Editorial Review

EDvestinU Reviews: Student Loan Refinancing and Private Student Loans

EDvestinU offers refinancing and private student loans issued and serviced by the nonprofit New Hampshire Higher Education Loan Corporation.

Ryan LaneMarch 10, 2020

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Student loan ratings

EDvestinU

    The bottom line: EDvestinU is a student loan program from the nonprofit New Hampshire Higher Education Loan Corporation. Despite its regional affiliation, EDvestinU offers refinancing and private student loans nationwide. NerdWallet does not have enough information from EDvestinU to rate it or compare it with other lenders.

    Refinance loan review

    EDvestinU Student Loan Refinance

    EDvestinU Student Loan Refinance

    Fixed APR

    3.91 - 6.28%

    Variable APR

    3.24 - 5.61%

    Min. Credit Score

    Low 700s

    Pros

    • You can refinance without a degree.

    Cons

    • You can’t see if you’ll qualify and what rate you’ll get without a hard credit check.

    An option for students who don’t have a degree.

    Full Review

    You don’t need a degree to refinance student loans with EDvestinU, making the lender a good option for borrowers who didn’t finish school. You must have a minimum income of $30,000 and a credit score in the low 700s to qualify. If you don’t meet those criteria, you’ll need a co-signer who does.

    EDvestinU does not let you find out your exact refinancing interest rate before applying. But the lender does offer a calculator that can give you a sense of how low or high your rate might be, allowing you to compare EDvestinU’s refinancing loan with other options.

    edvestinu STUDENT LOAN REFINANCING AT A GLANCE

    • You can refinance without a degree.

    • Refinancing is available nationwide.

    • No soft credit check.

    HOW edvestinu COULD IMPROVE

    NerdWallet does not have enough information from EDvestinU to fully evaluate its student loan refinance product.

    How much can refinancing save?

    EDvestinU student loan refinancing details

    • Soft credit check to qualify and see what rate you’ll get: No.

    • Loan terms: 5, 10, 15 or 20 years.

    • Loan amounts: $7,500 to $200,000.

    • Can transfer a parent loan to a child: No.

    • Application or origination fee: No.

    • Prepayment penalty: No.

    • Late fees: Yes, 5% of the monthly payment.

    Compare EDvesinU’s range of interest rates with other student loan refinance lenders. Your actual rate will depend on factors including your — or your co-signer’s — credit history and financial situation. To see what rate EDvestinU will offer you, apply on its website.

    Financial

    • Minimum credit score: Low 700s.

    • Minimum income: $30,000 if you plan to refinance less than $100,000; if you plan to refinance more than that, the minimum income is $50,000.

    • Typical credit score of approved borrowers or co-signers: Information unavailable. Contact lender for details.

    • Typical income of approved borrowers: Information unavailable. Contact lender for details.

    • Maximum debt-to-income ratio: Information unavailable. Contact lender for details.

    • Can qualify if you’ve filed for bankruptcy: Information unavailable. Contact lender for details.

    Other

    • Citizenship: Must be a U.S. citizen or permanent resident.

    • Location: Available to borrowers in all 50 U.S. states.

    • Must have graduated: No.

    • Must have attended a school authorized to receive federal aid: Yes.

    • Percentage of borrowers who have a co-signer: Information unavailable. Contact lender for details.

    • Academic deferment: Yes, but interest-only payments are due during the deferment.

    • Military deferment: Yes.

    • Economic hardship deferment: Yes, borrowers are eligible for 12 months of economic hardship deferment, in three-month increments, over the life of the loan.

    • Forbearance: Discretionary forbearance is available; contact lender for details.

    • Co-signer release available: Yes, after 36 months of consecutive, on-time payments. Other restrictions apply.

    • Death or disability discharge: Yes, the loan will be forgiven if the borrower dies or becomes permanently disabled, even if the loan has a co-signer.

    Repayment Preferences

    • Allows greater-than-minimum payments via autopay: Information unavailable. Contact lender for details.

    • Allows biweekly payments via autopay: Information unavailable. Contact lender for details.

    • In-house customer service team: Yes.

    • Process for escalating concerns: Information unavailable. Contact lender for details.

    • Borrowers get assigned a dedicated banker, advisor or representative: Information unavailable. Contact lender for details.

    • Average time from approval to payoff: Information unavailable. Contact lender for details.

    How to refinance with EDvestinU

    Before deciding on a student loan refinance lender, compare student loan refinance options to make sure you’re getting the best rate you qualify for. In addition to interest rates, compare lenders’ repayment options and the flexibility they offer for borrowers who are struggling to make payments.

    How does this loan compare?

    Citizens One Student Loan Refinance
    PenFed Student Loan Refinance
    Check RateCheck Rate
    Fixed APR

    3.79 - 9.30%

    Fixed APR

    3.23 - 5.53%

    Variable APR

    2.79 - 9.12%

    Variable APR

    2.23 - 6.97%

    Min. Credit Score

    Does not disclose

    Min. Credit Score

    670

    Private student loan review

    EDvestinU Private Student Loan

    EDvestinU Private Student Loan

    Fixed APR

    4.50 - 9.75%

    Variable APR

    3.52 - 10.02%

    Min. Credit Score

    High 600s

    Pros

    • You can take out loans for non-degree-granting programs.
    • In-person support and counseling are available.

    Cons

    • You can’t see if you’ll qualify and what rate you’ll get without a hard credit check.

    Best for students from New Hampshire, and those in non-degree-granting programs.

    Full Review

    EDvestinU offers undergraduate and graduate student loans to U.S. citizens and permanent residents. Loans are available nationwide, but students in New Hampshire — home of the lender’s parent company, the nonprofit New Hampshire Higher Education Loan Corporation — may benefit most from EDvestinU’s services.

    EDvestinU encourages visits to its office for one-on-one assistance from a student loan counselor. The lender also invests proceeds from its loan programs into scholarship and college access initiatives in New Hampshire, further helping the local community.

    EDvestinU private student loans are available for non-degree-granting programs at Title IV-eligible schools. That means these loans are also a good option if you need funding for a certificate program, for example, though you must be enrolled at least half-time to qualify.

    EDvestinu private student loans at a glance

    • Loans are available nationwide.

    • Funding can be used at eligible schools with non-degree-granting programs, such as certificate or professional development programs.

    • No soft credit check.

    How edvestinu could improve

    NerdWallet does not have enough information from EDvestinU to fully evaluate its private student loan product.

    EDvestinU private student loan details

    • Soft credit check to qualify and see what rate you’ll get: No.

    • Loan terms: 7 to 20 years, based on loan balance.

    • Loan amounts: $1,000 up to the school's cost of attendance; aggregate maximum of $200,000.

    • Application or origination fee: None.

    • Prepayment penalty: No.

    • Late fees: Yes, 5% of the monthly payment.

    Compare EDvestinU's range of interest rates with other private student loan lenders. Your actual rate will depend on factors including your — or your co-signer's — credit history and financial situation. To see what rate EDvestinU will offer you, apply on its website.

    Financial

    • Minimum credit score: High 600s.

    • Minimum income: $30,000.

    • Typical credit score of approved borrowers or co-signers: Information unavailable. Contact lender for details.

    • Typical income of approved borrowers: Information unavailable. Contact lender for details.

    • Maximum debt-to-income ratio: Information unavailable. Contact lender for details.

    • Can qualify if you’ve filed for bankruptcy: Information unavailable. Contact lender for details.

    Other

    • Citizenship: Must be a U.S. citizen or permanent resident.

    • Location: Available to borrowers in all 50 U.S. states.

    • Must be enrolled half-time or more: Yes.

    • Types of schools served: Borrowers must be attending an eligible Title IV or nonprofit school.

    • Percentage of borrowers who have a co-signer: Information unavailable. Contact lender for details.

    In-school repayment options:

    • Immediate repayment: Make full payments as soon as the loan is disbursed, while you’re still in school.

    • Deferred payments: Don’t make any payments while you’re in school.

    • Interest-only repayment: Pay interest every month you’re in school and during the grace period.

    Post-school repayment options

    • Grace period: 6 months for deferred loans.

    • Academic deferment: Yes.

    • Military deferment: Yes.

    • Economic hardship deferment: Yes, borrowers are eligible for 12 months of economic hardship deferment, in three-month increments, over the life of the loan.

    • Forbearance: Discretionary forbearance is available; contact lender for details.

    • Co-signer release: Yes, after 24 consecutive, on-time payments. Additional restrictions apply.

    • Death or disability discharge: Yes, the loan will be forgiven if the borrower dies, even if the loan has a co-signer.

    Repayment preferences

    • Allows greater-than-minimum payments via autopay: Information unavailable. Contact lender for details.

    • Allows biweekly payments via autopay: Information unavailable. Contact lender for details.

    • In-house customer service team: Yes.

    • Process for escalating concerns: Information unavailable. Contact lender for details.

    • Borrowers get assigned a dedicated banker, advisor or representative: One-on-one assistance available, if requested.

    • Average time for approval: Information unavailable. Contact lender for details.

    How to apply for an EDvestinU student loan

    Before taking out an EDvestinU student loan or any other private student loan, exhaust your federal student loan options first. Submit the Free Application for Federal Student Aid, known as the FAFSA, to apply.

    Compare your private student loan options to make sure you’re getting the best rate you qualify for. In addition to interest rates, look at lenders’ repayment alternatives and the flexibility they offer to borrowers who struggle to make payments.

    Student loans ratings methodology

    NerdWallet believes the best student loan is one you can repay at the lowest interest rate you can get. That’s why NerdWallet’s student loan ratings reward lenders that offer a variety of loan terms, limit their fees and penalties, and extend borrowers multiple options to avoid default. Points are also awarded for soft credit checks, underwriting transparency and other consumer-friendly features. Use these ratings as a guide, but we encourage you to shop around for the lowest interest rate you can qualify for. NerdWallet does not receive compensation for its reviews. Read our editorial guidelines.