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.
EDvestinU Student Loan Review
Updated: October 29, 2024
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At a Glance: EDvestinU Student Loans
- EDvestinU
- 3.52%–8.17%Fixed APR Range
- 2.63%–6.47%Variable APR Range
- $1,000–$200,000Loan Amounts
- UndisclosedGrace Period
- OptionalCo-signer
EDvestinU is a private student loan program serviced by NHHELCO under the non-profit New Hampshire Higher Education Assistance Foundation (NHHEAF). They offer affordable options for students across the country to finance their education through low-cost private student loans and student loan refinancing options.
Private student loans from EDvestinU are available for undergraduate, graduate and eligible international students. A co-signer is optional for U.S. citizens and permanent residents. However, international students need a co-signer to apply.
Loan amounts can range from $1,000 for private student loans and $7,500 for refinancing loans up to $200,000 for both options.
Students located in New Hampshire can benefit the most from EDvestinU’s financial services. Since this state is the home of the lender’s parent company, students from New Hampshire are offered a lower APR range of 2.023% to 7.186% for fixed rates and 1.883% to 5.924% for variable rates.
Pros
- International students can apply
- No application, origination, deferment, disbursement or repayment fees
- Automatic payments get a 0.50% discount
- Qualified borrowers can get Economic Hardship Deferment or a Discretionary Forbearance
- Quarterly scholarship giveaway
Cons
- Borrower or co-signer must have an annual gross income of $30,000
- No soft credit check to review rates without impacting credit
- Loans have an aggregate limit of $200,000 on the total amount borrowed
- International students can only apply with a U.S. citizen or permanent resident co-signer
- Fixed APR Range: 3.522%–8.168%
- Variable APR Range: 2.633%–6.471%
- Loan Amounts: $1,000–$200,000
- Grace Period: Undisclosed on site, may depend on your loan application
- Co-signer: Optional
MoneyGeek Breakdown: EDvestinU Student Loan Details and Requirements
EDvestinU Details
Fixed APR | 3.522%–8.168% |
Variable APR | 2.633%–6.471% |
Loan Types | Undergraduate, Graduate and Refinancing |
Loan Amounts | $1,000–$200,000 |
Repayment Terms | 7, 10 and 15 years |
Grace Period | Undisclosed on site, may vary depending on your application |
Co-signer Required | Optional |
Time to Receive Funds | Undisclosed on site, may vary depending on your application |
Late Fees | 5% of monthly payment |
Prepayment Penalty Fees | None |
Perks |
|
Mobile Application | None |
EDvestinU Student Loan Application Requirements
- 1
Must be 18 years of age
- 2
Must be a U.S. citizen or permanent resident living in any state other than California, Oregon or Washington
- 3
Must meet credit and income requirements
- 4
Must be enrolled at least half-time at an eligible, U.S.-based, Title IV, degree-granting college or university
- 5
Must have a U.S. citizen or permanent resident co-signer if you are an international student
- 6
Must have (or the co-signer must have) a minimum individual annual gross income of $30,000
- 7
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
- 1
Prequalify
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.
- 2
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.
- 3
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.
- 4
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.
- 5
Sign Loan Agreement
If you like the offer and want to accept it, sign the agreement and send it back to the lender.
- 6
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.
- 7
Make Payments
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.
What can I use an EDvestinU student loan for?
You can use your student loan from EDvestinU for tuition, housing or books for both graduate and undergraduate expenses.
What credit score do I need for an EDvestinU student loan?
EDvestinU does not currently disclose their minimum required credit score for student loans. However, if you apply and your credit is low, you might be able to use a co-signer to help with approval.
How long does EDvestinU take to approve a student loan?
The approval process for a EDvestinU student loan takes three to five business days.
Does EDvestinU have a mobile app?
No, EDvestinU does not have a mobile app. However, you can log on to the website to review your account.
What is the maximum amount I can borrow from EDvestinU?
Student loan and refinancing borrowers can get an aggregate borrowing maximum of $200,000.
Will applying for an EDvestinU student loan affect my credit score?
Yes. EDvestinU does not have a prequalification process, which means they will conduct a hard credit check to ensure you are capable of paying back a loan. This hard credit check can affect your credit score.
Does EDvestinU accept co-signers on student loans?
Yes. Private student loan applicants who want to get a loan from EDvestinU can use a co-signer to help increase their chances of approval.
Can I use EDvestinU student loans at my college?
Yes, loans from EDvestinU can be used to pay for college tuition and other related costs.
About Christopher Boston
Christopher (Croix) Boston was the Head of Loans content at MoneyGeek, with over five years of experience researching higher education, mortgage and personal loans.
Boston has a bachelor's degree from the Seattle Pacific University. They pride themselves in using their skills and experience to create quality content that helps people save and spend efficiently.
sources
- EDvestinU. "Undergraduate & Graduate Student Loans." Accessed September 18, 2024.
- EDvestinU. "Frequently Asked Questions." Accessed September 18, 2024.
- EDvestinU. "NH Students Incentive Program." Accessed September 18, 2024.
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Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, credit card issuer, hotel, airline, or other entity. Learn more about our editorial policies and expert editorial team.
Advertiser Disclosure: MoneyGeek has partnered with CardRatings for our coverage of credit card products. MoneyGeek and CardRatings may receive a commission from card issuers. To ensure thorough comparisons and reviews, MoneyGeek features products from both paid partners and unaffiliated card issuers that are not paid partners.