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If you’re struggling to cover the cost of college this semester, you might be shopping around for private loans. Or, perhaps you’ve already graduated and are looking to refinance your debt with a low-interest loan. Regardless of your situation, EDvestinU offers financial solutions that can help you with your goals.
This EDvestinU review will cover what kind of products the company offers, if you’re eligible for their loans, and how you can apply.
Although there are many student loan companies, EDvestinU is different than other lenders. One of the features that sets them apart is their willingness to lend to international students. Most companies require borrowers to be U.S. citizens or permanent residents.
In addition, EDvestinU is one of a select group of lenders who will work with you to refinance your student loans even if you didn’t graduate.
EDvestinU offers a range of products to help you meet your educational goals, including:
- Private student loans: If you have exhausted federal student loans for school, you might turn to private student loans. EDvestinU offers loans for both undergraduate and graduate school.
- Student loan refinancing: If you graduated from school and have high-interest student loans, refinancing could help make your loans more manageable. EDvestinU allows you to refinance your debt to get a lower payment or save money over time.
Although federal loans tend to offer lower interest rates and more generous repayment options, EDvestinU offers comprehensive solutions. While you’re in school, EDvestinU allows you to defer your student loan payments until you graduate as long as you’re enrolled at least half-time.
After graduation, if you have trouble affording your payments each month, you can postpone your payments by qualifying for an economic hardship deferment. This deferment is offered in three-month increments, though you can renew for up to one year.
Using EDvestinU online
The EdvestinU website is easy to use and intuitive. When you access the site, you can choose between new student loans and consolidation. If you’re interested in refinancing your student loans, for example, click on the “Consolidation” tab.
In the refinancing section, EDvestinU provides information about their rates and features. To help you through the process, they offer an estimated savings and monthly payment calculator. You can use it to estimate your new monthly payment amount and how much you could save by refinancing before you even apply.
EDvestinU offers both fixed- and variable-rate loans. Variable interest rates tend to be lower than fixed rates, but they can fluctuate over time. Fixed rates tend to be higher than variable interest rates, but they stay the same for the length of your loan.
Decide which is right for you, then select “apply now” in the appropriate section.
The site will prompt you to enter your information, such as your location, university, and cosigner name, if applicable.
By clicking on “Am I Eligible?” at the bottom, you’ll find out if you’re likely to be approved or denied for a loan. If you’re eligible, the site will prompt you to proceed with your application. The whole process takes just minutes to complete.
If you’re approved for a loan, you have 30 days to accept or deny the offer. If you miss the 30-day deadline, you’ll have to resubmit your information and start the process over again.
EDvestinU doesn’t currently offer a mobile app, but their site is mobile-friendly.
EDvestinU interest rates and fees
As a nonprofit, EDvestinU offers some of the most competitive interest rates on the market for both student loans and refinancing. If you’re interested in refinancing, you can consolidate your debt with an interest rate as low as 4.29%.
The company also offers several different repayment terms you can choose from. If you want to pay off your debt aggressively, you can choose a five-year repayment period. If you need more wiggle room in your budget, opt for a 10- or even 20-year term.
EDvestinU eligibility requirements
For private student loans, EDvestinU requires that you’re a U.S. citizen or permanent resident. However, the company is one of the few lenders out there who will work with international students. To apply for a private loan, international students just need a cosigner who is a U.S. citizen or private resident.
You also must attend a Title-IV college or university at least half-time to qualify, and there’s a minimum income requirement of $30,000. If you don’t earn enough, you will need a cosigner who makes at least that amount.
If you’re looking to refinance your student loans, you must be a U.S. citizen or permanent resident. You have to be at least 18 years old and have either private or federal loans that were used to attend a Title-IV school.
Unlike many other lenders, EDvestinU doesn’t require you to graduate in order to refinance. That can be a huge help for students who left school before getting their degree.
To qualify for EDvestinU refinancing, you must have a loan balance of at least $7,500. The maximum you can refinance is $200,000.
If you currently have under $100,000 in student loans you’d like to refinance, EDvestinU has a minimum income requirement of $30,000. For borrowers with over $100,000 in loans, you must make at least $50,000. If you do not meet that criteria, you could still be eligible for refinancing if you have a cosigner who does.
If you do need to use a cosigner, EDvestinU offers a cosigner release. After 24 months of consecutive and on-time payments, you can remove your cosigner from your account.
EDvestinU customer service
EDvestinU prides itself on customer service. As a smaller company, they can provide more personalized assistance to customers.
Besides phone and email support, the company also offers in-person assistance at their New Hampshire offices. Before applying, you can meet a loan counselor to help you navigate the process. In addition, you can meet with a counselor once your loans are in repayment to discuss any issues.
More about EDvestinU
Based in New Hampshire, EDvestinU is a national loan program managed by the New Hampshire Higher Education Loan Corporation (NHHELCO), a non-profit organization.
As a non-profit, NHHELCO uses the proceeds from EdvestinU loans to fund initiatives that benefit students, such as scholarships and educational programs. By working with the lender, you’re also able to help other borrowers avoid debt later on.
The company’s mission is to reduce young people’s reliance on student loans and to improve completion of higher education.
EDvestinU contact information
To get more information or to contact EDvestinU with any questions, you can call them at 855-887-5430. You can also use that phone number to schedule an in-person consultation with a loan professional.
If you’d like to connect with EDvestinU on social media, you can follow them on Facebook.
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College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or Nationwide Bank, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
Information advertised valid as of 11/1/2018. Variable interest rates may increase after consummation.
2 Important Disclosures for Discover.
3 Important Disclosures for Ascent.
Before taking out private student loans, you should explore and compare all financial aid alternatives, including grants, scholarships, and federal student loans and consider your future monthly payments and income. Applying with a cosigner may improve your chance of getting approved and could help you qualify for a lower interest rate. Ascent Student Loans may be funded by Richland State Bank (RSB). Ascent Student Loan products are subject to credit qualification, completion of a loan application, verification of application information and certification of loan amount by a participating school. Loan products may not be available in certain jurisdictions, and certain restrictions, limitations; and terms and conditions may apply. Ascent is a federally registered trademark of Turnstile Capital Management (TCM) and may be used by RSB under limited license. Richland State Bank is a federally registered service mark of Richland State Bank.
* Application times vary depending on the applicants ability to supply the necessary information for submission.
* The Sallie Mae partner referenced is not the creditor for these loans and is compensated by Sallie Mae for the referral of Smart Option Student Loan customers.
4 = Sallie Mae Disclaimer: Click here for important information. Terms, conditions and limitations apply.
5 Important Disclosures for PNC.
PNC Bank is one of the nation’s largest education loan providers. For over 40 years, PNC has been committed to helping students and their families make possible the adventure of college.
6 Important Disclosures for SunTrust.
Before applying for a private student loan, SunTrust recommends comparing all financial aid alternatives including grants, scholarships, and both federal and private student loans. To view and compare the available features of SunTrust private student loans, visit https://www.suntrust.com/loans/student-loans/private.
Certain restrictions and limitations may apply. SunTrust Bank reserves the right to change or discontinue this loan program without notice. Availability of all loan programs is subject to approval under the SunTrust credit policy and other criteria and may not be available in certain jurisdictions.
SunTrust Bank, Member FDIC. ©2018 SunTrust Banks, Inc. SUNTRUST, the SunTrust logo and Custom Choice Loan are trademarks of SunTrust Banks, Inc. All rights reserved.
7 Important Disclosures for LendKey.
Additional terms and conditions apply. For more details see LendKey
8 Important Disclosures for CommonBond.
A government loan is made according to rules set by the U.S. Department of Education. Government loans have fixed interest rates, meaning that the interest rate on a government loan will never go up or down.
Government loans also permit borrowers in financial trouble to use certain options, such as income-based repayment, which may help some borrowers. Depending on the type of loan that you have, the government may discharge your loan if you die or become permanently disabled.
Depending on what type of government loan that you have, you may be eligible for loan forgiveness in exchange for performing certain types of public service. If you are an active-duty service member and you obtained your government loan before you were called to active duty, you are entitled to interest rate and repayment benefits for your loan.
A private student loan is not a government loan and is not regulated by the Department of Education. A private student loan is instead regulated like other consumer loans under both state and federal law and by the terms of the promissory note with your lender.
If your private student loan has a fixed interest rate, then that rate will never go up or down. If your private student loan has a variable interest rate, then that rate will vary depending on an index rate disclosed in your application. If the interest rate on the new private student loan is less than the interest rate on your government loans, your payments will be less if you refinance.
If you don’t pay a private student loan as agreed, the lender can refer your loan to a collection agency or sue you for the unpaid amount.
Remember also that like government loans, most private loans cannot be discharged if you file bankruptcy unless you can demonstrate that repayment of the loan would cause you an undue hardship. In most bankruptcy courts, proving undue hardship is very difficult for most borrowers.
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Citizens Bank Disclosures
|3.94% – 12.78%1||Undergraduate, Graduate, and Parents|
|4.06% – 13.06%3||Undergraduate and Graduate|
|4.34% – 12.99%2||Undergraduate and Graduate|
|4.25% – 11.10%*,4||Undergraduate and Graduate|
|5.03% – 11.23%5||Undergraduate and Graduate|
|4.12% – 13.13%6||Undergraduate and Graduate|
|5.62% – 10.01%7||Undergraduate and Graduate|
|3.93% – 9.81%8||Undergraduate, Graduate, and Parents|
|4.26% – 12.13%9||Undergraduate, Graduate, and Parents|