EDvestinU Student Loans: 2025 Review

New private student loans

EDvestinU's loans are offered by a nationally recognized nonprofit and come with competitive rates – especially for New Hampshire residents or those attending a school in the Granite State. Those borrowers can receive up to a 1.5% interest rate reduction on their loan.

EDvestinU offers prequalification, so potential borrowers can see their custom rates within minutes, without affecting their credit. The application process is entirely online and may take up to 7-10 business days for approval. Borrowers can choose from a few different repayment terms and can find assistance during financial hardship.

• Deferred payment: Students can defer payment while in school and up until six months after graduation. After the grace period ends, borrowers make monthly payments on principal and interest.
• Interest-only payment: Students may opt to pay only the interest charged on the loan, which is a lower payment than a principal and interest payment. This repayment starts once the initial loan disbursement is made.
• Fixed payment: Once the initial disbursement is made, students will make a monthly payment on the principal and interest. This is the fastest way to pay down the loan, but can be expensive for students in school.
• Hardship options: Borrowers facing hardship can enter into forbearance for up to 24 months. Students who are struggling to make payments and are enrolled at least half-time can choose an in-school deferment. EDvestinU also discharges loans in the event of a borrower's death.

EDvestinU student loan refinancing

EDvestinU offer refinance terms up to 20 years and students who wish to refinance all or some of their loans while still enrolled in school can do so through this lender. You must refinance at least $7,500 of the amount owed and there are credit and income requirements, so a cosigner may be required. 

Those refinancing can choose from four different repayment terms, up to 20 years, with immediate repayment beginning 30-45 days after the funds are dispersed. While there is no grace period for a student loan refinance, students enrolled at least half-time can make interest-only payments.

Where EDvestinU stands out

• Cosigner release: Borrowers can release their cosigner after 24 months of consecutive, on-time payments.
• Rate discounts: The lender offers rate discounts for NH residents or those attending NH school. There is also a discount for any borrower who enrolls in autopay.
• Prequalification: Potential borrowers can see their customer rates within minutes without hurting their credit.

Where EDvestinU falls short

• Higher rates: With minimum APRs starting at six percent, EDvestinU's fixed rates are higher compared to other lenders that have rates starting below five percent.
• High minimum income requirement: The borrower (or cosigner) must have a minimum individual income of $30,000 for new or refinanced loans.
• Shorter repayment terms: While some lenders offer repayment terms of 20 years for new private student loans, EDvestinU's maximum term is 15 years.

How this lender compares

EDvestinU vs. Sallie Mae

While Sallie Mae offers more options for undergraduate and graduate loans, including residency loan and career training loans, it doesn't offer student loan refinancing. Just like EDvestinU, Sallie Mae's private loan terms are capped at 15 years. However, EdvestinU minimum term is seven years, where Sallie Mae's is 10 years.

Sallie Mae has a fixed rate that starts below four percent for excellent credit, so even with the New Hampshire resident discount, EDvestinU borrowers with excellent credit would still have a higher rate. However, the maximum APRs from Sallie Mae are above 13%, so borrowers with lower credit scores may fare better with a loan from EDvestinU.

EDvestinU vs. SoFi

Both lenders provide private loans and refinance options, but SoFi also offers parent loans and parent loan refinancing. You can also borrow or refinance up to the total cost of attendance with SoFi. 

SoFi does offer customer assistance seven days a week, but is entirely online. Those wishing to meet with a loan specialist in person or on the phone instead of waiting on hold are able to schedule an appointment with EDvestinU.

Do you qualify for a loan with EDvestinU?

To get a loan from EdvestinU, students or their cosigners must meet certain requirements, including:

• Be a U.S. citizen or eligible non-citizen.
• Be enrolled at least half-time at eligible college or university.
• Meet EDvestinU's credit requirements.
• Have a minimum individual annual gross income of $30,000 (or $50,000 for refinance balances over $100,000).

How to apply for a loan with EDvestinU

To apply for a loan, students can apply online or schedule an in-person appointment or phone call with loan specialist. 

1. Fill out an application and upload the required documentation.
2. Review your rates, loan term and other loan details, then sign the loan documentation.
3. Approval can take up to 10 business days. Once approved, EdvestinU will disperse the loan funds to your school or existing loan server, depending on if you got a new loan or refinance.

How Bankrate rates EDvestinU

Methodology

Bankrate uses two methodologies to score lenders that have new student loans and refinance products.

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