EDvestinU Reviews: Refinancing for Non-Grads, Low Rates for NH
| Pros of EDvestinU student loans: | Cons of EDvestinU student loans: |
|---|---|
Accessible to nontraditional applicants, including international students (private loans) and non-graduates (refinancing) No application, origination or early payment fees In-person customer service (pending COVID-19 closures) | Repayment postponements awarded only on case-by-case basis Tough criteria to achieve cosigner release Lower borrowing and refinancing maximum ($200,000) than competitors Not an option for parent borrowers, or for transferring federal Parent PLUS loans Not available to borrowers in California or Washington |
Based in New Hampshire, EDvestinU is a national loan program managed by the New Hampshire Higher Education Loan Corporation (NHHELCO), a nonprofit organization.
As a nonprofit, NHHELCO uses the proceeds from EDvestinU loans to fund initiatives that benefit students, such as scholarships and educational programs. By working with the lender, you’re also able to help other borrowers avoid debt later on.
See our EDvestinU reviews to learn about either private loans or refinancing, depending on your stage of borrowing.
| EDvestinU student loan refinancing review | EDvestinU student loans review | |
|---|---|---|
| Frequently asked questions about EDvestinU | ||
EDvestinU student loan refinance review
EDvestinU refinancing allows borrowers to seek a lower interest rate or different loan repayment term through its seamless prequalification process. The lender also offers in-person customer service for borrowers who are close enough to take advantage.
EDvestinU student loan refinancing is a good fit for borrowers with balances above $7,500 and below $200,000 who didn’t graduate; the lender is one of few refinancing options that don’t require a diploma.
| What to like: | What to keep in mind: |
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EDvestinU student loan refinance review: The basics
With EDvestinU, it’s possible to refinance private and federal loans, including parent PLUS loans (though transferring a parent loan to the former student isn’t possible at EDvestinU).
Here are other basics of the EDvestinU refinance program:
- Prequalify and check potential rates without a hard credit check
- Opt for a variable or fixed interest rate
- Refinance from $7,500 up to $200,000 in student debt
- Discount your rate by 0.25 percentage points if you enroll in automatic payments
- Option to add a cosigner to your application
- Cosigner release available after 36 on-time, monthly payments
- No application or origination fee
- Choose a repayment term of 20 years — and there’s no prepayment penalty
- Apply for an economic hardship deferment (up to 12 months of postponements) if you struggle during repayment
- EDvestinU loan forgiveness is only available in the case of the primary borrower’s death
What to like about EDvestinU refinance for student loans
EDvestinU refinancing stands out from industry competitors in a few respects, including the following.
Prequalify easily and harmlessly
The hallmark of a competitive student loan refinancing company is prequalification: It allows you to confirm your eligibility and view potential rates and terms, all without submitting to a hard credit inquiry that will ding your credit.
EDvestinU reviews some basic information, promising to deliver your potential rate in “one minute.” Whether that rate will be especially competitive is something we’ll get into below.
Non-graduates are eligible
Some of EDvestinU’s refinancing eligibility criteria, such as credit score and minimum income, are quite stuff (which we detail below). But the nonprofit lender stands out in this respect: If you didn’t receive a diploma, you can still refinance your debt.
This is a departure from the norm, as the majority of private lenders require you to have earned a degree to refinance student loans.
Some fine print regarding the EDvestinU policy:
- If you refinance while you’re still enrolled at least half time, you’ll only be responsible for interest-only monthly payments until you drop below half time; at that point, you’d be expected to submit full, principal-and-interest payments.
- EDvestinU won’t honor your grace period, so if you’re less than six months removed from school, you might elect to hold off.
What you need to begin the refinancing process with EDvestinU
- Details of your existing loans
- Driver’s license or state-issued ID
- Income verification
- Two references
Release your cosigner from repayment
If you do need to use a cosigner to meet other eligibility requirements, EDvestinU offers cosigner release, which isn’t the case among many student loan refinancing companies. After 36 months of consecutive and on-time payments, you can remove your cosigner from your account.
In-person customer service (pending COVID-19 pandemic-related closures)
EDvestinU prides itself on customer service. As a smaller nonprofit, they can provide more personalized assistance to customers.
Besides phone and email support, the company also offers in-person assistance at their New Hampshire offices. Before applying, you can meet a loan counselor to help you navigate the process. In addition, you can meet with a counselor once your loans are in repayment to discuss any issues.
What to keep in mind about EDvestinU refinance for student loans
EDvestinU refinancing includes a few potential drawbacks.
Some eligibility requirements can be stiff
Yes, EDvestinU waives the common requirement of holding a degree, but its other eligibility criteria, while standard, could preclude you from qualifying. You must be a U.S. citizen or permanent resident and at least 18 years of age.
These somewhat stringent requirements also include:
- Minimum credit score: Not specified
- Minimum income requirement: $30,000 for loan balances under $100,000, $50,000 for loan balances above $200,000
Fortunately, you might be able to circumvent these rules by finding a creditworthy cosigner who agrees to join your application and be held legally responsible for your debt.
Lower interest rates may be found elsewhere
Student loan refinancing is a credit-based concept: The higher your credit score (among other financial factors), the lower interest rate you can expect to receive.
With that in mind, EDvestinU might not be the best option for borrowers with excellent credit. That’s because you can find lower fixed and variable interest rates among competing lenders, at least as of October 2021.
Light on deferment, forbearance protections
If you have federal loans, you might be used to an expansive menu of loan repayment programs and protections. Like other private lenders, however, EDvestinU is light on such features.
The nonprofit lender merely says it will review your situation if you have trouble repaying your loan. There’s no clear-cut standard for how to qualify for the lender’s economic hardship deferment, which would pause your repayment for up to 12 months, three months at a time.
Not an option for especially large balances
EDvestinU reviews your requested borrowing amount but caps refinancing at $200,000, which might sound like a lot, but lawyers, dentists and others who borrowed deep into the six figures for professional degrees might be excluded.
If you have more than $200,000 in education debt to refinance, check with a lender like Citizens Bank, which has a maximum lending limit of $500,000 for graduate degree-holders.
Not an option for transferring federal parent PLUS loans
If you’re a parent looking to refinance loans in your name, EDvestinU could be a good lender to help you escape a high interest rate. If you’re looking to assume or transfer parent PLUS loans to the student you originally borrowed on behalf of, however, you’ll have to look elsewhere.
Laurel Road is a lender with this option.
How EDvestinU student loan refinance compare
If you’re looking to refinance, it’s worth shopping around. The more loan offers you receive, the more certain you can be that you’re getting the best deal possible.
| EDvestinU | College Ave | SoFi | |
|---|---|---|---|
| Products | ● Student loan refinancing ● Parent PLUS loan refinancing | ● Student loan refinancing ● Parent PLUS loan refinancing | ● Student loan refinancing ● Parent PLUS loan refinancing ● Medical resident refinancing |
| Eligibility requirements | ● Not specified ● $30,000 income ● U.S. citizenship or permanent residency | ● 680 credit score ● $65,000 income ● U.S. citizenship or permanent residency ● College degree | ● Good or excellent credit score ● No minimum income ● Nonpermanent U.S. residents without eligible visas can apply with a permanent resident cosigner |
| Interest rates | Variable starting at 7.71% and fixed starting at 7.16% | Variable starting at 2.94% and fixed starting at 2.99% | Variable starting at 5.74% and fixed starting at 4.99% |
| Minimum loan amount | $7,500 | $5,000 | $5,000 |
| Repayment terms available | 20 years | 15 years (16 different options) | 5, 7, 10, 15, 20 years years |
| Apply with a cosigner | Yes | Yes | Yes |
Is refinancing student loans with EDvestinU right for you?
EDvestinU stands out for making refinancing accessible to current students and non-graduates alike. If you fall into one of those categories, applying with EDvestinU makes a lot of sense, particularly because it’s free and easy to browse. The nonprofit’s seamless prequalification process makes it easy to compare rates and terms among other offers you might receive elsewhere.
Just keep in mind that EDvestinU might not be the best overall lender for your situation. Its maximum lending limit could be a deal-breaker if you have more than $200,000 to refinance. You might also simply find a lower APR elsewhere, as the starting end of EDvestinU’s fixed and variable rate ranges can be beaten by competitors.
As you consider your options, see how EDvestinU reviews stack up with those of other top student loan refinancing lenders out there.
EDvestinU student loans review
With a mission that’s oriented toward your success in school and repayment, the nonprofit EDvestinU offers private loans to students (not parents) pursuing a variety of degrees. Its products could be worth a look after you’ve exhausted all other financial aid options, including federal student loans.
EDvestinU student loans are a good fit for families that reside in New Hampshire and can benefit from steep interest rate discounts and, pending the COVID-19 pandemic, in-person customer service. This lender is also a potential choice for international students with a U.S. citizen or permanent resident cosigner.
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EDvestinU private student loans are available to three types of students enrolled at least half time in degree-granting programs (except for residents of California and Washington):
- Undergraduates
- Graduate and professional students
- International students with a U.S. citizen or permanent resident cosigner
If you fit into one of these buckets, here are more details about the nonprofit lender’s in-school products.
| Basics | Borrow as little as $0 and as much as your cost of attendance (with an aggregate maximum of $200,000 ) Fixed and variable interest rates available Fixed rates (1 percentage point discount) and variable rates (0.25 percentage points) are discounted for New Hampshire residents and students |
| Applying | Option to apply with a cosigner No application, origination or other fees |
| Repayment | Standard six-month grace period No prepayment penalties Reduce your interest rate by 0.50 percentage points if you enroll in autopay Three in-school repayment options, including full deferment Repayment term option: 7 years Release your cosigner after 36 months of prompt payments (and meeting other criteria) Forgiveness offered only the case of the primary borrower’s death |
| Support | EDvestinU offers economic hardship deferments and discretionary forbearances, but the requirements for qualifying aren’t publicly shared |
What to like about EDvestinU student loans
As a nonprofit lender based in New Hampshire, EDvestinU doesn’t always stand out nationally. Thanks to its interest rate discounts and accessibility for international students, however, EDvestinU stands above many of its competitors in at least a few respects.
Industry-best autopay rate discount
It’s fairly common for private lenders, including banks and credit unions, to discount your APR by 0.25 percentage points if you enroll in automatic payments. Autopay is mutually beneficial: It makes submitting your monthly dues more convenient, and it gives your lender more assurance that you’ll stay current on your debt.
Signing up for autopay with EDvestinU is doubly valuable because it will lower your APR by an industry-best 0.50 percentage points. A lower interest rate, even by half a percentage point, can save you a significant amount of interest, particularly if you have a longer loan term.
Discounts for New Hampshire borrowers
Rate discounts are even more valuable for New Hampshire residents. Fixed rates are dropped by 1 percentage point, and variable rates by 0.25 percentage points if you’re a Granite State native or if you’re attending college or university there.
To put that interest rate discount into context, consider the following example…
| Fixed APR discounted from 6.00% | Total cost of repayment* | ||
|---|---|---|---|
| With autopay | 5.75% | $19,758 | |
| With autopay, NH residency | 4.75% | $18,873 | |
| *Assuming a $15,000 balance, to be repaid over 10 years | $885 | ||
International students are eligible with cosigner support
For private student loans, EDvestinU reviews your legal residency, requiring that you’re a U.S. citizen or permanent resident. However, the company is one of the few lenders out there who will work with international students. To apply for a private loan, international students just need a cosigner who is a U.S. citizen or private resident.
Other eligibility criteria include: You also must attend a Title IV school at least half time to qualify, and there’s a minimum income requirement of $30,000. If you don’t earn enough, you will need a cosigner who makes at least that amount.
| Can’t find a U.S. citizen or permanent resident or permanent resident cosigner? | Prodigy Finance is among lenders assisting international student borrowers |
| Not attending an eligible degree-granting school? | Check out options for non-degree-seeking student loans |
| Not attending classes at least-half time? | There are lenders with part-time student loan options |
What to keep in mind about EDvestinU student loans
Like all private lenders, EDvestinU could do better in certain areas to serve borrowers even better.
No prequalification process available
Some of the best private student loan companies allow you to confirm your eligibility and evaluate customized rates and terms without going to the trouble of filing a formal application and submitting to a hard credit check. EDvestinU isn’t in that group unfortunately, making it a better option for once you’ve narrowed down your options and are ready to file a few formal applications.
What you need to begin the loan application process with EDvestinU
- Loan amount
- School information
- Income verification
- Two references
- Driver’s license or ID
- Social Security card
EDvestinU says the application process typically takes about 7 to 10 business days
Deferment, forbearance lack clarity
EDvestinU offers economic hardship deferments and discretionary forbearances, but the requirements for qualifying for these repayment protections aren’t publicly shared. Borrowing from lenders that will give you a break if hard times arrive — or if you just return to school — is wise. You never know what might happen while repaying your education debt.
Cosigner release program is overly exclusive
The headline here is that you can release your EDvestinU cosigner, if you have one, after three years of prompt monthly payments. The real criteria are a bit more exclusive: You must also have a credit score of at least 750 and a minimum income of $30,000.
That’s a fairly high bar to clear for many borrowers. If you’re hoping for a faster, less-obstructed path to removing a cosigner from your loan agreement, you might shop with Sallie Mae. It has an industry-best 12-month route to cosigner release.
How EDvestinU student loans compare
Seeing how EDvestinU student loans stack up against other banks, credit unions and online companies will help you determine whether it’s a good fit for you.
| EDvestinU | College Ave | SoFi | |
|---|---|---|---|
| Loans for... | ● Undergraduate and graduate students | ● Undergraduates and graduate students ● Career school students ● Business, law, medical and dental school ● Parents | ● Undergraduate and graduate students ● Business and law school ● Parents |
| Interest rates | Variable starting at 2.20% and fixed starting at 3.02% | Variable starting at 5.09% and fixed starting at 4.44% | Variable starting at 5.24% and fixed starting at 4.24% |
| Ability to prequalify without affecting credit | No | Yes | Yes |
| Borrowing amount | $0 | $1,000 | $1,000 |
| In-school repayment options | 3 | 4 | 4 |
| Repayment terms | 7 years | 8, 12, 10, 15 years (and 5 to 15 years for parents) | 5, 10, 15 years |
| Cosigner release available | Yes — after 36 months of timely payments (and meeting other criteria) | Yes — after half the repayment term has elapsed | Yes — after 24 months of timely payments |
You’ll very likely be better off if you shop around beyond a few lenders. Make sure you learn all about the best options for your specific needs.
| Borrower | Programs | Personal situation | Lender feature |
|---|---|---|---|
| Adults returning to school | Community college | Applying without a cosigner | Credit unions |
| Graduate students | Trade school | Bad or no credit | Cosigner release |
| Parents | Nursing school | Economic hardship forbearance | |
| Medical school | |||
| Law school | |||
| Dental school | |||
| Business school |
Are EDvestinU student loans right for you?
If you’re a New Hampshire student, you would be wise to at least consider EDvestinU student loans. Between residency and autopay discounts, you could permanently shave 1.25 percentage points off your initially quoted APR. EDvestinU could also be a good option for international students with access to a citizen or permanent resident cosigner.
On the other hand, EDvestinU isn’t the right lender for every borrower. While it’s a nonprofit lender that would seem to be more customer-friendly than a traditional bank, EDvestinU isn’t transparent about repayment protections like deferment and forbearance. Plus, it offers a challenging pathway toward cosigner release.
Because EDvestinU also doesn’t offer a prequalification process, it’s wise to shop around first before potentially filing a formal application at a later date. You might find other worthwhile lenders listed in our private student loan marketplace.
Frequently asked questions
If you didn’t find your question answered in our EDvestinU reviews, see the following FAQs:
Yes, EDvestinU is a legitimate private lender as part of the New Hampshire Higher Education Assistance Foundation, which has almost 60 years of experience. It offers private student loans to borrowers pursuing undergraduate and graduate degrees, including international students.
EDvestinU student loans are private loans. That means they lack most of the features that are synonymous with federal loans, such as income-driven repayment plans and loan forgiveness programs. It’s generally recommended to exhaust all federal financial aid before resorting to borrowing private loans.
The application process for EDvestinU loans takes seven to 10 business days. The lender says on its website to allow three to five days for your application documents to be processed.
Student Loan Hero has independently collected the above information related to EDvestinU student loans, which is current as of Oct. 5, 2021, unless otherwise noted. None of the financial institutions named has either provided or reviewed the information shared in this article.