INvestEd is the commercial name for Indiana Secondary Market for Education Loans, Inc., a public, nonprofit marketplace lender. Services are available to Indiana residents and out-of-state student borrowers who attended Indiana colleges and universities.
| Loan Limits | $5,000 – $250,000 |
| Fixed Rates | 5.12%* – 9.46% |
| Variable Rates | 8.50% – 12.39% (18.00% Cap) |
| Terms | 5, 10, 15, or 20 years |
| Min. Credit Score | 670 |
| Apply | Link |
*Lowest rates always include the 0.250% interest reduction for enrolling in auto-pay.
Skip to: Rates & Fees | Eligibility Requirements | Repayment Options | Consumer Reviews & Complaints | FAQ
| Private student loans | ✓ |
| Private parent loans | ✓ (in parent’s name only) |
| Federal student loans | ✓ |
| Federal Parent PLUS loans | ✓ (in parent’s name only) |
INvestEd Refinance Rates & Fees
The lowest rates displayed always include a 0.25% interest reduction for enrolling in INvestEd’s automatic payment program.
| Term | Fixed Rate | Variable Rate |
|---|---|---|
| 5 – 20 Years | 5.12% – 9.46% | 8.50% – 12.39% |
Additional information about INvestEd refinance rates:
- Checking your rate with INvestEd will not affect your credit score. They will conduct a soft, not hard, credit inquiry (learn the difference).
- INvestEd does offer a discount for setting up auto-pay: 0.25% interest rate reduction.
- Variable rates are based on the 90-day SOFR (5.305% as of this writing). This means that as the SOFR changes, increasing or decreasing, your variable rate will change, increasing or decreasing correspondingly.
- Variable rates are capped at 18.00%.
INvestED refinance rates recent history:
Over a two-year period (2022-2024), INvestEd increased its lowest and highest available student refinance APRs by an average of 115%.
In 2023, INvestEd increased its lowest fixed rate 14.1% (from 5.17% APR) and its highest fixed rate 16.3% (from 8.35%). The lowest variable rate increased 58.6% (from 5.12% APR) and the highest variable rates increased 33.2% (from 9.01% APR).
In 2022, INvestEd increased its lowest and highest fixed rates 49.4% and 22.4%, respectively; its lowest and highest variable rates increased 109.9% and 42.4%.
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 INvestEd does or does not charge.
| Fee Type | Amount Charged |
|---|---|
| Application Fee | None |
| Loan Origination Fee | None |
| Disbursement Fee | Undisclosed |
| Prepayment Penalty | None |
| Late Payment Fee | The lesser of $10.00 or 5% of overdue amount |
| Returned Payment Fee | $10.00 |
| Collection Fee | Unspecified |
- Application fee – fee to apply for rates & approval.
- Loan origination fee – fee to create the new loan.
- Disbursement fee – fee for distributing funds to lenders to pay off loans that have been refinanced.
- Prepayment penalty – fee for making extra payments to reduce a refinance loan balance or pay it off early.
- Late payment fee – fee for making a late payment.
- Returned payment fee – fee for failed payments due to insufficient funds, also known as a “bounced check”.
- Collection fee – fee for collection activity on a defaulted debt.
Current Promotions & Offers
INvestEd offers a 0.25% interest rate reduction with automatic payments. There may also be special offers for in-state residents of Indiana.
INvestEd Refinance Eligibility Requirements
To qualify for refinancing with INvestEd, all borrowers must meet the criteria below.
- Citizenship Requirement: U.S. citizenship or permanent residence.
- Income Requirement: $36,000 minimum annual income with a maximum debt-to-income ratio of 40%-50% (depending on income level).
- Credit Score Requirement: 670 minimum (without co-signer).
- Graduation Requirement: none.
- Location Requirement: undisclosed.
Additional restrictions apply for specific individuals and loans.
- Continuous employment over the last 12 months is an eligibility requirement except under certain circmstances, such as borrower retirement or recent graduation.
- No delinquencies of 60 days or more in the last 24 months.
- No repossessions, foreclosures or garnishments.
- No bankruptcies within the past 60 months.
- No defaulted student loans, private or federal.
- The debt-to-income ratio applies to all debt, including student loans in repayment, student loans not yet in repayment, and any consumer credit unrelated to education debt (such as home and auto loans, credit card debt, mortages or rent, etc.).
INvestEd 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. INvestEd offers some relief options.
Deferment & Forbearance
Student refinance loans from INvestEd include some conditions for deferment and forbearance.
| Condition | Coverage |
|---|---|
| Returning to grad school | Deferment, up to 36 months |
| Disability rehabilitation | Unspecified |
| Active military duty | Deferment |
| Involuntary unemployment | Unspecified |
| Economic hardship | Deferment, up to 24 months |
| Natural disaster | Undisclosed |
| Temporary hardship | Unspecified |
Additional Options
INvestEd may offer other opportunities for relief or contract modification.
- Co-signer release may be an option after 12 months of consecutive qualifying payments; previously, INvestEd required 48 months of payments to apply for co-signer release.
- Death / disability discharge may available in the unfortunate circumstance that a borrower passes away or suffers total permanent disability.
INvestEd 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.
INvestEd Online Reviews
INvestEd has little to no online presence, and we found no customer reviews on public forums. Normally, this might be a red flag for a 40-year-old organization. INvestEd’s modest size and niche advertising, however, makes the lack of consumer feedback reasonable.
INvestEd 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 their mission, the CFPB allows consumers to log official complaints. These complaints are publicly available on the CFPB official website.
The CFPB database includes no complaints about INvestEd or Indiana Secondary Market for Education Loans, Inc.
INvestEd Lawsuits
INvestEd has not been involved in any recent major lawsuits. Note that while this information is updated regularly, ongoing legal action is subject to change.
Frequently Asked Questions
These are the most common questions consumers have about student loan refinancing with INvestEd.
- Is INvestEd good for refinancing student loans?
INvestEd may be a good option for student borrowers who live or went to school in Indiana.
- Are INvestEd loans federal?
INvestEd loans are not federal. INvestEd has no affiliation with the federal government or the U.S. Department of Education.
- Does INvestEd 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 INvestEd hurt your credit score?
For its prequalification process, INvestEd performs a soft credit check, which will not hurt your credit score. If you proceed with an application, however, INvestEd will perform a hard credit check that may affect your credit score.
- Is INvestEd a bank?
No, INvestEd is not a bank nor is it affiliated with any bank. INvestEd is a nonprofit student resource program that includes student loan refinance marketplace lending.
- Can I refinance a INvestEd loan?
You can refinance INvestEd student loans, student loans from another private lender, and federal loans. There is no limit to the number of times a borrower may refinance with INvestEd. Note, however, that every new line of credit requires a hard credit check that may affect your FICO score.
- Can I refinance just some of my loans with INvestEd?
Yes, you can refinance some, all, or just one of your qualifying student loans with INvestEd. 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 INvestEd. 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 INvestEd?
Some of INvestEd’s participating lenders may allow spouses to refinance their loans together; refer to individual lender policy.
- How long does it take to refinance with INvestEd?
INvestEd does not disclose a definitive timeline but advertises a prequalification process that takes less than two (2) minutes. Repayment begins 30 to 45 days after disbursement. The entire process likely takes between 7 and 14 weeks.
- Who services INvestEd refinance loans?
INvestEd loans are serviced by American Education Services.
- Does INvestEd offer a grace period?
INvestEd may allow a deferment period before repayments begin.
- How often do variable rates change?
INvestEd variable rates update once every three (3) months based on the 90-day Secured Overnight Financing Rate (SOFR).
- Can I get any special rates or discounts with INvestEd?
INvestEd offers a 0.25% interest rate reduction with enrollment in automatic payments.
- What happens if I file for bankruptcy?
INvestEd advises that filing for bankruptcy does not necessarily discharge student refinance loan debt.
- Does INvestEd partner with any major student refinance lender marketplaces?
Yes, INvestEd partners with Credible as part of its multilender marketplace.
Compare Student Loan Refinance Reviews
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| RISLA | A |
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| INvestEd | B- |
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