Frequently Asked Questions (FAQs)


EDvestinU® Private Student Loan FAQ

General Information

EDvestinU® is the private student loan program of the nonprofit NHHEAF Network. EDvestinU's mission is to provide affordable college funding options to students nationwide. With industry–leading rates and nationally recognized loan servicing, students, parents and postsecondary schools can have every confidence that EDvestinU borrowers are provided with the tools needed to make educated financing decisions.

Although not required, we encourage all students to complete the FAFSA to maximize any available federal financial aid. To learn more about the FAFSA, please click here.

Private student loans are consumer loans made to individuals to supplement, not replace, other financial aid sources when paying for college. Offered by for-profit and nonprofit lending organizations, private loans are not funded or guaranteed by the federal government. A borrower's (or cosigner's) credit score or history will be utilized in determining the loan's interest rate. When borrowing to pay for college, it is important to remember to only borrow what is needed to cover your education expenses.

For informational purposes only, we provide an online Student Loan Payment Calculator for potential borrowers to estimate a probable interest rate and loan eligibility based on the information provided.

Loan Program Information

U.S. citizen and permanent resident undergraduate, graduate, certificate, post-baccalaureate, and non-degree seeking students who meet our credit and income requirements or students who apply with a cosigner meeting our credit and income requirements are eligible for the EDvestinU® Private Student Loan. Students must be enrolled at an eligible least half–time at a U.S.–based, Title IV, degree–granting college or university.
International students are also eligible to apply for an EDvestinU® with a creditworthy U.S. citizen or permanent resident cosigner who meets our requirements. Students must be enrolled at least half-time at an eligible U.S.-based, Title IV, degree–granting college or university.

Yes. The minimum amount you can borrow is $1,000 per academic year and the maximum loan amount will be determined by the financial aid office at your college or university. Annually, financial aid offices set a cost of attendance (COA) and you are eligible to borrow up to that cost of attendance less any aid you receive. There is also an aggregate borrowing maximum of $200,000.

No. Based on your credit history, you may be eligible for this program without applying with a cosigner. However, adding a cosigner to your loan application may result in your loan being approved and in a lower interest rate.

Yes, the borrower or cosigner (if applicable) must have a minimum individual, not household, annual gross income requirement of $30,000.

Yes. Your loan amount can be up to cost of attendance less any other aid (COELA). The cost of attendance is determined by the financial aid office at your college or university and may include items such as housing expenses and book fees. Once your loan application has been successfully submitted and approved, the financial aid office will certify the loan and determine the amount you are eligible to borrow. If you have additional expenses that you'd like to include, we recommend making your financial aid office aware of this prior to completing your loan request.

No. There is no application, origination, deferment, disbursement or repayment fees.

A fixed interest rate is set and will not change over time as the economy fluctuates. A variable rate is made up of a margin (determined by the lender) and an economic index that fluctuates with the economy. Variable rates fluctuate with the economy and therefore, your monthly payments can increase or decrease over time as well. EDvestinU®'s variable interest rates are based off of a monthly LIBOR (London Interbank Offered Rate). The variable rate is capped at 21%.

Application Information

  • School Name and Branch
  • Estimated Loan Amount
  • Two Personal References (name, address, phone number) that do not share an address with anyone else listed on the application
  • Employer and Income Information/Documentation
  • Government issued ID
  • Social Security Card

Yes. All of your application information will be available by logging into the application system with the username and password you established at the beginning of the process. If you do not find the information you are looking for, you can contact the Education Resources department at 855.887.5430 for further assistance.

If approved for an EDvestinU® loan, the offer of credit is valid for 30 days before expiring. However, our credit inquiry is valid for 90 days. This means that if any subsequent applications are submitted within 90 days of the initial credit inquiry, another inquiry will not be necessary.

The process generally takes 7-10 business days. The length of the process varies from borrower to borrower based upon how quickly the required documents are provided and the requirements can be verified.

Please allow 3 - 5 business days for the processing of requirement documents. We will contact you should additional documentation is required.

While a requested loan amount may not be increased after the original amount is approved, you may cancel the existing loan application and submit a new loan application for the needed amount. If you need to decrease the loan amount, you may either submit a new application for the lesser amount or allow the school to reduce the loan amount during the certification process.

Once we've received and verified all required documentation, you have consented to your EDvestinU® interest rate offer, and all loan documents are signed by all parties, a request for certification will be sent to your college or university's financial aid office.
During this process, the school will confirm your enrollment, verify the requested loan amount based on your cost of attendance and establish the disbursement dates for funds to be sent directly to the school via their requested disbursement method.

We take pride in our ability to serve our customers on a level most larger lending companies cannot. Due to the ongoing COVID-19 pandemic, our campus is currently closed to all visitors. However, we are still able to assist all applicants by telephone or email.

Repayment Information

EDvestinU® Private Student loans are not eligible for student loan forgiveness. However, in the tragic circumstance of a borrower's death, the EDvestinU® loan will be discharged by providing a certified copy of the death certificate to the loan servicer, even if a cosigner remains on the loan.

Yes. A cosigner release is allowed if an account is in current standing, after 36 months of consecutive & on-time payments with a borrower FICO greater than 749 and a minimum income of $30,000 gross income for the EDvestinU® Private Student Loan. The borrower may not have any foreclosures, repossessions, wage garnishments, unpaid tax liens, unpaid judgments or other public records having an open balance exceeding $100 during the last seven years. The borrower must not currently be involved in bankruptcy proceeding or had any bankruptcy filings during the past 10 years and cannot have any defaults on education loans.

Payments may be postponed with an in–school deferment while the student is enrolled at least half–time. Payments may also be postponed during the repayment period by qualifying for an Economic Hardship Deferment or requesting a Discretionary Forbearance.

All accrued interest is the responsibility of the borrower. Accrued interest will capitalize when the loan converts to repayment or at the end of any forbearance and deferment periods. Accrued interest may be paid at any time.

No. There is no prepayment penalty.

A borrower's loan cannot be placed into automatic payment until the loan is considered to be at a point when payments are required. Loans that are in a deferment (including borrowers who elect deferred repayment), grace period, or forbearance are not eligible to enroll and receive the automatic payment benefit until they enter into repayment. Once the repayment period commences, the borrower may enroll in automatic payment. Borrowers electing to enroll in interest-only or immediate repayment are eligible to enroll in automatic payment once all disbursements on the loan have been made and the loan is considered to be fully disbursed. Automatic payments may be set up using the primary borrower's checking or savings account (which may have additional account holders). Automatic payments may be set up with Granite State Management & Resources, our loan servicer.

Your monthly payment will not be reduced by signing up to have payments automatically withdrawn from a savings or checking account. Rather, your monthly finance charge is reduced, which reduces the total amount you will repay towards your loan.

Borrowers electing immediate or interest-only repayment on an EDvestinU® Private Loan will need to begin making monthly payments once the final disbursement for the loan is made. If the loan is separated into multiple disbursements, monthly payments will begin 30-45 days after the final disbursement is made to the school.

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EDvestinU® Refinance Loan FAQ

EDvestinU® is the private student loan program of the nonprofit NHHEAF Network. EDvestinU's mission is to provide affordable college funding options to students nationwide. With industry–leading rates and nationally recognized loan servicing, students, parents and postsecondary schools can have every confidence that EDvestinU borrowers are provided with the tools needed to make educated financing decisions.

Student loan refinancing is the process of having one or more existing private and/or federal student loans paid off by the creation of a new, single loan that includes new terms and conditions (such as repayment length, interest rate, repayment benefits, etc.) that are particular to the lender offering the consolidation loan.

Any U.S. citizen or permanent resident that is at least 18 years old and has federal or private student loans used for attendance at a Title IV, degree–granting institution.

  • Employer and Income Information
  • Lender and Loan Servicer Name
  • Account Number
  • Total Number of Loans
  • Current Interest Rate
  • 30–Day Payoff Amount*
  • Two Personal References

*If you need assistance in obtaining your formal 30–day payoff statements from your loan servicer(s), our Education Resources team will help you. Simply provide us with your recent statement(s) with this information:

  • Full Name
  • Account Number
  • Loan Servicer's Name
  • Payment Address
  • Current Principle Balance
  • Accrued Interest
  • Current Interest Rate

Having this information will allow us to manually calculate a payoff amount for you. If you are unable to provide a current statement or need assistance in obtaining your statement(s), please call our office at 855.887.5430.

Yes. Existing federal and/or private student loans issued for attendance at a U.S. based, Title IV, degree–granting college or university that have not gone into default may be included.

Yes. A Parent PLUS loan may be refinanced by the original parent borrower.

No. The new borrower of the EDvestinU® Refinance Loan must have been the primary borrower on all loans being included in the new refinance loan.

No. As the borrower, you have the option of choosing which loans to include in the new EDvestinU® Refinance Loan.

When applying you will be asked to list out all the loans you wish to include in your refinancing. If after being approved you conclude that you wouldn't like to include every loan you originally included you can simply cancel that application and begin a new application. This new application will be prepopulated and take less than half the amount of time and we will use the same credit pull, so your offered interest rate won't change as long as the new application is submitted within 90 days of the previous application and nothing else (such as cosigner or income) changes on the application.

No. A Direct Consolidation Loan is offered through the federal government's Direct Lending Program. That federal program only allows the borrower to include federal loans in the consolidation. Please visit www.studentaid.ed.gov/consolidation for more information about that program.

No. Since the EDvestinU® Refinance Loan is a new private loan that is being used to pay off your existing loans, no previous benefits associated with the loans will transfer. Benefits such as income–driven repayment, public service loan forgiveness, teacher loan forgiveness, and other potential benefits are forfeited when choosing to do a private consolidation loan. For more information on benefits associated with federal loans, please visit www.studentaid.ed.gov.

No. The EDvestinU® Refinance Loan will enter immediate repayment once the funds are disbursed to your current loan servicer(s). We encourage borrowers to utilize their current grace period benefits and apply for the EDvestinU® Refinance Loan towards the end of their existing grace period(s).

You can apply to refinance at any point after receiving a private or federal student loan. However, if you choose to refinance while still enrolled in school at least half–time, you will be required to make monthly interest payments. If you are enrolled less than half–time, you will be required to make full monthly payments as determined by your loan terms.

No. We do not require that you have obtained any level of degree.

A minimum loan amount of $7,500 is required to be eligible. The maximum amount is $200,000.

The borrower may be eligible for this program without a cosigner. However, depending on the credit and income of the cosigner, adding a cosigner can potentially increase the odds of receiving a lower interest rate.

Yes. A Cosigner Release is allowed if an account is in current standing, after 36 months of consecutive & on–time payments. Upon applying for the cosigner release, the borrower must have a FICO score greater than 699 and minimum gross income of $30,000 for loans up to $100,000 and $50,000 for loans over $100,000 and a debt–to–income ratio of 43% or less. The borrower may not have any foreclosures, repossessions, wage garnishments, unpaid tax liens, unpaid judgments or other public records having an open balance exceeding $100 during the last 7 years. The borrower must not currently be involved in bankruptcy proceeding or had any bankruptcy filings during the past 10 years and cannot have any defaults on education loans.

Yes. For refinance loan balances below $100,000, the borrower or cosigner (if applicable) must meet the $30,000 income requirement. For loan balances exceeding $100,000, the borrower or cosigner (if applicable) must meet the $50,000 income requirement.

When completing the application, please use your gross income.

To start the refinance application process you will need information regarding each loan you are looking to consolidate, including the information about the lender of that loan and the outstanding balance. You will also need your driver's license or a state issued ID, income verification (if applicable) and information for two references that do not share an address with you. Additional information may be required based on your specific application. You will be made aware of any required documentation during the application process.

The length of the process varies from borrower to borrower based upon the number of loans being refinanced and how quickly the loan information can be verified. It is important to remember that you must continue to make your scheduled payments on your existing private student loans until the refinance process is completed in its entirety.

After the funds have been disbursed to pay off the loans included in the refinancing, your new loan will immediately enter repayment. Your first payment due date will be between 30–45 days after disbursement.

Yes. All of your application information will be available by logging into the application system with the username and password you established at the beginning of the process. If you do not find the information you are looking for, you can contact the Education Resources department at 855.887.5430 for further assistance.

Yes. During periods when payments are due, you are eligible to receive a 0.25% interest rate reduction on your loan by authorizing our loan servicer to automatically deduct your payments each month from your bank account.

No. There is no prepayment penalty.

If you are struggling with your monthly loan payment we encourage you to contact our servicing team. If necessary, payments may be postponed during the repayment period by qualifying for an economic hardship deferment. This deferment is approved in 3 month increments up to a maximum of 12 months.

Yes. The borrower and cosigner (if applicable) will need to meet certain credit and income standards in order to be eligible for the EDvestinU® Refinance Loan product and for specific interest rates within the program. In addition, repayment history will be reported to credit bureaus and may positively or negatively impact the borrower's personal credit profile.

In the tragic circumstance of a borrower's death, the EDvestinU® loan will be discharged by providing a certified copy of the death certificate to the loan servicer, even if a cosigner remains on the loan.

A fixed interest rate is set and will not change over time as the economy fluctuates. A variable rate is made up of a margin (determined by the lender) and an economic index that fluctuates with the economy. Variable rates fluctuate with the economy and therefore, your monthly payments can increase or decrease over time as well.

Your monthly payment will not be reduced by signing up to have payments automatically withdrawn from a savings or checking account. Rather, your monthly finance charge is reduced, which reduces the total amount you will repay towards your loan.

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