’t affect your score.
2. Apply online. You upload documents and sign electronically. ELFI pairs you with one dedicated contact for the process.
3. Expect a hard pull. ELFI’s FAQ says one hard inquiry typically costs less than five points on a FICO score.
4. Get a decision. ELFI says in as little as one business day.
5. Keep paying your old loans until ELFI confirms they’re paid off.

Your servicer after closing will be MOHELA or AES, per ELFI’s payments FAQ.

Alternatives to compare

Never take one quote. Check at least three, on the same term and rate type.

• Earnest charges no late fees and publishes a hardship menu, including death and disability discharge language. See our Earnest review.
• A marketplace such as Credible shows several lenders after one soft pull.
• No refinance at all. If you might work in public health or academics, RAP and PSLF can beat any rate. Run your numbers in the refinance vs forgiveness tool.

The full lineup is in Best refinance lenders for dentists.

What to do next

1. Decide whether you should refinance at all with the refinance vs forgiveness tool.
2. If yes, get an ELFI rate with the soft pull, plus two or three others.
3. Ask ELFI three questions in writing: how often the variable rate resets, what the death and disability policy is, and which terms you qualify for.
4. Compare total cost, not just the monthly payment, using the rate guide.