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INvestEd Student Loans & Refinancing: 2022 Review

Kat Tretina
invested student loans
invested student loans

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.

Read the INvestEd Private Student Loans Review

Read the INvestEd Student Loan Refinancing Review

INvestEd Private Student Loans

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.

INvestEd Review

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.

Eligibility criteria

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.

INvestEd is not a Purefy lender, so if you decide to see what you can qualify for through INvestEd, you will need to visit their website and fill out their online application which takes about 15 minutes.

Once you’ve checked out INvestEd and have a rate quote, you can then compare their rates with other top lenders out there using Purefy’s quick and easy Compare Rates tool. It simplifies the shopping around process and provides a list of loan quotes all at once in one place, helping you to make an informed decision.

INvestEd Student Loan Refinancing

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.

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Eligibility criteria

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 use Purefy’s Compare Rates tool to get a quote for a refinancing loan from multiple top lenders in just seconds.

However, if you want to compare these rates with INvestED, who is not a Purefy lender, you’ll need to apply with INvestED separately on their website to see how they stack up.

If you do decide to apply with INvestED, you’ll be asked to enter your personal information, such as your name, address, Social Security number, the amount you want to refinance, and your monthly rent or mortgage payment. The application should take you less than 15 minutes to fill out.

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. Then, you can see how INvestED’s rates stack up against other top options so you can make the best decision for your needs.

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ELFI Rate Disclosure

4 ELFI Rate Disclosure:

Education Loan Finance is a nationwide student loan debt consolidation and refinance program offered by Tennessee based SouthEast Bank. ELFI is designed to assist borrowers through consolidating and refinancing loans into one single loan that effectively lowers your cost of education debt and/or makes repayment very simple. Subject to credit approval. See Terms & Conditions. Interest rates current as of 11-21-2022. The interest rate and monthly payment for a variable rate loan may increase after closing, but will never exceed 9.95% APR. Interest rates may be different from the rates shown above and will be based on the term of your loan, your financial history, and other factors, including your cosigner’s (if any) financial history. For example, a 10-year loan with a fixed rate of 6% would have 120 payments of $11.00 per $1,000 borrowed. Rates are subject to change.

SoFi Rate Disclosure

3 SoFi Rate Disclosure:

Fixed rates range from 3.99% APR to 8.24% APR with a 0.25% autopay discount. Variable rates from 2.24% APR to 7.99% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates on 5-, 7-, and 10-year terms are capped at 8.95% APR; 15- and 20-year terms are capped at 9.95% APR. Your actual rate will be within the range of rates listed above and will depend on the term you select, evaluation of your creditworthiness, income, presence of a co-signer and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The benefit lowers your interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay is not required to receive a loan from SoFi.

Earnest Rate Disclosure

2 Earnest Rate Disclosure:

Actual rate and available repayment terms will vary based on your income. Fixed rates range from 4.24% APR to 9.24% APR (excludes 0.25% Auto Pay discount). Variable rates range from 3.49% APR to 8.24% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan refinance loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. The maximum rate for your loan is 8.95% if your loan term is 10 years or less. For loan terms of more than 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95%. Please note, we are not able to offer variable rate loans in AK, IL, MN, NH, OH, TN, and TX. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account.

ISL Rate Disclosure

5 Iowa Student Loan Rate Disclosure:

Fixed Rate Loan Terms: 5 years/60 monthly payments, 7 years/84 monthly payments, 10 years/120 monthly payments, 15 years/180 monthly payments, or 20 years/240 monthly payments. Annual Percentage Rate [APR] is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. This rate is expressed as an APR. Fixed APRs range from 3.94% to 8.48% APR [low to high range with 0.25% auto-debit rate reduction]. Rates are subject to change without notice. Fixed rates will not change during the term. Since there are no fees associated with this loan offer, the APR is the same percentage as the actual interest rate of the loan including a 0.25% auto-debit rate reduction. These rates are subject to additional terms and conditions, and rates are subject to change at any time without notice. All estimates are based on information provided by you and are for informational purposes only, accuracy is not guaranteed and may not reflect actual rates or savings and do not constitute an offer of credit. Your actual rate, payment and savings may be different based on credit history, actual interest rate, loan amount, and term, including your cosigner [if applicable]. If applying with a cosigner, we use the higher credit score between the borrower and the cosigner for approval purposes. All loans are subject to credit approval.

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