Are you looking for the review of INvestEd Student Loan Refinance then you are at the right article. If you Don’t have a degree, and are looking for a refinance lender that allows student loan refinancing without a degree requirement? You can opt for INvestEd student loan refinance.
INvestEd offers student loan refinancing for Indiana residents as well as out-of-state individuals who were enrolled in Indiana colleges/universities.
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INvestED, a nonprofit lender based in Indiana, offers student loan refinancing and private student loans. Its services exclusively serve Indiana residents and borrowers attending Indiana schools. INvestEd stands out from other refinance lenders by not requiring a degree to refinance the student loan. Additionally, it offers various repayment options, allowing you to select the loan tenure to suit your budget.
Learn how Splash Financial Student Loan Refinance could offer you a pathway to financial stability by potentially lowering your interest rates and optimizing your repayment strategy.
Let’s check out INvestEd student loan refinance eligibility, rates, benefits, and more.
INvestEd Student Loan Refinance: Loan Details and Rates
| Loan Servicer | American Education Services (AES) |
| Fixed Rates (APR) | 5.90% |
| Variable Rates (APR) | 8.40% |
| Loan Types | Federal and private student loans, including Private Parent Loans and Federal Parent PLUS Loans |
| Loan Terms | 5, 10, 15, & 20 years |
| Loan Amounts | $5,000 to $250,000 |
| Minimum Credit Score | 670 |
| Minimum Income | $36,000 annually |
| Residency | US citizen or permanent resident |
| Cosigner release | Applications will be considered after 12 consecutive timely payments of both principal and interest every month. |
| Graduation | Degree not required |
How to Qualify to Refinance Your Student Loans with INvestEd?
To qualify to refinance your student loans with INvestEd student loan refinancing, you must have the following eligibility criteria. Let’s find out:
- Citizenship: You must be a US citizen or a permanent resident.
- Credit Score: Student borrowers must have a minimum credit score of 670. A strong credit score increases your chances of qualifying for InvestEd student loan refinancing.
- Income: Refinancing requires a steady income. The minimum income is $36,000 annually and the highest debt-to-income ratio is 50%.
- Loan Amount: Borrowers must have a minimum of $5,000 to refinance.
INvestEd Student Loan Refinance Rates & Fees
INvestED student loan refinance offers competitive interest rates for borrowers who want to effectively manage their student loan debt. With fixed rates as low as 5.90% APR, borrowers can secure a stable interest rate, providing financial predictability and long-term savings.
Additionally, for those open to variable rates, INvestEd offers a variable rate starting at 8.40% APR, which allows flexibility in responding to market changes. This range of rates caters to diverse financial preferences, ensuring that borrowers can choose an option that suits their specific needs and goals.
Additional Fees
Any lender charges some additional fees apart from the interest rates for refinancing during the loan service period. INvestEd may or may not charge some additional fees to refinance your student loans. Let’s find out what those additional charges are:
- Application Fee: No application fee is charged for rates and approval.
- Disbursement Fee: The fee for disbursing funds for the repayment of refinanced loans is not specified or revealed.
- Loan Origination Fee: None (fees for initiating a new loan)
- Late Payment Fee: Lesser of $10.00 or 5% of the overdue amount (fee associated with a late payment)
- Collection Fee: The fee for collecting defaulted debts is unspecified or not explicitly stated.
- Prepayment Penalty: There are no penalties for prepayment, allowing for extra payments to reduce the balance of a refinance loan or settle it ahead of schedule without incurring fees.
- Returned Payment Fee: $10.00 (fee for a failed payment because there was not enough cash)
What Benefits You Get When You Refinance Student Loans with INvestEd?
Refinancing your student loans with INvestEd student loan refinancing gives you several benefits. Let’s look at the key benefits of refinancing.
- Lower Interest Rate: You may get a chance to refinance your student loans at a lower interest rate with INvestEd.
- No Degree Required: If your credit score is good and you haven’t completed a bachelor’s degree, INvestEd’s door is still open for you to refinance your student loans, as INvestEd does not require a degree to refinance.
- Payment Deduction: If you set up auto payments, you can get a 0.25% automatic payment deduction.
- Forbearance: INvestEd provides a forbearance period of up to 24 months for the tenure of the loan.
- Single Monthly Payment: You’ll make just one monthly payment for all of your student loans.
- No Fees: There are no application fees, origination fees, and prepayment penalties for INvestEd student loan refinancing.
INvestEd Student Loans Repayment Options
In terms of choosing the loan term for INvestEd student loan refinance, there are four repayment terms available to borrowers – 5, 10, 15, and 20 years. If you set up automatic payments you may be eligible for a 0.25% automatic payments discount.
To qualify for the cosigner release, you need to make 12 consecutive on-time payments covering both principal and interest, provided you have a co-signer.
Additionally, INvestEd offers substantial forbearance profit. If you face financial difficulties, you have the option to defer your payments for a maximum of 3 months at a time.
Throughout the entire term of your loan, you are eligible for a maximum forbearance of 24 months, which you can avail twice in a 12-month period. Remember that the protections offered by federal student loans do not apply to private student loans. These protections, including income-driven repayment plans and the ability to apply for student loan forgiveness, may be lost if you refinance your federal student loans.
Repayment Plans
- Immediate Payment: Pay your payments in full every month from the beginning.
- Interest Payment: Pay off the interest you incurred while in your school.
- Defer Payment: Wait to make any payments until six months after you leave school.
The most expensive option is to defer payments altogether as the interest will increase. If you can make the minimum monthly interest payments possible, your loan balance will not increase while you are in school. Remember that you can defer your entire payment schedule for a maximum of 54 months. 48 months is the maximum time you can spend in school before the 6-month grace period begins.
Advantages and Disadvantages of INvestEd Student Loans Refinancing
Advantages
- The 24-month forbearance period is longer than that offered by many lenders
- Refinancing without a degree is possible
- If you are unable to make payments, you may be eligible for interest-only repayments
Disadvantages
- To be eligible, you must be a resident of Indiana or attend school there
- Without a strict credit check, it is impossible to determine your eligibility and the rate you will receive
How to Apply for INvestED Student Loan Refinance?
The application process for INvestEd student loan refinancing is quite simple and you can complete it online.
- Provide Information: When opting to refinance student loans with INvestEd, you will need to provide personal details, such as your name, address, Social Security number, desired refinance amount, and mortgage payment or monthly rent. The application process should take less than 15 minutes to complete and you will be responded to shortly.
- Submit Documents: Once your application is accepted, you will need to submit supporting documents to confirm the details. You can track the progress of your application using the online portal.
- Loan Agreement: If you are satisfied with the terms of the loan given to you, you have to sign the loan agreement and submit it. You will get your funds within a few days.
How INvestEd Refinancing Can Improve?
INvestEd offers several payback plans, low interest rates, and a useful forbearance policy. However, there are some areas for improvement. They include:
- Highest Loan Amount: The highest amount of student loan you can refinance with INvestEd is $250,000. Borrowers with high student loan balances, such as those taking loans from medical school, may need to look for another lender.
- Loans Cannot be transferred to the Child’s Name: While parents can refinance Parent Plus or private student loans through InvestEd, they cannot be transferred to the child’s name. If you want your child to repay the loan, you will need to refinance from another lender.
FAQS
1. Is INvestEd good for refinancing student loans?
Yes, student loan refinancing with INvestEd student loan refinancing is a good option. The main goal of this non-profit organization is to assist families and students in understanding and navigating the financial aid process. For student borrowers who live or attend school in Indiana, INvestEd may be a suitable option for refinancing their student loans.
2. How long does it take to refinance with INvestEd?
While INvestEd offers a prequalification process that takes less than two minutes, it does not provide a fixed schedule. Repayment is to be made 30 to 45 days after the money is disbursed. Usually, the entire process takes seven to fourteen weeks.
3. What credit score do you need to refinance a student loan?
Refinance lenders often require a credit score above 600 to refinance student loans. For example, Earnest demands a minimum credit score of 680. While it’s an important component in evaluating your eligibility, your credit score isn’t the only consideration when it comes to refinancing your student loans.
4. What is a good interest rate on a student loan?
Start by considering federal student loans, offering a 4.99 percent interest rate for students graduating during the 2022-23 academic year.
5. Can I get any special discounts with INvestEd?
Yes, INvestEd offers a 0.25% deduction with automatic payments set up.
Conclusion
For student borrowers looking to better manage their student loan debt, INvestEd student loan refinance offers a practical option. Refinancing allows you to pay off multiple education loans with a single monthly payment, sometimes at a lower interest rate that reduces your overall payment.
When you refinance, you can combine your private and federal student loans. For those dealing with the challenges of student loan repayment, INvestEd is a great resource because of its openness and dedication to customer satisfaction.
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