INvestEd is an Indiana-based non-profit lender that is working to help students find the right financial solutions for them.
It’s popular to say that student loans are a problem, but few companies are actually working to solve the problem. INvestEd is the exception.
They want to help students and their families reduce debt wherever possible (especially through great planning), and access a reasonable private loan solution when it’s not possible. Keep reading our full INvestEd review to learn more.
Also, keep in mind that you can compare INvestEd to other lenders on Credible. We recommend Credible because it allows you to quickly compare loans in about 2 minutes. And our readers can qualify for up to $1,000 gift card bonus on refinancing through Credible by using our link. See terms.
Quick Summary
- Private student loans for Indiana residents and students
- Student loan refinancing available nationwide
- Resources to help students minimize debt
Who Is INvestEd?
INvestEd is an Indiana-based non-profit that espouses the philosophy that the best student loan is no loan at all. They offer portals that help Indiana residents plan the cost of college, find scholarships, and think creatively about funding it.
They provide resources for families, school-counselors and students who are taking funding into their own hands.
While not every Hoosier will ultimately avoid private student loans, INvestEd is doing their part to help students and their families think through their actions.
They don’t just offer suggestions about how to afford your top school choice, INvestEd offers great suggestions about college selection and ways to keep costs down. I wish that more lenders had amazing content about avoiding debt. (Technically, INvestEd isn’t a lender, but it’s connected to one).
INvestED Private Student Loans
INvestEd’s student loans and parent loans are only available to Indiana residents or non-residents who are attending Indiana schools.
You can borrow up to your total cost of attendance with INvestEd and the minimum loan amount is $1,001. They offers terms of 5,10, or 15 years. Here are the current variable and fixed rates for INvestEd's private student loans
- Variable APR: 7.77% to 11.81%
- Fixed APR: 4.80% to 8.54%
INvestEd offers three in-school repayment options: full deferment, interest-only payments, or full payments (principal and interest).
Cosigners can be released, but not until you've made at least 48 consecutive monthly payments. All INvestEd borrowers can receive a 0.25% interest rate break by signing up for autopay.
INvestEd Student Loans Details | |
|---|---|
Product Name | INvestEd Student Loans |
Min Loan Amount | $1,001 |
Max Loan Amount | Total Cost of Attendance |
Variable APR | 7.77% - 11.81% |
Fixed APR | 4.80% - 8.54% |
Loan Terms | 5,10, and 15 Years |
Promotions | None |
How Do INvestEd Student Loans Compare?
INVestEd student loans come with flexible terms and low interest rates. But they're only available to students who live or attend school in Indiana. Other private lenders are able to serve a wider variety of students. Check out this quick comparison here:
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|---|---|---|---|
Rating | |||
Minimum Loan | $1,001 | $1,000 | $1,000 |
APR Type | Variable and Fixed | Variable and Fixed | Variable and Fixed |
Availability | Indiana | All 50 States | All 50 States |
Soonest Cosigner Release Eligibility | 48 Months | 24 Months | 24 Months |
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INvestEd Student Loan Refinancing
Unlike with its private student loans, you don't have to be an Indiana resident to apply for student loan refinancing with INvestEd. Its refinance loans are available to any U.S. citizens or permanent residents, regardless of where they live.
INvestED also offers terms of up to 20 years with its refinance loans rather than the 15-year limit that you get with its in-school loans. Your term options are 5,10,15, and 20 years. Here are the current rates:
- Variable APR: 8.52% to 12.40%
- Fixed APR: 5.12% to 9.46%
The minimum refinance amount with INvestEd is $5,000. You can refinance up to $250,000 which is one of the higher loan limits that you'll find.
INvestEd Student Loan Refinancing Details | |
|---|---|
Product Name | INvestEd Student Loan Refinancing |
Min Loan Amount | $5,000 |
Max Loan Amount | $250,000 |
Variable APR | 8.52% to 12.40% |
Fixed APR | 5.12% to 9.46% |
Loan Terms | 5,10,15, and 20 years |
Promotions | Up to $1,000 bonus via Credible |
How Does INvestEd Student Loan Refinancing Compare?
INvestEd's student loan refinancing product is available nationwide, has high loan limits, and offers flexible repayment terms of up to 20 years. Still, it might not be the right refinance lender for you. Check out this quick comparison table to see how it compares:
Header | |  |  |
|---|---|---|---|
Rating | |||
Variable APR | 8.52% to 12.40% | 6.68% - 13.60% | 6.99% - 13.99% |
Fixed APR | 5.12% to 9.46% | 5.89% - 12.10% | 6.99% - 13.99% |
Bonus Offer | Up to $1,000 bonus via Credible | Up to $1,000 bonus via Credible | Up to $1,000 bonus via Credible |
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Who Qualifies To Apply?
As previously mentioned, you'll need to be an Indiana resident or student of an Indiana university to apply for INvestEd's in-school student loans. However, anyone can apply or student loan refinancing with them even if you didn't graduate.
To qualify for an InVestEd student loan without a cosigner, you'll need A FICO score of at least 670 and your DTI can't exceed 30%. You'll also need to show proof of at least two consecutive years of employment with a minimum gross monthly income of $3,333.
The annual income requirement for its refinance loans is $36,000. The maximum DTI is more generous at 40% to 50%. Typically, you'll need to show proof of at least one continuous year of employment, although that requirement may be waived for new graduates.
What Borrower Protections Are Available?
Unlike federal student loans, many private student loans never allow you to defer. But with INvestEd, you can defer your loans while you’re on active duty military and for up to 36 months if you go back to school and have an enrollment status of at least half-time.
It's forbearance policy is also one of the most generous available today. You can receive up to two forbearances per 12-month period. Each granted forbearance can range from one to three months. The maximum amount of forbearance you can receive over the life of your loans is 24 months.
How Do I Contact INvestEd?
All loans issued by INvestEd are backed by First Merchant Bank, processed by Campus Door, and serviced by American Education Services.
INvestEd does offer its own in-house customer service team though. You can contact them at 317-715-9015 or customersupport@investedindiana.org. Their customer service hours are Monday-Friday, 8 AM - 5 PM (EST).
Is It Worth It?
Most people considering private student loans in Indiana should consider INvestEd for their borrowing needs. I love the focus on avoiding debt and the benefits that keep students on track.
I’m less enthusiastic about the refinancing opportunity. Aside from the deferment option and the fact that they don't have a graduation requirement, the refinances are similar to all other private loans. Borrowers should shop around with Credible to compare rates when refinancing student loans.
At the end of the day, INvestED loans are just one of many private student loan lenders. But the company offers a ton of college cost planning solutions for free. Take a look at their resources. And, if necessary, go ahead and consider their loans.
INvestED FAQs
Let's answer a few common questions about INvestEd.
Is INvestEd a non-profit lender?
Yes, INvestEd (Indiana Secondary Market for Education Loans, Inc) is an Indiana non-profit corporation that is authorized under the Higher Education Act of 1965.
Does INvestEd have good interest rates?
INvestEd's non-profit status could result in it offering lower interest rates than are being offered with for-profit lenders. Still, you'll want to comparison shop with multiple lenders to make sure that you get the best deal.
Is INvestEd good for student loan refinancing?
If you've already started your career, INvestEd's student loan refinancing product could be worth considering. But since it's underwriting criteria typically requires at least one year of income, it may not be good choice for new graduates.
Does INvestEd offer any sort of bonus or incentive?
Refinance borrowers can qualify for a bonus of up to $1,000 if they apply through Credible. See terms.
INvestEd Student Loans Features
Min Loan Amount |
|
Max Loan Amount |
|
Pre-Qualified Rates (Soft Credit Check) | No |
Autopay Discount | 0.25% |
Loan Terms |
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Origination Fees | None |
Prepayment Penalty | No |
In-School Payments |
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Late Payment Fee | 5% of the amount due ($5 minimum and $15 maximum) |
Cosigners Allowed | Yes |
Cosigner Release | Yes, can be requested after 48 months of consecutive, on-time monthly payments |
Grace Period | Yes, 6 months |
Eligible Schools | Title-IV accredited schools |
Enrollment Status (For Student Loans) | Full-time or half-time |
Graduation Requirement (For Refinancing) | No |
Customer Service Phone Number | 317-715-9015 |
Customer Service Hours | Monday-Friday, 8 AM - 5 PM (EST) |
Loan Servicer | American Education Services (AES) |
Address For Sending Payments | American Education Services |
Promotions | Up to $1,000 refinance bonus via Credible |
INvestEd Student Loans
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Rates and Fees
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Loan Types And Terms
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Borrower Programs
Overall
Summary
INvestEd offers private student loans to Indiana residents and student loan refinancing to all U.S. student loan borrowers.
Pros
- In-school payment flexibility
- Up to 24 months of forbearance
- High refinance loan limits
- Up to $1,000 bonus through Credible
Cons
- In-school student loans only available to Indiana residents
- Must wait at least 48 months to apply for cosigner release
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page or on his personal site RobertFarrington.com.
He regularly writes about investing, student loan debt, and general personal finance topics geared toward anyone wanting to earn more, get out of debt, and start building wealth for the future.
He has been quoted in major publications, including the New York Times, Wall Street Journal, Washington Post, ABC, NBC, Today, and more. He is also a regular contributor to Forbes.
Editor: Clint Proctor Reviewed by: Claire Tak