General Student Loan FAQs

A private student loan is a consumer loan that is used to pay for college. Like a federal student loan, it supplements financial aid such as grants and scholarships, but it is not funded or guaranteed by the federal government.

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 can increase or decrease; therefore, your monthly payments can increase or decrease over time.

Although the FAFSA is not required for a private student loan application, we encourage all students to complete the FAFSA to maximize any available federal financial aid. To learn more about the FAFSA, please click here.

EdvestinU Student Loan FAQs

Yes. You can find all your application information by logging into the portal for our loan originator, CampusDoor, with the username and password you established at the beginning of the application process. If you do not find the information you are looking for, you can contact the Loan Originations department at 855-887-5430 or support@EdvestinU 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.

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

If a borrower is approved for an EdvestinU loan, their offer of credit is valid for 30 days before expiring.

While a requested loan amount cannot be increased after the original amount is approved, you may cancel the existing loan application and submit a new loan application for the increased amount. Our credit inquiry is valid for 90 days. This means that if any subsequent applications are submitted or if you need to reapply within 90 days of the initial credit inquiry, another inquiry will not be necessary. If you need to decrease the loan amount, you can contact us prior to signing your loan documents to request this.

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 education, less any other aid, and establish the disbursement dates for funds to be sent directly to the school via their requested disbursement method.

You will need the following:

  • School name and branch
  • Estimated loan amount
  • One personal reference (name, address, phone number)
  • Employer and income information/documentation
  • Government issued ID
  • Social Security card

Yes. Your loan amount can be used for qualified education expenses up to cost of education 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 qualified education expenses that you’d like to include, we recommend making your financial aid office aware of this prior to completing your loan request. The school is responsible for reimbursing you directly for any additional educational expenses you’ve built into the loan amount.

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

To be eligible for an EdvestinU private student loan, you must be a U.S. citizen or permanent resident (that is a resident of an eligible state) who meets our credit and income requirements or a student who applies with a cosigner meeting our credit and income requirements. Students must be enrolled at least half–time at an eligible U.S.-based, Title IV, degree-granting college or university.

International students are also eligible to apply for an EdvestinU student loan 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, 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 $225,000 for EdvestinU.

A 6-month grace period where no payments are required to be made is available for full deferment repayment elections. A 6-month grace period where interest-only payments are required to be made is available for interest-only repayment elections. Immediate repayment elections do not have a 6-month grace period available.

Borrowers electing immediate or interest-only repayment on an EdvestinU private loan will need to begin making monthly payments once the initial disbursement for the loan is made. If the loan is separated into multiple disbursements, monthly payments will begin 30-45 days after the initial disbursement is made to the school and will be adjusted as additional funds are disbursed.

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 entering a economic hardship deferment for up to 12 months. You may also potentially enroll in a forbearance for up to 12 months as well. If you are an existing EdvestinU borrower and are experiencing trouble making payments, you can contact our servicer, Firstmark Services, at 844-399-7535 to discuss options.

A borrower cannot be enrolled in automatic debit until the loan reaches the point when payments are required. Borrowers with loans that are in deferment (including borrowers who elect deferred repayment), a grace period, or forbearance are not eligible to enroll and receive the automatic debit benefit until they enter into repayment. Borrowers electing to enroll in interest-only or immediate repayment are eligible to enroll in automatic debit upon initial disbursement of the loan. Automatic debit may be set up using the primary borrower’s checking or savings account (which may have additional account holders). Automatic debit may be set up with our servicer, Firstmark Services.

Interest on your private student loan will begin accruing as soon as the loan is disbursed and will accrue on a daily basis using simple interest. Accrued interest will not become due until the loans converts to repayment or at the end of any forbearance and deferment periods. All accrued interest is the responsibility of the borrower and may be paid at any time.

Refinance Student Loan FAQs

Eligible:

  • Federal student loans in the primary borrower’s name
  • Private student loans in the primary borrower’s name
    • Both must be from a U.S. based lender

Not Eligible:

  • Student loans in someone else’s name (including PLUS loans)
    • The primary borrower on the application must be the primary borrower on the underlying loans being includes
  • Lines of credit
    • This applies to all lines to credit, even if the funds were utilized for educational purposes, in a repayment phase, or closed
  • Student loans in collections or default

You can apply to refinance at any point after receiving a private or federal student loan. We can refinance only a portion of a loan (if not fully disbursed) or complete a partial payoff upon request.

No. Graduation is not an eligibility requirement to refinance.

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 defined in your loan terms.

You will need the following information:

  • Employer and income information
  • Lender and loan servicer name for each loan your are looking to consolidate
  • Account number for each loan
  • Total outstanding balance for each loan
  • Current interest rate for each loan
  • 30-day payoff amount*
  • One personal reference
  • Government issued ID
  • Social Security card

Additional information may be required based on your specific application. You will be made aware of any required documentation during the application process.

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

  • Full name
  • Account number
  • Loan servicer’s name
  • Payment address
  • Current principal balance
  • Accrued interest
  • Current interest rate

Having this information will allow us to calculate a payoff amount for you. If you are unable to provide a current billing statement or need assistance in obtaining your statement(s), please call our office at 855-887-5430 or email us at support@EdvestinU.com.

To be eligible for an EdvestinU Refinance Loan, you must be a U.S. citizen or permanent resident that is at least 18 years old (and resident of an eligible state) and has federal or private student loans used for attendance at a Title IV, degree-granting institution.

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

When completing the application, please use your gross income.

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 but typically takes 30 days from application submission to disbursement of funds. 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 underlying loans included in the refinancing, your new loan will immediately enter repayment. Your first payment due date will be between 30 and 45 days after disbursement.

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 help you qualify for a lower interest rate.

When applying, you will be asked to list all the loans you may wish to include in your refinancing. If after being approved you decide that you want to remove loans from your list, you can simply contact us at 855-887-5430 or support@EdvestinU.com to indicate which loans should be removed. With the removal of loan(s), the minimum loan amount must still be at least $7,500.

A minimum loan amount of $7,500 is required to be eligible. The maximum amount is $200,000. There is also an aggregate borrowing maximum of $225,000 for EdvestinU.

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

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.

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. The EdvestinU Refinance Loan will enter immediate repayment 30-45 days after 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).

No. There is no prepayment penalty.

Payments may be postponed during the repayment period by qualifying for an Hardship Forbearance for up to 12 months. You may also have the option to enroll in an interest-only alternative replayment plan for up to 12 months. If you are an existing EdvestinU borrower and are experiencing trouble making payments, you can contact our servicer, Firstmark Services, at 844-399-7535 to discuss options.

In the event of a borrower’s death, the EdvestinU loan will be discharged.

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