Learn How INvestEd Helps Hoosiers Save on Student Loans
July 19, 2019
INvestEd has been commited to making college possible for hoosier families for over 35 years. With both private student loans and student loan refinancing, INvestEd has options to help you navigate the world of student loans both before and after graduation. In this review, we'll take a close look at INvested's terms, features, and benefits.
Thinking of going to college? It’s a worthy investment. According to The College Board, bachelor’s degree recipients can expect to earn 66% more than a high school graduate over their working lives.
While college can be expensive, there are grants, scholarships, and student loans available to help offset the cost. If you live in Indiana or are attending school in Indiana, INvestEd student loans may help you reach your goals.
When you get into college, your selected school will send you a summary of your financial aid package. Most packages are a combination of scholarships, grants, and federal loans. However, your financial aid package may not be enough to cover the total cost of attendance. You may need to turn to a private student loan lender to be able to pay for your other expenses.
If you’re a resident of Indiana or attending an eligible school in Indiana, you may be eligible for a student loan from INvestEd. They offer unique loan benefits that may make your debt more manageable after you graduate.
INvestEd student loans
With INvestEd, you can borrow up to the total cost of attendance, minus other financial aid; the minimum you can borrow is $1,001.
You can also choose what repayment term makes sense for you. INvestEd offers loan terms of 5, 10, or 15 years. The longer the loan term, the lower your monthly payment. You’ll pay more in interest with a longer loan term, but it may be worth it if you prefer a more affordable payment.
Interest rates and fees
INvestEd offers both fixed and variable rate loans. With a fixed rate loan, your interest rate is locked for the length of your repayment period. Variable rate loans tend to start off with lower rates than fixed rate loans, but the rate will fluctuate over time.
Signing up for automatic payments is a great way to ensure you never miss a payment, and doing so has another benefit that can save you money. If you sign up for automatic payments with INvestEd, you get a 0.25% interest rate reduction. Over time, that reduction will save you money.
Private student loan lenders all have their own eligibility criteria. To qualify for an INvestEd Student Loan, you or your co-signer must meet these requirements:
- Your monthly debt payments (including rent or mortgage, credit cards, and car loans) must not exceed 30% of your gross monthly income or you must have a minimum gross monthly income of $3,333.
- Your FICO score must be at least 670
- You have had continuous employment over the last two years
- You do not have any delinquencies of 60 days or more in the past 24 months on your credit report
- You do not have any bankruptcies during the past five years
- You did not default on any private or government student loans
What sets INvestEd apart
There are dozens of private student loan lenders out there, so it can be difficult to choose one. If you’re trying to decide between lenders, it’s important to keep three points about INvestEd in mind.
1. Generous graduation benefit
When you graduate from school, you can request a 2% principal reduction reward from INvestEd. That means you’ll have a lower loan balance to repay. For example, let’s say you had $30,000 in INvestEd student loans. When you graduate, INvestEd may take 2% off your student loan balance. In your case, that would be a savings of $600.
To receive this benefit, you must contact INvestEd and request it once you graduate. You’ll have to provide documentation proving you graduated, such as a copy of your diploma. Your loans must be current, and not delinquent or in default.
2. INvestEd offers a co-signer release
When you apply for a loan, you may need a co-signer on the application to get approved. A co-signer takes on responsibility for the loan if you fall behind on payments.
While having a co-signer can help you get the funding you need for school, it’s a big responsibility for your friend or relative. After you graduate and start building your career, you may want to consider getting a co-signer release to remove their obligation for the loan.
Not all private student loan lenders offer a co-signer release; INvestEd is one that does. You can apply for a co-signer release after making your first 48 consecutive monthly principal and interest payments on time.
3. Loan discharge available
With some private student loans, your family could be stuck repaying the loan even if something terrible happens to you. But with INvestEd, loan discharge in the case of death or permanent disability is available.
How to apply for an INvestEd Student Loan
Applying for an INvestEd Student Loan is quick and easy. You can submit an application online. You or your co-signer need:
- 2 consecutive pay stubs or other proof of income
- Proof of employment
- Selected school
- Loan amount
If you’re approved for a loan, you’ll receive a notification and will get a promissory note you need to sign before the loan can be disbursed.
Paying for college
Private student loans may help you get the financing needed for your education. As you’ve learned in this INvestEd Student Loan review, what lender you choose can help you get lower interest rates and unique benefits that make repayment easier.
To simplify the process, shop around and compare offers from multiple lenders with Purefy’s Find My Rate tool. You’ll get a list of loan quotes at once, helping you make an informed decision.
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.