Edvisors private student loans marketplace review
While it can help you find lenders that work with your school, you can't prequalify for personalized rates.
Edvisors could be a good starting point when you’re looking for a private student loan. It’s a marketplace that allows you to compare the features of different lenders that work with your school. But unlike connection services, you can’t prequalify with multiple lenders to receive personalized rates and terms.
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First, am I eligible?
It depends on the lender you apply with. Everyone is eligible to use the Edvisors platform. But you’ll likely have an easier time finding a good deal from one of its partners if you have good credit and a low debt-to-income ratio — or a cosigner who does.
How does Edvisors work?
Edvisors allows you to compare several private student loan options available to you based on where you’re going to school. It’s a useful way to quickly compare the main features of lenders that offer funding you might qualify for. And if you find a provider you like, click through to its website to fill out an application.
Edvisors also has a few features that can help you make a more informed decision. Its repayment calculator helps you figure out how much you might pay each month on all of your student loans.
Does Edvisors offer parent loans?
Yes. Some of Edvisors’ partners offer loans that parents can take out on behalf of their children. But comparing your options as a parent can be a little tricky, since there’s no way to filter offers by type of borrower. You’ll have to read up on each lender separately to make sure parent loans are an option — and to find out what rates and terms are available for that particular type of loan.
How much does Edvisors cost?
Edvisors’ services are free for anyone to use. Instead of making money from you, it makes money from its partner lenders. If you’re connected with a lender through Edvisors, the cost of your loan varies depending on the specific provider’s rates and terms.
Does Edvisors offer discounts?
Edvisors itself doesn’t offer any discounts since it’s a free service. But you can use Edvisors to find lenders that offer interest rate discounts for a variety of reasons — such as signing up for autopay or getting good grades.
What are my repayment options?
It depends on the lender. Most private student loan providers only offer one standard repayment plan after the grace period is up. But many offer some or all of the following options while you’re in school and up to six months after you graduate or drop below half-time enrollment:
- Full repayments. Make full repayments as soon as the funds are disbursed to save the most on interest.
- Interest-only repayments. Pay off the interest that adds up on your loans before the grace period is up.
- Fixed repayments. Make a minimum payment each month to reduce the amount of interest that adds up on your loans — usually around $25.
- Deferred repayments. Fully hold off on your student loan repayments until your grace period is up.
Contact the lender to learn more about your repayment options before you apply.
Can I find a lender that offers deferment or forbearance through Edvisors?
Yes. Many of Edvisors’ partners offer deferment and forbearance. However, the circumstances that qualify for deferment and forbearance vary by lender.
You can typically qualify for deferment or forbearance if you go on active military duty or face some kind of financial hardship, like lose your job. Some lenders might also offer deferment in other situations, like going back to school for a higher degree. Learn about your options by reaching out to the lender before applying.
Top reasons to use Edvisors
From its monthly repayment calculator to its wide range of partners, here are a few perks of using Edvisors:
- Compare lenders by school. Begin your search for a private student loan by comparing lenders that offer funding at your school.
- Calculate monthly repayments. Find out how much you might owe in total on all of your student loans before you borrow from a specific lender.
- Parent loan options. Edvisors works with partners that offer student loans for parents, which can be difficult to find.
Drawbacks to using Edvisors
Consider these potential pitfalls before using Edvisors’ marketplace:
- Can’t compare personalized rates. Unlike some marketplaces, Edvisors doesn’t allow you to prequalify with multiple lenders at once — you can only compare the general features.
- Limited to its network. While Edvisors works with many top student loan providers, you might miss out on some options that are a better choice.
- No customer service line. Though Edvisors advertises a phone number for customer service on its website, we tried calling multiple times and no one answered. And an Edvisors rep on its online chat system confirmed that its customer service line is no longer available.
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What to expect when using Edvisors
Follow these steps to compare student loan providers that work with your school:
- Click the Go to site button on this page.
- Enter your school’s name and click View options.
- Review the lenders that work with your school. If you want more information, visit the lender’s website or read customer service reviews.
- Find a lender you like? Click Apply now to go to the lender’s application.
Follow the lender’s directions to complete the application. Typically, you’ll fill out an application, get an offer and continue with the application if you’re interested in the rates and terms available.
What information do I need?
You only need to know the name of the school you’re attending to use Edvisors. Don’t know where you’re going? Browse your options by the names of the schools you’re considering.
More about Edvisors
Founded in 1998, Edvisors is a free resource for students looking to fund their education. It works with student loan providers to help you find the right financing for your needs. But it also offers a variety of informational guides and calculators to help you make an informed decision.
Edvisors can be helpful when you want general information about private student loans available at your school. But it doesn’t allow you to compare personalized rates from multiple lenders at once, unlike a connection service.
You can find out how it stack up to other marketplaces with our guide to student loans.