Refinance Your Student Loans
What is student loan refinancing? Learn more and decide if it’s right for you. Granite Edvance offers student loan refinancing for both private and federal student loans through our EdvestinU Refinance Loan.Simplify your finances, reclaim your future
Combining multiple student loans into one refinanced loan can help reduce and simplify your monthly payments and even potentially lower the total cost of your loan. Sign up for automatic debit and lower your interest rate further. We offer multiple term options for you with no application or origination fees.
Is refinancing right for me?
Refinancing is a chance to “trade in” your current student loan or loans for a new one, with new terms that may better fit your needs. Our EdvestinU Refinance Loan allows borrowers to refinance both federal and private student loans into one single new loan with a new interest rate and repayment term.
Refinancing can potentially lower a borrower’s monthly payment by reducing their interest rate and/or extending the repayment term of their loan. However, extending a repayment term will typically result in a higher total cost of a loan. Additionally, refinancing a federal loan means forfeiting the benefits associated with federal loans. We encourage you to speak with your federal loan servicer and research the options on the studentaid.gov website before choosing an EdvestinU Refinance Loan.
Refinancing might be a good option if you’re looking to:
- Lower your monthly payment: This is the most common reason why people refinance. You may be able to lower your monthly payment by qualifying for a lower interest rate, and/or extending your repayment term. Extending your repayment term increases your total loan cost, since you’ll be paying interest on a greater number of monthly payments.
- Remove a cosigner: Refinancing is one way to do this.
- Consolidate multiple loans: Refinancing into a single new loan can help streamline your monthly payments.
Loan Application Process
- .01
Start the loan process
Click ‘Get Started’ to pre-qualify and receive custom rates in under 3 minutes without affecting your credit score.4 - .02
Complete the application
Review the loan details and complete the secure online application. (This may affect your credit score.)4 - .03
Upload documentation
Upload required loan documentation to your account. - .04
Customize and sign
Review your rates, configure your loan terms, and sign loan documentation. - .05
We handle the rest
Once all paperwork is signed, a payoff will be issued for your existing loan servicer(s) and one new student loan will be issued.
Sample Refinance Loan Rates & Terms
The tables below show you how much a $10,000 private student loan would cost in different scenarios with fixed and variable interest rates. These tables include EdvestinU’s optional .25% automatic debit discount, which borrowers can enroll in upon entering repayment. Notice how a loan’s rates and terms affect the monthly payments and overall cost.
Fixed Interest Rates
Fixed interest rates effective 2/14/2025| Term | Interest Rates | Annual Percentage Rate (APR) | Monthly Payments | Total Cost of $10,000 Loan |
|---|---|---|---|---|
| In Years | Low – High | Low – High | Low – High | Low – High |
| 5 Years | 5.40% – 8.72% | 5.400% – 8.721% | $190.55 – $206.23 | $11,433.00 – $12,373.80 |
| 10 Years | 6.40% – 9.22% | 6.400% – 9.220% | $113.04 – $127.87 | $13,564.80 – $15,344.40 |
| 15 Years | 6.50% – 9.37% | 6.500% – 9.370% | $87.11 – $103.64 | $15,679.80 – $18,655.20 |
| 20 years | 6.74% – 9.74% | 6.750% – 9.741% | $76.04 – $94.79 | $18,249.60 – $22,749.60 |
Variable Interest Rates
Variable interest rates effective 2/1/2025| Term | Interest Rates | Annual Percentage Rate (APR) | Monthly Payments | Total Cost of $10,000 Loan |
|---|---|---|---|---|
| In Years | Low – High | Low – High | Low – High | Low – High |
| 5 Years | 7.05% – 7.80% | 7.050% – 7.800% | $198.25 – $201.81 | $11,895.00 – $12,108.60 |
| 10 Years | 7.55% – 8.30% | 7.549% – 8.300% | $118.96 – $122.92 | $14,275.20 – $14,750.40 |
| 15 Years | 7.70% – 8.45% | 7.700% – 8.450% | $93.84 – $98.18 | $16,891.20 – $17,672.40 |
| 20 years | 8.05% – 8.80% | 8.051% – 8.800% | $83.96 – $88.69 | $20,150.40 – $21,285.60 |
Why Choose EdvestinU?
Want to talk through your loan options?
Our Customer Experience Team is available Monday–Thursday, 8 AM–8 PM EST, and Friday, 8 AM-5 PM EST
Strategic Partnerships
Granite Edvance Corporation has established strategic partnerships to provide you with an optimal borrowing experience. Granite Edvance works with the following partners to support you: Campus Door to originate your loan through the Sparrow online loan application process and Bank of Lake Mills to fund your loan products.