EDvestinU uses the proceeds from its student loan programs to support New Hampshire public high schools. The lender puts its resources toward scholarship and college press activities.
EDvestinU is very transparent about its services and clearly states that they charge zero fees: no application, prepayment, or origination fees.
Student loan borrowers going through financial hardship can contact the servicer team to find out if they qualify for a deferment period. The period is approved in three-month increments up to 12 months.
EDvestinU also offers i options. Borrowers can choose to complete full , forego the monthly payment and simply pay interest, or defer while attending school.
Those who sign up for automatic payments can knock 0.25% off of their interest rate. This is standard in the industry and offered by many private lenders.
The lender offers not only a cosigner option, but also the ability for cosigner release. A cosigner release is available after 36 months of consecutive and on-time payments. This is allowed with a borrower who has a 699 or above credit score and more than $30,000 in income for loans less than $100,000 ($50,000 for loans more than $100,000).
EDvestinU offers a helpful Consolidation Rate Estimator. This calculator helps borrowers get an estimated interest rate, a monthly payment amount, and the total cost of their loan based on the loan term. All of this information can be obtained without providing additional personal information, which helps customers weigh their student loan and management strategies.
EDvestinU does not honor a grace period. Once loans are disbursed into the borrower's account, the repayment period starts immediately. Many other offer around a 6 month grace period before a student must begin making on the .
Some customers say EdvestinU takes up to a month to consolidate their student loans, all while interest is still accruing; however, the company does not provide any specifics on how long funding a consolidation loan typically takes. For customers eager to start chipping away at their student loan debt, long application and waiting periods can hold back their progress.
For loans under $100,000, the borrower or cosigner must make at least $30,000 in annual gross income. For student loan amounts over $100,000, the borrower or cosigner must make at least $50,000 in annual gross income. This loan program won't accept low-income individuals with high debt, so consumers who do not meet these requirements will need to choose another lender.
The cosigner release terms are stricter than most other companies in the industry. The 36-month waiting period is higher than average. Most of the time cosigners want to be released within a year or two, which is not possible with EDvestinU.
The company is credit based, which means either the or the needs to have a relatively strong . This could be challenging for people right out of college. However, many private lenders have similar stipulations regarding a 's .
Useless for college loans - was offered the highest rate available 9-10% even thought I am a home owner, just bought a car and have decent credit - don't waste you time on these people - many better options for financing - read other reviews accepting loans - many others out there with better rates.