EDvestinU Student Loans Review

EDvestinU Student Loans: Quick Look

Pros Explained

• Smaller loans available: EDvestinU's in-school loans start at $1,000. That's smaller than some other lenders, and it's especially handy if you only need to bridge the last tiny bit in your plans to pay for college. 
• Doesn't require a degree to refinance: Most lenders won't refinance your student loans unless you actually graduated. EDvestinU, on the other hand, will—as long as you can meet the other loan requirements. 
• Special benefits for New Hampshire residents attending in-state schools: EDvestinU really caters more to residents of its home state, offering much lower rates, the option for in-person loan counseling at its Concord location, and more flexible loan underwriting requirements. 

Cons Explained

• Annual income requirement: Borrowers are required to have at least $30,000 in annual income. This could be difficult for those who are studying full time.
• Only available in 19 states plus Puerto Rico: EDvestinU isn't available in most states in the country. Residents of Florida, Texas, and New York are eligible to apply, but residents of California, Pennsylvania, and even Vermont—New Hampshire's neighbor—are not, for example. 
• Smaller cap on refinance amounts than many other lenders: You can only refinance up to $200,000 in student loans with EDvestinU. That's a lot, but students who went to school for professional degrees commonly come out with more debt than that. 

Student Loans Offered by EDvestinU

Private Student Loans

Most lenders offer several flavors of private student loans: undergraduate loans, graduate loans, and loans for specialty education like medical or law school. That's not the case with EDvestinU, however: It offers a one-size-fits-all private student loan for all of these uses. The only thing that varies is whether you're a N.H. resident attending an in-state school or not.

Student Loan Refinances

You can refinance any and all student loans in your name up to the maximum limit. You can't, however, refinance any of your spouse's loans, or loans that your parents took out to pay for your education. If they want to refinance those loans, they'll need to do it on their own. Unfortunately, the benefits for N.H. residents disappear for refinance loans—everyone who qualifies gets the same terms regardless of where they live.  

Loan Eligibility and Approval

EDvestinU has somewhat stricter qualification requirements for both its private student loans and student loan refinances. Here are the main loan requirements for both programs:

• Minimum credit score: Not disclosed
• Minimum annual gross income: $30,000 ($50,000 per year if you're refinancing more than $100,000 in student loans)
• Available to residents of: Alaska, Arkansas, Colorado, Connecticut, Florida, Maine, Massachusetts, Michigan, Nebraska, New Hampshire, New Jersey, New York, North Carolina, Puerto Rico, Rhode Island, Texas, Utah, Virginia, Washington, West Virginia, and Wisconsin
• Available to U.S. citizens and permanent residents: DACA recipients are not eligible. International students who have an eligible co-signer who is a U.S. citizen or permanent resident are accepted.
• School requirements: Available for education at U.S.-based Title IV schools. If you're in school, you must be attending on at least a half-time basis. 

Are Co-Signers Required?

No. However, if you're still in school, you'll have a tough time meeting the credit and income requirements on your own, so most students will still need an eligible co-signer. In addition, international students are only eligible if they're studying at a U.S.-based school and have a co-signer who meets the loan requirements. 

You can eventually apply for "co-signer release"—i.e., to remove them from the loan—on EDvestinU private student loans once you meet these requirements on your own:

• FICO score over 749
• No bankruptcies within the last 10 years
• Gross income of at least $30,000 per year
• No student loan defaults on your credit reports
• 36 on-time payments with your EDvestinU student loan
• No foreclosures, wage garnishments, unpaid tax liens, etc. having an open balance exceeding $100 within the last seven years

If you're trying to remove your cosigner from a refinanced student loan, the requirements from above mostly still stand, but there are a few differences:

• FICO score over 699
• Debt-to-income ratio under 43% 
• Gross income of at least $50,000 per year if your loan balance is over $100,000

Is Loan Pre-Qualification Available?

Yes. This allows you to see the rate you're likely to be approved for before you apply without having to deal with a hit to your credit score. You can check your rate on EDvestinU's website. 

Length of Time for Loan Approval and Disbursement

If you're applying for a private student loan while you're still in school, you can expect it to take between 7 and 10 business days for EDvestinU to get all of your information and issue a loan decision. If you're approved, EDvestinU will reach out to your school's financial aid office after you've signed the loan agreement and coordinate where and when to send the funds.  

If you're applying for a student loan refinance, EDvestinU is a bit more non-commital, only saying that it'll vary depending on your specific situation, such as how many loans you're refinancing. 

Loan Fees and Repayment Options

Loan Fees

EDvestinU's student loans are relatively light on fees. There's no origination fee, forbearance fee, or deferment fee. If you pay late, however, you'll be charged a late fee based on your monthly payment amount. 

Loan Discounts

Aside from the special pricing available for N.H. residents, there's only one other option for a discount: a 0.50% interest rate reduction if you sign up for autopay.

Repayment Options

Depending on where you're at in your college and financial journey, you'll have a few options for how to pay off your loans:

• In-school repayment: If you have the income, you can also opt to make interest-only payments or even full payments while you're still in school. This prevents interest from piling up or even allows you to get a jump start on repayment. Your first payment will be due 30 to 45 days after the last loan disbursement is made.
• Deferred repayment: With this option you won't make any payments while in school and usually for a given amount of months after graduating. However, interest will accrue during the time you're not making payments.

Rewards

EDvestinU doesn't have a rewards program. 

Loan Forbearance and Discharge Options

If you run into financial problems and you're not able to make your payments, you can apply for forbearance. If granted, you won't need to make a payment for a specified amount of time, but interest will still continue to accrue.

Many lenders will discharge your student loan if you become permanently disabled or you die. EDvestinU doesn't offer a disability discharge, but in the unfortunate event you pass away, it will discharge your loans. This is true even if you have a co-signer, which is a nice touch that protects them from suddenly being burdened with your student loan. 

Is Student Loan Refinancing Available?

Yes, EDvestinU's main business also offers student loan refinancing for those looking to swap out their old loan with a new one. You can refinance as many student loans together as you want, from as many sources as you want (private or federal), up to a combined maximum of $200,000. 

That's enough for most people, but it might not be enough for everyone, especially if you got a costly professional degree. According to the American Association of Medical Colleges, for example, more than half of medical school graduates in 2021 came out with a combined total of over $200,000 in student loan debt—more than what EDvestinU will allow you to refinance.

There are a few other nice touches that make EDvestinU's refinancing program special. If you're a parent who took out student loans for your child's education, you can refinance them with EDvestinU. In addition, you can still refinance with EDvestinU even if you didn't complete your education and had to drop out, as long as you meet the regular requirements. 

Customer Service

If you're not yet an EDvestinU customer or you're still going through the application process, you can reach customer support using the following information:

• Email: educationresources@edvestinu.com
• Phone: (855) 887-5430
• Mail: 4 Barrell Court, Concord, NH 03301
• In person: At Concord office
• Hours: Monday–Friday from 8 a.m. to 5 p.m. Eastern Time

After your loan is disbursed, EDvestinU will hand off the customer service to its partner company, Granite State Management & Resources (GSM&R). In addition to messaging GSM&R through your online account portal, you can reach them using the following details:

• Mail: P.O. Box 2097, Concord, NH 03302-2097
• Phone: (800) 719-0708
• In person: 4 Barrell Court, Concord, NH 03301
• Hours: Monday–Friday from 8 a.m. to 4:30 p.m. ET (for in-person visits). Phone lines are open longer, however: Monday–Thursday from 8 a.m. to 8 p.m. ET, and Friday from 8 a.m. to 6 p.m. ET. 

Over the years, people have filed 38 complaints about their student loans taken out through EDvestinU. That's a lot, but far fewer than some other student loan companies like Nelnet, with around 4,900 complaints. 

Applying for an EDvestinU Student Loan

If you've exhausted your other college financing options or you're looking to refinance loans you already have, applying for a loan through EDvestinU is a relatively easy process. You can get pre-qualified and get a quote in just a few minutes. If you'd like to continue the application process, you'll need to have the following information on hand for you and your co-signer (if you'll be applying with one):

• School name and branch
• Estimated loan amount
• Social Security card
• Government issued ID
• Employment information and proof of income (recent pay stubs and tax returns, etc.)
• Name, address, and phone number of two personal references who don't live with you

If you're looking to refinance your loans, you'll need this information:

• Employer and income information
• Name of your current lender and loan servicer
• Your account number
• Total number of loans
• Interest rate
• A 30-day payoff amount
• Two personal references

Alternative Choices

Final Verdict

If you're looking to find the best rates on your private student loans or refinance, you'll generally be better off elsewhere. However, if you happen to live in New Hampshire, it's worth considering EDvestinU because of its lower rates, easier qualification requirements, and even in-person service.

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of student loan lenders. We collected thousands of data points across 30 lenders—including loan types, interest rates, fees, loan amounts, and repayment terms—to ensure that we help readers make the right borrowing decision for their education needs.