Unlike many other lenders who are for-profit, EDvestinU is a nonprofit loan program offered by the New Hampshire Higher Education Loan Corporation.
If you’re considering taking out private student loans, or wondering whether you should refinance your student loans with this lender, here’s everything you need to know about borrowing from EDvestinU.
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EDvestinU student loan refinancing overview
If you already have student loans, EDvestinU could be a good choice for student loan refinancing. Refinancing could lower your interest rate, lower monthly payment, or both. EDvestinU refers to their student loan refinancing program as “EDvestinU Refinance Loan.”
You can refinance both private and federal student loans with EDvestinU, though it is important to remember that refinancing federal student loans converts them into private student loans.
This means that you’ll give up certain federal benefits — like deferment and forbearance options, access to income-based repayment plans, and forgiveness options — by refinancing federal student loans.
If you are considering refinancing your student loans through EDvestinU, here’s what you should know:
|Loan amounts||$7,500 to $200,000|
|Loan terms||10, 15, and 20 years|
|Loan qualifications||Federal, Private and Parent PLUS loans|
|Discounts:||Auto pay (ACH) rate reduction of 0.25% available|
|Fees||No application, origination or disbursement fees|
|Income||Borrower must have an annual income of at least $30,000|
|Education||Any title IV degree granting school|
|Citizenship/Residency||U.S. citizen or permanent resident|
|Cosigner release||Available after 36 months of consecutive and on–time payments, terms apply|
|Loan servicer||Granite State Management & Resources (GSM&R)|
How to refinance your 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.
Credible makes it easy to compare top rates from EDvestinU and other student loan refinancing lenders with just one form. You’re able to check your prequalified rates without a hard credit pull (so it won’t affect your credit).
EDvestinU private student loans overview
EDvestinU offers private student loans to undergraduate and graduate students as well as to international students.
Here are some unique perks you can take advantage of if you take private student loans out with EDvestinU:
|Loan amounts:||Minimum loan amount of $1,000 and maximum aggregate of $200,000|
|Loan terms||7, 10, 12, 15 and 20 years|
|Discounts||0.5% autopay discount|
|Citizenship/Residency:||Borrower must be U.S. citizen or permanent resident|
|Enrollment:||Student must be admitted to or enrolled at least half-time at any title IV degree-granting college and university when applying. Eligible programs include any title IV degree-granting college and university|
|Income:||Borrower must have an annual income of at least $30,000 or cosigner|
|Repayment:||Full deferment, interest only payments, and principal and interest payments|
|Cosigner info:||Co-signer release available after 24 months of on-time payments|
|Loan servicer:||Granite State Management & Resources (GSM&R)|
How to get private student loans with EDvestinU
Before taking out any private student loans, consider exhausting all of your federal student loan options first. Then, if you still need help paying for school, you can compare student loans from multiple lenders to ensure you’re getting the best rates and terms for your situation.
Credible makes finding a student loan quick and easy. You can compare rates from EDvestinU and other top lenders in under three minutes, and checking your rates won’t impact your credit score.
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.