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.
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.
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.
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:
There are literally dozens of student loan refinancing lenders out there. Here’s how INvestEd stands out.
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.
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:
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.
You can apply for an INvestEd refinancing loan online in just a few minutes. 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.
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.