SoFi vs Earnest vs ELFI Student Loan Refinance (May 2026)

Which student loan refi lender should you choose?

Match the lender to your degree, debt size, and risk preference:

• You have an advanced degree (MD, JD, MBA, PhD) and $100K+ student debt→ EarnestEarnest offers a special 3.52% fixed APR floor (5.73% variable) for borrowers with approved advanced and professional degrees who refinance more than $100,000 — meaningfully below SoFi or ELFI's standard floors. For doctors, lawyers, MBAs, and PhDs with significant balances, this can save thousands over the life of the loan. Plus Earnest's Precision Pricing lets you customize your exact term to minimize total interest.
• You want maximum protection against rising variable rates→ ELFIELFI caps variable APR at 9.95% — the lowest variable rate cap of the three (SoFi caps at 13.95%, Earnest at standard market cap). For borrowers choosing variable rate refi to capture today's lower starting APR, ELFI's lower cap means worst-case payment if rates rise dramatically is much more contained. ELFI also has zero CFPB complaints since founding in 2015 — strongest customer-service track record.
• You're already a SoFi member (banking, investing, or another SoFi product)→ SoFiSoFi members get the 0.125% SoFi Plus discount stacked on top of the 0.25% autopay discount, plus access to SoFi Career Services (resume reviews, job search support) and unemployment protection. For borrowers already integrated into the SoFi ecosystem, the bundled benefits often justify SoFi's slightly higher headline APR vs Earnest's floor.
• You want the longest possible repayment term to minimize monthly payment→ All three offer 20-year terms — but ELFI specifically markets thisAll three lenders offer 20-year repayment terms, the maximum for student loan refi. ELFI specifically positions itself for long-term repayment, with a 20-year max as a marketing focus. Earnest's Precision Pricing also lets you select 18, 19, or any custom term up to 20 years. The longer the term, the lower the monthly payment but the higher the total interest paid — a $50K loan at 6% APR is $358/mo over 20yr ($35K total interest) vs $556/mo over 10yr ($16.7K total interest).
• You want absolute lowest rate without an advanced degree→ Earnest (3.95% standard fixed floor)Without an advanced degree, Earnest still offers the lowest standard fixed APR floor at 3.95% — beating SoFi's 4.24% and ELFI's 4.29%. For excellent credit (740+ FICO) borrowers refinancing $50K-$100K of undergraduate debt, Earnest typically offers the cheapest rate. Pre-qualify at all three with soft pulls to compare actual offered APRs.
• Your loan is small ($5K-$10K)→ SoFi or EarnestELFI has a $10,000 minimum loan amount — SoFi and Earnest both go down to $5,000. For smaller refi amounts, you're locked out of ELFI. For loans under $10K, run the math carefully — refinancing a small balance often doesn't save enough interest to justify the application time. The breakeven typically requires at least 1.5 percentage points of APR reduction.
• You want to be able to release a cosigner after a few years of on-time payments→ EarnestEarnest explicitly allows cosigner release after the primary borrower meets specific credit and income criteria. SoFi and ELFI also accept cosigners but their release processes are less explicitly documented. If your parent/guardian is cosigning your initial refi but you want to remove them once you've established income, Earnest's defined release path is the cleanest.
• You value working with an assigned human loan advisor→ ELFIELFI's distinguishing service feature is a Personal Loan Advisor — a single human contact assigned to your application who handles everything from pre-qualification through funding. SoFi and Earnest are primarily self-service online with general support. For borrowers who prefer relationship-based service or have a complex refi situation (multiple loans, mixed federal/private), ELFI's advisor model is a meaningful differentiator.