EDvestinU® Private Student Loan FAQ

Dependent and independent U.S. citizen and permanent resident undergraduate and graduate students are eligible for the EDvestinU Private Student Loan. International students are also eligible with a creditworthy U.S. citizen or permanent resident cosigner. Students must be enrolled at least half–time at a U.S.–based, Title IV, degree–granting post–secondary college or university.

Private student loans are consumer loans made to individuals to help pay for college. They are provided by for–profit and nonprofit lending organizations and are not backed by the federal government. Private student loans are designed to supplement, not replace, other financial aid sources to fill funding gaps. Only borrow what is needed to cover your education expenses and take advantage of all federal student loans before considering a private loan.

Yes. The minimum amount you can borrower is $1,000 per year and the maximum loan amount is determined by your institution. Each year they will set a cost of attendance and you are eligible to borrower up to that cost of attendance less any aid you receive. There is also an aggregate limit of $200,000.

Yes. You or your cosigner (if applicable) will have to meet certain credit standards to be eligible for the EDvestinU loan and your credit score will determine your interest rate. For educational purposes, we provide a Loan Rate Calculator for potential borrowers to estimate interest rate and loan eligibility.

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 24 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 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. Your loan amount can be up to cost of education less aid. The cost of education is determined by your institution and can include items such as housing expenses and book fees. When the school certifies the loan they will determine the amount you are eligible to borrow.

Although not required, we do encourage all students to complete the FAFSA. To learn more about the FAFSA, please click here.

No. You may be eligible for this program without a cosigner. However, including a cosigner increases the odds for approval and increases the potential for a lower interest rate.

Yes, the borrower or cosigner (if applicable) must have a minimum income of $30,000.

Payments may be postponed with an in–school deferment while enrolled more than half–time. Payments may also be postponed during the repayment period by qualifying for an economic hardship deferment.

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.

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

All accrued interest is the responsibility of the borrower. Accrued interest will capitalize at repayment or at the end of forbearance and deferment periods. Accrued interest can 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, which is after the final disbursement. For example, in a traditional two disbursement loan, a borrower would be able to enroll in Autopay after the final (second) disbursement is made and the loan enters repayment.

Yes. As long as the borrower is considered to be enrolled at least half–time and the program is offered through a U.S.–based, Title IV, degree–granting institution. The borrower does not need to be enrolled in a degree–granting program.

If approved for a loan, the offer of credit is valid for 30 days before expiring. However, the credit pull is valid for 90 days.

The original loan amount may be lowered either by the borrower or by the school, but the loan may never be increased above the original amount approved for. If you realize the original loan amount is too small, you may cancel the existing loan, and submit a new loan application for the increased amount.

Absolutely! We take pride in our ability to serve our customers on a level most larger lending companies cannot. Think of it as a three–tiered approach. We can meet with you before applying to go over our program and make sure it is right for you. You can come in and receive 1–on–1 assistance filing the application. And lastly, at any point during repayment you can come to our office and speak with a loan counselor about your particular circumstances, because we don’t outsource the servicing of our loans. Appointments can be made during regular business hours.

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 commence 30–45 days after the final disbursement is made to the school.

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EDvestinU® Consolidation Loan FAQ

EDvestinU is the national loan program offered by the New Hampshire Higher Education Loan Corporation (NHHELCO), a 501(c)(3) nonprofit agency. NHHELCO is one of three active nonprofit companies that comprise The NHHEAF Network Organizations. Funds generated by the Organizations make its charitable mission possible as student loan earnings are reinvested in programs, services, and scholarships that benefit students throughout the country.

Student loan consolidation is the process of having one or more existing private and/or federal student loans paid off by the creation of a new single consolidation 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.

p>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 consolidated/refinanced by the original parent borrower.

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

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

When applying you will be asked to list out all the loans you wish to include in your consolidation. 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 Consolidation 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 Consolidation 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 Consolidation Loan towards the end of their existing grace period(s).

You can apply to consolidate at any point after receiving a private or federal student loan. However, if you choose to consolidate 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 consolidation 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 consolidation 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 consolidated 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 consolidation process is completed in its entirety.

After the funds have been disbursed to pay off the loans included in the consolidation, 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 consolidation 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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