diff --git a/pathwaysutils/elastic/manager.py b/pathwaysutils/elastic/manager.py
index ae3dc81..3337afd 100644
--- a/pathwaysutils/elastic/manager.py
+++ b/pathwaysutils/elastic/manager.py
@@ -66,6 +66,19 @@ def _elastic_event_cleanup() -> None:
     array.delete()
 
 
+class ElasticRetryLimit:
+  """A retry callback that limits the number of attempts."""
+
+  def __init__(self, max_attempts: int):
+    if max_attempts <= 0:
+      raise ValueError("max_attempts must be positive.")
+    self.max_attempts = max_attempts
+
+  def __call__(self, attempt: int, error: Exception) -> bool:
+    del error  # Unused
+    return attempt < self.max_attempts
+
+
 class Manager:
   """Utility class for elastic training.
 
@@ -191,12 +204,13 @@ def _monitor_new_slices(
 
   def elastic_retry(
       self,
-      max_retries: int,
+      max_retries: int | None = None,
       minimum_slice_count: int | None = None,
       poll_interval: float | int = 10,
       timeout: float | None = None,
       pre_callback: Callable[..., Any] | None = None,
       on_elastic_event_callback: Callable[..., Any] | None = None,
+      retry_policy: Callable[[int, Exception], bool] | None = None,
   ) -> Callable[[_F], _F]:
     """Retries a function with elasticity fault tolerance.
 
@@ -224,6 +238,7 @@ def elastic_retry(
 
     Args:
       max_retries: The maximum number of times to retry the function.
+        Deprecated: Use `retry_policy` instead.
       minimum_slice_count: The minimum number of slices required to run the
         function. If None, defaults to the total number of slices.
       poll_interval: The number of seconds to wait between activity checks.
@@ -233,6 +248,10 @@ def elastic_retry(
       pre_callback: A callback to call before the function is attempted.
       on_elastic_event_callback: A callback to call after an elastic failure
         occurs.
+      retry_policy: A policy (callable) to determine if a retry should be
+        attempted. It accepts the attempt number (1-indexed) and the exception
+        that triggered the retry. If it returns False, no more retries are
+        attempted.
 
     Returns:
       A decorator that retries the wrapped function.
@@ -248,17 +267,23 @@ def elastic_retry(
         else minimum_slice_count
     )
 
-    if max_retries <= 0:
-      raise ValueError("max_retries must be positive.")
+    if max_retries is not None and retry_policy is not None:
+      raise ValueError("Cannot specify both max_retries and retry_policy.")
+
+    if retry_policy is None:
+      if max_retries is None:
+        retry_policy = lambda attempt, error: True
+      else:
+        if max_retries <= 0:
+          raise ValueError("max_retries must be positive.")
+        retry_policy = ElasticRetryLimit(max_retries)
 
     def decorator(func: _F) -> _F:
       @functools.wraps(func)
       def wrapper(*args: Any, **kwargs: Any) -> Any:
 
-        def attempt_execution(retry_index: int) -> Any:
-          _logger.info(
-              "Elastic attempt %d out of %d", retry_index + 1, max_retries
-          )
+        def attempt_execution(attempt: int) -> Any:
+          _logger.info("Elastic attempt %d", attempt)
           self.active_slice_indices = elastic.wait_for_slices(
               slice_count=target_slice_count,
               slice_to_devices=self.slice_to_devices,
@@ -289,34 +314,49 @@ def attempt_execution(retry_index: int) -> Any:
               if monitor_thread is not None:
                 monitor_thread.join()
 
-        for retry_index in range(max_retries):
+        attempt = 1
+        while True:
           try:
-            return attempt_execution(retry_index)
-          except ScaleUpSignalError:
-            _logger.info("Scale up requested. Retrying.")
+            return attempt_execution(attempt)
+          except ScaleUpSignalError as error:
+            _logger.info("Scale up requested.")
             _elastic_event_cleanup()
 
             if on_elastic_event_callback is not None:
               on_elastic_event_callback()
+
+            if not retry_policy(attempt, error):
+              _logger.info(
+                  "Retry policy rejected retry after ScaleUpSignalError."
+              )
+              raise ElasticRuntimeError(
+                  f"Elastic attempt {attempt} failed."
+              ) from error
+
+            _logger.info("Retrying.")
           except jax.errors.JaxRuntimeError as error:
             if not elastic.is_error_due_to_slice_down(error):
               raise
 
             if self.new_slice_event.is_set():
-              _logger.info(
-                  "Slice down event and new slice available detected. Retrying."
-              )
+              _logger.info("Slice down event and new slice available detected.")
             else:
-              _logger.info("Slice down event detected. Retrying.")
+              _logger.info("Slice down event detected.")
 
             _elastic_event_cleanup()
 
             if on_elastic_event_callback is not None:
               on_elastic_event_callback()
-        else:
-          raise ElasticRuntimeError(
-              f"Elastic attempt {max_retries} out of {max_retries} failed."
-          )
+
+            if not retry_policy(attempt, error):
+              _logger.info("Retry policy rejected retry after JaxRuntimeError.")
+              raise ElasticRuntimeError(
+                  f"Elastic attempt {attempt} failed."
+              ) from error
+
+            _logger.info("Retrying.")
+
+          attempt += 1
 
       return wrapper