Are you struggling to make monthly payments towards your student loans? Are the increased interest rates on your student loans making you incapable of paying them off? For those who are seeking some information about EdvestinU student loan refinance and consolidation, this article will be helpful.
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. Many private lenders provide student loan refinancing who offer different benefits on the refinanced student loans.
Table of Contents
- EdvestinU Student loan refinancing
- Features of EdvestinU in refinancing
- Is it right for me
- Points to consider while refinancing with EdvestinU
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
Below is the list of features EdvestinU provides to its loan borrowers.
Variable APR from 1.90 - 4.27%
Fixed APR from 3.91 - 6.28%
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 features and payments associated with different loan terms
|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|
|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, the co-signer can be released|
As shown on the table the values for APR, interest rate, amount are spread out.
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 several 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 the 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.
Worried about your college tuition? Find the best student loans just for you
Points a borrower should consider while refinancing with EdvestinU
Refinancing federal student loans are not recommended. The ED provides deferment and forbearance at times of emergencies. During the covid-19 pandemic, the federal student loans had interest rates dropped at 0% interest and all repayments were suspended. Here is what happens when you try to refinance federal student loans.
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.
Learn more about EdvestinU Reviews 2020
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 come with good benefits will keep you away from risks and you don’t need to think of refinancing.
Looking to refinance your student loans? Pick the best student loan to refinance lenders
If you wish to contact EdvestinU make use of the details given below
Address: 4 Barrell Court, Concord, NH 03301