INvestED Review (2020) Check out the Student Loan Options

INvestED is a medium-sized lender that allows current or ex-students to refinance their student loans, even if they didn’t graduate, and also offers private student loans for those who live or go to college in Indiana. It’s a not-for profit organization, which aims to pass those savings on to you through lower interest rates.

Why get a student loan from INvestED?

The lender will be especially appealing to those who didn't graduate, as it’ll still refinance your loan regardless of college completion. This is unusual for a major lender. It also offers student loan forbearance benefits, which is very useful to those who are having a tough year.

What student loans does INvestED offer?

INvestED offers former and current students the ability to refinance an ongoing loan that they have outstanding, or to take out a new private student loan altogether.

Student Loan Refinancing Information

Anyone can choose to refinance their student loan with INvestED, even if they didn't graduate. You’ll just need a minimum credit score of 670 and to have a cosigner.

Fixed rates from:	2.92%
Variable rates from:	1.87%
Loan repayment terms:	5, 10, 15, 20 (Years)
Loan amount:	$5,000 to $250,000

Private student loans

It’s important to note that while anyone can refinance their student loan, only those who attended college in Indiana can take out a private student loan. If you’re eligible, you should first be confident that you’ll earn your degree. If this describes you then you may want to consider a private loan with INvestED, where you can fund the total cost of your attendance with a term of up to 15 years, a fixed rate starting at 3.83%, and a variable APR beginning at just 1.64%.

More about rates and fees of INvestED’s loan options ( July 2020)

As is always the case, these services, unfortunately, don't come for free. Below are the relevant terms and fees for refinancing and taking out a private student loan.

Fixed rates from:	3.83%
Variable rates from:	1.64%
Application fee:	None
Origination fee:	None
Disbursement fee:	None
Late fee:	5% of unpaid amount due ($15 maximum)
Returned payment fee:	$10
Prepayment penalty:	None

Conclusion

If you're looking to refinance your student loan and you never graduated, INvestED could be a good option for you. It’d also be useful to those who have a decent credit rating, that might need student loan forbearance, and live or study in Indiana. However, even if you do live in Indiana, which most people won’t, you might find something better out there.

Credible or College Ave are two major student loan financiers that have better starting APRs, cover more costs such as housing, offer discounts with certain forms of payment, and apply to many more Americans.