EDvestinU® Student Loan Payment Calculator
Loan Dates
EDvestinU’s Student Loan Payment Calculator can help you estimate your private student loan rate, monthly payment amount, and total cost of loan. Get started by selecting your loan and expected college graduation dates.
Manage College Costs
As you consider options for managing your college costs, be sure to consult with the knowledgeable professionals in your financial aid office. Visit the financial aid section of your campus website to learn about tuition payment plans, scholarships, work–study opportunities and on–campus jobs.
Loan Amount
Before borrowing for college, it’s important to determine what your total expenses will be for tuition and fees, housing, meals, books, transportation and any other school–related expenses. Choose your loan amounts carefully and borrow only what’s needed to cover your required expenses.
How much do you think you will need to borrow in private loans?
How Much Should I Borrow?
To determine the amount you'll need to borrow, begin with your billable costs and add in any expenses you anticipate for books and supplies. Subtract any federal loans, grants, or campus–based funding you have been awarded. Not sure what your billable costs will be? Speak with professionals in the financial aid office at your campus for assistance.
Cosigner
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?
Cosigner Tips
- The cosigner doesn't have to be a parent. Any adult who meets the credit and citizenship requirements can be a cosigner.
- The cosigner may be released from the loan after the first 36 consecutive monthly payments are made on time and the student borrower meets certain credit requirements.
- In the event of the death of the student borrower, the loan can be forgiven and the cosigner won't be responsible for repayment.
Credit Score
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?
About Your Credit Score
- EDvestinU offers the most competitive rates to those borrowers and cosigners with strong credit scores.
- Your payment history and how much you owe on credit make up 65% of your score. Length of credit history, types of accounts and recent activity make up the remaining 35%.
- The best way to improve your credit score is to use loans and credit cards responsibly and make prompt payments.
Repayment Options
Which Repayment Plan is Right for You?
Reduce Your Total Cost
The way you choose to repay your loan will impact the total amount you pay over time. If you aren't in a position to make immediate or interest–only payments, know that even occasional interest payments made while in school will help to lower the total cost.
Repayment Length
The EDvestinU Refinance Loan allows borrowers to choose either a 7, 10, or 15 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:
Reduce Your Total Cost
Choosing a shorter repayment term will result in less interest accruing on your loan, and will reduce your total cost. However, having a shorter repayment term can result in a higher monthly payment obligation. Be sure to choose what works best for you.
Thank you for using the EDvestinU Student Loan 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 0.50%.
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1A 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 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.
*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
1Private 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. Autopay Benefit: During Periods when payments are due, you will be eligible to receive a 0.50 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 August 30, 2022 the One-Month CME Term SOFR Index rate is 2.51%.