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 postsecondary 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 borrow 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.