Welcome to the official INvestEd Student Loans Review brought to you by Facebook Business! We are dedicated to providing you with the most accurate and reliable information to help you make informed decisions about your student loans. In this comprehensive guide, we will walk you through the various options offered by INvestEd, a nonprofit lender specializing in student loan refinancing and private student loans for Indiana residents and students attending eligible schools in the state.

Introduction to INvestEd

INvestEd is a reputable Indiana nonprofit corporation that aims to empower students and graduates with financial tools and resources to enhance their financial well-being. They offer two primary services: student loan refinancing and private student loans. Whether you are looking to refinance your existing student loans or need funding to cover college expenses, INvestEd has you covered.

Student Loan Refinancing with INvestEd

INvestEd offers student loan refinancing to borrowers nationwide, not just limited to Indiana residents. One of the standout features of their refinancing service is that they do not require you to have completed your degree, making it an attractive option for those who haven’t finished their studies. This sets them apart from many other refinancing lenders and allows more borrowers to take advantage of their offerings.

Benefits of INvestEd Student Loan Refinancing

1. No Degree Requirement: INvestEd is unique in the sense that they do not mandate borrowers to have a degree to refinance their student loans. This opens up refinancing opportunities for individuals who left college before graduating.
2. Forbearance Benefits: INvestEd understands that life can present unexpected challenges, so they offer up to 24 months of forbearance over the life of the loan, granting borrowers the flexibility to pause payments temporarily in times of financial hardship.
3. Multiple Repayment Options: INvestEd offers a range of repayment terms, enabling borrowers to select the loan term that best aligns with their financial circumstances and budget.

INvestEd Student Loan Refinancing Rates and Loan Details

• Fixed APR: Starting from 5.9%+
• Variable APR: Starting from 8.12%+
• Minimum Credit Score: 670
• Loan Amount: $5,000 to $250,000
• Loan Terms: 5, 10, 15, 20 years
• Loan Types: Any private or federal student loans in good standing
• Minimum Income: $36,000
• Residency: U.S. citizen or permanent resident

INvestEd Private Student Loans

INvestEd also offers private student loans to Indiana residents attending eligible schools anywhere, as well as students from other states attending eligible schools in Indiana. Their private student loans cover up to the total cost of attendance, minus other aid received, making them a viable option for filling funding gaps.

Benefits of INvestEd Private Student Loans

1. High Loan Limits: INvestEd private student loans can cover up to 100% of the cost of attendance, ensuring that students have the financial support they need to pursue their education.
2. Flexible Repayment Plans: Borrowers can choose between three repayment options, allowing them to defer payments until six months after leaving school, make interest-only payments while in school, or start making full monthly payments right away.
3. Cosigner Release Option: INvestEd allows for cosigner release after 12 consecutive, on-time monthly principal and interest payments, offering borrowers the opportunity to continue the loan independently.

INvestEd Private Student Loans Rates and Loan Details

• Fixed APR: Starting from 4.6%+
• Variable APR: Starting from 7.37%+
• Loan Amount: $1,001 up to 100% of the cost of attendance (minus other aid)
• Loan Terms: 5, 10, 15 years
• Minimum Credit Score: 670
• Minimum Income: $3,333 monthly income or debt-to-income ratio not exceeding 30%
• Residency: U.S. citizen or permanent resident (Must be Indiana resident or attending college in Indiana)

Qualification Criteria for INvestEd Student Loans

To qualify for student loan refinancing or private student loans with INvestEd, borrowers must meet certain criteria:

1. Citizenship or Permanent Residency: Borrowers must be either U.S. citizens or permanent residents to be eligible for INvestEd student loans.
2. Credit Score: For both student loan refinancing and private student loans, a minimum credit score of 670 is required. This ensures that borrowers have a satisfactory credit history.
3. Income Requirements: For student loan refinancing, borrowers should have an annual income of at least $36,000. For private student loans, applicants should have a monthly income of $3,333 or a debt-to-income ratio not exceeding 30%.
4. Good Payment History: Borrowers must have a solid credit history, with no delinquencies of 60 days or more in the last two years.
5. Employment History: INvestEd prefers borrowers to have been employed continuously for the last two years. However, this requirement may be waived for retired or disabled individuals.

Refinancing Your Student Loans with INvestEd: A Step-by-Step Guide

Refinancing your student loans with INvestEd is a straightforward process. Here’s a step-by-step guide to help you through the application:

Step 1: Gather Your Information

Before starting the application process, gather all the necessary information, such as loan statements, credit score, income details, and personal identification documents.

Step 2: Check Your Eligibility

Visit the INvestEd website and check if you meet the eligibility criteria for student loan refinancing or private student loans.

Step 3: Compare Rates

Although INvestEd offers competitive rates, it is always wise to compare rates from multiple lenders. Use reputable platforms like Credible to compare offers from various refinancing lenders.

Step 4: Fill Out the Application

Once you have selected INvestEd or any other refinancing lender, complete the application process with accurate and up-to-date information.

Step 5: Approval and Loan Terms

If you qualify for refinancing, you will receive approval along with the loan terms and rates. Review the terms carefully before accepting the loan offer.

Step 6: Loan Disbursement

Upon acceptance of the loan offer, INvestEd will disburse the funds directly to your existing loan servicer to pay off your old student loans.

Step 7: Repayment

Start repaying your new INvestEd student loan according to the agreed-upon repayment terms. Take advantage of their autopay discount to save on interest.

How INvestEd Compares to Other Refinancing Lenders

INvestEd competes well with other refinancing lenders in the market, offering competitive rates and a flexible approach to student loan refinancing. However, it’s essential to compare and consider other lenders as well. Here’s how INvestEd stacks up against some key competitors:

Note: All APRs reflect autopay and loyalty discounts where available. Keep in mind that each lender may have different offerings and eligibility requirements, so it’s essential to compare the terms and rates to find the best fit for your individual circumstances.

INvestEd Student Loan Refinancing Review

INvestEd is a strong contender for student loan refinancing, offering competitive interest rates and attractive benefits. Here’s a comprehensive review of their refinancing service:

Competitive Interest Rates

INvestEd provides borrowers with competitive interest rates, giving them the potential to save thousands of dollars over the life of their loans. Their fixed APRs start from 5.9%+ and variable APRs from 8.12%+, ensuring affordable options for borrowers with varying credit profiles.

Generous Forbearance Benefits

INvestEd stands out with their generous forbearance policy, allowing borrowers to postpone payments for one to three months at a time during financial hardship. Borrowers can qualify for up to 24 months of forbearance over the life of their loan, providing much-needed flexibility during challenging times.

Suitable for All Borrowers

Unlike many refinancing lenders, INvestEd does not require borrowers to have completed their degrees. This unique feature makes their refinancing service accessible to a broader range of individuals, including those who left college before graduation.

Autopay and Loyalty Discounts

INvestEd offers a 0.25% interest rate deduction for borrowers who opt for automatic payment deductions. Additionally, loyal customers who consistently make on-time payments can also benefit from loyalty discounts.

Loan Terms and Repayment Options

INvestEd provides a variety of loan terms, ranging from 5 to 20 years, enabling borrowers to customize their repayment plans according to their financial goals. This flexibility allows borrowers to find a repayment term that aligns with their budget and timeline.

Loan Servicer

INvestEd partners with American Education Services (AES) as their loan servicer, ensuring borrowers receive reliable and efficient servicing throughout the life of their loans.

Expert Rating

Our expert, Akawak Ejigu, who holds a doctoral degree, MBA, and MA in sociology, has over 20 years of experience in finance and investment management. Based on extensive research and analysis, he rates INvestEd’s student loan refinancing service with a solid 3.1 out of 5.

INvestEd Private Student Loans Review

For students attending college in Indiana or Indiana residents attending eligible schools anywhere, INvestEd offers private student loans with attractive terms and features. Here’s a detailed review of their private student loan offering:

Comprehensive Coverage

INvestEd private student loans cover up to 100% of the cost of attendance, ensuring that students have access to adequate funding to pursue their education without financial stress.

Competitive Interest Rates

INvestEd provides competitive interest rates for their private student loans, starting from 4.6%+ for fixed rates and 7.37%+ for variable rates. These rates are competitive and can make a significant difference in the total cost of the loan.

Cosigner Release Option

INvestEd allows for cosigner release after 12 consecutive, on-time monthly principal and interest payments. This provides borrowers with the opportunity to continue the loan independently once they meet the release criteria.

Flexibility in Repayment Plans

INvestEd offers three repayment plans, allowing borrowers to choose the option that best fits their financial situation. Whether you prefer to start repaying right away or defer payments until after leaving school, INvestEd has a plan to accommodate your needs.

Generous Autopay Discount

By enrolling in automatic payments, borrowers can benefit from a 0.25% interest rate deduction. This discount rewards responsible borrowers and encourages on-time payments.

Loan Servicer

INvestEd partners with American Education Services (AES) to service their private student loans, ensuring reliable and effective support for borrowers throughout the loan term.

Expert Rating

Based on our expert’s evaluation, Akawak Ejigu, who holds extensive experience in finance and investment management, INvestEd’s private student loans earn a solid 4.6 out of 5.

Conclusion: INvestEd – Your Path to Financial Freedom

In conclusion, INvestEd is a reputable nonprofit lender offering excellent student loan refinancing and private student loan options. With competitive interest rates, flexible repayment plans, and generous forbearance benefits, INvestEd aims to empower students and graduates to manage their finances with confidence. As an Indiana resident or a student attending an eligible school in the state, or even if you haven’t completed your degree, INvestEd offers a unique opportunity to explore student loan refinancing and private student loans tailored to your needs. Remember to compare rates and offerings from multiple lenders to find the best solution for your financial situation. Always make informed decisions to secure your path to financial freedom. Disclaimer: While we strive to provide accurate and up-to-date information, please note that rates and terms may change over time. We encourage you to visit the official INvestEd website or contact their customer support for the latest details.

Akawak Ejigu, our expert, has extensive credentials, including a doctoral degree, MBA, MA in sociology, and a BSc in Management Information Systems. With over 20 years of experience in finance and investment management, Akawak is a seasoned professional in the field. 

Welcome to Facebook Business’s comprehensive review of EdvestinU student loans! As a leading financial and investment management company with over 20 years of experience, we are committed to providing you with the tools and confidence you need to make informed decisions about your finances. In this article, we will delve deep into EdvestinU’s student loan offerings, exploring their student loan refinancing and private student loans, eligibility criteria, interest rates, loan terms, and more. Our aim is to provide you with a well-researched, data-driven, and insightful review that can help you make the best choices for your education financing needs.

Introduction to EdvestinU

EdvestinU is a loan program offered by the New Hampshire Higher Education Assistance Foundation, a nonprofit organization dedicated to providing private student loans and student loan refinancing nationwide. As a nonprofit, EdvestinU stands out by offering borrower incentives that can significantly reduce the cost of borrowing, along with scholarship programs and educational outreach initiatives.

Student Loan Refinancing with EdvestinU

Wide Range of Loan Terms and Interest Rates

EdvestinU offers student loan refinancing with a diverse array of loan terms, providing borrowers with greater flexibility and convenience. Borrowers can choose from repayment terms of 5, 10, 15, and 20 years, allowing them to tailor their loan to their individual financial situation and goals. Furthermore, EdvestinU offers both fixed and variable interest rate options, giving borrowers the choice between a predictable rate throughout the loan term or a rate that fluctuates based on market conditions.

Refinance Up to $200,000 in Student Loan Debt

For borrowers with the income to support repayment, EdvestinU allows the refinancing of up to $200,000 in student loan debt. While this limit may be lower than some competitors, it is still sufficient to cover most borrowers’ undergraduate and graduate school debt. However, for borrowers coming out of medical school or law school with higher debt amounts, other lenders may offer higher refinancing limits.

Eligibility Requirements

EdvestinU does not require borrowers to have graduated to be eligible for student loan refinancing. This sets them apart from many other private lenders, as borrowers can refinance their student loans as long as they meet the company’s income and credit requirements. To qualify for refinancing with EdvestinU, borrowers generally need a minimum credit score of 700 and must meet specific income criteria, which vary depending on the loan amount.

Excellent Interest Rates for Creditworthy Borrowers

An analysis of $142 million in loans recently refinanced by EdvestinU reveals some valuable insights into their offerings. The typical EdvestinU customer had an average credit score of 784 and an average income of $126,816. These healthy borrower characteristics enabled most borrowers to secure competitive fixed interest rates, with an average of 6.23%. Those who opted for automatic payments enjoyed an even lower rate of 6.11% after factoring in the 0.25% autopay discount.

How to Qualify for Student Loan Refinancing with EdvestinU

To qualify for student loan refinancing with EdvestinU, borrowers need a credit score of at least 700. Additionally, borrowers must meet minimum income requirements, which are as follows:

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

Repayment Options

EdvestinU offers a range of repayment terms, allowing borrowers to choose the timeline that aligns best with their financial circumstances and goals. Opting for a longer repayment term results in lower monthly payments but may lead to higher total repayment costs over time. Borrowers have the option to defer payments until six months after leaving school, or they can choose to pay only the interest while in school to prevent the loan balance from growing.

Private Student Loans with EdvestinU

Choice of Fixed or Variable Interest Rates

EdvestinU’s private student loans provide borrowers with a choice between fixed and variable interest rates. This allows borrowers to select an interest rate option that suits their financial preferences and risk tolerance. Additionally, EdvestinU offers a variety of repayment terms and options, providing borrowers with the flexibility to tailor their loan to their specific needs.

No Origination, Disbursement, or Prepayment Fees

EdvestinU stands out by not charging origination, disbursement, or prepayment fees on their private student loans. This fee-free approach can help borrowers save significantly over the life of the loan.

Eligibility Criteria

To qualify for a private student loan with EdvestinU, most borrowers will require a cosigner with strong credit. While it is possible to qualify without a cosigner, having one can improve the chances of securing a more favorable interest rate. The minimum credit score required for solo borrowers is 750, and the borrower or cosigner must have a minimum gross income of $30,000.

How EdvestinU Compares to Other Private Lenders

EdvestinU’s private student loans have competitive interest rates, making them an attractive option for borrowers with good credit. Looking at a pool of $72 million in private student loans made by EdvestinU, the average credit score of cosigners was 789, with an average income of $116,975. The majority of borrowers in this pool opted for fixed-rate loans, with an average rate of 7.22%. Those who enrolled in automatic payments received an average rate of 6.86% after accounting for the 0.25% autopay discount.

Repayment Plans

EdvestinU provides various repayment plans, offering borrowers the flexibility to align their loan payments with their financial capabilities. Borrowers can opt to defer payments until six months after leaving school or choose to make interest-only payments while in school. Beginning full repayment while still in school is also an option, but it may not be feasible for all borrowers.

How-to Take-Out Student Loans with EdvestinU

If you’re considering EdvestinU for student loans or refinancing, we recommend comparing rates from multiple lenders to find the best deal. While EdvestinU is not currently one of our partner lenders, you can use our services to fill out a single form and compare prequalified rates from other lenders offering student loan refinancing.

Conclusion

In conclusion, EdvestinU provides attractive options for student loan refinancing and private student loans. With their borrower incentives and scholarship programs, they aim to reduce the cost of borrowing and support educational outreach. While refinancing limits may be lower than some competitors, EdvestinU’s wide range of loan terms and competitive interest rates make them a valuable option for creditworthy borrowers. If you’re considering private student loans or refinancing, be sure to explore EdvestinU alongside other lenders to find the best fit for your needs.

Author Credentials: Akawak Ejigu, PhD, MBA, MA (Sociology), BSc (Management Information Systems), with over 20 years of finance and investment management experience, enthusiast of data science and artificial intelligence.

Note: The information provided in this article is based on available data as of August 2023. Rates and terms may be subject to change, and readers are advised to verify the most current information with EdvestinU and other lenders before making any financial decisions.