EDvestinU student loan requirements
To qualify for an EDvestinU student loan, borrowers need to be either U.S. citizens or permanent residents who reside in an eligible state. An individual annual income of $30,000 is required, and borrowers must also meet an unspecified credit score requirement. International students can apply with a domestic co-signer who meets the requirements. All prospective borrowers need to have at least half-time status at a university.
The requirements are largely the same for refinancing loans, although the minimum income limit is higher for larger loans. For loans of less than $100,000, the minimum individual income is $30,000, but for anything higher, the minimum income is $50,000. However, unlike with many other lenders, borrowers do not need to hold a degree in order to refinance.
While EDvestinU products are available in most states, primary borrowers who live in California or Washington are not eligible.
Who is this loan good for?
EDvestinU is great for students who need a co-signer in order to qualify but who would like to take sole responsibility for the loan once repayment starts. Many private lenders don’t offer co-signer release and require that borrowers refinance to remove the co-signer, but you could potentially release a co-signer from an EDvestinU loan after three years.
Borrowers living or attending school in New Hampshire should also consider EDvestinU due to the added discounts the lender provides.