EDvestinU is a student loan and refinancing company that specializes in providing aid to college students, either directly or through their parents. EdvestinU are part of New Hampshire Higher Education Loan Corporation (NHHELCO), a non profit company that forms part of the NHHEAF network, with another member of this organization taking care of all the loans that are processed through EdvestinU.
In this guide we will tell you all that you need to know about EdvestinU, covering essential info about the company and also going into detail on the services they provide via our EdvestinU review.
EdvestinU offer a range of services aimed at students. These include student loans and refinancing options for student loans, but there are scholarships as well. You can also find a wealth of information on their website, including calculators that students can use to figure out how much they can afford to borrow, when they can expect to pay it all back, and how much that loan will cost them.
Are They Legit?
Some of the most popular searches for EdvestinU are “are they legit?” and “are they a scam?”. This is not uncommon for companies in this sector, and there are even websites and users who answer those questions in the affirmative, but that's simply not the case.
You may not agree with EdvestinU's fees, services or customer support and you may have a bad experience, but that doesn't make them a scam. We have looked at some companies that could easily fall within the realms of “scam” in the past, but for the most part these are just really badly organized companies that take liberties in certain areas and don't seem to care what happens to their customers. Again, this doesn't make them a scam, but it does make them a company that you shouldn't touch with a ten foot barge pool.
In the case of EdvestinU there is nothing to be concerned about. There are complaints and there are bad reviews, but nothing out of place, nothing that you wouldn't expect, and nothing that can't be fixed or explained away. We're not making excuses for them though, so we'll end it there.
Our EdvestinU Review
To see what our team of researchers had to say about this company, keep reading. Our EdvestinU review is based on our opinion only, and your opinion as a customer may differ.
Give Back to the Community
EDvestinU is big on giving back to the local community, which is always nice to see. Much of their proceeds are used to support public high schools in the state of New Hampshire, and they also work to fund scholarships, college press activities, and more. They are a non profit in every sense of the word and students will be happy to know that their repayments are being used to help others.
No Hidden Fees
When it comes to transparency, EDvestinU is as good as it gets. This is an area where so many other companies fall flat, one that we often find ourselves complaining about, but we cannot fault EdvestinU in this area. All fees are clearly laid out on their website and there are no hidden fees throughout the process, their website states that there are zero application, prepayment, and origination fees.
Helpful Deferment Program
EDvestinU offers a helpful deferment program for those experiencing financial hardship. Deferment periods are approved in three-month time frames for up to 12 months total and allow students to put a break on their repayments in order to ease their way through this difficult period.
EDvestinU’s automatic payment plan reduces the interest rate by 0.25%. This is the standard across the industry, and is also something we noted with Wells Fargo, but it's a good option for students to have.
Cosigner Release Option
EDvestinU lets borrowers use a cosigner, and also offers an opportunity for a cosigner release, which is available after 36 consecutive months of timely payments. This option is available for borrowers with a credit score greater than 698 and an income of $30,000 or more, providing the loans were less than $100,000. For loans more than $100,000, an income of $50,000 or more is required for this option to be offered.
Calculate Cost Upfront
EDvestinU has several calculators on their website that can be used to determine the cost of the loan, the amount of time that it will take to pay it back, and other essential info. This is just what students need when they are working out whether a student loan with EdvestinU will be the best option for them or not.
No Grace Period
Most companies have a grace period to help borrowers level themselves before they need to start making payments on their loan, but EDvestinU does not. Once loans are deposited into the borrower’s account, the repayment period starts right away. This immediacy will be a little disconcerting to some borrowers and it's not ideal, but it shouldn't be a huge issue either.
There appears to be a long waiting period at EDvestinU. On their website, they have no specific information regarding the amount of time it takes for them to consolidate a loan. A number of customers have complained about the amount of time that it took for EdvestinU to consolidate their loans, and when you consider that the interest continues to accrue throughout this period then you begin to understand why this can be so frustrating.
High Minimum Income
To qualify for loans over $100,000, the borrower or cosigner must have an income greater than $50,000. And for loans under $100,000, either the borrower or cosigner must have an annual income greater than $30,000. These are high minimums, but it helps to ensure that borrowers don't end up with more money than they can afford to pay back, an issue that is rampant throughout the United States right now.
Strict Cosigner Release Terms
EDvestinU has strict cosigner release terms, and have a 36-month waiting period for cosigners, which is significantly higher than the 12-24 month waiting period offered by most other companies.
Good Credit to Qualify
EDvestinU is a credit-based company, and requires either the borrower or cosigner to have great credit to qualify, which could be a problem for students just graduating college. They may have to turn to their parents or guardians. Although, in fairness, the same can be said for many students and many loan companies.
The Bottom Line
EDvestinU is a nonprofit, credit-based student loan refinancing company perfect for people with great credit and an income of at least $30,000. They have a high level of transparency, no hidden fees, rates standard in the industry, and all information regarding their programs are available on their website.
If you don't have great credit and you don't have a high income, then there will be nothing here of note for you. But if you do, then EDvestinU could be the perfect solution to your student loan issues.