EDvestinU Reviews: Student Loan Refinancing and Private Student Loans
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Student loan ratings
5.0
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.
EDvestinU Private Student Loan review
Pros
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In-person support and counseling are available.
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Deferment/forbearance of 24 months is longer than many lenders.
Cons
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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 in 19 U.S. states and Puerto Rico, but 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.
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 19 states and Puerto Rico.
Economic hardship deferment and discretionary forbearance are both available.
How EDvestinU could improve
EDvestinU could improve by:
Allowing borrowers to defer or forbear loan payments if they return to school.
Discharging loans if the borrower becomes totally and permanently disabled.
EDvestinU private student loan details
- Interest 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: $1,000 - $225,000.
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.
- Requirements
Financial
Minimum credit score: 675.
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: Not disclosed.
Typical credit score of approved co-signers: Not disclosed.
Typical income of approved borrowers: Not disclosed.
Typical income of approved co-signers: Not disclosed.
Maximum debt-to-income ratio: Not disclosed.
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.
DACA borrowers: Yes, with a citizen or resident co-signer.
Location: Available to borrowers in 19 states and Puerto Rico. The list includes Alaska, Arkansas, Colorado, Connecticut, Florida, Maine, Massachusetts, Nebraska, New Hampshire, New Jersey, New York, North Carolina, Rhode Island, Texas, Utah, Virginia, Washington, West Virginia, and Wisconsin.
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 be attending an eligible Title IV or nonprofit school.
Percentage of borrowers who have a co-signer: 90%+.
- Repayment 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: No.
Military deferment: Yes.
Economic hardship deferment: Yes, borrowers are eligible for 24 months of economic hardship deferment in three-month increments over the life of the loan.
Forbearance: Yes, 12 months in three-month increments.
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, 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 service
Loan servicer: Granite State Management & Resources.
In-house customer service team: Yes.
Process for escalating concerns: No.
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, 7 to 10 business days.
- Extras
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.
» 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.
Read more about our ratings methodologies for student loans and our editorial guidelines.
Lender | Fixed APR | Min. credit score | Variable APR | |
---|---|---|---|---|
Sallie Mae Undergraduate Student Loan Check rateon Sallie Mae's website on Sallie Mae's website COMPARE RATESon Credible’s website on Credible’s website | 4.50-
15.49% | Mid-600's | 6.37-
16.70% | Check rateon Sallie Mae's website on Sallie Mae's website COMPARE RATESon Credible’s website on Credible’s website |
College Ave Undergraduate Student Loan Check rateon College Ave's website on College Ave's website COMPARE RATESon Credible’s website on Credible’s website | 4.07-
15.48% | Mid-600s | 5.59-
16.69% | Check rateon College Ave's website on College Ave's website COMPARE RATESon Credible’s website on Credible’s website |
4.44-
14.70% | Mid-600s | 5.99-
14.70% | Check rateon SoFi's website on SoFi's website | |
Ascent Credit-based Student Loan Check rateon Ascent's website on Ascent's website COMPARE RATESon Credible’s website on Credible’s website | 4.09-
15.66% | Low-Mid 600s | 6.22-
16.08% | Check rateon Ascent's website on Ascent's website COMPARE RATESon Credible’s website on Credible’s website |
4.11-
15.90% | 650 | 5.62-
16.20% | Check rateon Earnest's website on Earnest's website |
EDvestinU Student Loan Refinance review
Pros
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You can refinance without a degree.
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You can see if you’ll qualify and what rate you’ll get without a hard credit check.
Cons
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You cannot refinance parent PLUS loans in your name.
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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
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 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, 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.
- Requirements
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%.
- Repayment options
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.
- Customer service
Loan servicer: Granite State Management & Resources.
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.
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.
Read more about our ratings methodologies for student loan refinance and our editorial guidelines.
Frequently asked questions
- Is EDvestinU legit?
EDvestinU is a student loan program offered by the nonprofit New Hampshire Higher Education Loan Foundation. NHHEAF has close to 60 years' experience in higher education.
- Is EDvestinU good for student loans?
NerdWallet rates EDvestinU as a 5-star lender for student loan refinancing and a 4.5-star lender for private student loan product based on more than 50 data points.
- What types of student loans does EDvestinU offer?
EDvestinU offers undergraduate and graduate student loans nationwide. International students can qualify with an eligible co-signer. EDvestinU also refinances existing student loans.