EdvestinU Refinance Review

know about EdvestinU and their student loan refinancing facility. Understand the features of the refinancing program offered by EdvestinU. Know if it's right to refinance student loans. Keep an eye on a few points while refinancing with EdvestinU

Updated by Kanishkar P on 28th February 2020

Are you struggling to make monthly payments towards your student loans? Are the increased interest rates on your student loans are making you incapable of paying them off?

Then refinancing your existing student loans through a new lender who can offer better interest rates and benefits when compared to the existing one will be a better move. And also, if you are not comfortable in managing multiple federal student loans then you can consolidate them and can get them refinanced as a single loan. There are many private lenders who provide student loan refinancing who offer different benefits on the refinanced student loans. For those who are seeking some information about EdvestinU student loan refinancing and consolidation, this article may be helpful.

Table of Contents


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 -

 

  APR Projected monthly payments Total cost of loan
Fixed      
5 years 4.53%-6.00% $187.71-$194.49
$11,185.75-$11,588.34
10 years 4.93%-6.40% $106.95-$114.31
$12,644.63-$13,504.95
15 years 5.33%-6.80% $82.13-$90.16
$14,423.10-$15,799.98
20 years 5.73%-7.20% $71.53-$80.25
$16,536.52-$18,472.49
Variable      
5 years 4.30%-5.77% $186.66-$193.42
$11,123.59-$11,524.79
10 years 4.70%-6.17% $105.82-$113.14
$12,513.12-$13,368.20
15 years 5.10%-6.57% $80.91-$88.88
$14213.56-$15,580.13
20 years 5.50%6.97% $70.21-$78.86
$16,242.08-$18,162.32
       

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


EdvestinU also offers student loans. Know more about EdvestinU Student Loans!


Concluding thoughts

The interest rates offered by EdvestinU are quite high when compared to many other lenders. You need to explore and know the best companies to refinance your student loans before choosing one. And go with EdvestinU only if you do not find a better option. Refinancing student loans is a better option to lower the interest rates, but choosing the best student loans that comes with good benefits will keep you away from risks and you don’t need to think of refinancing.   

Contact details

If you wish to contact EdvestinU make use of the details given below :

Phone: 855.887.5430

Fax: 603.227.5431

Address: 4 Barrell Court, Concord, NH 03301