EDvestinU Student Loan Review
EDVestinU is a private student loan program that offers affordable college funding options for students across the United States. Launched in 2013 and funded by the New Hampshire Higher Education Loan Corporation (NHHELCO), this program offers private student loans and student loan refinancing options for students and graduates.
EDvestinU’s private student loans are available for undergraduate, graduate and international students with eligible co-signers in all states except California, Oregon and Washington. Students can borrow a minimum of $1,000 and a maximum of $200,000. They can also choose between a fixed or variable rate.
At a Glance: EDvestinU Student Loans
- 3.52%–8.17%Fixed APR Range
- 2.63%–6.47%Variable APR Range
- $1,000–$200,000Loan Amounts
- UndisclosedGrace Period
MoneyGeek Breakdown: EDvestinU Student Loan Details and Requirements
Undergraduate, Graduate and Refinancing
7, 10 and 15 years
EDvestinU Student Loan Application Requirements
Must be 18 years of age
Must be a U.S. citizen or permanent resident living in any state other than California, Oregon or Washington
Must meet credit and income requirements
Must be enrolled at least half-time at an eligible, U.S.-based, Title IV, degree-granting college or university
Must have a U.S. citizen or permanent resident co-signer if you are an international student
Must have (or the co-signer must have) a minimum individual annual gross income of $30,000
Must provide the following details:
- School name and branch
- Estimated loan amount
- Two personal references with name, address and phone numbers that do not share an address with anyone else listed on the application
- Employer and income information/documentation
- Government-issued ID
- Social Security card
Is EDvestinU Right for You?
Finding the best student loan lender for you depends on your needs. While EDvestinU can be a great fit for some borrowers, it’s important to keep in mind that all lenders are different. As a result, a variety of factors must be taken into consideration before applying.
Type of Student EDvestinU Is Perfect For
EDvestinU’s private student loan can meet the needs of a wide range of borrowers.
For instance, borrowers who want to make full payments or interest-only payments can benefit from EDvestinU’s repayment terms and fixed or variable rates. International students with an eligible co-signer can also benefit since not many lenders offer private student loans to non-U.S. citizens or non-permanent residents.
EDvestinU is also a good option for New Hampshire borrowers because of the additional discounts it offers. New Hampshire residents can get a better APR than residents from other states.
Who Should Not Choose EDvestinU
Loans from EDvestinU may not be suitable for borrowers with poor credit and no access to creditworthy co-signers. These people may find it difficult to be approved for a loan.
These loans also aren’t a great choice for people who are just looking for options or starting out in their research journey. This is because EDvestinU does not have any prequalification process. This means that, in order to give borrowers a rate, the program will pull a hard credit check. Unfortunately, this type of credit can affect your credit score.
How to Apply for an EDvestinU Student Loan
Applying for a student loan at EDvestinU is simple. The only time-consuming step involves collecting your information and waiting for approval. Review the steps below to know where to start and what to expect throughout the process
Unlike some of the other student loan lenders, EDvestinU does not provide a prequalification process. Instead, take the time to look at the rates and FAQs on their site to make sure their overall terms are a fit for what you need.
Fill Out Application Form
Once you decide you want to apply with EDvestinU, the overall application process can be sped up by ensuring you have all the necessary information. After you have your documents ready, fill in the application form online and submit it.
Wait for Approval
It can take seven to 10 business days to complete the process. This time span can depend on how quickly the required documents are verified.
Review Loan Agreement
Once you receive approval, you will receive a loan agreement. Review this in-depth and ensure the payment terms, APR type and other details are accurate. Taking the time to review the agreement can save you from unexpected fees later on during your loan term.
Sign Loan Agreement
If you like the offer and want to accept it, sign the agreement and send it back to the lender.
Receive or Direct Funds
After you sign your loan agreement, your funds will be released. Since your loan amount can be used for any purpose related to education, ensure you use it wisely.
Regardless of the payment terms you have agreed on with EDvestinU, make sure to keep your due dates in mind. Have a plan to ensure you pay back your loan. Taking advantage of autopay can ensure you don’t miss a payment.
What to Do if You Are Rejected From EDvestinU
If you are rejected for a loan, don’t worry. Loans can be rejected for several reasons, including low credit scores, not enough income or no credit history. They might even be rejected because of inaccuracy in your application.
If you have been rejected by EDvestinU, you can contact them and ask why you were rejected. This way, you can address the issue and ensure that you will have better chances of getting approved the next time you apply for a loan.
Additionally, you can consider asking your school's financial aid office for assistance or additional resources if you are still a student. Another option would be to consider getting a co-signer.
Keep in mind that a long-term strategy is also essential if you do not want to be rejected again. For instance, make sure to improve your credit score and reduce or eliminate other debts. Not only can these strategies ensure you have a better chance of getting approved for a student loan, but they can also improve your overall financial health.
Frequently Asked Questions About Student Loans
While MoneyGeek's EDvestinU student loan review is comprehensive, deciding whether it's the best lender for you can take some extra deliberation. Check out the frequently asked questions below if you are still uncertain about if a student loan from EDvestinU is right for you.
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