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EDvestinU Student Loans 2022 Review
Hanneh Bareham specializes in everything related to student loans and helping you finance your next educational endeavor. She aims to help others reach their collegiate and financial goals through making student loans easier to understand. Updated on 1-1-2022 Advertiser Disclosure Advertising Disclosure
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Check rate with Bankrate EDvestinU features
EDvestinU offers undergraduate, graduate and refinancing student loans. The minimum loan amount is $1,000 for undergraduate and graduate loans and $7,500 for refinancing loans, and the aggregate maximum in both cases is $200,000. One of EDvestinU’s standout features is that it offers student loans to international students, which not all lenders do. International students must have a creditworthy co-signer who is a U.S. resident in order to qualify. U.S. residents may also need to recruit a co-signer if they have little credit to their name. However, EDvestinU does offer co-signer release, which means that borrowers can have their co-signer removed from the loan. Requirements are fairly tight — borrowers must have 36 months of consecutive, on-time payments, a credit score over 749 and an annual income of $30,000 or more — but it’s an option that not every lender offers. EDvestinU in the details
Loan Amount Private loans: $1,000 to $200,000 Refinancing loans: $7,500 to $200,000 APR from Private loans: 6.060% to 9.517% Variable APR (with autopay), 6.020% to 10.343% Fixed APR (with autopay) Refinancing loans: 6.460% to 8.210% Variable APR (with autopay), 5.910% - 9.530% Fixed APR (with autopay) Term lengths Private loans: 7 to 15 years Refinancing loans: 7 to 15 years Pros and cons of EDvestinU student loans
While EDvestinU offers some unique perks and low rates, always weigh the benefits and drawbacks before applying for a loan. PROS
International students may qualify: International students with a qualified co-signer are eligible to receive a student loan from EDvestinU. Discounts for students in New Hampshire: If you live or attend school in New Hampshire, you could qualify for a rate reduction of 0.25 percent or 1 percent for variable or fixed loans, respectively. This is on top of the 0.25 to 0.5 percent autopay discount that EDvestinU offers all borrowers. Community mission: In addition to student loans, EDvestinU offers three scholarships each quarter, and proceeds from its loans support college access activities in New Hampshire public high schools. CONS
Strict requirements for co-signer release: In order to release a co-signer, borrowers must have a FICO Score of 750 or higher, an annual income of at least $30,000, no bankruptcy filings on record for the last 10 years and a history of consecutive, on-time payments for 36 months on the current loan. Limited loan amounts: The minimum amount you may refinance with EDvestinU is $7,500, which could be restrictive if you don’t have much left to repay. The aggregate limit on all of EDvestinU’s loans is also $200,000, less than what many other lenders allow. EDvestinU student loan requirements
To qualify for an EDvestinU student loan, borrowers need to be either U.S. citizens or permanent residents. An individual annual income of $30,000 is required, and borrowers must also meet an unspecified credit score requirement. International students can apply with a domestic co-signer who meets the requirements. All prospective borrowers need to have at least half-time status at a university. The requirements are largely the same for refinancing loans, although the minimum income limit is higher for larger loans. For loans of less than $100,000, the minimum individual income is $30,000, but for anything higher, the minimum income is $50,000. However, unlike with many other lenders, borrowers do not need to hold a degree in order to refinance. While EDvestinU products are available in most states, primary borrowers who live in California or Washington are not eligible. Who is this loan good for
EDvestinU is great for students who need a co-signer in order to qualify but who would like to take sole responsibility for the loan once repayment starts. Many private lenders don’t offer co-signer release and require that borrowers refinance to remove the co-signer, but you could potentially release a co-signer from an EDvestinU loan after three years. Borrowers living or attending school in New Hampshire should also consider EDvestinU due to the added discounts the lender provides. Interest rates and terms
EDvestinU offers both fixed- and variable-rate loans. Borrowers who set up autopay from a checking or savings account can receive a 0.25 percent discount for refinancing loans and a 0.5 percent discount for all other loans. The following rates reflect this discount. Loan product Variable rate Fixed rate Undergraduate student loans 6.060% to 9.517% APR 6.020% to 10.343% APR Graduate student loans 6.060% to 9.517% APR 6.020% to 10.343% APR International student loans 6.060% to 9.517% APR 6.020% to 10.343% APR Student loan refinancing 6.460% to 8.210% APR 5.910% to 9.530% APR Fees and penalties
EDvestinU does not charge any application, origination, deferment, prepayment or disbursement fees. However, you may be assessed a 5 percent late fee. Repayment terms and grace period
Borrowers can choose from three types of repayment: Immediate: Begin paying back your loans as soon as they are disbursed. Interest-only: Pay only the interest that accrues on your student loans until you leave school. Deferred: Wait until you’re out of school to start making payments on your loan. With the immediate and interest-only plans, the first payment is due between 30 and 45 days after the loan is disbursed. With the deferred plan, you’ll have a six-month grace period after leaving school. Private student loans from EDvestinU have terms of seven, 10 or 15 years for both variable-rate and fixed-rate loans, and refinancing loans have terms from five to 20 years. Borrowers having trouble making payments can apply for economic hardship forbearance, which is granted on a case-by-case basis. Interest will still accrue during this time and be added to the loan’s principal when the forbearance period ends. Customer service
EDvestinU’s customer service is available Monday through Friday, 8 a.m. to 5 p.m. EST at 855-887-5430. You can also email the company at . How to apply for a loan with EDvestinU
You can apply for a loan with EDvestinU online through a simple application form. If you need assistance, you can also contact the company via phone or email. The application process typically takes around seven to 10 business days, after which the company will verify your financial and school information. To apply for a loan, you’ll need to provide the following: The name of the university you’re attending. How much you need to borrow. Your Social Security card. Your driver’s license or other government-issued ID. The contact information for two personal references who don’t live with you. Employer and income information for yourself and your co-signer, if applicable. How Bankrate rates EDvestinU
Overall Score 4.1 Repayment Options 3.8 EDvestinU has decent repayment options, but its loan amounts could be limiting for some borrowers. Affordability 4.6 While EDvestinU does charge a late fee, its maximum APRs are fairly low. Customer Experience 4.0 EDvestinU’s smaller range of customer service hours could pose issues for borrowers who need help in the evenings or on weekends. Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information. On This Page
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