EdvestinU Student Loan Refinancing: Best Nonprofit Lender

EdvestinU is a nonprofit lender backed by Granite Edvance, a New Hampshire-based organization. While it operates from New Hampshire, residents in other states can apply to refinance their student loans. Unlike many private lenders, EdvestinU doesn't require a degree, so you may qualify even if you didn't finish school. However, its eligibility criteria are stricter than some competitors.

If you're considering a student loan refinance with EdvestinU, here's what to know before applying.

Best non-profit lender

Nonprofit lenders like EdvestinU often reinvest their earnings to the benefit of borrowers. This could mean lower interest rates, more flexible repayment terms, or better customer service than you might get from some private student loan lenders.

However, eligibility requirements tend to be stricter. EdvestinU requires a relatively high credit score and specific income and debt-to-income requirements to qualify for refinancing. Those who qualify may find it a competitive option, while others may need to look for lenders with more flexible approval requirements.

Pros and cons

Before refinancing with EdvestinU, consider the lender's benefits and potential drawbacks.

Pros of refinancing with EdvestinU

• No graduation requirement: Unlike many lenders, EdvestinU allows borrowers to refinance without a degree.
• Rate discount for autopay: Borrowers who enroll in autopay can reduce their interest rate by 0.25 percentage points.
• Prequalification available: You can check your rates without affecting your credit score.

Cons of refinancing with EdvestinU

• High credit score requirement: A minimum credit score of 700 is needed to qualify, which is higher than many lenders that accept scores in the mid-to upper-600s.
• Longer cosigner release period: Most borrowers must make 24 consecutive on-time payments before applying for cosigner release. In some states, this option is available after 12 months.

Eligibility requirements

To qualify for EdvestinU student loan refinancing, you must be a U.S. citizen or permanent resident and be the age at which you are legally considered an adult, which is 18 in most states.

You can refinance student loans through EdvestinU if they were used to attend a Title IV, degree-granting school. However, loans taken out for someone else, such as parent PLUS loans, aren't eligible unless the original parent borrower refinances them. Loans in default or collections also don't qualify.

A degree isn't required to refinance, and you don't need a cosigner to apply. However, adding a cosigner who has stronger financial credentials could improve your chances of approval and help you qualify for a lower interest rate.

To qualify, you'll need:

• A minimum credit score of 700.
• At least $30,000 in gross income for loan amounts under $100,000, and $50,000 or more for loan balances above that amount.
• A debt-to-income ratio (DTI) of 43% or lower.

How much can I refinance?

EdvestinU allows borrowers to refinance up to $200,000 in student loans. However, the lender has an aggregate borrowing limit of $225,000, which includes any existing loans you may have with EdvestinU. This cap could affect how much you're able to refinance. The minimum amount you can refinance is $7,500.

Repayment terms

EdvestinU offers repayment terms of 5, 10, 15, or 20 years. You can also choose between a fixed or variable interest rate when refinancing.

Payments start quickly and there's no grace period. Your first payment will be due 30 to 45 days after EdvestinU sends the funds to your current loan servicers.

If you experience financial hardship, EdvestinU also offers up to 24 months of forbearance, which allows you to temporarily pause your loan payments. Remember, though, interest continues to accrue during this time.

Some borrowers may also qualify for an interest-only repayment option for as long as 12 months to help lower monthly payments.

Notable benefits

Some highlights of refinancing through EdvestinU include:

• Autopay discount: Enrolling in autopay lowers your interest rate by 0.25 percentage points.
• No prepayment penalty: You can pay off your loan early without extra fees.
• No application or origination fees: Refinancing won't cost you upfront.
• Hardship assistance available: Borrowers facing financial difficulty may qualify for as long as 24 months of forbearance or switch to an interest-only repayment plan for as long as 12 months to temporarily lower payments.

Should I refinance with EdvestinU?

Refinancing with EdvestinU could be a good option if:

• You have strong credit (or a cosigner who does): A minimum credit score of 700 is required, which is higher than some lenders. If your score is below that, you may need a cosigner or consider other options.
• You're comfortable with a longer cosigner release timeline: Most borrowers must make 24 consecutive on-time payments before applying for cosigner release, which is longer than some lenders. If you need a shorter timeline, another lender may be a better fit.
• You don't need federal loan benefits: Refinancing federal student loans with any private lender means losing access to federal programs like loan forgiveness and income-driven repayment. Make sure you won't need these protections before refinancing.

How to refinance with EdvestinU

To refinance with EdvestinU, you'll go through the following steps:

1. Prequalify for rates: Prequalifying allows you to check your eligibility and view potential interest rates without affecting your credit score. This helps you see if refinancing is a good fit before moving forward with a full application.
2. Complete the application: If you're satisfied with your prequalified rates, submit a formal application online. You'll need to provide details about your employer, income, and the loans you're refinancing. EdvestinU also requires a 30-day payoff amount, which you can get from your loan servicer or a recent billing statement. A personal reference is required, and if you're applying with a cosigner, you'll need to include their details as well.
3. Review and sign your loan agreement: If approved, you'll select your repayment term, confirm your new interest rate, and sign the final loan documents.
4. Wait for loan disbursement: EdvestinU will pay off your existing loans and issue your new refinanced loan. The process typically takes around 30 days. Continue making payments on your current loans until the refinance is complete.

Why you can trust our Credible experts

The Credible editorial team is independent and unbiased. Partners do not influence our editorial content. To help you find the best student loan for your situation, we conduct thorough research and analyze thousands of lender data points. Using data-driven methodologies, we score criteria that are important to you. This allows us to objectively rank student loan lenders and products. To learn more, read our methodology below.

Methodology

To determine EdvestinU's lender rating, Credible collected more than 1,000 points of data on 16 companies and evaluated them on several different categories: repayment options, eligibility, interest rates, loan terms, and customer support. We assigned a score out of five stars to each lender based on our findings. Below are the weightings assigned to the general categories for the best student loan companies - which comprise individual criteria that are also weighted:

• Repayment options: 25%
• Eligibility: 25%
• Interest rates: 20%
• Loan terms: 20%
• Customer support: 10%

While the best lender for you will depend on your unique needs and financial circumstances, these findings should help answer your questions and assist you in your search for the best student loan.

Learn more about our methodology.