Unlike many student loan refinancing lenders, which are typically for-profit banks or credit unions, EDvestinU is a nonprofit loan program offered by the New Hampshire Higher Education Loan Corporation.
If you’re considering refinancing your student loan, you’re in the right place to read EDvestinU refinance reviews, including learning more about what the company can offer, and where it might fall short.
Quick look: EDvestinU
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Pros of EDvestinU refinancing
EdvestinU offers loan terms for a number of borrowers needs
EDvestinU offers many of the same advantages to borrowers as do other lenders. These include:
- a 0.25 percent autopay discount;
- no fees or penalties for prepaying your loan;
- the option to choose between four different term lengths starting at five years.
Variable rate loans from EDvestinU start at 2.72 percent for five-year terms, but the rate you get will vary based on your credit profile and the loan term you select.
For borrowers who refinance with a co-signer, the option for co-signer release becomes available after 24 months of consecutive, on-time payments.
The borrower must also have a credit score of 750 or above and a minimum gross income of $30,000 in order to release his or her co-signer from their obligation to the loan.
EDvestinU also offers the ability to postpone payments in 3-month increments for up to 12 months in total, for borrowers who qualify for economic hardship.
EdvestinU may appeal to community minded borrowers and borrowers who are still in school
Community-minded borrowers can also take heart in the fact that, unlike for-profit banks, any proceeds made by EDvestinU go directly back into New Hampshire public high schools in the form of scholarships and education access programs.
One last benefit of EDvestinU’s refinancing product is that the company accepts refinancing applications from any U.S. citizen or permanent resident who has federal or private student loans used to pay for a Title IV, degree-granting institution, regardless of whether or not they have graduated.
This means that not only students who have put their education on hold, but also students who are still in school, may apply to refinance their loans.
If your financial profile has changed significantly since you’ve started school — perhaps you’ve inherited some money, been working consistently, or paid off credit card debt — it might be worth applying to refinance before graduating.
Cons of EDvestinU refinancing
EdvestinU requires a strict minimum income
Unlike some other lenders who offer guidelines, but not exact cutoffs, EDvestinU also has a strict minimum income requirement.
For loan balances below $100,000, EDvestinU applicants must meet a minimum gross income requirement of $30,000. For balances above $100,000, the minimum income is $50,000.
For those who don’t quite meet EDvestinU’s minimum income cutoff, you’re not out of luck. With Credible, you can compare refinancing offers from a variety of lenders, and not only secure the best rate, but also choose the lender that fits you best.
No grace period for borrowers still in school
For those students who choose to refinance while in school, keep in mind that there is no grace period for EDvestinU loans. This means you’ll have to start paying your loans as soon as your current servicer receives funds from EDvestinU.
Federal student loan programs typically do not require you to make loan payments while in school or during your grace period, so even EDvestinU encourages borrowers to wait to apply for refinancing until the end of their grace period.
Many of these requirements have been mentioned previously, but to recap, EDvestinU requires borrowers to:
- Be U.S. citizens or permanent residents;
- be at least 18 years old;
have federal and/or private student loans (between $7,500 and $200,000) used to attend a Title IV institution;
- earn at least $30,000 for loan balances below $100,000, or $50,000 for balances above $100,000 (a cosigner may also fulfill this requirement on the borrower’s behalf).
Finding the best rates available
EDvestinU’s student loan refinancing product may be incredibly appealing for certain borrowers. But each refinancing lender determines the rate they’ll offer a borrower on a case-by-case basis, so it’s best to compare rates offered by multiple lenders before making a decision.
To learn more, read Credible’s reviews of other top student loan refinancing lenders:
Compare rates to get the best offer possible
With Credible, it’s easy to compare the best available rates from EDvestinU and other top student loan refinancing lenders with just one application. You can even check your prequalified rates without a hard credit pull, so it won’t affect your credit.