EDvestinU is a student loan and student loan refinancing product 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. Additionally, NHHELCO's sister nonprofit company, Granite State Management and Resources, services all EDvestinU student loans in-house.
 
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.

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The Good

  • Supports New Hampshire Schools
  • No Hidden Fees
  • Loan Deferment Options
  • Autopay Discount
  • Cosigner Release
  • Helpful Calculator

Supports New Hampshire High Schools

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.

No Hidden Fees

EDvestinU is very transparent about its student loan services and clearly states that they charge zero fees: no application, prepayment, or origination fees.

Loan Deferment Options

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 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.

Auto Pay Discount

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.

Cosigner Release

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 student loan 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).

Helpful Calculator

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.

The Bad

  • No Grace Period
  • Waiting Period
  • High Income Requirement
  • Cosigner Release Period
  • Credit Based

No Grace Period

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 6 month grace period before a student must begin making payments on the student loan debt.

Waiting Period

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.

High Income Requirement

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.

Cosigner Release Period

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.

Credit Based

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.

View Best Student Debt Companies

The Bottom Line

EDvestinU is transparent with its information, and the company provides all of the important and necessary details to know right on the website. Customers will not pay hidden fees and will enjoy rates that are pretty standard in the industry. The company is credit based, nonprofit, and supports college-promoting efforts in New Hampshire high schools. The high minimum income requirement can be tricky for people right out of college. Additionally, the cosigner release period is longer than most companies in the industry. This company is ideal for someone with good credit and a stable annual income of at least $30,000. EDvestinU is not a complete standout, but it's definitely a solid option to look into for student loan and student loan refinancing services.

View Best Student Debt Companies

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User Reviews

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Susan Hemstreet

March 17th, 2016 Rochester, NH

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.

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