INvestED Snapshot
INvestED offers private student loans, parent loans, and student loan refinancing. INvestED’s student loan refinance offering is best if you are a resident of Indiana or student who attended school in Indiana seeking competitive interest rates and a variety of repayment options.
Pros
Competitive interest rates- You can refinance without a degree
- Offers up to 36 months of academic deferment
Cons
Only available to students that are residents of or attended school in Indiana- No biweekly payment via autopay
- You can’t refinance parent PLUS loans in your name
- Cosigner release option after 48 months of timely payments
Best Features of Refinancing with INvestED
Competitive interest rates
When looking for a student loan, finding a low-interest rate is typically a top priority. If you qualify to refinance your student loans through INvestED, you’ll have access to competitive interest rates, and won’t have to pay origination fees, application fees, or prepayment penalties.
You can refinance without a degree
While most lenders require you to have graduated in order to refinance, INvestED allows you to refinance in school and without a degree.
Offers up to 36 months of academic deferment
After refinancing your loan with INvestED, borrowers are eligible for up to 36 months of academic deferment if you decide to enroll in a graduate program at least half-time. This allows you to postpone making payments for 36 months while you pursue another degree.
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 INvestED
Only available to students that are residents of or attended school in Indiana
While INvestED offers a high-quality student loan refinancing option, it is unfortunately only available to borrowers who are residents of Indiana or attended school in Indiana. If you are neither, you will need to apply with a different lender.
No biweekly payment via autopay
When you repay your student loan, your payments are due monthly by default. Instead, some borrowers choose to make biweekly payments via autopay, where you automatically pay half your monthly amount once every two weeks. Many borrowers use biweekly autopay in an effort to pay off their student debt faster and pay less in interest over the lifetime of the loan.
Unfortunately, when you borrow through INvestED, you don’t have the option to make biweekly payments via autopay.
You do, however, have the option to make greater-than-minimum payments via autopay. This means you have the option to pay more than your monthly balance in order to reduce the interest that accrues over time. With INvestED, you can set this up automatically so that the desired monthly payment is drawn from your bank account at the end of each month.
You can’t refinance parent PLUS loans in your name
If your parent has taken out a Parent PLUS loan or a private student loan in their name, your parent will not have the option to refinance that loan or transfer the loan to your name when refinancing with INvestED.
Cosigner release option after 48 months
While INvestED offers the option to add a cosigner, their cosigner release policy does require 48 months of on-time payments, which is longer than some other lenders. INvestED could improve by offering a lower payment requirement for cosigner release.
INvestEd Eligibility Criteria, Repayment Options & More
Fees and Terms
Loan Terms
5, 10, or 15 years; 15-year term is only available for in-school refinancing.
Loan Amounts
$5,000 to $250,000.
Ability to transfer a parent loan to the student
No.
Application or Origination Fee
No.
Prepayment Penalty
No.
Late Fees
Yes, 5% of the unpaid past due amount or $10, whichever is less.
Eligibility Requirements (Financial)
Minimum Credit Score
670.
Minimum Income
$36,000.
Typical Credit Score of Approved Borrowers or Cosigners
Did not disclose.
Typical Income of Approved Borrower
Did not disclose.
Maximum Debt-to-Income Ratio
50%.
Ability to qualify if you’ve filed for bankruptcy
Yes, but only after 5 years.
Eligibility Requirements (Personal)
Citizenship
Must be a U.S. citizen or permanent resident.
Location
Must be a resident of Indiana or have attended a school in Indiana.
Must have graduated
No.
Must have attended a school authorized to receive federal aid
Yes.
Percentage of borrowers who have a cosigner
35%.
Repayment Options
Academic Deferment
Yes, up to 36 months of deferment for borrowers who enroll at least half-time at an eligible institution for a graduate degree.
Military Deferment
Yes.
Disability Deferment
Did not disclose.
Forbearance
Yes, up to 24 months of forbearance across the lifetime of the loan. Forbearance is available in increments of 1-3 months, and borrowers can only receive 2 forbearance periods in a 12-month period.
Cosigner Release
Yes, after 48 months of on-time payments.
Death or Disability Discharge
Yes.
Loan discharge if cosigner dies or becomes disabled
No.
Autopay
Allows for surplus payments via autopay: Yes.
Allows for biweekly payments via autopay: No.
Customer Service
Loan Servicer
American Education 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
Around 18 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.
INvestED FAQs
Is INvestED a legitimate lender?
Yes, INvestED is a legitimate lender that has been working with students for over 40 years.
Is INvestED available in all 50 states?
No, INvestED is only available to borrowers who are studying in or residents of Indiana.
How long does it take to get an INvestED student loan?
Submitting an application through INvestED takes a few minutes. Once you’ve submitted your loan application, INvestED will instantaneously 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. Your school must approve the loan which may take between four to six weeks.
What happens if I don’t qualify for an INvestED student loan?
If you don’t qualify for an INvestED 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 INvestED student loans federal or private?
INvestED offers private student 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 INvestED hurt my credit score?
In order to see what rate you qualify for, INvestED conducts a hard credit check to verify your information. A hard credit check may temporarily impact your credit score.