EDvestinU Student Loan Refinance Review

Our Rating: C+ ⓘ (Compare)

EDvestinU® may be a good option for residents of the state of New Hampshire or borrowers who attended a New Hampshire college. This nonprofit direct lender is a subsidiary of Granite Edvance (formerly the New Hampshire Higher Education Assistance Foundation Network).

*Lowest rates always include the 0.25% interest reduction for enrolling in auto-pay. Skip to: Rates & Fees | Eligibility Requirements | Repayment Options | Consumer Reviews & Complaints | FAQ

EDvestinU Refinance Rates & Fees

EDvestinU offers fixed and variable rates. Note that the lowest rates always include a 0.25% interest rate reduction for enrolling in auto-pay.

Additional information about EDvestinU refinance rates:

• Checking your rate with EDvestinU will not affect your credit score. They will conduct a soft, not hard, credit inquiry (learn the difference).
• EDvestinU does offer a discount for setting up auto-pay: 0.25% interest rate reduction.
• Variable rates are adjusted monthly based on the 30-day SOFR (5.15% as of this writing) as of the second-to-last business day of the previous month.
• Variable rates are capped at 21.00%.

EDvestinU refinance rates recent history:

Over a two-year period (2022-2024), EDvestinU increased its lowest and highest available refinance loan APRs by an average of 146%.

In 2023, EDvestinU increased its lowest available fixed rate for new loans 1.5% (from 5.91% APR) but lowered its highest fixed rate 1.6% (from 9.78% APR). The lowest variable rate increased 24.8% (from 6.46% APR) and the highest starting variable rate increased 22.5% (from 8.21% APR).

In 2022, EDvestinU increased its lowest and highest fixed rates 51.2% and 49.8%, respectively; its lowest and highest variable rates increased 256.9% and 85.3%.

Additional Fees

Beyond interest rates, there are a number of fees a refinance lender may charge up-front or during the loan servicing period. Below is a list of these fees that EDvestinU does or does not charge.

1. Application fee – fee to apply for rates & approval.
2. Loan origination fee – fee to create the new loan.
3. Disbursement fee – fee for distributing funds to lenders to pay off loans that have been refinanced.
4. Prepayment penalty – fee for making extra payments to reduce a refinance loan balance or pay it off early.
5. Late payment fee – fee for making a late payment.
6. Returned payment fee – fee for failed payments due to insufficient funds, also known as a “bounced check”.
7. Collection fee – fee for collection activity on a defaulted debt. EDvestinU discloses: “In the event of a default, the borrower may incur additional collection charges as permitted under applicable law.”

Current Promotions & Offers

EDvestinU offers a 0.25% rate reduction for enrolling in automatic payments.

EDvestinU Refinance Eligibility Requirements

To qualify for refinancing with EDvestinU, all borrowers must meet the criteria below.

• Citizenship Requirement: U.S. citizenship or permanent residence.
• Income Requirement: a maximum 43% debt-to-income ratio -AND- a minimum gross income of $30,000 for loans up to $100,000 and $50,000 for loan balances above $100,000 (without an eligible co-signer).
• Credit Score Requirement: 700 (without an eligible co-signer).
• Graduation Requirement: none.
• Location Requirement: available in 19 states and Puerto Rico.

Additional restrictions apply for specific individuals and loans.

• Refinance loan applications must include two references who do not share an address with the applicant.
• Residents of the state of New Hampshire may be eligible for reduced finance charges.
• Borrowers must not have any past defaulted loans, “foreclosures, repossessions, wage garnishments, unpaid tax liens, unpaid judgements or other public records having an open balance exceeding $100 during the last 7 years.”
• Borrowers may not be involved in ongoing bankruptcy proceeding or had any bankruptcy filings during the past 10 years.
• EDvestinU has an aggregate maximum borrowing amount of $225,000.

EDvestinU Student Loan Repayment Options

Lenders vary greatly on the benefits and options provided to borrowers during the loan servicing period. Additionally, benefits may only be available on a case-by-case basis. EDvestinU offers some relief options.

Deferment & Forbearance

EDvestinU offers deferment in the event of economic hardship. It is unclear what other conditions may make a borrower eligible for deferment, if any. Refinance loan servicer GSMR may also offer some deferment or forbearance options.

*Deferment due to economic hardship is approved in 3-month increments up to a maximum of 12 months.

Additional Options

EDvestinU may offer other opportunities for relief or contract modification.

• Borrowers may apply for 3-month deferment periods of up to 12 months total over the term of their loan.
• Borrowers enrolled in school at least half–time may apply to make interest-only payments.
• Co-signer release after 24 consecutive qualifying payments (recently reduced from 36 months).
• Death / disability discharge is available in the unfortunate circumstance that a borrower passes away regardless of co-signer status.

EDvestinU Reviews, Complaints & Lawsuits

Beyond our own findings, our team also collected the most genuinely insightful customer experiences we could find, including any instances of legal action against the company in which the details became public.

EDvestinU Online Reviews

Because the NHHESLC launched EDvestinU just a few short years ago, there aren’t many customer reviews available on public forums. We’ve included what commentary we could find below for its value as unedited, uncensored, and unsolicited user experiences. Note that these reviews are unverified, may include inaccuracies, and may provide outdated information (about rates, bonus offers, etc.).

“Loan Amount: $49K Credit score ~760-800 (I don’t know why but 1 bureau has me 40 points below the other 2) Pre-cosigner: 5.45% Variable, 10-year, Deferred (EDvestinU via Credible) With cosigner (Dad): 3.35% Variable, 10-year, Deferred (EDvestinU via Credible)

Also if anyone doesn’t understand white/wealth privilege, I am literally a case study in that.” – mbathrowaway152 on reddit, 6/19/2020

“It was a very easy process., I was walked through step by step on what I needed to do and the documents that I needed to get. Edvestinu website was very user friendly and they were very quick to get back with me with any questions and results of my loan refinance. Would definitely reccommend!” – Hannah on TrustSpot, 2/2/2019

“There’s a graduate repayment plan or GRP for 1 year where you pay interest only with [a major lender]. I took advantage of this during my contract position. Also look into [comparison sites] to see if you can qualify for consolidation through another company. Personally I went with EDvestinU with a 20 year term, cutting my payments in half while I wait for life to make large payments possible.” – vballboss on reddit, 9/7/2017

EdvestinU has an unclaimed profile on TrustPilot.com with no reviews posted.

EDvestinU Consumer Complaints

As consumer finance companies, student loan refinancing lenders fall under the jurisdiction of the Consumer Financial Protection Bureau (CFPB), a federal agency. As part of its mission, the CFPB allows consumers to log official complaints. These complaints are publicly available on the CFPB official website. Since June 16, 2020, consumers have submitted 82 complaints about the Granite Edvance (EDvestinU) to the CFPB for an average of one (1) complaint every 17 days, which is nearly three (3) times the average daily complaint rate among reviewed lenders. Zero (0) complaints specifically reference EDvestinU or refinancing.

Granite Edvance received two (2) complaints in 2023, which is equivalent to:

• 9.39% of the average annual complaint rate.
• one (1) complaints for every $30.9 million in corporate revenue.
• one (1) complaints for every five (5) employees.

The allegations made in these complaints are unverified, are not necessarily representative of all consumers’ experiences with EDvestinU, and may contain outdated information (about rates, bonus offers, etc.). Note that a lender with a large customer base is likely to have a higher number of complaints when compared with smaller lenders. Below we have included three (3) of the most recent complaints (as of this writing) in which the consumer consented to share their details.

Complaint 8281747
2/4/2024
Massachusetts

“According to the Fair Credit Reporting Act 15 USC 1681 section 602 a states ” There is a need to insure that consumer reporting agencies exercise their grave responsibilities with fairness, impartiality, and a respect for the consumers right to privacy. ” XXXX and XXXX are consumer reporting agencies and I am the Consumer. I have the right to make sure my private information isn’t shared which is backed by 15 USC 6801 which states ” It is the policy of the Congress that each financial institution has an affirmative and continuing obligation to respect the privacy of its customers and to protect the security and confidentiality of those customers nonpublic personal information. ” GRANITE STATE MANAGEMENT RESOURCES is a financial institution by definition under that title. 15 USC 1681 section 604 a section 2 states that ” In general Subject to subsection ( c ), any consumer reporting agency may furnish a consumer report under the following circumstances and no other : in accordance with the written instructions of the consumer to whom it relates. ” GRANITE STATE MANAGEMENT RESOURCES is a financial institution and the Consumer reporting agencies XXXX and XXXX do not have my consent to furnish this information and they surely do not have my written consent. Any and all consent to XXXX, XXXX, GRANITE STATE MANAGEMENT RESOURCES whether it be verbal, non-verbal, written, implied or otherwise is revoked. 15 USC 6802 ( b ) ( c ) states that ” A financial institution may not disclose nonpublic personal information to a nonaffiliated third party unless the consumer is given an explanation of how the consumer can exercise that nondisclosure option. ” GRANITE STATE MANAGEMENT RESOURCES never informed me of my right to exercise my nondisclosure option. Not only that 15 USC 1681C ( a ) ( 5 ) states ” Except as authorized under subsection ( b ), no consumer reporting agency may make any consumer report containing any of the following items of information Any other adverse item of information, other than records of convictions of crimes which antedates the report by more than XXXX years. ” This account is an adverse item they are reporting again without my permission which is against the law. 15 U.S. Code 1681s2 ( A ) ( 1 ) A states ” A person shall not furnish any information relating to a consumer to any consumer reporting agency if the person knows or has reasonable cause to believe that the information is inaccurate. 15 U.S. Code 1681e states ” Every consumer reporting agency shall maintain reasonable procedures designed to avoid violations of section 1681c of this title and to limit the furnishing of consumer reports to the purposes listed under section 1681b of this title. XXXX and XXXX are not maintaining reasonable procedures. Also 12 CFR 1016.7 states that ” A consumer may exercise the right to opt out at any time. ” I am opting out of your reporting services.”

Complaint 6224342
11/19/2022
New Hampshire

“XXXX XXXX XXXX XXXX XXXX who was bought out by XXXX XXXX XXXX was charged with engaging in widespread misconduct that violated state consumer protection laws and/or made widespread substantial misrepresentations about its educational programs, both of which are grounds for borrower defense to repayment under the borrower defense regulations ( 34 C.F.R. 685.206 and/or 685.222 ). The below message was just received by me on the XXXX and Granite State Management are telling me they don’t abide by the same laws and regulations of the federal government. The College was charged with fraud that violated consumer protection states laws that I should be protected by. If they ( The College ) didn’t make such widespread accusations I would of never took out the private loans to attend to the college. ___________________________________________________________ XX/XX/XXXX Dear XXXX XXXX : Subject : Student Loan Discharge Based on Borrower Defense Evidence The Department of Education ( ” Department ” ) has determined that the loan ( XXXX ) you received to attend a school owned and operated by XXXX XXXX XXXX from XX/XX/XXXX through its closure in XX/XX/XXXX are eligible for full loan discharge. This means the remaining balance on the loan ( s ) will be forgiven. You do not have to make any more payments on the loan ( s ). Your loan ( s ) will be discharged as part of a Department action ( ” Group Discharge ” ) to discharge all outstanding loans for attendance at XXXX XXXX XXXX that first began from XX/XX/XXXX through closure in XX/XX/XXXX after finding that it engaged in widespread misconduct that violated state consumer protection laws and/or made widespread substantial misrepresentations about its educational programs, both of which are grounds for borrower defense to repayment under the borrower defense regulations ( 34 C.F.R. 685.206 and/or 685.222 ). The Department is discharging your loans without requiring you to file an application because of the pervasive and widespread nature of the school ‘s conduct. You also may receive a refund for prior payments made to the Department on your discharged loan ( s ) related to XXXX XXXX XXXX. Your servicer will let you know if you are eligible for a payment refund, which would be mailed to you. Please check your online account with your loan servicer to ensure your address is correct so you can receive any refund. Otherwise, you do not have to take any further action to receive your discharge. Your credit report will also be updated to reflect this discharge when it is complete. If you do not wish to accept this discharge, please contact your servicer within 30 days of receiving this letter. It will take the Department some time to process your discharge. Until the Department completes its work, your eligible loan ( XXXX ) from XXXX XXXX XXXX will remain paused in forbearance/stopped collections, and we will not ask you to resume making payments. If your loan ( s ) are in default, we will not attempt to collect on the loan ( s ) being discharged. If you have other loans not covered by this group discharge, you will enter repayment and/or collections when the national pause on student loan repayment and collections ends. If you have questions about this notice, please call our borrower defense hotline at XXXX from XXXX XXXX on XXXX or from XXXX XXXX on Saturday or Sunday. Sincerely, XXXX XXXX XXXX Operating Officer Federal Student Aid”

Complaint 6158012
11/2/2022
Pennsylvania

“We co-signed a loan agreement for our daughter for the XXXX school year for approximately XXXX with the New Hampshire higher education loan corporation XXXX The initial loan disclosure notice as well as the final loan disclosure notice clearly set forth that we selected the interest only payment option which reduced our loan rate from XXXX XXXX XXXX XXXX % with payment to begin as of XX/XX/22 for {$190.00} a month and if we set up auto deduct, it would reduce our interest rate further to XXXX XXXX. We are unable to set up the auto deduct and currently facing a higher interest rate of XXXX XXXX and not the bargained for XXXX XXXX because the lender will not make the auto deduct option available until the loan is fully disbursed. By the time this happens we will incur significant interest payments as the interest compounds on the loan. In response, lender has acknowledged that the financial disclosure form as well as he loan terms document are incorrect but that they are not going to honor the original terms. All they advise is that they are planning to fix the disclosure form moving forward but that does not help consumers like us that signed up per the original loan documents. They violated the truth in lending disclosure act by not honoring the terms and not making it clear that loan payments would not restart until full disbursement. The XXXX XXXX XXXX was specifically designed to prevent this type of bait and switch from occurring by ensuring that key loan terms are clearly laid out in simple plain XXXX. We are not seeking anything different from what was included in our financial disclosure form and that the loan servicer and originator honor the original commitment. The company has acknowledged that the form is incorrect and confusing, yet refuse to honor the agreement. As a result of the clear bait and switch, we along with other hard working families will be on the hook for significant interest payments that will compound with the principal and put us in more debt.”

For a full list of complaints made against Granite Edvance (EDvestinU) in the CFPB’s Consumer Complaint Database, click here.

EDvestinU Lawsuits

Since its launch in 2014, EDvestinU has not been subject to any lawsuit, criminal investigation, or other such legal activity. Note that while this information is updated regularly, ongoing legal action is subject to change with no prior notice.

Frequently Asked Questions

These are the most common questions consumers have about student loan refinancing with EDvestinU.

• Is EDvestinU good for refinancing student loans?
  EDvestinU may be a good option for residents of the state of New Hampshire and/or borrowers who attended a New Hampshire college or university.

• Does EDvestinU have a minimum credit score requirement?
  Yes, EDvestinU requires a minimum credit score of 700 in order to qualify for student loan refinancing; a lower credit score may be acceptable if the borrower has a qualifying co-signer.

• Are EDvestinU loans federal?
  EDvestinU loans are not federal. EDvestinU has no affiliation with the federal government or the U.S. Department of Education.

• Does EDvestinU charge a prepayment penalty?
  There are no penalties for early payments or repaying a loan in full before its term is over.

• Does checking your rates with EDvestinU hurt your credit score?
  For their prequalification process, EDvestinU performs a soft credit check, which will not hurt your credit score. If you proceed with an application, however, EDvestinU will perform a hard credit check that may affect your credit score.

• Is EDvestinU a bank?
  EDvestinU is not a bank, nor is it affiliated with any bank.

• Can I refinance a EDvestinU loan?
  Yes, you can refinance a EDvestinU student loan or a student loan from another private lender. There is no limit to the number of times a borrower may refinance with EDvestinU. Note, however, that every new line of credit requires a hard credit check that may affect your FICO score.

• Do I have to include any/all EDvestinU student loans with my EDvestinU refinance loan?
  No, you may choose to refinance some, all, or none of your EDvestinU student loans. Note, however, that EDvestinU has a $200,000 limit on refinance loans and an aggregate borrowing limit of $225,000. In other words, borrowers may have no more than $225,000 in loans of any kind outstanding from EDvestinU; whether this is a lifetime aggregate limit is unclear.

• Can I refinance just some of my loans with EDvestinU?
  Yes, you can refinance some, all, or just one of your qualifying student loans with EDvestinU. You may choose to refinance your private loans only or refinance private and federal loans together.

• Can I refinance loans that have already been refinanced?
  Yes, you can refinance loans as many times as you want with EDvestinU. Note that each time you refinance, you will have to submit a new application; every application requires a hard credit check that may affect your credit score.

• Can my spouse and I refinance our loans together with EDvestinU?
  EDvestinU does not allow for this manner of debt consolidation. Only primary borrowers may apply to refinance their loans.

• How long does it take to refinance with EDvestinU?
  EDvestinU does not disclose a timeline; your refinance loan’s first payment comes due 30-45 days after disbursement.

• Who services EDvestinU refinance loans?
  Granite State Management & Resources (GSM&R) services refinance loans from EDvestinU.

• Does EDvestinU offer a grace period?
  No, EDvestinU does not offer a grace period.

• How often do variable rates change?
  EDvestinU updates its variable rates according to the 30-day SOFR as of the second-to-last business day of the previous month plus a margin of between 2.97% and 4.72%.

• Can I get any special rates or discounts with EDvestinU?
  EDvestinU offers a 0.25% interest rate reduction with enrollment in automatic payments.

• What happens if I file for bankruptcy?
  Filing for bankruptcy does not necessarily discharge an EDvestinU refinance loan.

• Does EDvestinU partner with any major refinance lender marketplaces?
  EDvestinU does not partner with Credible as part of its multilender marketplace but does appear on its website as a featured lender. Sparrow also advertises EDvestinU as a featured lender.

Compare Student Loan Refinance Reviews

Sources

1. EDvestinU, Refinance Loan FAQ
2. EDvestinU, Refinance Loan Rates & Terms
3. Consumer Financial Protection Bureau, Consumer Complaint Database
4. CampusDoor, Solicitation and Disclosure
5. Pro Publica, Nonprofit Explorer: Granite Edvance Corporation