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.
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
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.
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.
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.
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.