EDvestinU is a student loan and student loan refinance service of the nonprofit New Hampshire Higher Education Loan Corporation (NHHELCO), which is one of three nonprofits comprising the NHHEAF Network Organizations. EDvestinU focuses on its stakeholders: hardworking parents and college-bound students, and offers student loan refinancing with competitively low interest rates ranging from 1.88 percent to 6.28 percent APR (with Autopay).
EDvestinU offers private student loans for undergraduate and graduate students, as well as federal or private student loan refinancing.
Continue reading for more information, as well as EDvestinU reviews.
Checking your rates and terms for student loan refinancing is a quick and easy process. EDvestinU offers competitive interest rates ranging from 1.88 percent APR to 6.28 percent APR with Autopay, as well as 5, 10, 15, or 20-year loan terms. If you want to see what interest rate and loan term you would receive, you see if you prequalify with no impact to your credit score.
It is important to note that if you choose to accept your prequalified rates and terms, and complete your application, a hard credit pull will be performed and may impact your credit score. The hard pull is necessary because the application requires a full credit report from one or more of the major credit bureaus.
EDvestinU is very transparent about its student loan services and clearly states that they have no hidden fees. It does not charge an application fee, origination fee, or a prepayment penalty fee. But a late fee of 5 percent of your monthly payment will be charged if you miss or make any late payments.
Student loan borrowers going through financial hardship can contact the EDvestinU service team to find out if they qualify for a deferment period, a repayment option that is approved in three-month increments up to 12 months. EDvestinU also offers in-school deferment options. Borrowers can choose to complete full payments, forego the monthly payment and simply pay interest, or defer payments while attending school.
Generally, private lenders do not offer student loan deferment options, but most will offer some sort of assistance, such as loan forbearance, if a borrower is experiencing unforeseen financial difficulty. Thus, EDvestinU's loan deferment option is unique.
However, if you are looking to refinance a federal student loan, it would be in your best interest to carefully consider if it would be worth doing so in the long run. Federal student loans offer particular benefits and repayment options, such as student loan forgiveness or deferment, which will be unavailable to you if you choose to refinance with a private lender. If you anticipate that you may need some sort of repayment flexibility and assistance and you have a federal student loan, it may be a better option not to refinance.
Those who sign up for automatic payments with Auto Pay can lower their interest rate by 0.25 percent. This is standard in the industry and offered by many private lenders.
EDvestinU allows borrowers to finance and refinance with a creditworthy cosigner, providing an opportunity to get lower rates and better loan terms. In addition, EDvestinU offers a cosigner release option. A cosigner release is available after 36 months of consecutive and on-time payments. This is allowed with a student loan borrower who has a credit score of 699 or above 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 repayment options and debt management strategies.
Although a specific minimum credit score is not outlined on the EDvestinU website, it likely requires a high credit score between 700 and 750. This is an excellent credit score, and is a higher requirement than other lenders in the industry, and it may be a difficult requirement to fulfill, particularly for recent college graduates looking to pay off their student debt.
If you are unable to meet this credit score requirement, EDvestinU does offer a cosigner option, allowing low credit borrowers to apply with another creditworthy individual.
EDvestinU does not honor a grace period. Once loans are disbursed into the borrower's account, the repayment period starts immediately. Many other private lenders offer around a six-month grace period before a student must begin making payments on the student loan debt.
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, a long application and long 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. Cosigners typically want to be released within a year or two, which is not possible with EDvestinU.
The company is credit based, which means either the borrower or the cosigner needs to have a relatively strong credit score. This could be challenging for people right out of college. However, many private lenders have similar stipulations regarding a borrower's credit score.
Susan Hemstreet Rochester, NH
5 years ago