EdvestinU Student Loan Refinancing: 2024 Review

EdvestinU Snapshot

EdvestinU is a student loan program from the nonprofit New Hampshire Higher Education Loan Corp. They offer private student loans and student loan refinancing to students across the country. In order to qualify for EdvestinU’s student loan refinancing, you do not need to be from New Hampshire or even have graduated school. EdvestinU’s refinance offering is best for those who do not have a degree and are looking to refinance up to $200,000 of student loans.

Fixed APR Range: 4.41% to 7.78%

Variable APR Range: 8.04% to 9.79%

Loan Amounts: $7,500 to $200,000

Minimum Credit Score: 700

Best Features	Drawbacks
• Work with a non-profit, rather than a traditional lender • You can refinance your students loans without a degree • Exclusive benefits for New Hampshire residents	• Maximum loan of $200,000 is lower than most refinance lenders • Students cannot take over parent PLUS loans that parents took out on their behalf

Compare EdvestinU Refinance Rates:

Rather than searching for lenders one-by-one, we recommend starting the process with an automated student loan search tool. With the free Sparrow application, you can see the rates and terms you’d qualify for with 17+ premier lenders.

Best Features of Refinancing with EdvestinU

Work with a non-profit, rather than a traditional lender

EdvestinU has been helping families across the country finance the cost of their college education for nearly 60 years. EdvestinU is not affiliated with any school. As a non-profit, its goal is to save you money by offering the most competitive rates possible. While EdvestinU doesn’t have the name recognition that some of the traditional banks and online lenders have, it offers low rates and personalized customer service.

You can refinance your student loan without a degree

While most lenders require you to have graduated in order to refinance your student loan, EdvestinU accepts borrowers who don’t have a degree. This is a huge benefit to borrowers who left school before earning their degree.

Regardless of whether or not you have earned your degree, you will still need to meet EdvestinU’s credit and income requirements to qualify for refinancing.

Credit Score: You’ll need a credit score of at least 700.
Income: You’ll need $30,000 in gross income if you plan to refinance less than $100,000. You’ll need $50,000 in gross income if you plan to refinance more than $100,000.

If you do not meet that criteria, you could still be eligible for refinancing if you apply with a cosigner who does.

Exclusive benefits for New Hampshire residents

EdvestinU, as well as many other private student lenders, offers a 0.25% discount if you enable automatic payments. This is the lender’s way of incentivizing you to turn on autopay so that you don’t miss a payment.

EdvestinU has taken this to another level by offering New Hampshire residents a 1% rate reduction on fixed rate loans and a 0.25% rate reduction on variable loans.

EdvestinU also offers in-person support and counseling to borrowers from New Hampshire.

If you’re a New Hampshire resident, EdvestinU might be the best option for you.

Drawbacks of Refinancing with EdvestinU

Maximum loan of $200,000 is lower than most lenders

While other lenders often will refinance loans up to the total cost of attendance, the maximum loan amount that EdvestinU will refinance is $200,000. Accordingly, EdvestinU is a great option if you are refinancing relatively smaller student loans. However, if you are refinancing loans from medical school or graduate school that exceed $200,000, you might want to consider other lenders that accept larger loans.

Students cannot take over parent PLUS loans that parents took out on their behalf

If your parent has taken out a Parent PLUS loan or a private student loan in their name, some lenders give your parent the option to transfer the loan to your name (so long as you are the primary applicant). However, EdvestinU does not allow students to refinance parent PLUS loans in the student’s name.

If you are a parent who took out a parent PLUS loan, you can still refinance that loan through EdvestinU — it will just be in your name, not the student’s name.

If you’re looking for a lender that does allow you to transfer parent PLUS loans to the student, you may want to consider SoFi.

EdvestinU: The Nuts and Bolts

Interest Rates, Fees, and Terms

Fixed APR Range	4.41% to 7.78%
Variable APR Range	8.04% to 9.79%
Loan Terms	5, 10, 15 or 20 years.
Loan Amounts	$7,500 to $200,000.
Ability to transfer a parent loan to the student	No.
Application or Origination Fee	No.
Prepayment Penalty	No.
Late Fees	Yes, five percent of the monthly payment.

Eligibility Requirements – Financial

Minimum Credit Score	700.
Minimum Income	$30,000 if you plan to refinance less than $100,000; if you plan to refinance more than that, the minimum income is $50,000.
Typical Credit Score of Approved Borrowers or Cosigners	756.
Typical Income of Approved Borrower	Approximately $70,000.
Maximum Debt-to-Income Ratio	43%.
Ability to qualify if you’ve filed for bankruptcy	Yes, after 10 years have passed.

Eligibility Requirements – Personal

Citizenship	Must be a U.S. citizen or a permanent resident.
Location	Available to borrowers in all 50 states.
Must have graduated	No.
Must have attended a school authorized to receive federal aid	Yes.
Percentage of borrowers who have a cosigner	52%.

Repayment Options

Academic Deferment	Yes, but interest-only payments are due during the deferment.
Military Deferment	Yes, but interest-only payments are due during the deferment.
Disability Deferment	Yes, you can postpone payment while undergoing rehab for a disability.
Economic Hardship Deferment	Yes, borrowers are eligible for 12 months of economic hardship deferment, in three-month increments, over the life of the loan.
Forbearance	Discretionary forbearance is available for 12 months.
Cosigner Release	Yes, after 36 months of consecutive, on-time payments. Borrowers must also have a credit score greater than 749 and a minimum gross income of $30,000.
Death or Disability Discharge	The loan will be forgiven if the borrower dies, but not in instances of total or permanent disability.
Loan discharge if cosigner dies or becomes disabled	No.
Autopay	Allows for surplus payments via autopay: Yes. Allows for biweekly payments via autopay: No.

Customer Service

Loan Servicer	Firstmark Services
In-house Customer Service Team	Yes.
Process for Escalating Concerns	Yes.
Borrowers get assigned a personal customer service representative	No.
Average time from approval to payoff	At least 30 days.

Before you take out a loan from EdvestinU…

Complete the Sparrow application to compare real rates from more than 15 different lenders to make sure you’re getting the best rate possible.

See real rates, not rate ranges or estimates: Sparrow’s rates mimic those of our lenders so you know what rate you’re getting from each lender.

No impact on your credit score: Checking your rates on Sparrow won’t impact your credit score.

Data Privacy: Sparrow doesn’t sell your information, so don’t worry about getting calls from that random number that won’t leave you alone.

FAQ

Is EdvestinU a legitimate lender?

Yes, EdvestinU is a legitimate lender that has close to sixty years of experience lending and refinancing in higher education.

Is EdvestinU available in all 50 states?

Yes, EdvestinU is available in all 50 states.

How long does it take to get an EdvestinU student loan?

Submitting an application through EdvestinU takes a few minutes. Once you’ve submitted your loan application, EdvestinU will immediately return a decision about your eligibility. If you qualify, you will receive the rate and terms of your loan.

It may take some time to actually receive your loan. However, you can speed up the process by requesting debt payoff letters from your current lenders and loan servicers.

What happens if I don’t qualify for an EdvestinU student loan?

If you don’t qualify for an EdvestinU student loan, the company will inform you why. Depending on the reason, you may consider applying with a qualified cosigner or trying with a different lender. To check your rates across multiple lenders at once, try using Sparrow’s free search engine. In just two minutes, you can receive real, personalized offers from over 15 different lenders ready to help you. And best of all, it won’t impact your credit score.

Are EdvestinU student loans federal or private?

EdvestinU loans are private loans. Before you take out a private student loan, we recommend that you exhaust your federal funding options, including grants and scholarships.

Does applying for a loan through EdvestinU hurt my credit score?

In order to estimate what rate you qualify for, EdvestinU conducts a soft credit check — this does not affect your credit score. If you choose to accept the EdvestinU loan, the company will conduct a hard credit check to verify your information. A hard credit check may temporarily impact your credit score.

See EdvestinU‘s disclosures here.