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
- 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.
- 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.
- 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
- 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.
- 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.
- 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:
- Citizenship or Permanent Residency: Borrowers must be either U.S. citizens or permanent residents to be eligible for INvestEd student loans.
- 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.
- 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%.
- Good Payment History: Borrowers must have a solid credit history, with no delinquencies of 60 days or more in the last two years.
- 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:
|Lender||Credible Rating||Fixed Rates from (APR)||Variable Rates from (APR)||Loan Repayment Terms (Years)||Loan Amount||Cosigner Release?|
|INvestEd||3.1||5.9%+||8.12%+||5, 10, 15, 20||$5,000 to $250,000||Yes|
|College Ave||5.5||5.08%+||5.28%+||5, 7, 10, 12, 15, 20||$10,000 up to total amount of qualified education debt||No|
|Citizens Bank||3||5.9%+||N/A||5, 10, 15||$10,000 to $250,000||No|
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.
INvestEd partners with American Education Services (AES) as their loan servicer, ensuring borrowers receive reliable and efficient servicing throughout the life of their loans.
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:
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.
INvestEd partners with American Education Services (AES) to service their private student loans, ensuring reliable and effective support for borrowers throughout the loan term.
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.