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finder.com’s rating: 4.6 / 5.0
★★★★★
EDvestinU offers both refinancing and consolidation for public and private student loans. Rates are competitive, starting as low as 4.32% after an autopay discount. You even have the option of choosing a fixed or graduated repayment schedule. Sound like what you’re looking for? Find out if EDvestinU refinancing is right for you.
4.32% to 6.07% with autopay
APR
$200,000
Max. Loan Amount
700
Min. Credit Score
Product Name | EDvestinU Consolidation & Refinancing Program |
---|---|
Minimum Loan Amount | $7,500 |
Max. Loan Amount | $200,000 |
APR | 4.32% to 6.07% with autopay |
Interest Rate Type | Variable |
Fixed rate | 4.41% to 7.78% with autopay |
Minimum Loan Term | 5 years |
Maximum Loan Term | 20 years |
Requirements | $30,000+ annual income for balances under $100,000, $50,000+ for balances over $100,000, US citizen or permanent resident, attended at a degree-granting school |
To be eligible for student loan refinancing or consolidation with EDvestinU, you or your cosigner must:
While EDvestinU is a nonprofit lender, refinancing with them works like almost any other company: You take out a loan that covers the cost of your current student loans, with more favorable rates and terms. EDVestinU allows you to refinance and consolidate both federal and private student loans, so you aren’t limited to a number or type of loans to qualify.
It can be a bit slow, however. Filling out the application takes about 30 minutes. You’ll receive an initial credit decision right after submitting the application. After that, you can expect another week of uploading documents and processing.
It takes a minimum 30 days for EDvestinU’s refinancing loan to pay off your existing student loans
Unlike some student loan refinancing providers, EDvestinU allows you to refinance or consolidate your federal student loans. However, this might not be a great idea.
While EDvestinU offers competitive interest rates, they still may not be as low as your federal loan’s rates. On top of this, you’ll forfeit the associated benefits of federal student loans like a variety of income-based repayment plans and forgiveness programs.
Ideally, you’ll save rather than paying extra. EDvestinU doesn’t charge any application or origination fees. It also doesn’t charge prepayment penalties if you decide to pay off your loan early.
Paying no fees doesn’t necessarily mean your loan is free — it just could be less than your current interest rates. You have two types of interest rates to choose from: Variable and fixed.
Variable-rate loans come with interest rates that can go up and down over the life of your loan. They can potentially be lower than fixed-rate loans, which never change, but there’s more risk involved.
Variable APRs range from 4.32% to 6.07% with autopay discount. Fixed-rate APRs range from 4.41% to 7.78% with autopay.
EDvestinU’s variable interest rates are based on the one month LIBOR rates, an international baseline that many other student loan lenders use to determine variable interest rates. They’re subject to change each month.
Yes, EdVestinU offers a 0.25% discount if you sign up for automatic repayments through its servicer Granite State Management and Resources. This discount is standard for most student loan providers.
With EDvestinU, you have two repayment options: Fixed repayment and graduated repayment.
Fixed repayments are generally better for those who have already made headway in their careers, while graduated repayments tend to be best for those who’ve recently entered the work force. Choose your repayment option when you set your account with EDvestinU’s loan servicer Granite State Management and Resources.
It’s hard to say: You’ll get crickets if you search for customer reviews of EDvestinU. It has no BBB page, no Trustpilot page and even rarely comes up on usually chatty online forums like Reddit.
This can mean a couple of things. EDvestinU’s simply not as popular as other providers. Or it could also mean customers have had a largely neutral experience — nothing exciting enough to praise or complain about.
The one comment we could find related to student loans mentioned that they’d gotten a mediocre rate on a private student loan from EDvestinU and were interested in refinancing. Other than that: radio silence
EDvestinU’s application is a bit more involved than most personal loan applications. The most difficult part about EDvestinU is gathering together all of the required documents.
Prepare to hand over the following information and documents during the application process.
All EDvestinU refinancing loans take at least 30 days from submitting your application to the disbursement of your funds. That’s because EDvestinU sets a disbursement date of 30 days after it receives your application. It does this so your loan amount is as accurate as possible — that’s why it also asks for your 30-day payoff amount.
EDvestinU is the private student lending branch of the New Hampshire Higher Education Loan Corporation (NHHELCO), a nonprofit that generates funds for college students across the US.
The NHHELCO network also includes student loan servicer Granite State Management & Resources, student loan backer the New Hampshire Higher Education Assistance Foundation (NHHEAF) Network and Center for College Planning, a nonprofit that helps students and families throughout the college application and financial process.
EDvestinU works with CampusDoor to administer its application system.
In addition to refinancing, EDvestinU offers private undergraduate and graduate student loans, and even scholarships. It awards three $1,500 scholarships through a lottery system every three months. Both college students and high school seniors are eligible to enter as long as they attend or plan on attending a Title IV school.
EDvestinU student loan refinancing can take a while, but its nonprofit rates could help you save in the long-run. Since the application is more involved than some others, you’ll likely have to reach out to customer service at least once with questions.
Not sure which lender you want to refinance with? Read our guide to student loan refinancing to find more options and learn more about how refinancing works.
How do I refinance or consolidate student debt from degrees I didn’t finish?
EDvestinU allows you to refinance or consolidate student debt, even if you don’t have a degree.
How do I consolidate or refinance my student loans while I’m still in school?
You might have to start making at least interest-only repayments right away — these loans don’t come with a grace period, unlike many student loans. You might also need to make full monthly repayments as soon as you drop below half-time.
When does EDvestinU offer loan forgiveness?
The only case where EDvestinU offers loan forgiveness is when a borrower passes away. In that case, your cosigner would no longer be on the hook for your student debt.
★★★★★ — Excellent
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★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We rate student loan providers on a scale of 1 to 5 stars based on factors like transparency, costs and customer experience. We don’t take into account elements like eligibility criteria, state availability or payment frequency — we save that for our reviews.