EdvestinU Snapshot
EdvestinU is a student loan program from the nonprofit New Hampshire Higher Education Loan Corp. They offer private student loans and student loan refinancing to students across the country. In order to qualify for EdvestinU’s student loan refinancing, you do not need to be from New Hampshire or even have graduated school. EdvestinU’s refinance offering is best for those who do not have a degree and are looking to refinance up to $200,000 of student loans.
Pros
Work with a non-profit, rather than a traditional lender- You can refinance your students loans without a degree
- Exclusive benefits for New Hampshire residents
Cons
Maximum loan of $200,000 is lower than most refinance lenders- Students cannot take over parent PLUS loans that parents took out on their behalf
Best Features of Refinancing with EdvestinU
Work with a non-profit, rather than a traditional lender
EdvestinU has been helping families across the country finance the cost of their college education for nearly 60 years. EdvestinU is not affiliated with any school. As a non-profit, its goal is to save you money by offering the most competitive rates possible. While EdvestinU doesn’t have the name recognition that some of the traditional banks and online lenders have, it offers low rates and personalized customer service.
You can refinance your student loan without a degree
While most lenders require you to have graduated in order to refinance your student loan, EdvestinU accepts borrowers who don’t have a degree. This is a huge benefit to borrowers who left school before earning their degree.
Regardless of whether or not you have earned your degree, you will still need to meet EdvestinU’s credit and income requirements to qualify for refinancing.
- Credit Score: You’ll need a credit score of at least 700.
- Income: You’ll need $30,000 in gross income if you plan to refinance less than $100,000. You’ll need $50,000 in gross income if you plan to refinance more than $100,000.
If you do not meet that criteria, you could still be eligible for refinancing if you apply with a cosigner who does.
Exclusive benefits for New Hampshire residents
EdvestinU, as well as many other private student lenders, offers a 0.25% discount if you enable automatic payments. This is the lender’s way of incentivizing you to turn on autopay so that you don’t miss a payment.
EdvestinU has taken this to another level by offering New Hampshire residents a 1% rate reduction on fixed rate loans and a 0.25% rate reduction on variable loans.
EdvestinU also offers in-person support and counseling to borrowers from New Hampshire.
If you’re a New Hampshire resident, EdvestinU might be the best option for you.
The latest rates from Sparrow’s partners
If you want to skip pre-qualification and apply directly with a lender, you can do so by clicking Apply below.
Drawbacks of Refinancing with EdvestinU
Maximum loan of $200,000 is lower than most lenders
While other lenders often will refinance loans up to the total cost of attendance, the maximum loan amount that EdvestinU will refinance is $200,000. Accordingly, EdvestinU is a great option if you are refinancing relatively smaller student loans. However, if you are refinancing loans from medical school or graduate school that exceed $200,000, you might want to consider other lenders that accept larger loans.
Students cannot take over parent PLUS loans that parents took out on their behalf
If your parent has taken out a Parent PLUS loan or a private student loan in their name, some lenders give your parent the option to transfer the loan to your name (so long as you are the primary applicant). However, EdvestinU does not allow students to refinance parent PLUS loans in the student’s name.
If you are a parent who took out a parent PLUS loan, you can still refinance that loan through EdvestinU — it will just be in your name, not the student’s name.
If you’re looking for a lender that does allow you to transfer parent PLUS loans to the student, you may want to consider SoFi.
EdvestinU Eligibility Criteria, Repayment Options & More
Fees and Terms
Loan Terms
5, 10, 15 or 20 years.
Loan Amounts
$7,500 to $200,000.
Ability to transfer a parent loan to the student
No.
Application or Origination Fee
No.
Application or Origination Fee
No.
Prepayment Penalty
No.
Late Fees
Yes, five percent of the monthly payment.
Eligibility Requirements (Financial)
Minimum Credit Score
700.
Minimum Income
$30,000 if you plan to refinance less than $100,000; if you plan to refinance more than that, the minimum income is $50,000.
Typical Credit Score of Approved Borrowers or Cosigners
756.
Typical Income of Approved Borrower
Approximately $70,000.
Maximum Debt-to-Income Ratio
43%.
Ability to qualify if you’ve filed for bankruptcy
Yes, after 10 years have passed.
Eligibility Requirements (Personal)
Citizenship
Must be a U.S. citizen or a permanent resident.
Location
Available to borrowers in all 50 states.
Must have graduated
No.
Must have attended a school authorized to receive federal aid
Yes.
Percentage of borrowers who have a cosigner
52%.
Repayment Options
Academic Deferment
Yes, but interest-only payments are due during the deferment.
Military Deferment
Yes, but interest-only payments are due during the deferment.
Disability Deferment
Yes, you can postpone payment while undergoing rehab for a disability.
Economic Hardship Deferment
Yes, borrowers are eligible for 12 months of economic hardship deferment, in three-month increments, over the life of the loan.
Forbearance
Discretionary forbearance is available for 12 months.
Cosigner Release
Yes, after 36 months of consecutive, on-time payments. Borrowers must also have a credit score greater than 749 and a minimum gross income of $30,000.
Customer Service
Loan Servicer
Firstmark Services
In-house Customer Service Team
Yes.
Process for Escalating Concerns
Yes.
Borrowers get assigned a personal customer service representative
No.
Average time from approval to payoff
At least 30 days.
Student loan rates from our partners
Ascent
Ascent’s undergraduate and graduate student loans are funded by Bank of Lake Mills, or DR Bank, each Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: www.AscentFunding.com/Ts&Cs. Rates are effective as of 11/1/2024 and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 1.00% (for undergraduate outcomes-based loans). Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent rates and repayment examples please visit: AscentFunding.com/Rates. 1% Cash Back Graduation Reward subject to terms and conditions. Cosigned Credit-Based Loan student must meet certain minimum credit criteria. The minimum score required is subject to change and may depend on the credit score of your cosigner. Lowest rates require full
principal and interest payments, the shortest loan term, a cosigner, and are only available for our most creditworthy applicants and cosigners with the highest average credit scores. Actual APR offered may be higher or lower than the repayment examples above, based on the amount of time you spend in school and any grace period you have before repayment begins.
Ascent’s undergraduate and graduate student loans are funded by Bank of Lake Mills, or DR Bank, each Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: www.AscentFunding.com/Ts&Cs. Rates are effective as of 11/1/2024 and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 1.00% (for undergraduate outcomes-based loans). Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent rates and repayment examples please visit: AscentFunding.com/Rates. 1% Cash Back Graduation Reward subject to terms and conditions. Cosigned Credit-Based Loan student must meet certain minimum credit criteria. The minimum score required is subject to change and may depend on the credit score of your cosigner. Lowest rates require full
principal and interest payments, the shortest loan term, a cosigner, and are only available for our most creditworthy applicants and cosigners with the highest average credit scores. Actual APR offered may be higher or lower than the repayment examples above, based on the amount of time you spend in school and any grace period you have before repayment begins.
LendKey
1 – Terms and Conditions Apply
Loan products, terms, and benefits may be modified or discontinued by participating lenders at any time without notice. Rates displayed are reserved for the most creditworthy consumers who enroll to make automatic monthly payments. Your initial rate will be determined after a review of your application and credit profile. Variable rates may increase after consummation. You must be either a U.S. citizen or Permanent Resident in an eligible state and from an eligible school, and meet the lender’s credit and income requirements to qualify for a loan. Certain membership requirements (including the opening of a share account, a minimum share account deposit, and the payment of any applicable association fees in connection with membership) may apply in the event that an applicant wishes to apply with, and accept a loan offered from, a credit union lender. If you are not a member of the credit union lender, you may apply and become a member during the loan application process if you meet the lender’s eligibility criteria. Applying with a creditworthy cosigner may result in a better chance of loan approval and/or lower interest rate. Loans for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not available via LendKey.com.
2 – Cosigner Release
Some lenders participating on LendKey.com may offer the benefit of cosigner release. Cosigner release is subject to lender approval. In order to qualify, the borrower, alone, must meet the following requirements: (1) Make the required number of consecutive, on-time full principal and interest payments as indicated in the borrower’s credit agreement during the repayment period (excluding interest-only payments) immediately prior to the request. Any period of forbearance will reset the repayment clock; (2) The account cannot be in delinquent status; (3) The borrower must provide proof of income indicating that he/she meets the income requirements and pass a credit review demonstrating that he/she has a satisfactory credit history and the ability to assume full responsibility of loan repayment; (4) No bankruptcies or foreclosures in the last sixty months; and (5) No loan defaults.
3 – Autopay Rate Reduction
Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments.
4 – AutoPay Discount & Lowest Interest Rate
Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments. The lowest advertised APR is only available for loan terms of 10 years and is reserved for the highest qualified applicants, taking into consideration the applicant’s credit and other factors.
1 – Terms and Conditions Apply
Loan products, terms, and benefits may be modified or discontinued by participating lenders at any time without notice. Rates displayed are reserved for the most creditworthy consumers who enroll to make automatic monthly payments. Your initial rate will be determined after a review of your application and credit profile. Variable rates may increase after consummation. You must be either a U.S. citizen or Permanent Resident in an eligible state and from an eligible school, and meet the lender’s credit and income requirements to qualify for a loan. Certain membership requirements (including the opening of a share account, a minimum share account deposit, and the payment of any applicable association fees in connection with membership) may apply in the event that an applicant wishes to apply with, and accept a loan offered from, a credit union lender. If you are not a member of the credit union lender, you may apply and become a member during the loan application process if you meet the lender’s eligibility criteria. Applying with a creditworthy cosigner may result in a better chance of loan approval and/or lower interest rate. Loans for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not available via LendKey.com.
2 – Cosigner Release
Some lenders participating on LendKey.com may offer the benefit of cosigner release. Cosigner release is subject to lender approval. In order to qualify, the borrower, alone, must meet the following requirements: (1) Make the required number of consecutive, on-time full principal and interest payments as indicated in the borrower’s credit agreement during the repayment period (excluding interest-only payments) immediately prior to the request. Any period of forbearance will reset the repayment clock; (2) The account cannot be in delinquent status; (3) The borrower must provide proof of income indicating that he/she meets the income requirements and pass a credit review demonstrating that he/she has a satisfactory credit history and the ability to assume full responsibility of loan repayment; (4) No bankruptcies or foreclosures in the last sixty months; and (5) No loan defaults.
3 – Autopay Rate Reduction
Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments.
4 – AutoPay Discount & Lowest Interest Rate
Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments. The lowest advertised APR is only available for loan terms of 10 years and is reserved for the highest qualified applicants, taking into consideration the applicant’s credit and other factors.
Earnest
Student Loan Origination (Private Student Loan) Interest Rate Disclosure:
Student Loan Origination (Private Student Loan) Interest Rate Disclosure:
College Ave
College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
(1) All rates include the auto-pay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. Variable rates may increase after consummation.
(2) As certified by your school and less any other financial aid you might receive. Minimum $1,000.
(3) This informational repayment example uses typical loan terms for a freshman borrower who selects the Flat Repayment Option with an 8-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7.78% fixed Annual Percentage Rate (“APR”): 54 monthly payments of $25 while in school, followed by 96 monthly payments of $176.21 while in the repayment period, for a total amount of payments of $18,266.38. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
Information advertised valid as of 11/1/2024. Variable interest rates may increase after consummation. Approved interest rate will depend on creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of the Flat Repayment Option with the shortest available loan term.
College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
(1) All rates include the auto-pay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. Variable rates may increase after consummation.
(2) As certified by your school and less any other financial aid you might receive. Minimum $1,000.
(3) This informational repayment example uses typical loan terms for a freshman borrower who selects the Flat Repayment Option with an 8-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7.78% fixed Annual Percentage Rate (“APR”): 54 monthly payments of $25 while in school, followed by 96 monthly payments of $176.21 while in the repayment period, for a total amount of payments of $18,266.38. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
Information advertised valid as of 11/1/2024. Variable interest rates may increase after consummation. Approved interest rate will depend on creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of the Flat Repayment Option with the shortest available loan term.
EdvestinU FAQs
Is EdvestinU a legitimate lender?
Yes, EdvestinU is a legitimate lender that has close to sixty years of experience lending and refinancing in higher education.
Is EdvestinU available in all 50 states?
Yes, EdvestinU is available in all 50 states.
How long does it take to get an EdvestinU student loan?
Submitting an application through EdvestinU takes a few minutes. Once you’ve submitted your loan application, EdvestinU will immediately return a decision about your eligibility. If you qualify, you will receive the rate and terms of your loan.
It may take some time to actually receive your loan. However, you can speed up the process by requesting debt payoff letters from your current lenders and loan servicers.
What happens if I don’t qualify for an EdvestinU student loan?
If you don’t qualify for an EdvestinU student loan, the company will inform you why. Depending on the reason, you may consider applying with a qualified cosigner or trying with a different lender. To check your rates across multiple lenders at once, try using Sparrow’s free search engine. In just two minutes, you can receive real, personalized offers from over 15 different lenders ready to help you. And best of all, it won’t impact your credit score.
Are EdvestinU student loans federal or private?
EdvestinU loans are private loans. Before you take out a private student loan, we recommend that you exhaust your federal funding options, including grants and scholarships.
Does applying for a loan through EdvestinU hurt my credit score?
In order to estimate what rate you qualify for, EdvestinU conducts a soft credit check — this does not affect your credit score. If you choose to accept the EdvestinU loan, the company will conduct a hard credit check to verify your information. A hard credit check may temporarily impact your credit score.