INvestEd Refi Loan
To qualify for this refinance loan, you and cosigner (if necessary) must:
- Be a state of Indiana resident
- Be a citizen or permanent resident of the United States
- Monthly payments for approved credit (mortgages, rent, car loans, credit cards and other forms of credit, including the loan for which the student has submitted an application) must not exceed 40%-50% of gross monthly income (percentage based on income level). All student loan debt will be treated as though it is in repayment.
- An annual income of at least $36,000.
- A FICO score of at least 670.
- Continuous employment over the last year. (This requirement may be waived for recent graduates, retirees, disabled persons or those receiving a verified income.)
- No delinquencies of sixty (60) days or more during the previous twenty-four (24) months.
- No charge-offs or collection accounts that exceed $100.
- No repossessions, judgments, tax liens, foreclosures or garnishments by creditors.
- No reported bankruptcies within the past five (5) years.
- Not have defaulted on any private or government student loan.
Please note: The list of criteria above is not exhaustive. The INvestEd Refi Loan may require you or your cosigner to meet additional criteria in order to qualify for a loan. We reserve the right to change the list of criteria in any way.
You may refinance any loan that:
- Is a private or federal education loan including Federal Direct, Stafford, Parent Plus, or Graduate Plus.
- Is in repayment and current at the time of your refinance application.
- Was incurred for an eligible student at an eligible Title IV institution.
Please note: Eligible loans and institutions are defined by INvestEd. Also, keep in mind that refinancing a federal student loan or parent loan may cause you to forfeit certain repayment or forgiveness benefits for which you may be eligible that only federal loans offer.
The INvestEd Refi Loan must be:
- At least $5,000.
- No more than the lesser of $250,000 or total payoff amounts verified by existing holders of qualified loans.
See our loan types and terms.