INvestEd Student Loan Refinancing Review 2022

What you need to know:

• INvestEd is a nonprofit organization that refinances student loans around the country.
• The organization’s focused on helping Indiana students, but students around the country can access student loan refinancing.
• INvestEd is a smaller organization, but the competitive rates are worth a look.

INvestEd is a nonprofit organization based in Indiana. The primary product offered by INvestEd  are private student loans provided to students attending college in the state of Indiana. However, INvestEd also offers student loan refinancing to students around the country.

You might run into INvestEd when using Credible to seek out the best student loan refinancing option. If you decide to work with INvestEd, then it’ll service your refinanced loans, directly.

Here’s what you need to know before you decide to work with INvestEd.

INvestEd student loan refinance details

• Positives: Don’t need to finish your degree to refinance
• Allows cosigners: Yes
• Deferment or forbearance available: Yes
• Bonus: N/A

INvestEd can help you refinance your student loans with competitive interest rates. However, a limited presence in the marketplace may lead you to look for greener pastures elsewhere.

Fixed rates:	3.72% to 6.82%
Variable rates:	2.72% to 6.36%
Terms:	5, 10, 15 and 20 years
Loan Amount:	$5,000 to $250,000
Cosigner release:	After 48 consecutive, on-time principal and interest payments.
Origination fees:	None
Prepayment fee:	None
Late fees:	5% of unpaid amount past due or $10, whichever is less.
Deferment while in school:	Yes. If you’re enrolled half-time for the purpose of obtaining a graduate degree, then you might qualify for a deferment of up to 36 months.
Military deferment:	Yes
Hardship deferment:	If you have difficulty repaying loans, you might be eligible for two forbearances per twelve-month period.
Minimum credit score:	670

INvestEd student loan refinancing review

INvestEd provides competitive student loan refinancing opportunities. However, you might face the unique challenges that come with a smaller lender.

The most likely place you’ll encounter INvestEd is as a partner of Credible. Since Credible helps you find the most competitive offers on the market, you might find that INvestEd offers you a great deal. But since it’s a more obscure lender, it’s important to do your due diligence before diving into a long-term financial relationship with this lender.

Pros and cons of INvestEd student loan refinancing

Every financial product has pros and cons. Here’s what you need to know about INvestEd before giving them a try.

Pros

• No degree required. You don’t have to finish your degree to refinance with INvestEd.
• Help if you need it. Deferment and forbearance options are available.
• Refinancing options available for all states. Although INvestEd only offers private student loans to Indiana students, refinancing is open to everyone.
• Auto-debit interest rate deduction. You can save 0.25% on your interest rate if you make auto-debit payments.

Cons

• Long cosigner requirement. Cosigners can’t be released for at least 48 months, which could be a lot to ask of a cosigner.
• No transfer options for parents. Parents can’t refinance student loans under their name to their student’s name.
• Loan limit ceilings. You might run into the loan maximum limit of $250,000 if you have a higher student loan balance.

Eligibility requirements: INvestEd student loan refinancing

Think that INvestEd is a good fit for your situation? Here’s what to know about the lender’s eligibility requirements and how to qualify.

• You must be a citizen or permanent resident of the U.S.
• You must have an established credit history with a credit score of at least 670. You can bring in a cosigner to help you meet this requirement.
• You must meet an annual income requirement of $36,000. You can bring in a cosigner to help you meet this requirement.
• You must have a continuous employment record of at least one year.
• The loans you’re refinancing must be eligible private and federal loans in good standing.
• You can’t have any repossessions, foreclosures, or garnishment by creditors on your credit history.
• You can’t have a reported bankruptcy within the last five years.

If you meet these requirements, then you can apply for an INvestEd student loan refinance.

Application process information

If you want to apply for a loan with INvestEd, the process is fairly straightforward.

To make the process flow smoothly, come prepared with your Social Security number, two of your most recent pay stubs and your W-2 from the previous year.

Also, bring any information you have regarding your current loans. This includes the lender’s information, your current loan’s interest rate, and the outstanding balance on the loan.

Takeaway: Should you refinance with INvestEd?

INvestEd is a relatively unknown quantity in the space of student loan refinancing. Although the rates and terms seem attractive, Student Loan Planner® hasn’t encountered a borrower that’s worked with them yet.

And since we’ve consulted on almost $2 billion in student loan debt, it demonstrates the small student refinancing market share that this lender occupies. That said, there might be better options out there that offer a better student loan refinancing experience than INvestEd.

The good news is that there are multiple lenders to consider, if you still want to pursue student loan refinancing. Our top recommendations include Earnest, Credible, and Laurel Road.

Take a closer look at today's top student loan refinancing lenders to find an option that can save you thousands off of your student debt.