INvestED Snapshot
INvestED offers private student loans, parent loans, and student loan refinancing. INvestED’s student loan offering is best if you are a resident of or student in Indiana seeking competitive interest rates, a variety of repayment options, and a flexible repayment option.
Fixed APR Range: 4.61% to 8.67%
Variable APR Range: 7.88% to 12.34%
Loan Amounts: $1,001 up to the total cost of attendance minus other aid received
Minimum Credit Score: 670
| Best Features | Drawbacks |
| • Competitive interest rates • Variety of repayment options • Offers a six-month grace period • Allows up to 24 months of forbearance • Offers a Parent Loan option | • Only available to students that are residents of or attending school in Indiana • Not accessible to students enrolled less than half-time • No biweekly payment via autopay |
What’s Inside
- Interest Rates, Fees, and Terms
- Eligibility Requirements – Financial
- Eligibility Requirements – Personal
- Repayment Options
- Customer Service
- FAQ
Best Features of INvestED Student Loans
Competitive interest rates
When looking for a student loan, finding a low interest rate is typically a top priority. If you qualify for an INvestED student loan, you’ll have access to competitive interest rates, and won’t have to pay origination fees, application fees, or prepayment penalties.
| Undergraduate | Parent Loan | |
| Fixed APR* | 4.61% – 8.61% | 4.61% – 7.62% |
| Variable APR* | 7.88% – 12.34% | 6.10% – 9.51% |
Variety of repayment options
While still in school, INvestED offers you three repayment options for your student loans, with terms ranging from 5, 10, or 15 years. If possible, it’s beneficial to make in-school loan payments in order to reduce the amount of interest you pay over time.
| Repayment Option | Terms | Pros | Cons |
| Immediate Repayment | Make full payments as soon as the loan is disbursed, while you’re still in school. | You will minimize the interest you pay, resulting in the greatest savings. Because you’re paying down both interest and principal while you’re still in school, you’ll already have made a good start on repaying your loan by the time you graduate. | For many students, it’s not realistic to make full monthly payments while still enrolled in college. |
| Interest-Only Repayment | Pay only interest while you’re in school. | Your monthly payments will be more manageable, and your loan balance won’t grow while you’re in school. | You won’t make any progress paying down your loan balance while you’re a student. But at least you won’t owe more than you borrowed when it’s time to start making full payments. |
| Deferred Repayment | Don’t make any payments while you’re in school for up to 78 months. Begin repayment after graduation or 6 months after graduation. | You won’t have to make payments while you’re in school. | You will likely pay the highest overall cost since unpaid interest will be added to your principal amount at the end of your grace period. |
Offers a six-month grace period
Similar to federal student loans, INvestED offers a six-month grace period before you are required to begin making full principal and interest monthly payments. The grace period is available if you are no longer in school at least half-time – because you’ve graduated, left school, or dropped below half-time enrollment.
Allows up to 24 months of forbearance
INvestED offers up to 24 months of forbearance (a pause on your repayment due to financial hardship, unemployment, or a disability). INvestED’s forbearance is offered in increments of 3 months, with a maximum of 24 months available over the life of the loan. Borrowers are eligible for up to two 3-month increments of forbearance within a 12-month period.
Offers a parent loan option
Unlike several other private student lenders, INvestED offers a parent loan option. Parent loans are a good option for parents or guardians who would like to borrow on behalf of a dependent child.
Drawbacks of INvestED Student Loans
Only available to students that are residents of or attending school in Indiana
While INvestED offers a high-quality student loan, it is unfortunately only available to borrowers who are residents of or attending school in Indiana. If you are neither, you will need to apply with a different lender.
Not accessible to students enrolled less than half-time
If you are not enrolled in school at least half-time, you are ineligible for an INvestED student loan. If you’re studying less than half-time, you will need to consider another lender.
No biweekly payment via autopay
When you repay your student loan, your payments are due monthly by default. Instead, some borrowers choose to make biweekly payments via autopay, where you automatically pay half your monthly amount once every two weeks. Many borrowers use biweekly autopay in an effort to pay off their student debt faster and pay less in interest over the lifetime of the loan.
Unfortunately, when you borrow through INvestED, you don’t have the option to make biweekly payments via autopay.
You do, however, have the option to make greater-than-minimum payments via autopay. This means you have the option to pay more than your monthly balance in order to reduce the interest that accrues over time. With INvestED, you can set this up automatically so that the desired monthly payment is drawn from your bank account at the end of each month.
INvestED: The Nuts and Bolts
Interest Rates, Fees, and Terms
| Fixed APR Range | 4.61% to 8.61% |
| Variable APR Range | 7.88% to 12.34% |
| Loan Terms | 5, 10, or 15 years. |
| Loan Amounts | $1,001 up to the total cost of attendance minus other aid received. |
| Application or Origination Fee | No. |
| Prepayment Penalty | No. |
| Late Fees | Yes, 5% of the unpaid past-due amount or $10, whichever is less. |
Eligibility Requirements – Financial
| Minimum Credit Score | 670. |
| Minimum Income | $39,996. |
| Typical Credit Score of Approved Borrowers or Cosigners | 710. |
| Typical Income of Approved Borrower | $31,671. |
| Maximum Debt-to-Income Ratio | 30%. |
| Ability to qualify if you’ve filed for bankruptcy | Yes, after 5 years have passed. |
Eligibility Requirements – Personal
| Citizenship | Must be a U.S. citizen or permanent resident. DACA borrowers are not eligible. |
| Location | Borrowers must attend an eligible school in Indiana or be a resident of Indiana. Indiana residents attending schools in Colorado, Oklahoma, South Carolina, and Wisconsin are ineligible. |
| Must be enrolled half-time or more | Yes. |
| School requirements | Must be enrolled at an eligible Title IV, four-year institution in the U.S. |
| Percentage of borrowers who have a cosigner | 88%. |
Repayment Options
| In-school Repayment Options | Immediate repayment: Make payments as soon as the loan is disbursed, while you’re in school. Interest-only repayment: Pay only the interest every month while you’re in school and during the grace period. Deferred repayment: Don’t make any payments while in school. |
| Grace Period | 6 months. |
| In-school Deferment | Yes. |
| Military Deferment | Yes. |
| Disability Deferment | Did not disclose. |
| Forbearance | Yes. INvestED offers borrowers up to 24 months’ forbearance over the life of the loan. Forbearance is given in 3-month increments. Borrowers can receive up to 2 forbearances in a 12-month period. |
| Cosigner Release | Yes, after 48 months of eligible, on-time payments. |
| Death or Disability Discharge | Yes. INvestED loans are forgiven if the borrower dies or becomes permanently disabled. |
| 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 | American Education Services. |
| In-house Customer Service Team | Yes. |
| Process for Escalating Concerns | Yes. |
| Borrowers get assigned a personal customer service representative | No. |
| Average time from application to approval | Did not disclose. |
Before you take out a loan from INvestED…
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FAQ
Is INvestED a legitimate lender?
Yes, INvestED is a legitimate lender that has been working with students for over 40 years.
Is INvestED available in all 50 states?
No, INvestED is only available to borrowers who are studying in or residents of Indiana.
How long does it take to get a INvestED student loan?
Submitting an application through INvestED takes a few minutes. Once you’ve submitted your loan application, INvestED will instantaneously 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. Your school must approve the loan which may take between four to six weeks.
What happens if I don’t qualify for an INvestED student loan?
If you don’t qualify for an INvestED 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 INvestED student loans federal or private?
INvestED offers private student 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 INvestED hurt my credit score?
In order to see what rate you qualify for, INvestED conducts a hard credit check to verify your information. A hard credit check may temporarily impact your credit score.
See INvestED’s disclosures here.