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EDvestinU Review: Student Loan Refinancing and Private Student Loans

EDvestinU offers student loan refinancing with a wide range of loan terms, as well as private student loans.

Matt Carter Matt Carter Updated June 2, 2020

Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as "Credible."

EDvestinU is a loan program offered by the New Hampshire Higher Education Assistance Foundation, a nonprofit which provides private student loans and student loan refinancing nationwide.

As a nonprofit, EDvestinU provides borrower incentives that can reduce the cost of borrowing, as well as scholarship programs and educational outreach.

  • EDvestinU student loan refinancing review
  • EDvestinU private student loans review

EDvestinU student loan refinancing review

Best if:

  • You didn’t graduate
  • You don’t need to refinance more than $200,000
  • You don’t need a cosigner

While EDvestinU won’t refinance as much debt as some of its competitors, it does offer a wide range of loan terms and a choice of a fixed or variable interest rate. Also, unlike many private lenders, EDvestinU doesn’t require you to have earned your degree — you can refinance your student loans as long as you meet the company’s income and credit requirements.

EDvestinU refinancing: Interest rates and loan details

If you have the income to support repayment, you can refinance up to $200,000 in student loan debt with EDvestinU. That’s less than the ceiling set by some lenders, but should be enough to cover most borrowers’ undergraduate and even graduate school debt. If you’re coming out of medical school or law school with more than $200,000 in debt, some of the best companies to refinance offer higher limits.

Loan amounts$7,500 to $200,000
Loan terms5, 10, 15, and 20 years
Loan typesAny private or federal student loan
(including PLUS loans)
Min. credit score700
Min. income$30,000 to $50,000
(depending on loan amount)
ResidencyU.S. citizen or permanent resident
Transfer parent loan to child?No
Death discharge availableYes, cosigner released if borrower dies
FeesNo application, origination, or disbursement fees
Prepayment penaltyNone
Key benefits0.25% autopay discount
EducationDegree not required
Cosigner releaseApplications accepted after 36 consecutive on‑time payments. Borrowers must meet conditions that include:
  • FICO score greater than 699

  • Min. gross income of $30,000 for loans up to $100,000

  • Min. gross income of $50,000 for loans over $100,000

  • Debt-to-income ratios of 43% or less

  • No defaults on education loans
Loan servicerGranite State Management & Resources (GSM&R)
Best if
  • You didn't graduate

  • You don’t need to refinance more than $200,000

  • You don't need a cosigner

EDvestinU student loan refinancing review

EDvestinU offers competitive rates that can make it an attractive refinancing option for borrowers with good credit.

An analysis of $142 million in loans recently refinanced by EDvestinU provides some insights into the kind of borrowers they’ve helped:

  • Average credit score: 784
  • Average income: $126,816
  • Average debt-to-income ratio: 29.3%
  • Average amount refinanced: $51,553

Those healthy borrower characteristics allowed the typical EDvestinU customer to refinance into a fixed-rate loan with an average interest rate of 6.23%. Those who authorized automatic payments did even better, securing a fixed rate of 6.11% after factoring in the 0.25% autopay discount.

How to qualify

If you want to refinance your loans on your own with EDvestinU, you’ll need a credit score of at least 700.

EDvestinU also has minimum income requirements that correspond to the amount of debt being refinanced:

  • Loans up to $100,000: minimum gross income of $30,000
  • Loans over $100,000: minimum gross income of $50,000

Repayment

EDvestinU offers a wide range of repayment terms, from five to 20 years, making it easier to achieve your goals. The longer you take to repay your loan, the lower your monthly payments, but the higher your total repayment costs.

How EDvestinU compares to other refinancing lenders

edvestinu student loan consolidationcollegeavecitizens bank student loans
Loan repayment terms (Years)5, 10, 15, 205 to 20 years5, 7, 10, 15, 20
Loan amount$7,500 to $200,000$5,000 to $300,000$10,000 to $500,000
(depending on level of education)
Cosigner release?Yes, applications accepted after 36 consecutive paymentsNot offered for refinancingYes, applications accepted after 36 consecutive payments
Transfer parent loan to child?NoNoNo
Loan servicerGranite State Management & Resources (GSM&R)University Account Service (UAS)Firstmark Services
Best forThose who didn't graduateGraduates seeking flexible loan termsRefinancing large loan balances

All APRs reflect autopay and loyalty discounts where available | 1Citizens Bank Disclosures | 2College Ave Disclosures | 3 ELFI Disclosures | 4INvestEd Disclosures | 5SoFi Disclosures

How to refinance student loans with EDvestinU

EDvestinU can be a great match for certain borrowers. Because each refinancing lender determines the rate they’ll offer on a case-by-case basis, you should compare multiple lenders to find your lowest possible rate.

Although EDvestinU isn’t one of our partner lenders for student loan refinancing, you can use Credible to fill out a single form in two minutes and compare prequalified rates from other lenders who offer student loan refinancing.

Compare Rates Now

EDvestinU private student loans

Best if:

  • You have a cosigner with strong credit
  • You’re comfortable making automatic payments
  • You don’t need to borrow more than $200,000

EDvestinU offers private student loans with no origination, disbursement or prepayment fees. But be prepared to apply with a cosigner — most students don’t have the credit history or income to qualify for private student loans on their own.

EDvestinU private student loans: Interest rates and loan details

With an EDvestinU private student loan, you have a choice of a fixed or variable interest rate and a wide range of repayment terms and options.

RatesFixed: 4.09%+7
Variable: 2.02%+7
Loan amounts
  • $1,000 minimum
  • Up to 100% cost of attendance
    (aggregate borrowing limit of $200,000)
Loan terms7, 10, 15 years
Min. credit score750
Min. income$30,000
(borrower or cosigner)
Residency
  • U.S. citizen or permanent resident
  • International students eligible with a creditworthy U.S. citizen or permanent resident cosigner
Repayment plansDefer payments until 6 months after leaving school, or:
  • Pay interest only while in school

  • Begin full repayment while in school
FeesNo application, origination, or disbursement fees
Prepayment penaltyNone
Key benefits0.50% autopay discount
EnrollmentMust be enrolled at least half time at an eligible institution
Cosigner releaseApplications accepted after 36 consecutive on‑time payments. Borrowers must meet conditions that include:
  • FICO score greater than 750

  • Minimum gross income of $30,000

Loan servicerGranite State Management & Resources (GSM&R)
Best if
  • You have a cosigner with strong credit

  • You’re comfortable making automatic payments

  • You don’t need to borrow more than $200,000

All APRs reflect autopay and loyalty discounts where available | 7 EDvestinU Disclosures

EDvestinU private student loans review

For borrowers and cosigners with good credit, EDvestinU private student loans offer rates that can be competitive with federal parent PLUS loans.

Looking at a recent pool of $72 million in private student loans made by EDvestinU provides some insights into who can benefit:

  • Average credit score (cosigner): 789
  • Average income (cosigner): $116,975
  • Average loan balance: $15,576

Nearly nine in 10 borrowers in the pool of loans analyzed chose a fixed-rate loan, with an average rate of 7.22%. Those who opted for automatic payments did even better, with an average rate of 6.86% after factoring in the 0.50% autopay discount.

How to qualify

Although it’s possible to qualify for a private student loan without a cosigner, most borrowers will require one. Even if you don’t need a cosigner to qualify, having one can help you get a better rate.

The minimum credit score needed to qualify for a private student loan on your own with EDvestinU is 750. In addition to minimum credit score, EDvestinU requires that the borrower (or cosigner) have at least $30,000 in gross income.

Repayment

EDvestinu offers a wide range of loan terms and repayment terms, helping you fit your loan payments to your monthly budget.

Depending on how much you borrow, you can repay your loan over seven, 10, 12, 15, or 20 years. While you can put off making any payments until six months after leaving school, keep in mind that interest will start racking up as soon as you take your loans out.

EDvestinU will also let you pay just the interest you owe while you’re still in school, which keeps your loan balance from growing. You’ll save even more if you can begin full repayment while still in school, although that’s not an option many borrowers can afford.

How EDvestinU’s student loans compare to other lenders

 EDvestinUcollegeavecitizens
Rates from (APR)Fixed:
4.09%+7

Variable:
2.02%+7
Fixed:
3.49%+2,3

Variable:
1.04%+2,3
Fixed:
3.99%+1

Variable:
1.22%+1
Loan terms (Years)7, 10, 155, 8, 10, 15, 205, 10, 15
Loan amount$1,000 up to 100% of certified cost of attendance
($200,000 aggregate loan limit)
$1,000 up to 100% of cost of attendance$1,000 minimum, up to school's cost of attendance
(Aggregate limits apply)
Cosigner release available?YesYesYes
Loan servicerGranite State Management & Resources (GSM&R)University Account Service (UAS)University Account Service (UAS)
Best forThose who don’t need to borrow more than $200,000Students and parents seeking flexible loan termsProfessional students (law, medicine, and MBA)

Lowest APRs reflect autopay, loyalty, and interest-only repayment discounts where available | 1Citizens Bank Disclosures | 2,3College Ave Disclosures | 7EDvestinU Disclosures | 8INvestEd Disclosures | 9Sallie Mae Disclosures

How to take out student loans with EDvestinU

As a nonprofit providing money-saving borrower incentives, EDvestinU is a private student lender worth considering. There are a growing number of lenders competing to make educational loans, so it’s wise to get rates from multiple lenders to find the best deal.

With Credible, it only takes a few minutes to fill out a form and request private student loan rates from EDvestinU and other top private student lenders without affecting your credit.

Find Your Student Loan

How EDvestinU can improve

If you’re looking for a private student loan, or to refinance existing student loan debt, EDvestinU has a lot to offer. But EDvestinU would be even better if they allowed you to:

  • Refinance loan balances of more than $200,000
  • Apply for cosigner release before 36 months when refinancing
  • Easily qualify for a private student loan without a cosigner
 
The company above is one of Credible’s approved partner lenders. Because they compete for your business through Credible, you can request rates from them by filling out a single form. Then, you can compare your available options side-by-side. Requesting rates is free, doesn’t affect your credit score, and your personal information is not shared with our partner lenders unless you see an option you like. Credible receives compensation if you close a loan with one of our partner lenders. The rates you receive and the fees you pay (if any) are not impacted by this compensation.
About the author
Matt Carter
Matt Carter

Matt Carter is a Credible expert on student loans. Analysis pieces he’s contributed to have been featured by CNBC, CNN Money, USA Today, The New York Times, The Wall Street Journal and The Washington Post.

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Discover Student Loans Disclosure

The interest rates depicted on Credible represent the APR. The fixed interest rate is set at the time of application and does not change during the life of the loan. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable Margin percentage. The margin is based on your credit evaluation at the time of application and does not change. For variable interest rate loans, the 3-Month LIBOR is 2.375% as of July 1, 2018. Discover Student Loans will adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the “interest rate change date”), based on the 3-Month LIBOR Index, published in the Money Rates section of The Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). This may cause the monthly payments to increase, the number of payments to increase or both. Please visit http://www.discover.com/student-loans/interest-rates.html for more information about interest rates.

Citizens Bank Disclosures

Student Loan Rate Disclosure

Variable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of July 1, 2018, the one-month LIBOR rate is 2.10%. Variable interest rates range from 4.07%-12.04% (4.07%-11.94% APR) and will fluctuate over the term of the loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a cosigner. Fixed interest rates range from 5.25%-12.19% (5.25% – 12.09% APR) based on applicable terms, level of degree earned and presence of a cosigner. Lowest rates shown requires application with a cosigner, are for eligible applicants, require a 5-year repayment term, borrower making scheduled payments while in school and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of the loan.

Citizens Bank - Refi - Disclosures

Education Refinance Loan Rate Disclosure:

Variable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of July 1, 2018, the one-month LIBOR rate is 2.10%. Variable interest rates range from 2.75%-8.20% (2.75%-8.20% APR) and will fluctuate over the term of the borrower’s loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a cosigner. Fixed interest rates range from 3.50%-8.69% (3.50% – 8.69% APR) based on applicable terms, level of degree earned and presence of a cosigner. Lowest rates shown require application with a cosigner, are for eligible, creditworthy applicants with a graduate level degree, require a 5-year repayment term and include our Loyalty discount and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty and Automatic Payment Discount disclosures. The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of their loan.