EDvestinU Student Loans: 2023 Review

EDvestinU features

EDvestinU offers undergraduate, graduate and refinancing student loans. The minimum loan amount is $1,000 for undergraduate and graduate loans and $7,500 for refinancing loans, and the aggregate maximum in both cases is $200,000.

One of EDvestinU’s standout features is that it offers student loans to international students, which not all lenders do. International students must have a creditworthy co-signer who is a U.S. resident in order to qualify.

U.S. residents may also need to recruit a co-signer if they have little credit to their name. However, EDvestinU does offer co-signer release, which means that borrowers can have their co-signer removed from the loan. Requirements are fairly tight — borrowers must have 36 months of consecutive, on-time payments, a credit score over 749 and an annual income of $30,000 or more — but it’s an option that not every lender offers.

EDvestinU: in the details

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.

Interest rates and terms

EDvestinU offers both fixed- and variable-rate loans. Borrowers who set up autopay from a checking or savings account can receive a 0.25 percent discount for refinancing loans and a 0.5 percent discount for all other loans. The following rates reflect this discount.

Fees and penalties

EDvestinU does not charge any application, origination, deferment, prepayment or disbursement fees.

Repayment terms and grace period

Borrowers can choose from three types of repayment:

• Immediate: Begin paying back your loans as soon as they are disbursed.
• Interest-only: Pay only the interest that accrues on your student loans until you leave school.
• Deferred: Wait until you’re out of school to start making payments on your loan.

With the immediate and interest-only plans, the first payment is due between 30 and 45 days after the loan is disbursed. With the deferred plan, you’ll have a six-month grace period after leaving school.

Private student loans from EDvestinU have terms of seven, 10 or 15 years for both variable-rate and fixed-rate loans, and refinancing loans have terms from five to 20 years.

Borrowers having trouble making payments can apply for economic hardship deferment or discretionary forbearance, which is granted on a case-by-case basis.

Customer service

EDvestinU’s customer service is available Monday through Friday, 8 a.m. to 5 p.m. EST at 855-887-5430. You can also email the company at educationresources@edvestinu.com.

How to apply for a loan with EDvestinU

You can apply for a loan with EDvestinU online through a simple application form. If you need assistance, you can also contact the company via phone or email. The application process typically takes around seven to 10 business days, after which the company will verify your financial and school information.

To apply for a loan, you’ll need to provide the following:

• The name of the university you’re attending.
• How much you need to borrow.
• Your Social Security card.
• Your driver’s license or other government-issued ID.
• The contact information for two personal references who don’t live with you.
• Employer and income information for yourself and your co-signer, if applicable.

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.