EDvestinU Reviews: Student Loan Refinancing and Private Student Loans

Full Review

EDvestinU offers undergraduate and graduate student loans to U.S. citizens and eligible non-citizens (including international students) who meet the credit and income requirements, or students who apply with an eligible cosigner. Loans are available in all U.S. states, Washington, D.C., Puerto Rico and the U.S. Virgin Islands.

However, students in New Hampshire — home of the lender’s parent company, the nonprofit Granite Edvance Corporation — may benefit most from EDvestinU’s in-person support and community work. New Hampshire residents or students attending college in the state can explore their eligibility for the Granite Edvance Student Loan.

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 in all U.S. states, Washington, D.C., Puerto Rico and the U.S. Virgin Islands.

• Academic deferment, hardship forbearance and administrative forbearance are available.

How EDvestinU could improve

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

EDvestinU private student loan details

• Interest rates, fees and termsInterest rates, fees and terms

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

  • Loan terms: 7, 10 or 15 years.

  • Loan amounts: $2,001 - $200,000.

  • Application or origination fee: None.

  • Prepayment penalty: No.

  • Late fees: Yes, after 15 days, a late fee of 5% of the monthly payment or five dollars, whichever is less, is applied.

  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.

• RequirementsRequirements

  Financial

  • Minimum credit score: The minimum credit score for a borrower with a co-signer is 675; it’s 750 for borrowers without a co-signer.

  • Minimum income: The minimum income is $30,000 for borrowers applying without a co-signer. Borrowers applying with a co-signer have no minimum, while co-signers have a minimum of $30,000.

  • Typical credit score of approved borrowers: 777.

  • Typical credit score of approved co-signers: 770.

  • Typical income of approved borrowers: Not disclosed.

  • Typical income of approved co-signers: Not disclosed.

  • Maximum debt-to-income ratio: They do not use DTI for their in-school product.

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

  Other

  • Citizenship: Must be a U.S. citizen or eligible non-citizen (including international students) who meets the credit and income requirements, or a student who applies with an eligible cosigner..

  • DACA and international borrowers: Yes, with a citizen or resident co-signer.

  • Location: EdvestinU is offered in all 50 states, Washington, D.C., Puerto Rico and the U.S. Virgin Islands.

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

  • Loan can be used for past due tuition: Yes, for past-due tuition balances within the last 12 months.

  • Types of schools served: Borrowers must attend a Title IV degree-granting institution in the U.S.

  • Percentage of borrowers who have a co-signer: 83%+.

• Repayment optionsRepayment options

  In-school repayment options:

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

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

  • Full in-school deferment: Borrowers can defer payments while enrolled in school at least half-time.

  Post-school repayment options

  • Grace period: 6 months.

  • Income-based repayment option: No.

  • Academic deferment: Yes.

  • Military deferment: Yes.

  • Hardship forbearance: Yes, borrowers are eligible for 24 months of hardship forbearance.

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

  • Death or disability discharge: The loan will be forgiven if the borrower dies, but total and permanent disability discharge will depend on state laws.

  • 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.

• Customer serviceCustomer service

  • Loan servicer: Firstmark

  • In-house customer service team: Yes.

  • Process for escalating concerns: Not disclosed.

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

  • Average time from application to approval: Typically, 3 to 5 business days.

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.

» MORE: NerdWallet’s FAFSA Guide

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 LOAN RATINGS METHODOLOGY

Our survey of more than 29 banks, credit unions and online lenders offering student loans and student loan refinancing includes the top 10 lenders by market share and top 10 lenders by online search volume, as well as lenders that serve specialty or nontraditional markets.

We consider 40 features and data points for each financial institution. Depending on the category, these include the availability of biweekly payments through autopay, minimum credit score and income requirement disclosures, availability to borrowers in all states, extended grace periods and in-house customer service.

The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.

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 for loans refinanced under $100,000, and $50,000 for loans of or over $100,000. Borrowers will also need a minimum credit score of 700 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:

EDvestinU 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

• Interest rates, fees and termsInterest rates, fees and terms

  • 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, after 15 days, a late fee of 5% of the monthly payment or five dollars, whichever is less, is applied.

  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.

• RequirementsRequirements

  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: Not disclosed.

  • Typical income of approved borrowers: Not disclosed.

  • 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 resident co-signer.

  • Location: Available to borrowers in all 50 U.S. states, and Washington, D.C.

  • Must have graduated: No.

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

  • Percentage of borrowers who have a co-signer: 65%.

• Repayment optionsRepayment options

  • Academic deferment: No.

  • Military deferment: Yes.

  • Economic hardship deferment: Yes, borrowers are eligible for 24 months of economic hardship deferment.

  • Hardship Forbearance: Yes, up to 24 months.

  • Co-signer release available: Yes, after 24 months of consecutive, on-time payments. Other restrictions apply.

  • Death or disability discharge: The loan will be forgiven if the borrower dies, but total and permanent disability discharge will depend on state laws.

  • 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.

• Customer serviceCustomer service

  • Loan servicer: Firstmark

  • In-house customer service team: Yes.

  • Process for escalating concerns: Not disclosed.

  • 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.

STUDENT LOAN REFINANCE RATINGS METHODOLOGY

Our survey of more than 29 banks, credit unions and online lenders offering student loans and student loan refinancing includes the top 10 lenders by market share and the top 10 lenders by online search volume, as well as lenders that serve specialty or nontraditional markets.

We consider 41 features and data points for each financial institution. Depending on the category, these include the availability of biweekly payments through autopay, minimum credit score and income requirement disclosures, availability to borrowers in all states, extended grace periods and in-house customer service.

The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.