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Elements Financial

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LAST UPDATED: March 19th, 2021

Elements Financial works with over 2,000 approved schools and offers private student loan consolidation with affordable variable rates.

In addition to loans, customers can also get a credit card, savings account, checking account, health savings account (HSA), individual retirement account (IRA), and certificate of deposit (CD) from the financial institution. Many of the financial institution's accounts, including its Helium Savings Account, don't charge a monthly fee.

Account holders have access to online banking, 24/7 customer service, and more than 78,000 ATMs around the world that don't charge fees.

Continue reading for more information, as well as Elements Financial reviews.

Top Ranked Companies


The Good

  • Private Student Loan Consolidation
  • No Fees
  • Graduated Repayment Option
  • Many Eligible Schools
  • Helpful Educational Resources
  • Well Accredited

Private Student Loan Consolidation

With Elements Financial's private student loan consolidation, borrowers can combine all of their private student loans into one single loan, which has the potential to save borrowers thousands of dollars in interest. Once all of the loans have been combined, borrowers will be left with one convenient monthly payment. 

The company allows borrowers the ability to consolidate and refinance up to $125,000. Additionally, borrowers get to enjoy a low variable interest rate, no fees, and a 15-year repayment period. As is standard in the industry, Elements Financial allows borrowers to sign up for automatic payments and lower their interest rate by 0.25 percent.

No Fees

Elements Financial does not charge an application fee, origination fee, or prepayment penalty fee for its financial services.

Graduated Repayment Option

Elements Financial's graduated repayment option lowers interest rates for the first two years of repayment. This option is ideal for students who just graduated from college and are starting out on a tight budget.

Many Eligible Schools

The company works with over 2,000 approved schools across the United States. In fact, Elements Financial provides a list of every single approved school on its website so borrowers can check to see if they are eligible to consolidate based on their university.

Helpful Educational Resources

Elements Financial has partnered with iGrad to offer a variety of financial, career, and student loan resources and articles. The company also offers education videos, tools, and calculators on its website.

In addition, borrowers can receive personalized support about FAFSA, financial aid lingo, and more. Borrowers can even schedule one-on-one consultations to help make decisions about paying for college and student loan repayment.

Well Accredited

Elements Financial is accredited and federally insured through the NCUA (National Credit Union Administration).


The Bad

  • No Fixed Interest Rates
  • Lacking Rate Information
  • No 20-Year Term Available
  • Credit Member Requirement
  • No Federal Loans
  • Long Cosigner Release Period

No Fixed Interest Rates

Elements Financial works exclusively with variable interest rates and therefore does not offer fixed interest rates.

Lacking Rate Information

The company's variable APR range of 6.00 to 8.50 percent is the only rate information provided on Elements Financial's website. The website does not readily provide a payment calculator that borrowers can use to calculate interest rates and monthly payments. In order to gain access to a loan calculator, customers must sign up with iGrad, a partner of Elements Financial.

No 20-Year Term Available

Many top companies in the industry offer a 20-year repayment term. However, Elements Financial's longest repayment term is 15 years.

Credit Member Requirement

While borrowers are not required to be an Elements Financial Credit Union member to submit an application, they must become a member of the credit union in order to receive final loan approval. To be eligible for credit union membership, an individual must either be an employee, student, or retiree of an approved company or university. Elements Financial provides a full list of approved companies and universities on its website. Relatives of current Elements Financial Credit Union members may also apply for membership.

No Federal Loans

Elements Financial only consolidates private student loans; the company does not work with federal student loans or school institutional loans. Additionally, private student loans must be in repayment in order to be eligible for consolidation.

Long Cosigner Release Period

Elements Financial permits borrowers to add a cosigner, and cosigners have the ability to apply for a release. However, cosigners can only apply for a release after 48 consecutive on-time monthly payments. Additionally, cosigners must meet other salary and debt-to-income requirements to be eligible to apply for a release.


The Bottom Line

Elements Financial is a credit union and online bank that offers private student loan consolidation with affordable variable interest rates and 15-year repayment terms. The company works with over 2,000 universities and does not charge any fees. However, Elements Financial does not consolidate federal loans and fixed interest rates are not available. Additionally, borrowers must be members of the financial institution in order to take advantage of its student debt consolidation services.

There are currently no Elements Financial reviews. If you have refinanced you student loans with this lender, please tell us about your experience by leaving a review.

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