How INvestEd Can Help You Refinance Your Student Loans
May 8, 2019
When you’re in college, student loans can help you pay for tuition and expenses so you can complete your degree. However, after graduation they often are a burden, eating up a significant part of your paycheck.
If you’re trying to tackle your student loan debt, student loan refinancing may be a wise strategy. And, if you’re a Hoosier or attended college in Indiana, you have a unique refinancing option: INvestEd.
INvestEd: Refinance your student loans
Whether you need a lower monthly payment, are looking to save money over the length of your loan, or pay off your debt ahead of schedule, student loan refinancing might help. INvestEd offers several different refinancing options to make your loans more manageable.
Types of refinancing available
If you have private or federal student loans, including subsidized, unsubsidized, Parent PLUS, or Grad PLUS loans, you can refinance your debt with INvestEd. To be eligible for refinancing, your loans must already be in good standing.
Interest rates and fees
With INvestEd, you can choose between fixed and variable interest rates. Fixed rates stay the same for the entire repayment period. Variable rates tend to start out lower than fixed rates, but fluctuate over time.
Loan terms range from 5 to 20 years in length, so you can pick a repayment option that works best for your budget. The minimum loan balance to refinance is $5,000; the maximum is $250,000.
If you sign up for automatic payments, you can qualify for a 0.25% interest rate reduction, helping you save even more money over the length of your loan. There are no origination fees or prepayment penalties.
To qualify for a refinancing loan from INvestEd, you must meet the following criteria:
- You must be a citizen or permanent resident of the United States
- Your credit score is at least 670; if you have an eligible co-signer, your credit score must be at least 600
- Your monthly debt, such as rent or car loans, must not exceed 40-50% of your gross monthly income
- You must not have a student loan in default
- You must earn at least $36,000 a year
What sets INvestEd apart
There are literally dozens of student loan refinancing lenders out there. Here’s how INvestEd stands out.
1. You could qualify for a co-signer release
Having a co-signer often increases your chances of getting approved for a loan and may help you qualify for a lower interest rate than if you applied on your own. However, being a co-signer is a serious commitment.
As your financial situation improves, you may want to remove the co-signer from your loan. Not all refinancing companies allow you to do so; INvestEd is one that does. After you have made your first 48 consecutive monthly payments, you could qualify for a co-signer release.
2. You could be eligible for loan deferment
When you refinance student loans, you may lose out on some benefits and protections, especially if you have federal student loans. INvestEd gives you peace of mind by offering three different kinds of deferment:
- In-school deferment: If you enroll at least half-time in graduate school, you could qualify for a deferment as long as 36 months.
- Active duty military deferment: If you are in active duty or performing qualifying National Guard duty, you can postpone making payments during your service term.
- Temporary hardship deferment: If you’re experiencing a financial difficulty, such as medical issues or a job loss, you could qualify for a forbearance that lasts as long as three months; you can be granted up to two forbearances per 12-month period. You can qualify for up to 24 months of forbearance over the course of your loan.
3. If something happens to you, you’ll qualify for loan forgiveness
With some private loans, your loved ones could be responsible for your student loans if you die or become permanently disabled. INvestEd works differently. If you pass away or become totally and permanently disabled, the remaining loan balance is forgiven, so your family doesn’t have to worry about covering the cost.
How to apply for INvestEd student loan refinancing
You can apply for an INvestEd refinancing loan online in just a few minutes after comparing rates with other lenders on Purefy. To get started, the application will ask you some questions to determine your eligibility for a loan. If eligible, you’ll be prompted to enter your name, email address, and phone number before you can continue with the application.
Some of the things you’ll be asked about are where you went to school, how much you need to refinance, and employment information.
The process takes minutes to complete, and you’ll receive a decision quickly. Once preapproved, you’ll need to submit documents to verify the information on your application. You can track your application status in the online portal.
If you’re happy with the loan terms offered to you, you then need to sign and submit the loan agreement. Your funds will be disbursed within a few days.
Refinancing your student loans
As a resident of Indiana or as a former student of an Indiana-based college, you have a unique opportunity to take advantage of InvestEd’s refinancing options. INvestEd offers competitive interest rates and perks that make them an excellent lender.
However, they’re not the only lender available. Before choosing a company, compare offers from multiple student loan refinancing lenders to ensure you get the lowest rates.