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INvestEd student loan refinancing review

Competitive rates for Hoosiers and students who attended school in Indiana.’s rating: 4.3 / 5.0


  • Best for Indiana residents or those who attended school in the state.
  • Pick something else if you haven’t been continuously employed for at least a year

3.47% to 6.82%



Max. Loan Amount


Min. Credit Score


Product NameINvestEd Student Loan Refinancing
Minimum Loan Amount$5,000
Max. Loan Amount$250,000
APR3.47% to 6.82%
Interest Rate TypeFixed
Minimum Loan Term5 years
Maximum Loan Term20 years
RequirementsIndiana resident or attended school in Indiana, 670+ credit score, $36,000+ annual income, DTI ratio less than 50%, 1+ year of continuous employment, eligible student loan, no delinquencies of 60+ days in the past 2 years, student loan defaults, bankruptcies within the last 5 years, repossessions, foreclosures or garnishments

Review by

Kellye Guinan is a seasoned financial writer with over 500 articles under her belt spanning all things loans from auto to personal to business and everything in between. With four years in the field and five years of research experience, she's able to make complex personal finance decisions easier for anyone to tackle. When she's not up to her knees learning about the latest trends in lending, she spends her time improving her own financial literacy and expertise — and maintaining a Duolingo streak of over 1,300 days.

Expert review

INvestEd’s student loan refinancing option comes with competitive rates and high borrowing limits, but you’ll need to be an Indiana resident or have attended school in the state to qualify.

It’s also not ideal if you’re just getting started in your career — you need to have been employed for at least a year to qualify. And if you can’t meet the minimum income and credit score requirements — or have a cosigner who does — you won’t be eligible.

Not a Hoosier? Compare your other options for refinancing your student loans.

First, am I eligible?

To qualify, you need to meet the following criteria:

  • Indiana resident or attended school in the state
  • Eligible student loan
  • Credit score of at least 670
  • Annual income of $36,000 or more
  • Debt-to-income ratio less than 50%
  • Continuously employed for at least one year
  • No delinquencies of 60 days or more in the past two years
  • No repossessions, foreclosures or garnishments by creditors
  • No reported bankruptcies within the last five years
  • No defaults on student loans

    What states is INvestEd available in?

    INvestEd is available to residents of Indiana and those who attended an Indiana college or university.

    How does refinancing with INvestEd work?

    INvestEd is a direct student loan refinancing provider for Indiana residents and students. For residents who attended school outside of Indiana, it partners with another bank that offers refinancing for both federal and private student loans. The application process only takes a few minutes, and you may be eligible to refinance anywhere from $5,000 to $250,000 in student loan debt.

    How much will I pay to refinance?

    INvestEd doesn’t charge an origination or application fee, so the main cost you need to worry about is interest. You can choose between fixed or variable rates.

    Fixed rates range from 3.47% to 6.82% and stay the same throughout the life of your loan. Variable rates currently span from 3.11% to 6.75% and will fluctuate due to trends in the market. While these rates are based on the 3-month LIBOR rate, they’ll never go higher than 18%.

    Besides interest, you may also be charged a late fee of 5% of your monthly repayment — though no more than $15. And returned payments come with a $10 fee.

    Does INvestEd offer discounts?

    Yes, INvestEd offers a 0.25% rate discount for signing up for autopay. However, this works a little different than most lenders because it won’t lower your monthly repayments. Instead, it puts the discount toward your interest repayments. This means you’ll be paying more toward your loan’s principal than interest each month. By doing this, you’ll finish making repayments well before your loan term is up.

    For example, say you were making $100 monthly repayments. With the interest rate discount, the interest you paid off each month would be reduced from $10 to $8. While you’d still be making $100 repayments, now $92 would go toward principal rather than just $90, decreasing how long it takes to pay off your loan.

    However, be aware that if you enter into forbearance or deferment — or your automatic payment doesn’t go through — you’ll lose the discount.

    What are my repayment options?

    INvestEd offers repayment terms of 5, 10, 15 and 20 years. Repayments begin 30 to 45 days after your loan is disbursed to pay off your former lenders.

    There are also three types of deferment options available:

    • Active-duty military deferment. You might qualify to have your payments deferred if you’re serving on active duty or qualifying National Guard duty during a period of war, another military operation or a national emergency.
    • Financial hardship deferment. If you’re struggling financially and can’t keep up with your loan repayments, you may be approved for forbearance in one- to three-month increments twice a year. The maximum amount of time you can receive forbearance is two years.
    • Graduate school deferment. If you begin a graduate program and are enrolled at least half time, you may qualify for up to 36 months of deferment while you earn your degree.

    Be aware that any interest that adds up during these deferment or forbearance periods gets added to your loan principal, making your loan more expensive in the long run.

    Compare more student loan refinancing options

    Name Product APR Min. Credit Score Loan amount Loan Term
    Purefy Student Loan Refinancing (Variable Rate)
    1.88% to 5.54%
    $5,000 - $300,000
    5 to 20 years
    Refinance all types of student loans — including federal and parent PLUS loans.
    Credible Student Loan Refinancing
    1.80% to 7.74%
    Good to excellent credit
    Starting at $5,000
    5 to 20 years
    Get prequalified offers from top student loan refinancing providers in one place.
    SoFi Student Loan Refinancing Variable Rate (with Autopay)
    2.25% to 6.59%
    Starting at $5,000
    5 to 20 years
    A leader in student loan refinancing, SoFi can help you refinance your loans and pay them off sooner.
    Splash Financial Student Loan Refinancing
    1.88% to 6.15%
    Starting at $7,500
    5 to 25 years
    Save on your student loans with this market-leading newcomer.
    Education Loan Finance Student Loan Refinancing
    2.39% to 6.01%
    Starting at $15,000
    5 to 20 years
    Lower your student debt costs with manageable payments, affordable rates and flexible terms.
    Earnest Student Loan Refinancing
    1.88% to 5.64% APR with autopay
    $5,000 - $500,000
    5 to 20 years
    Get a tailored interest rate and repayment plan with no hidden fees.
    Supermoney student loan refinancing
    Starting at 1.9%
    No minimum credit score
    $5,000 - $300,000
    5 to 20 years
    Compare options to combine both private and federal debts into one monthly payment.

    Compare up to 4 providers

    Top reasons to consider INvestEd

    From its competitive rates to its cosigner release, here are a few perks of refinancing with INvestEd:

    • Competitive rates. INvestEd’s variable-rate loans start at just 3.11% and only go up to 6.75% — well below what many lenders charge.
    • Wide range of borrowing amounts. You can refinance as little as $5,000 in student debt all the way up to $250,000.
    • Cosigner release. If you refinance with a cosigner, you can take them off the loan after making 48 consecutive on-time repayments of both principal and interest.

    Why you might want to look elsewhere

    Consider these potential drawbacks before refinancing through INvestEd:

    • Only available in Indiana. Unless you graduated from a college in Indiana or currently live in the state, you’re not eligible to refinance through INvestEd.
    • INvestEd may not fund your loan. If you live outside of Indiana, your loan will be funded by First Merchants Bank. And either way, your loan will be serviced by American Education Services (AES) — not INvestEd.
    • No quick FAQs. Although INvestEd has a lot of information about student loans in general on its website, it doesn’t have an FAQ section for its specific loan products, making it difficult to find information all in one place.

    What do borrowers say about INvestEd?

    INvestEd doesn’t have many reviews as of March 2019— in fact, its Better Business Bureau (BBB) page is barren. While it earns an A+ rating based on factors like transparency and time in business, it’s not accredited with the agency, nor does it have any reviews or complaints from former borrowers. On top of this, it doesn’t have a Trustpilot page at all and doesn’t have any mentions on popular online forums, including Reddit. This means you’re mostly in the dark when it comes to how it treats borrowers.

    But before you take INvestEd off your list of possible lenders, keep in mind its involvement with local communities. This type of positive action generally means good things for borrowers.

    What to expect when signing up

    Check to make sure you or your cosigner qualify before following these steps to apply:

    1. Go to the INvestEd website. Hover over Lending, then click INvestEd Refi Loan.
    2. Click Apply Now.
    3. Answer a few questions about your citizenship, past finances and Indiana residence.
    4. Enter your first name, email and phone number. Click Continue to the Application.
    5. Wait to be redirected to Campus Door. Answer a few more questions to check your eligibility.
    6. Click Am I Eligible?
    7. If eligible, create an account with Campus Door to begin the application process.

    From here, follow the directions in the application to apply for refinancing.

    What documents do I need to apply?

    INvestEd’s application is pretty standard — you’ll only need to provide basic information about yourself and your cosigner, including:

    • Social Security number
    • Last two pay stubs
    • Previous year’s W2
    • Details about your current loans

    Who is my new loan servicer?

    INvestEd is serviced by American Education Services (AES). While this servicer offers several different ways to pay your loan each month, former borrowers have complained about mishandled repayments.

    Learn how to avoid this — and other issues to watch out for — with our guide to American Education Services.

    More about INvestEd

    INvestEd was founded 35 years ago with a goal to help Hoosiers and students attending school in Indiana get the facts about paying for college — and extend a loan if needed. Since then, it’s run several community events to help students fill out the FAFSA. It also has lots of resources on its website to help students and parents navigate the complex process of financing a postsecondary education.

    Want to see what other lenders are out there? Explore more options with our guide to student loan refinancing.

    Frequently asked questions

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