Lending FAQs

Private student loans are consumer loans made to students to supplement – not replace – other means of paying for college. Private loans are offered by both for-profit and nonprofit lending organizations. Unlike federal loans, private loans are not funded or guaranteed by the federal government. Your (or your cosigner’s) credit score or history will be used to determine your loan’s interest rate. When you’re borrowing money to pay for college, it’s important to borrow only what you need to cover your education expenses.

Granite Edvance is a New Hampshire-based nonprofit. Our mission is to support students and families, and one way we do that is through our private loan program. You can feel confident you’re in good hands when you borrow with us.

You are not required to complete the FAFSA (Free Application for Federal Student Aid) in order to get a private loan. But we encourage you to complete the FAFSA so you can take advantage of any federal financial aid that’s available to you. Check out File Your FAFSA to learn more.

Definitely! Use your username and password to log into the application system. You can see all your application information here. If you don’t find the information you’re looking for, call the Loan Support team at (855) 887-5430 for further assistance.

It takes us three to five business days for us to process your documents. We’ll contact you if we need additional information. The entire process usually takes seven to ten business days. This can vary depending on how quickly we get your required documents, and how quickly we can verify them.

If you’re approved for a loan, your offer is valid for 30 days before it expires. But our credit inquiry is valid for 90 days. That means if you submit any additional applications within 90 days of your first credit inquiry, we won’t need to pull your credit again.

You cannot increase or decrease the loan amount after the original amount has been approved. You can cancel the current application and submit a new application for the loan amount you need. If you need to decrease your loan amount, you can also allow your school to reduce your loan amount during the certification process.

We’re happy to help! We take pride in our ability to serve our customers on a level most larger lending companies cannot. Get in touch – we can help you by telephone, email, or in person.

You’ll need:

• School name and branch (if applicable)
• Estimated loan amount
• Two personal references, including name, address, phone number (your references can’t share an address with anyone else listed on the application)
• Employer and income information/documentation
• Government-issued ID
• Social Security card

Yes. Your loan amount can be as much as your cost of attendance, less any other aid (COELA). Your cost of attendance is set by the financial aid office at your college or university. It may include costs like housing expenses and book fees. Once your loan application has been submitted and approved, your school’s financial aid office will certify the loan and determine how much you’re eligible to borrow. If you have additional expenses that you’d like to include, we recommend telling your financial aid office before you submit your loan application.

No! We do not charge any fees for application or origination.

Yes. You or your cosigner (if you have one) must have an individual gross (before tax) income of at least $30,000.

A fixed interest rate is set for the life of your loan, and won’t change over time. A variable rate changes depending on the economy. This means your monthly payments can increase or decrease over time.

You’re eligible if you:

• Are a U.S. citizen or eligible non-citizen who is a New Hampshire resident, or are a student that is attending a NH-based, Title IV, degree-granting college or university, and
• Meet our credit income requirements, or have a cosigner who meets our requirements.

Yes. The minimum amount you can borrow is $2,001 per academic year. The maximum loan amount will be determined by the financial aid office at your school. Your financial aid office sets a cost of attendance (COA) each year. You’re eligible to borrow up to that amount, less any aid you receive. There is also an overall borrowing maximum of $200,000.

Not necessarily. Depending on your credit history, you may be eligible to get a loan without a cosigner. However, if you include a cosigner to your loan application, you may be more likely to be approved, and may get a lower interest rate.

Yes. A cosigner release happens when your cosigner is removed from your loan. This is allowed if you meet all of the following requirements:

• Your account is in current standing.
• You’ve made at least 24 months of consecutive & on-time payments.
• You have a FICO (credit) score greater than 749.
• Your gross income is at least $30,000
• You don’t have any foreclosures, repossessions, wage garnishments, unpaid tax liens, unpaid judgments, or other public records with an open balance over $100 during the last seven years.
• You’re not currently involved in bankruptcy proceedings.
• You haven’t filed for bankruptcy during the past 10 years.
• You haven’t defaulted on any education loans.

Granite Edvance Student loans are not eligible for student loan forgiveness. In the tragic circumstance of a borrower’s death, the Granite Edvance Student Loan would be discharged. This would happen even if a cosigner remained on the loan. Please note that relevant state laws may apply as it pertains to total and permanent disability.

If you chose immediate or interest-only repayment, you’ll need to start making monthly payments as soon as the first disbursement (transfer of money) is made for your loan. If your loan is separated into multiple disbursements, your monthly payments will start 30-45 days after we make the first disbursement to your school.

No. There is no prepayment penalty.

Payments may be postponed with an in-school deferment while the student is enrolled at least half-time. Payments may also be postponed during the repayment period by entering a hardship forbearance for up to 24 months. If you are an existing borrower and are experiencing trouble making payments, you can contact our servicer, Firstmark Services, at 844-399-7535 to discuss options.

You can sign up for automatic debit when your loan enters repayment. You cannot sign up for automatic debit if your loan is in a deferment, grace period, or forbearance.

If you choose immediate or interest-only repayment, you’ll need to start making monthly payments within 30-45 days of the first disbursement (transfer of money) for your loan.

You can set up automatic debits from your checking or savings account. It’s fine if there are additional account holders on your account. Automatic debits are set up with our servicer, Firstmark Services.

You are! Interest starts to accrue, or grow, as soon as the first disbursement is made on your loan. When your loan enters repayment, or any forbearance or deferment periods end, this accrued interest will be capitalized, or added to your total debt. All accrued interest is the responsibility of the borrower. You can pay accrued interest at any time.

Eligible:

• Federal student loans in the primary borrower’s name
• Private student loans in the primary borrower’s name
  • Both must be from a U.S. based lender

Not Eligible:

• Student loans in someone else’s name (including PLUS loans)
  • The primary borrower on the application must be the primary borrower on the underlying loans being included
• Lines of credit
  • This applies to all lines to credit, even if the funds were utilized for educational purposes, in a repayment phase, or closed
• Student loans in collections or default

You can apply to refinance at any point after receiving a private or federal student loan. You can choose to refinance only a portion of a loan (if not fully disbursed) or to complete a partial payoff.

No. Graduation is not an eligibility requirement to refinance.

If you choose to refinance while still enrolled in school at least half-time, you will be required to make monthly interest payments. If you are enrolled less than half-time, you will be required to make full monthly payments as defined in your loan terms.

You will need the following information:

• Employer and income information
• Lender and loan servicer name for each loan you are looking to consolidate
• Account number for each loan
• Total outstanding balance for each loan
• Current interest rate for each loan
• 30-day payoff amount
• One personal reference
• Government issued ID
• Social Security card

Additional information may be required based on your specific application. You will be made aware of any required documentation during the application process.

If you need assistance in obtaining your formal 30-day payoff statements from your loan servicer(s), our Loan Support team will help you. Simply provide us with your recent billing statement(s) with this information:

• Full name
• Account number
• Loan servicer’s name
• Payment address
• Current principal balance
• Accrued interest
• Current interest rate

Having this information will allow us to calculate a payoff amount for you. If you are unable to provide a current billing statement or need assistance in obtaining your statement(s), please call our office at (855) 887-5430 or email us at loansupport@graniteedvance.org.

To be eligible for an EdvestinU Refinance Loan, you must be a U.S. citizen or eligible non-citizen that is at least the age of majority for the state in which you reside and have federal or private student loans used for attendance at a Title IV, degree-granting institution.

Yes. To refinance loan balances below $100,000, the borrower or cosigner (if applicable) must meet the $30,000 individual income requirement. For loan balances exceeding $100,000, the borrower or cosigner (if applicable) must meet the $50,000 individual income requirement.

When completing the application, please use your gross income.

The length of the process varies from borrower to borrower based upon the number of loans being refinanced and how quickly the loan information can be verified but typically takes 30 days from application submission to disbursement of funds. It is important to remember that you must continue to make your scheduled payments on your existing private student loans until the refinance process is completed in its entirety.

After the funds have been disbursed to pay off the underlying loans included in the refinancing, your new loan will immediately enter repayment. Your first payment due date will be between 30 and 45 days after disbursement.

The borrower may be eligible for this program without a cosigner. However, depending on the credit and income of the cosigner, adding a cosigner can potentially help you qualify for a lower interest rate.

When applying, you will be asked to list all the loans you may wish to include in your refinancing. If after being approved you decide that you want to remove loans from your list, you can simply contact us at (855) 887-5430 or loansupport@graniteedvance.org to indicate which loans should be removed. With the removal of loan(s), the minimum loan amount must still be at least $7,500.

A minimum loan amount of $7,500 is required to be eligible. The maximum amount is $200,000. There is also an aggregate borrowing maximum of $225,000 for EdvestinU.

No. As the borrower, you have the option of choosing which loans to include in the new EdvestinU Refinance Loan.

Yes. The borrower and cosigner (if applicable) will need to meet certain credit and income standards in order to be eligible for the EdvestinU Refinance Loan product and for specific interest rates within the program.

Yes. During periods when payments are due, you are eligible to receive a 0.25% interest rate reduction on your loan by authorizing our loan servicer to automatically deduct your payments each month from your bank account.

No. The EdvestinU Refinance Loan will enter immediate repayment 30-45 days after the funds are disbursed to your current loan servicer(s). We encourage borrowers to utilize their current grace period benefits and apply for the EdvestinU Refinance Loan towards the end of their existing grace period(s).

No. There is no prepayment penalty.

Payments may be postponed during the repayment period by qualifying for a hardship forbearance for up to 24 months. You may also have the option to enroll in an interest-only alternative repayment plan for up to 12 months. If you are an existing EdvestinU borrower and are experiencing trouble making payments, you can contact our servicer, Firstmark Services, at 844-399-7535 to discuss options.

In the event of a borrower’s death, the EdvestinU loan will be discharged.