EDvestinU® Refinance Savings & Payment Calculator
EDvestinU's Savings & Payment Calculator can help you estimate your monthly payment amount, and overall monthly savings. Get started by selecting the total loan amount you would like to refinance.
How much do you pay toward your student loans each month?
Consider applying with a cosigner to increase your chance of approval – especially if you have limited credit history. EDvestinU's private loan program offers a cosigner release1 after 36 months of consecutive on–time payments and meeting credit and income requirements. Will you have a cosigner?
EDvestinU relies in part on your credit score* or your cosigner’s (if applicable) to determine eligibility for private student loans. The higher your FICO® score, the lower your cost of borrowing. Rate your cosigner’s credit score?
The EDvestinU Refinance Loan allows borrowers to choose either a 5, 10, 15, or 20 year repayment length. A longer repayment term can mean lower monthly payments, but it often means you are paying more in the long run. Keep in mind, you always have the option of paying the loan off faster than your chosen repayment length and you'll never pay a penalty for doing so. In fact, we encourage it!
I would like a:
Thank you for using the EDvestinU® Refinance Savings & Payment Calculator. Below you'll see an estimate of your Annual Percentage Rate (APR) based on your self–reported credit score range and other factors. You'll also see how much you could be expected to repay on your education loans each month and the overall cost of borrowing. Hoping to reduce the cost of borrowing? By using Autopay1 to have your monthly payments automatically withdrawn from your bank account, you'll save an additional 0.25%.
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Based on the information you provided, there doesn’t appear to be monthly savings through refinancing. However, there may be additional benefits to refinancing such as:
- Releasing a cosigner
- Reducing the overall cost of your loans by reducing the repayment term
- Combining multiple student loans into one loan with one bill and one monthly payment
- Receiving high quality, personalized customer service from a nationally recognized nonprofit
1Cosigner Release allowed if an account is in current standing, after 36 months of consecutive and on–time payments with a borrower FICO greater than 699 and minimum income requirement of $30,000 for loan balances up to $100,000, and income requirement of $50,000 for loan balances over $100,000 with no foreclosures, repossessions, wage garnishments, unpaid judgments or other public records having an open balance exceeding $100 during the last 7 years. Borrowers must also have a debt–to–income ratio of 43% or less and 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.
*Credit scores may come from varying sources. Those sources may have access to different credit information and use varying scoring methods. EDvestinU uses a FICO® score reported from Transunion.
1Autopay Benefit: During Periods when payments are due, you will be eligible to receive a 0.25 percentage point interest rate reduction on your loan by authorizing our loan servicer to automatically deduct your payments each month from your bank account. The interest rate reduction for authorizing our servicer to automatically deduct monthly payments from a savings or checking account will not reduce the monthly payment, but will reduce the monthly finance charge, resulting in a lower total cost of loan.
2This calculator is not an application for credit, does not act as a guarantee of credit, or as an offer of credit. The stated APR, monthly payment, and total cost of loan calculated by this calculator are not intended to replace or supersede any disclosure generated upon approval of a loan application. The calculator is for educational purposes only. Additional credit and income requirements apply. Results are based upon user input; actual loan offer, monthly payment, and total cost of loan may vary. Before an offer of credit is extended we will obtain a current consumer credit report for the borrower and cosigner (if applicable), and a current copy of the borrower's and cosigner's (if applicable) FICO score from Transunion.
3APR or "annual percentage rate" is a calculation of what the loan will cost, taking into consideration interest, fees and length of loan. Accordingly, the APR is subject to increase or decrease due to factors such as changes in the interest rate of variable rate loans or changes in principal due to the capitalization of interest. Variable APR rates may increase or decrease depending on fluctuations in the One-Month CME Term SOFR Index. Monthly interest rate accrual is based on the published One-Month CME Term SOFR Index rate as of the second to last business day of the previous month plus your applicable margin. If the One-Month CME Term SOFR Index is negative, it will be deemed to be equal to zero. As of April 28, 2022 the One-Month CME Term SOFR Index rate is 0.74%.