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 Corp.

Ryan LaneJune 26, 2020

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Student loan ratings

EDvestinU
  • Student loan refinancing

  • Private student loan

The bottom line: EDvestinU is a student loan program from the nonprofit New Hampshire Higher Education Loan Corp. Despite its regional affiliation, EDvestinU offers refinancing and private student loans nationwide. Its refinancing loan is best for students who didn't graduate, and EDvestinU's private loans are best for New Hampshire residents.

Student loan refinancing review

EDvestinU Student Loan Refinance

EDvestinU Student Loan Refinance

5.0

NerdWallet rating 
Fixed APR

3.91 - 6.28%

Variable APR

1.90 - 4.27%

Min. Credit Score

700

Pros

  • You can refinance without a degree.
  • You can see if you’ll qualify and what rate you’ll get without a hard credit check.

Cons

  • You cannot refinance parent PLUS loans in your name.
  • Maximum loan amount is lower than most lenders offer.

Best 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.

You can refinance up to $200,000 of eligible loans with EDvestinU, which is less than most lenders offer. If you owe more than that — for example, from a medical or professional degree program — you may want to consider other lenders. EDvestinU also does not let students take over parent PLUS loans borrowed on their behalf.

edvestinu STUDENT LOAN REFINANCING AT A GLANCE

  • You can refinance without a degree.

  • Refinancing is available nationwide.

  • Loan maximum is $200,000.

HOW edvestinu COULD IMPROVE

Like other five-star lenders, EDvestinU isn't perfect. It could improve by:

  • Letting students refinance their parents' PLUS loans.

  • Increasing the maximum loan amount.

  • Discharging loans for borrowers who become totally and permanently disabled.

How much can refinancing save?

EDvestinU student loan refinancing details

  • Soft credit check to qualify and see what rate you’ll get: Yes.

  • 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: 700.

  • 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: 756.

  • Typical income of approved borrowers: Approximately $70,000.

  • Maximum debt-to-income ratio: 43%.

  • Can qualify if you’ve filed for bankruptcy: Yes, after 10 years have passed.

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: 52%.

Many lenders are offering relief related to COVID-19. Check this list of private loan relief options to see what this lender offers.

  • 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 for 12 months.

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

  • Death or disability discharge: The loan will be forgiven if the borrower dies, but not in instances of total or permanent disability.

  • Loan discharge if co-signer dies or becomes disabled: No.

Repayment Preferences

  • Allows greater-than-minimum payments via autopay: Yes.

  • Allows biweekly payments via autopay: No.

  • In-house customer service team: Yes.

  • Process for escalating concerns: Yes.

  • Borrowers get assigned a dedicated banker, advisor or representative: No.

  • Average time from approval to payoff: At least 30 days.

Before refinancing 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.

If you aren’t eligible to refinance with EDvestinU

If EDvestinU denies your refinance application, the lender will let you know why. Depending on the reason, you may want to consider other lenders or need a co-signer.

NerdWallet recommends prequalifying with multiple refinance lenders before you apply. This will let you know which lenders you may be eligible with, without affecting your credit.

How does this loan compare?

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

3.20 - 8.63%

Fixed APR

3.23 - 5.53%

Variable APR

2.49 - 8.38%

Variable APR

2.18 - 5.54%

Min. Credit Score

Does not disclose

Min. Credit Score

670

Private student loan review

EDvestinU Private Student Loan

EDvestinU Private Student Loan

4.5

NerdWallet rating 
Fixed APR

4.09 - 8.61%

Variable APR

2.06 - 6.80%

Min. Credit Score

675

Pros

  • In-person support and counseling are available.
  • Deferment/forbearance of 24 months is longer than many lenders.

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.

Full Review

EDvestinU offers undergraduate and graduate student loans to U.S. citizens and permanent residents, as well as international students with an eligible co-signer. Loans are available nationwide, but students in New Hampshire — home of the lender’s parent company, the nonprofit New Hampshire Higher Education Loan Corp. — may benefit most from EDvestinU’s in-person support and community work.

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 at a glance

  • Loans are available nationwide.

  • No soft credit check to see what rate you'll qualify for.

  • Economic hardship deferment and discretionary forbearance are both available.

How edvestinu could improve

EDvestinU could improve by:

  • Letting borrowers find out their rates without impacting their credit.

  • Discharging loans if the borrower becomes totally and permanently disabled.

EDvestinU private student loan details

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

  • Loan terms: 7. 10 or 15 years.

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

  • 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: 675.

  • Minimum income: $30,000.

  • Typical credit score of approved borrowers or co-signers: 787.

  • Typical income of approved borrowers: $106,000+.

  • Maximum debt-to-income ratio: Not considered.

  • Can qualify if you’ve filed for bankruptcy: Yes, after 10 years have passed.

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: 90%+.

Many lenders are offering relief related to COVID-19. Check this list of private loan relief options to see what this lender offers.

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 for 12 months.

  • Co-signer release: Yes, after 36 consecutive, on-time payments. Additional restrictions apply.

  • Death or disability discharge: Yes, the loan will be forgiven if the borrower dies, but not in instances of total and permanent disability.

  • Loan discharge if co-signer dies or becomes disabled: No.

Repayment preferences

  • Allows greater-than-minimum payments via autopay: Yes.

  • Allows biweekly payments via autopay: No.

  • In-house customer service team: Yes.

  • Process for escalating concerns: Yes.

  • Borrowers get assigned a dedicated banker, advisor or representative: No, but in-person one-on-one assistance is available.

  • Average time from application to approval: One week.

  • Quarterly scholarship giveaway. EDvestinU selects three students each quarter to receive $1,500 scholarships. Students must enter each quarter to be eligible, and additional restrictions apply.

Before applying 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.

If you aren’t eligible for an EDvestinU student loan

If EDvestinU denies your student loan application, the lender will let you know why. Depending on the reason, you may want to consider other lenders or, if you haven’t already, try applying with a co-signer.

If you don’t have access to a co-signer — or still aren’t eligible with one — consider lenders that don’t require co-signers or specialize in bad or no credit student loans.

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.

Frequently asked questions