About lender
EdvestinU, a private student loan lender, provides a range of options for borrowers seeking to finance their education. While its offerings may seem standard compared to other lenders, there are notable benefits for residents of New Hampshire attending in-state schools. For New Hampshire residents, EdvestinU stands out with its tailored perks designed to support local students. These perks can include lower interest rate, multiple loans repayment options, and potentially higher private loans limits, providing a compelling option for financing higher education within the state. While EdvestinU's private student loans may not offer the most competitive terms for all borrowers nationwide, its focus on serving the needs of New Hampshire residents underscores its commitment to supporting local students in achieving their academic goals.
Features
- Nonprofit Status. EdvestinU operates as a nonprofit lender, prioritizing the needs of students over profit margins.
- Based in New Hampshire. The organization is headquartered in the state of New Hampshire, potentially offering tailored benefits for residents of the state.
- Co-signer Release. EdvestinU provides the option for co-signer release, allowing borrowers to remove their co-signers from the loan agreement under certain conditions.
- Loan Discharge. In the unfortunate event of a borrower's passing, EdvestinU offers loan discharge, even if a co-signer is still present on the loan.
Pros and cons
Pros
Cons
Reliability
EdvestinU holds a Michigan Regulatory Loan License (RL0024239) and is regulated by the Michigan Department of Insurance and Financial Services (DIFS). This indicates that the company operates under the oversight of a state regulatory authority, which helps ensure adherence to laws and regulations governing lending practices.
How to apply for a loan with EdvestinU
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Visit the Website. Begin by navigating to the EdvestinU website using your preferred web browser.
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Select Loan Type. Once on the website, you'll be presented with options for different types of loans. Choose either "Undergraduate and Graduate Student Loan" or "New Hampshire Student Loan," depending on your eligibility and preferences.
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Click "Get Started". After selecting the appropriate loan type, locate the "Get Started" button or similar call-to-action prompt and click on it to initiate the application process.
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Proceed to Sparrow. Upon clicking "Get Started," you may be directed to another platform called Sparrow, which facilitates the loan application process. Confirm your intent by selecting "Yes, take me to Sparrow!".
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Complete the Application. You'll be prompted to fill out the loan application form on the Sparrow platform. Provide accurate and complete information as required, including personal details, financial information, and any necessary documentation.
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Review and Submit. Before submitting your application, carefully review all the information you've provided to ensure accuracy and completeness. Make any necessary revisions or additions.
Conditions
Private Student Loans
- Variable Annual Percentage Rate. Ranging from 8.120% to 11.020%, with lower rates of 7.380% to 10.390% specifically for New Hampshire residents attending school in-state.
- Fixed Annual Percentage Rate. Between 6.000% and 9.935%, with reduced rates of 4.500% to 9.197% for New Hampshire residents attending school in-state.
- Loan Amounts. Available from $1,000 to $200,000, providing flexibility to cover various education-related expenses.
- Loan Term. Repayment terms range from 7 to 15 years for private student loans, offering borrowers options to align monthly payments with their financial circumstances and goals.
Refinancing
- Variable Annual Percentage Rate. Ranging from 8.040% to 9.790%.
- Fixed Annual Percentage Rate. Between 6.000% and 10.120%.
- Loan Amounts. Available from $7,500 to $200,000, providing flexibility to refinance various existing student loan balances.
- Loan Term. Repayment loan terms range from 5 to 20 years, allowing borrower to choose a timeline that best suits their financial situation and goals.
Requirements
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Minimum Credit Score. The minimum credit score required is not disclosed.
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Minimum Annual Gross Income. Applicants should have a minimum annual gross income of $30,000. However, if refinancing more than $100,000 in student loans, the minimum annual gross income requirement increases to $50,000.
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Geographic Limitations. EdvestinU loans are available to residents of Alaska, Arkansas, Colorado, Connecticut, Florida, Maine, Massachusetts, Michigan, Nebraska, New Hampshire, New Jersey, New York, North Carolina, Puerto Rico, Rhode Island, Texas, Utah, Virginia, Washington, West Virginia, and Wisconsin.
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Citizenship and Residency. EdvestinU loans are available to U.S. citizens and permanent residents. DACA recipients are not eligible. However, international students with an eligible co-signer who is a U.S. citizen or permanent resident are accepted.
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School Requirements. Loans are available for education at U.S.-based Title IV schools. If currently enrolled, applicants must be attending on at least a half-time basis.
Ways to receive the money
Once you've completed the loan application process with EdvestinU, the next steps involve your school's confirmation of enrollment and verification of the requested loan amount. This amount is typically determined based on your cost of education, minus any other financial aid you may have received. Afterward, the school will establish disbursement dates for the funds, which are then sent directly to the school using their preferred disbursement method. This process ensures that the borrowed amount is received by the school and applied to your educational expenses in a timely manner.
Products
- Undergraduate and Graduate Student Loan. Designed to provide financial assistance to students pursuing undergraduate or graduate studies, covering expenses such as tuition, fees, and living costs.
- New Hampshire Student Loan. Specifically catered to residents of New Hampshire attending in-state schools, offering unique benefits and support tailored to their needs.
- Refinancing. Allows borrowers to consolidate and potentially lower rate on their existing student loans, helping to manage student loan debt more effectively over time.
Other Student Loans
Reasons you may be denied for EdvestinU financing
- Creditworthiness. If you have a history of late payments, defaults, or bankruptcy, it may impact your credit score and result in denial for financing.
- Insufficient Income. If your income does not meet the minimum income requirement set by EdvestinU, you may be denied financing.
- Ineligibility Criteria. If you do not meet specific eligibility criteria set by EdvestinU, such as residency requirements or enrollment at an eligible institution, you may be denied financing.
- Previous Denials or Applications. If you have previously been denied financing or have submitted multiple applications within a short period, it may raise concerns for lenders and result in denial.
- Federal Protections. If you are currently receiving federal student loan benefits, such as income-driven repayment plans or loan forgiveness programs, you may not be eligible for private refinancing options.
How to repay an EdvestinU loan
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In-School Repayment. If you have the income, you can opt to make monthly payments while you're still in school. These payments can be interest-only or full payments, which can prevent interest from accruing or even allow you to get a head start on repayment. Your first monthly payment will be due 30 to 45 days after the last loan disbursement is made.
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Deferred Repayment. With this option, you won't make any payments while in school and usually for a given number of months after graduating. However, interest will accrue during the time you're not making payments.
Editorial opinion
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Additional resources
- EdvestinU Customer Reviews
