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INvestEd is an Indiana nonprofit corporation that offers private student loans to students attending universities within the state. But if you’re planning on refinancing your student loans, it doesn’t matter where you went to school — INvestEd refinances student loans for borrowers all over the country.
Here’s what you need to know about borrowing and refinancing student loans through INvestEd:
INvestEd student loan refinancing
- You didn’t finish your degree
- You might need student loan forbearance benefits
- You have good to excellent credit
Unlike many refinancing lenders, INvestEd doesn’t require you to have a degree to refinance your debt. It also offers multiple repayment options, so you can pick a loan term that works best for your budget.
INvestEd student loan refinancing: Interest rates and loan details
INvestEd offers student loan refinancing for both students and parent loan borrowers. Whether you have private loans or federal loans, you can take advantage of the lender’s range of repayment terms and loan options.
|Fixed rates from (APR)||2.92%+4|
|Variable rates from (APR)||1.87%+4|
|Loan amounts||$5,000 - $250,000|
|Loan terms||5, 10, 15, 20 years
|Loan types||Any private or federal student loans in good standing|
|Min. credit score||670|
|Residency||U.S. citizen or permanent resident|
|Transfer parent loan to child?||No|
|Cosigner release||Applications accepted after 48 consecutive, on-time monthly principal and interest payments|
|Education||Degree not required|
|Loan servicer||American Education Services (AES)|
All APRs reflect autopay and loyalty discounts where available | 4INvestEd Disclosures
INvestEd student loan refinancing review
With competitive interest rates and a lengthy forbearance option if you face financial difficulties, INvestEd could be a good choice for private student loan consolidation. If you meet its lending criteria, you can refinance up to $250,000, and you can choose between variable and fixed interest rates.
How to qualify
To qualify for a refinancing loan from INvestEd, you must:
- Be a citizen of the United States or a permanent resident
- Have a credit score of 670 or higher
- Earn at least $36,000 per year
- Not spend more than 40% to 50% of your gross monthly income on your monthly credit payments, including rent, car payments, credit cards, and student loans
As for when to refinance your debt, INvestEd doesn’t require borrowers to have a degree, so you might qualify for a loan even if you didn’t graduate from your program.
Remember that you’ll need to meet INvestEd’s other employment and credit requirements as well. If you don’t meet these criteria on your own, a cosigner could help you qualify.
Learn More: How to Refinance Your Student Loans
Borrowers can choose between four different repayment terms: five, 10, 15, and 20 years. If you sign up for automatic payments, you can qualify for a 0.25% automatic payment discount.
If you have a cosigner, you can qualify for a cosigner release after making 48 consecutive, on-time monthly principal and interest payments. Keep in mind you must meet the underwriting criteria on your own in order for INvestEd to remove the cosigner from the loan.
INvestEd also offers generous forbearance benefits. If you experience financial hardship, you can postpone your payments for one to three months at a time. You can qualify for a forbearance period twice in a 12-month period, and you can get up to 24 months of forbearance over the life of your loan.
Keep in mind that private student loans don’t come with the same protections that federal student loans offer. If you refinance your federal student loans, you can lose those protections — like the right to income-driven repayment plans, student loan forgiveness, and more.
Learn More: Refinancing Your Federal Student Loans
How INvestED compares to other refinancing lenders
How to refinance student loans with INvestEd
With competitive interest rates and a generous forbearance policy, INvestEd could be a good choice if you want to refinance your student loans.
However, even with INvestEd’s benefits, it’s still a good idea to shop around and compare as many lenders as possible to find the right loan for you. With Credible, you can check your rates with multiple refinancing lenders at once after filling out a single form.
How INvestEd refinancing can improve
While INvestEd has a valuable forbearance policy, low interest rates, and multiple repayment terms, there are a few ways it could improve:
- Loan maximums: INvestEd allows you to refinance only up to $250,000 in student loans. Borrowers with higher student loan balances — such as medical school debt — will have to find another lender.
- Long cosigner release period: While INvestED does offer cosigner release, you can’t apply for it until you’ve made 48 consecutive, on-time monthly payments. Some lenders offer cosigner release much sooner. For example, you can apply for cosigner release with Citizens Bank after 36 months, while PenFed accepts applications after just 12 months.
- Can’t transfer loan to child: INvestEd does allow parents to refinance private student loans or Parent PLUS Loans, but you can’t transfer the loans into your child’s name. If you want your child to take over responsibility for the loan, you’ll need to refinance with another company, such as Advantage.
INvestEd private student loans
- Students living or going to college in Indiana
- Students who are confident they’ll earn their degree
- Families with large college funding gaps
INvestEd offers private student loans to students living or attending college in Indiana. Eligible students can fund up to their total cost of attendance, minus other aid received, making INvestEd an option worth considering.
INvestEd student loans: Interest rates and loan details
As with most private student lenders, the interest rates offered by INvestEd depend on the student or cosigner’s creditworthiness. To qualify with INvestEd, you or your cosigner must have a credit score of at least 670, and enough income to comfortably handle the monthly payments for the loan you’re seeking.
|Rates from (APR)||Fixed: 3.83%+8
|Loan amounts||$1,001 up to 100% of the cost of attendance
(minus other aid)
|Loan terms||5, 10, or 15 years|
|Min. credit score||670|
|Min. income||$3,333 monthly income or debt-to-income ratio not exceeding 30%|
|Enrollment||Must be enrolled at least half time in a degree-granting program at an eligible institution|
|Repayment plans||Defer payments until 6 months after leaving school, or:
|Cosigner release||Applications accepted after 48 consecutive on‑time payments. Borrowers must meet conditions that include:
|Loan servicer||American Education Services (AES)|
All APRs reflect autopay and loyalty discounts where available | 8INvestEd Disclosures
INvestEd private student loan review
INvestEd is partnered with a lender (First Merchants Bank), loan processor (Campus Door), and loan servicer (American Education Services) to provide competitive private student loans and customer service.
INvestEd offers a good selection of repayment terms — 5, 10, or 15 years — but it’s not as broad as some other lenders. A 20-year option would be helpful for students who need to borrow a lot.
INvestEd offers a choice of a fixed or variable interest rate. Like many other private student loans, variable rates are tied to the 3-month London Interbank Offer Rate (LIBOR). That means your interest rate and monthly payments can go up or down over time. Your interest rate on an INvestEd variable-rate loan can go as high as 21%.
In addition to a 0.25% interest rate discount for autopay, INvestEd will deduct 2% from your original loan principal if you graduate within 6 years. So if you’ve borrowed $30,000, you’ll have $600 knocked off your loan balance at graduation.
How to qualify
Most undergraduates taking out private student loans will need a cosigner to be approved because they won’t have the kind of credit history and earnings that lenders are looking for.
INvestEd expects you or your cosigner will have a credit score of at least 670, and all of your monthly bills shouldn’t take up more than 30% of your income.
You or your cosigner will also need:
- To have been employed continuously for the last two years (may be waived if retired or disabled)
- No delinquencies of 60 days or more for at least two years.
- No repossessions, judgments, foreclosures, garnishments or tax liens
- No charge-offs of unpaid bills or collections accounts exceeding $100
- No bankruptcies within the past 5 years
INvestEd offers a choice of three repayment plans when you’re approved for a loan:
- Start making full monthly payments right away
- Just pay the interest you owe while in school
- Defer payments altogether until 6 months after leaving school
Deferring payments altogether is the costliest option, since interest charges will pile up. If you can at least pay the interest you owe each month, your loan balance won’t grow while you’re in school.
Also, keep in mind that the longest you can put off making full payments is 54 months. Your in-school period cannot exceed 48 months, at which point your 6-month grace period begins.
How INvestEd student loans compare to other lenders
|Rates from (APR)||Fixed:|
|Loan terms (Years)||5, 10, 15||5, 8, 10, 15, 20||7, 10, 12, 15, 20|
|Loan amount||$1,001 up to 100% of school's cost of attendance|
(minus other aid)
|$1,000 up to 100% of cost of attendance||$1,000 up to 100% of certified cost of attendance
($200,000 aggregate loan limit)
|Cosigner release?||Applications accepted after 48 consecutive on‑time payments||Yes, applications accepted after more than half of the scheduled repayment period has elapsed||Yes, applications accepted after 36 consecutive on-time payments|
|Loan servicer||American Education Services (AES)||University Account Service (UAS)||Granite State Management & Resources (GSM&R)|
|Best for||Indiana students with large funding gaps||Students and parents seeking flexible loan terms||Those who don’t need to borrow more than $200,000|
Lowest APRs reflect autopay, loyalty, and interest-only repayment discounts where available | 1Citizens Bank Disclosures | 2,3College Ave Disclosures | 6Discover Disclosures | 7EDvestinU Disclosures | 8INvestEd Disclosures | 9Sallie Mae Disclosures
Citizens Bank 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, 2020, the one-month LIBOR rate is 0.18%. Variable interest rates range from 1.25%-11.40% (1.25%-11.01% 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 co-signer. Fixed interest rates range from 4.25%-11.95% (4.25% - 11.53% APR) based on applicable terms, level of degree earned and presence of a co-signer. Lowest rates shown requires application with a co- signer, 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.
How to take out student loans with INvestEd
INvestEd may be a good choice if you live or go to college in Indiana and still need money for school. But it’s always smart to see what rates other lenders will offer before making up your mind.
Credible makes it easy to compare some of the best private student loans. By filling out a single form, you can request prequalified rates from INvestEd and other student loan lenders without affecting your credit. If you see an option you like, you’ll be asked to authorize a hard credit pull to move forward with your loan application.
How INvestEd student loans can improve
Depending on the rates you’re offered, INvestEd can be a good choice for filling college funding gaps. INvestEd could be a good choice for more students if it:
- Served states other than Indiana
- Offered a wider range of repayment terms
- Set a lower limit on variable-rate loans
Matt Carter contributed to the reporting for this article.
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