College Ave Student Loans stands out as a lender that offers tailored solutions to meet the diverse needs of borrowers. In this article, we will conduct a comprehensive review of College Ave Student Loans, exploring its features, benefits, application process, and how it supports students on their educational journey.
Introducing College Ave Student Loans
College Ave Student Loans is a leading online lender that specializes in providing private student loans to help students cover educational expenses. With a focus on customization and flexibility, College Ave offers a range of loan options designed to meet the unique requirements of students pursuing various academic paths.
College Ave offers student loans and refinancing options for students and parents of students pursuing undergraduate and graduate degrees. The lender offers competitive rates, flexible repayment terms, and a quick application process, but it does require a degree for refinance loans.
Key Features and Benefits
College Ave Student Loans offers several features and benefits that make it a popular choice among borrowers:
- Customizable Loan Terms: Borrowers can tailor their loan terms, including choosing from multiple repayment options, terms, and interest rate types (fixed or variable).
- Easy Online Application: The application process is straightforward and can be completed entirely online, reducing the hassle associated with traditional lending.
- Competitive Interest Rates: College Ave offers competitive interest rates for both fixed and variable-rate loans, allowing borrowers to choose the option that best suits their financial preferences.
- Cosigner Release: After meeting certain credit and repayment criteria, borrowers have the option to release their cosigner from the loan, providing increased financial independence.
- No Application or Origination Fees: College Ave Student Loans do not charge application or origination fees, ensuring that borrowers can focus on their education without unnecessary financial burdens.
- In-House Customer Service: College Ave provides personalized customer service, allowing borrowers to connect with representatives directly for assistance and support.
College Ave Student Loans: Quick Look
| Loan Type | Variable APR | Fixed APR |
|---|---|---|
| Undergraduate loan | 5.29%–16.99% | 4.42%–16.99%1 |
| Graduate loan | 5.29%–14.49% | 4.42%–14.49%2 |
| Parent loan | 5.29%–16.99% | 4.42%–16.99%3 |
| Refinance | 5.99%–11.99% | 5.99%–11.99%4
College Ave. “Student Loan Refinancing.” |
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College Ave Student Loans Application Process and Eligibility
Applying for a College Ave Student Loan involves the following steps:
- Online Application: Start by visiting the College Ave website and completing the online application form. You’ll provide personal information, educational details, and financial information.
- Choose Your Loan: Once approved, you’ll receive multiple loan options with different terms and interest rates. Select the option that aligns with your financial goals.
- Accept Loan Terms: Review the loan terms and accept the offer. You may be required to provide additional documentation or information.
- Finalize Loan: Complete any necessary paperwork, and the funds will be disbursed directly to your school.
Responsible Borrowing Considerations
While College Ave Student Loans offer flexibility and customization, responsible borrowing remains essential:
- Know Your Repayment Plan: Understand the repayment plan you choose and how it will impact your monthly budget after graduation.
- Consider Federal Aid: Before opting for private loans, explore federal student loan options, which often come with unique benefits and repayment options.
- Budget for Repayment: Plan for loan repayment after graduation and consider potential post-graduation income when making borrowing decisions.
College Ave pros and cons
PROS
- Co-signer release: Not all lenders will allow you to release your co-signer. College Ave makes the option available after half of the repayment period has elapsed if you meet certain payment and income requirements.
- Flexible repayment: For most of its loans, College Ave offers four different repayment terms and four different methods of repayment — helping you better fit student loans into your budget.
- Good online resources: College Ave aims to meet students at all stages of their student loan journey, with student loan calculators, scholarships and plenty of educational content.
CONS
- Limited information on eligibility: College Ave doesn’t disclose its income or credit requirements, even for its refinancing loans, meaning you’ll have to get a quote in order to determine if you’re eligible.
- Short forbearance: College Ave’s forbearance program is limited to three- or six-month increments, up to a total of 12 months.
College Ave Student Loans Loan Rates
College Ave has one discount: You can save 0.25 percent by setting up autopay. The rates below include this discount.
| Loan product | Variable rate | Fixed rate |
|---|---|---|
| Undergraduate student loans | 5.29% to 16.99% APR | 4.42% to 16.99% APR |
| Graduate student loans | 5.29% to 14.49% APR | 4.42% to 14.49% APR |
| Dental school loans | 5.29% to 14.47% APR | 4.42% to 14.47% APR |
| Law school loans | 5.29% to 14.47% APR | 4.42% to 14.47% APR |
| Medical school loans | 5.29% to 14.47% APR | 4.42% to 14.47% APR |
| MBA loans | 5.29% to 14.49% APR | 4.42% to 14.49% APR |
| Health professions loans | 5.29% to 14.47% APR | 4.42% to 14.47% APR |
| Parent loans | 5.29% to 16.99% APR | 4.42% to 16.99% APR |
| Career loans | 5.29% to 16.99% APR | 4.42% to 16.99% APR |
Student Loans Offered by College Ave
Undergraduate Student Loans
College Ave offers undergraduate student loans to enrolled students who are going to school at least half-time. Students can borrow as little as $1,000, with a $150,000 aggregate limit for a four-year degree. Students can apply with or without a co-signer, but international students must use a co-signer.
| Terms for Undergraduate Loans | |
|---|---|
| Variable APR | 5.29%–16.99% |
| Fixed APR | 4.42%–16.99% |
| Loan amounts | $1,000–$150,000 |
| Loan terms | 5-, 8-, 10-, and 15-year |
Graduate Student Loans
College Ave offers graduate student loans to half-time or full-time enrolled students, with a minimum borrowing amount of $1,000 and uncapped maximum that is based on creditworthiness and degree selected. Graduate loans are available for medical school, law school, and MBA programs, among others. Loan terms are available from 5 to 15 years in length, with medical, dental, and law school offering up to 20-year repayment terms. Graduate loans come with a generous nine-month grace period.
| Terms for Graduate Loans | |
|---|---|
| Variable APR | 5.29%–14.49% |
| Fixed APR | 4.42%–14.49% |
| Loan amounts | $1,000 up to cost of attendance |
| Loan terms | 5-, 8-, 10-, 15-, and 20-year |
Parent Student Loans
Private parent student loans are available to parents, guardians, or other family members of qualifying students who are enrolled at least half-time in an undergraduate or graduate-level program. Parent loans differ from co-signed loans, making the applicant responsible for repayment of the loan, not the student. Parent loans offer competitive rates and terms, but do not qualify for deferment, so borrowers must pay at least interest-only payments while the child is in school.
| Terms for Parent Loans | |
|---|---|
| Variable APR | 5.29%–16.99% |
| Fixed APR | 4.42%–16.99% |
| Loan amounts | $1,000–$150,000 |
| Loan terms | 5-, 8-, 10-, and 15-year |
College Ave Student Loans Eligibility and Approval
To qualify for a student loan with College Ave, you must meet the following eligibility requirements:
- Be at least 16 years old
- Be enrolled in an eligible school in the U.S. (listed on the application)
- Have a Social Security number
- Meet the satisfactory academic progress (SAP) guidelines defined by your school
There are also personal financial requirements considered as part of the application process, though the exact income and credit requirements are proprietary to College Ave and are not disclosed publicly.
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For student loan refinancing, borrowers must meet the following requirements:
- Be at least 18 years old
- Be a U.S. citizen or permanent resident
- Be named on the loans to be refinanced
- Have graduated from an eligible school and program
- Meet College Ave’s underwriting requirements
International students must have a valid Social Security number and a qualified co-signer to be eligible. DACA recipients are not eligible for College Ave student loans.5
Are Co-Signers Required?
Co-signers are required for students who don’t meet the qualifying criteria for a student loan. Co-signers are also required for international students, who also need a valid Social Security number.
Is Loan Pre-Qualification Available?
Yes. College Ave offers a quick pre-qualification application that can be done entirely online within a few minutes. Some of the information you will need to submit includes:
- Contact information
- Social Security number
- Estimated annual income
- School name
- Expected graduation date
- The amount you’d like to borrow
Upon submitting the application, College Ave will run a soft pull of your credit profile to show your approved amounts and interest rates. This will give you estimated rates for both variable and fixed loans, and then you can complete your application.
Length of Time for Loan Approval and Disbursement
College Ave recommends applying for your loan at least 30 days before school enrollment to allow for approval and loan disbursement. After you submit your application, College Ave will reach out to your listed school for certification.
Certification time varies by school and may take a few weeks. Once your school certifies the loan, College Ave will send an email to borrowers with an estimated date for loan disbursement.
College Ave Student Loan Fees and Repayment Options
Loan Fees
College Ave does not charge any loan fees—there are no origination, prepayment, early payment, or extra payment fees. College Ave does, however, charge late fees for payments that are more than 15 days late. The fee is either 5% of the total payment or $25, whichever is less. There is also a returned payment fee of $25 per returned payment.
There are no additional fees for using loan deferment or forbearance services.
Loan Discounts
As with most other private student loan companies, College Ave offers a discount for setting up autopay. There is a 0.25% discount available, and this is reflected in the advertised rates.
Repayment Terms and Options
Each of College Ave’s products features different term options. Undergraduate, graduate, MBA, and career loans have the option of five, eight, 10, or 15 years. Dental, law, and medical school loans have an additional 20-year option. Parents can choose any term between five and 15 years, and people looking to refinance can choose any term between five and 15 years.
College Ave’s grace period is six to 36 months, depending on the type of loan you take out. Repayment options include:
- Deferred: Make no principal or interest payments while in school.
- Interest-only: Pay only monthly interest charges while in school.
- Flat: Pay a set $25 per month while in school.
- Full principal and interest: Make full principal and interest payments as soon as school starts.
College Ave has multiple repayment options available, allowing students to choose how they prefer to repay their loans.
- Deferment: No payments on loans until (up to) six months after graduation. Interest will accrue during deferment, making this the most expensive repayment option over the life of the loan
- Fixed payment: College Ave offers a flat $25/month payment option during school and up to six months after graduation. This helps lower the amount of interest that accrues while in school.
- Interest-only: Interest-only payments are available while in school and during the six-month grace period, which keeps interest from accruing and lowers the amount that is paid over the life of the loan.
- Full principal and interest payment: Students can pay the full payment amount during school, which is the most cost-effective option over the life of the loan.
College Ave also offers a nine-month grace period for graduate students, 12 months for dental students, and 36 months for medical students. Interest will accrue during the grace period.
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Rewards
College Ave offers scholarships on a regular basis, with a $1,000 scholarship given out monthly, and larger amounts given out on a periodic basis. You can see all of the rewards on the College Ave promotions page.
Loan Forbearance and Discharge Options
College Ave doesn’t share any information about loan relief options. Private lenders typically offer several options for student loan forbearance, deferment, or loan discharge. There are no listed requirements on how to qualify for forbearance, and there are no listed deferment options outside of in-school deferment.
Is Student Loan Refinancing Available?
College Ave offers student loan refinancing to graduates, with 5- to 15-year loan terms and competitive rates.
Student loan refinancing is not available for students who have not completed their degree.
The loan funds will be disbursed directly to your creditors, and you can consolidate multiple loans into one if necessary. There are no application or origination fees for refinancing with College Ave.
| Terms for Refinancing Loans | |
|---|---|
| Variable APR | 5.99%–11.99% |
| Fixed APR | 5.99%–11.99% |
| Loan amounts | $5,000–$300,000 |
| Loan terms | 5-15 years
|
Applying for a College Ave Student Loan
Applying for a student loan with College Ave is a quick process that is available entirely online. You will first submit a basic application for pre-approval by sharing your personal and financial information. You will receive an immediate decision and estimated rates, and then complete the application by providing further information and documentation.
Some of the information you will need to provide includes:
- Contact information
- Date of birth
- Social Security number
- Household income
- School of attendance
- Cost of attendance
- Expected graduation date
- Requested loan amount
College Ave approval is based on your creditworthiness and other proprietary review factors, such as your income and debt obligations. Once your application is completed, College Ave will request certification from your school before disbursing the loan.
N/B: We recommend submitting the Free Application for Federal Student Aid (FAFSA) before applying for a private student loan, as you may qualify for grants or federal loans with more favorable terms.
Alternative Choices
| College Ave | MEFA | Education Loan Finance (ELFI) | |
|---|---|---|---|
| Loan Types offered | Undergraduate; graduate; parent | Undergraduate; graduate; medical; bootcamp | Undergraduate; graduate; parent |
| Undergraduate fixed APR | 4.42%–16.99% | 5.35%–7.95% | 4.48%–12.29% |
| Undergraduate variable APR | 5.29%–16.99% | N/A | 4.98%–12.79% |
| Origination/administrative fee | None | None | None |
| Repayment options | Deferment; fixed; interest-only; full payment | Deferment; fixed; interest-only; full payment | Deferment; fixed; interest-only; full payment |
| Refinancing available | Yes | Yes | Yes |
Conclusion
College Ave Student Loans provides a valuable solution for students seeking financial support to pursue higher education. With its customizable loan options, competitive interest rates, and commitment to customer service, College Ave strives to make borrowing a smoother experience.
As you consider your educational financing options, conducting thorough research, understanding loan terms, and borrowing responsibly will help you make the most of your educational journey while setting the foundation for a strong financial future.
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College Ave FAQs
- Is College Ave a private student loan lender?
Yes. College Ave is a private student loan lender offering undergraduate, graduate, refinance, parent and career loans.
- Is College Ave a good lender?
The Better Business Bureau gives College Ave an A+ in customer service. Plus, it received a 4.4 out of 5 when considering its repayment options, affordability and customer experience.
- Can College Ave student loans be forgiven?
College Ave student loans are private, so they don’t qualify for any federal student loan forgiveness programs. However, the lender states on its website that it “may be able to offer assistance” to those unable to make monthly payments due to COVID-19. Borrowers can call 844-803-0736 to request payment assistance from Monday through Friday 9 a.m to 9 p.m. ET.
- How much can I borrow from College Ave?
College Ave offers a maximum borrowing amount up to the total cost of attendance. The loans cover all academic costs, including tuition, housing, books, and supplies.