EdvestinU Reviews

Edvestinu Is a non-profit lender and refinancer which sets itself apart from other lenders with low-interest rates. Find out if they are the best for you.

Updated by Jason Joy Manoj on 17th August 2019

If you are planning to take a loan from a private institution then you will have to choose from the big banks, credit unions, and non-profit lenders. EdvestinU is a non-profit loan program lender offered by theNew Hampshire Higher Education Loan Corporation (NHHELCO) which provides a low-cost variable rate. 

It is available to the students who are in and out of state and there is also a provision for international students studying in the US.

This article will cover everything you need to know about EdvestinU student loans and refinancing option available for students.

Contents

  1. EdvestinU student loans
  2. EdvestinU student loan refinancing
  3. Conclusion

EdvestinU Student Loans

Getting into the right college is a tribulation in itself but once you get there each step comes with a cost. And these costs add up not just in amount but as a burden to the students. EdvestinU aims to ease this burden by providing Loans( for both graduate and undergraduate ), refinancing options, and scholarships. We shall study in detail about the loans provided by the EdvestinU.

Amount 

The amount you can borrow as a loan is at a minimum of $1,000 and an aggregate maximum of $200,000. However, the amount you borrow will only cover the tuition costs and not the non-tuition costs.

EdvestinU student loan at a glance 

  • Variable APR from 4.446% - 10.440%

  • Fixed APR from 4.516% - 9.260%

  • Zero fees and flexible repayment option

  • Co-signer release available

The following table should give you an in-depth idea of what to expect with EdvestinU

Features of EdvestinU Student Loan
Loan amount Minimum of $1,000 and an aggregate maximum of $200,000
Loan terms 7,10,12,15,20 years
Fees No fees charged
Discounts 0.5% autopay discount
Citizenship The borrower must be a US resident or citizen
Income The borrower must have an income of at least $30,000 or must have a cosigner
Enrollment A student must be admitted to or enrolled at least half time at any title IV degree-granting college/university
Repayment Full deferment, interest-only payments, principal and interest payments
Cosigner info After 24 months of on-time payments, co-signer can be released
Loan servicer Granite State Management & Resources

It is important to note that while in college your expenses wouldn’t only be towards tuition but also for other things like food, books, rent, and more. Because of the attractive lower rates offered by EdvestinU, it is worth considering them as a lender.

While considering to take up a student loan it is always important to compare the rates and other important features before going ahead with a lender. The best rates offered by EdvestinU are reserved for the candidates who are - 

  • New Hampshire residents who are either studying in or out of the state 

  • US students who choose to study in New Hampshire 

International students

International students who are interested in getting a student loan must get a creditworthy cosigner who is either a US citizen or permanent resident. 

Rates 

The only way to know if its the right rate is to compare rates. APR or the Annual Percentage Rate offered by EdvestinU varies whether the borrower is an international applicant or a US citizen. Here are the rates - 

  Interest Rate APR Projected Monthly Payment Total Cost of Loan
Fixed        
Immediate 4.50% – 8.75% 4.516% – 8.759% $106.95 – $129.98 $12,465.03 – $15,077.68
Interest-Only 5.00% – 9.25% 5.011% – 9.260% $109.52 – $132.90 $14,693.37 – $19,011.18
Deferred 5.50% – 9.75% 5.444% – 9.181% $137.60 – $188.06 $16,025.33 – $21,796.34
Variable        
Immediate 4.43% – 9.93% 4.446% – 9.937% $106.59 – $136.84 $12,424.44 – $15,851.77
Interest-Only 4.93% – 10.43% 4.941% – 10.440% $109.16 – $139.86 $14,624.84 – $20,260.95
Deferred 5.43% – 10.93% 5.380% – 10.177% $136.85 – $203.99 $15,940.07 – $23,607.26

Types of Repayment Plans offered 

  1. Immediate - This is a low-cost alternative to the Parent PLUS loan and is ideal for working graduates and undergraduate students who are looking to save while funding their higher education expenses.

  2. Interest Only - This repayment option allows students ways to minimize interest expenses after college, in an affordable manner. This plan allows parents to contribute towards the costs of college without the commitment of monthly principal payments.

  3. Deferred - This repayment option provides the largest flexibility and helps borrowers reduce the overall cost of the loan by allowing for additional payments when you have extra cash, there is no penalty for prepaying.

Autopay

EdvestinU allows borrowers to be eligible for a 0.50% point interest rate reduction on their loan by allowing automatic payments from the borrower's savings or checking account. This authorization provided by the borrower will not allow any reduction in the amount being paid each month but will reduce the finance charge thereby lowering the total cost of the loan.


EdvestinU student loan refinancing 

If you already have student loans and are looking to reduce your monthly payments, reduce your interest rate or looking to reduce both then refinancing would be the best option for you.

EdvestinU provides refinancing for both federal and private loans.

It should be noted that when you refinance a federal loan you lose certain benefits like eligibility for loan forgiveness programs. You can choose between a 5,10,15 or 20-year term and you can also prepay without any fees. You can refinance a private, federal, PLUS or combine multiple loans into a single loan.

Refinancing with EdvestinU at a glance -

  • Variable APR from 4.510% - 7.180%

  • Fixed APR from 4.530% - 7.200%

  • Zero fees with a flexible repayment option

  • Co-signer release available

With the help of the table mentioned below, you can get a comparative study of the various rates and payments associated with different loan terms -

  Interest Rate APR Projected Monthly Payment Total Cost of Loan
Fixed        
5 Year 4.53% – 6.00% 4.530% – 6.000% $187.71 – $194.49 $11,185.75 – $11,588.34
10 Year 4.93% – 6.40% 4.930% – 6.400% $106.95 – $114.31 $12,644.63 – $13,504.95
15 Year 5.33% – 6.80% 5.330% – 6.800% $82.13 – $90.16 $14,423.10 – $15,799.98
20 Year 5.73% – 7.20% 5.730% – 7.200% $71.53 – $80.25 $16,536.52 – $18,472.49
Variable        
5 Year 4.51% – 5.98% 4.510% – 5.980% $187.62 – $194.40 $11,180.33 – $11,582.78
10 Year 4.91% – 6.38% 4.910% – 6.380% $106.85 – $114.21 $12,633.22 – $13,492.94
15 Year 5.31% – 6.78% 5.310% – 6.780% $82.03 – $90.05 $14,404.35 – $15,780.57
20 Year 5.71% – 7.18% 5.710% – 7.180% $71.41 – $80.13 $16,511.84 – $18,444.98

As shown on the table the values for APR, interest rate, amount and monthly payment are spread out between a range as it is different for each borrower.

Is refinancing right for me?

Refinancing is a good option only if it suits best for an individual's current financial situation. You can choose to refinance a loan for a number of reasons like releasing a cosigner or refinance multiple fixed or variable loans into a single loan with a single payment to be met each month.

Here are a few points to consider if refinancing is the best option for you -

  • Reducing a monthly payment - If you seek to reduce the monthly payments to make it more manageable you will have to lower interest rate or extend the repayment term. However, it should be noted that on extending your repayment term, the total cost of the loan will increase.

  • Federal consolidation vs refinancing with EdvestinU - Federal consolidation allows borrowers to consolidate multiple federal loans into one and still maintain the potential federal benefits. The new interest rate will be the weighted average of the interest rates of the loans being consolidated. But EdvestinU allows you to consolidate not just federal loans but federal and private loans together.

Points a borrower should consider while refinancing with EdvestinU -

  • Any remaining grace period on federal or private student loans may be fortified

  • Any potential option of income-driven repayment on their federal loans is fortified

  • Any borrower benefits associated with their federal and/or private loans are fortified


Conclusion

With low rates and no extra fees, these loans are attractive and are very beneficial for students. The downside is that the approval rate for these loans is quite high. You must always remember to try and exhaust all-expense coverage using federal loans and anything left outstanding should be covered using private loans. Keep comparing to try and figure out which is the best loan for you.