The Wilmington, Delaware-based student loan lender, College Ave, was founded in 2014 by former Sallie Mae executives.
College Ave Student Loans offers private student loans from $1,000 up to the total cost of attendance. Borrowers with outstanding debt may also use the company to refinance their school loans. Their loans have no origination or prepayment fees, but if you miss a payment, there may be late fees.
College Ave loans are excellent for those seeking various repayment options and the chance to prequalify for a loan. But federal student loans could have better rates if you have bad credit or intermittent income.
This only-online lender touts that 99% of its borrowers make on-time payments and more of them began repaying while still in school.
You can prequalify for a College Ave student loan without a rigorous credit check, albeit it does not reveal a minimum credit score required. You will be able to see eligibility, pricing, and terms. And if you decide to proceed, College Ave takes only three minutes to fill out a free online application.
College Ave Student Loans; Pros and Cons
Pros
- Prequalification is available with a soft credit check
- Flexible repayment conditions
- Can be enrolled less than half time
- Provides co-signer release for private loans
- $150 reward for completing your degree
- Six months grace period extension is available
Cons
- Charges late payment fees
- It would be best if you met satisfactory academic progress
- You must have passed half of the repayment term for releasing co-signer
- It doesn’t reveal the required minimum credit score
What does College Ave offer?
College Ave allows students and parents to borrow for undergraduate programs, graduate programs, and career training. You can also refinance the existing student loan. College Ave offers the following loan products;
- Undergraduate student loans
- Graduate student loans
- Parent loans
- Career loans
- Refinanced student loans
College Ave undergraduate student loans review
Variable rates: 1.79% to 12.99% APR
Fixed rates: 3.22% to 13.95% APR
Loan amounts: $1,000 up to the school-certified cost of attendance
Loan terms: 5, 8, 10, or 15 years
Like other private student loan companies, College Ave student loan covers the entire annual cost of attendance, deducting any further financial help you may receive. You can borrow a minimum of $1,000.
College Ave determines the lifetime limit of a student loan depending upon your creditworthiness and other factors.
College Ave offers 5, 8, 10, or 15 years repayment terms. Longer repayment terms will generally have higher interest rates and lower monthly payments, while shorter repayment terms have vice versa.
College Ave undergraduate loans can pay up to 100% of tuition, fees, books, housing, and other expenses for a semester, a quarter, or even an entire academic year. You can make payments while enrolled in classes or postpone interest and principal payments for as long as six months after graduation.
College Ave graduate student loans review
Variable rates: 1.76% to 10.97%
Fixed rates: 3.99% to 11.98% APR
Loan amounts: $1,000 up to the school-certified cost of attendance
Loan terms: 5, 8, 10, or 15 years
College Ave graduate loans provide four in-school repayment choices and lengths up to 15 years for students pursuing masters or doctoral degrees. Application costs, origination fees, and prepayment penalties are all omitted.
Graduate student loans offer financial aid for a professional degree, MBA, master's degree, doctoral degree, or postgraduate degree. You may choose between variable and fixed rate loans and four different repayment choices, such as flat-fee or interest-only payments while in school.
College Ave refinancing loan review
Variable rates: 3.44% to 7.99%
Fixed rates: 3.99% to 7.99%
Loan amounts: $5,000 up to $15,000 for undergraduate and graduate degrees
Loan terms: 11 options from 5 to 15 years
Additionally, College Ave provides no application or origination costs for refinancing student loans with fixed or variable interest rates. To qualify, borrowers must be at least 18 years old, citizens of the United States or lawful permanent residents, and have completed an appropriate undergraduate or graduate degree program.
College Ave offers student loan refinancing for both private and public student loans. Only borrowers 18 years or older who have completed an appropriate program and meet the underwriting conditions are eligible for refinanced loans. You must provide information about your current loan servicer, your account number, and the refinancing amount in your application.
How to qualify for College Ave student loans
To qualify for College Ave student loans available in all 50 states, you must meet the following requirements.
- Be a student of an eligible U.S. college or university
- Be a U.S. citizen or international student having a valid U.S. Social Security number and a co-signer
- Make Satisfactory Academic Progress (SAP) while in school
To qualify for College Ave refinancing loans,
- Must be a U.S. citizen or permanent resident
- Be at least 18 years old
- You should meet College Ave underwriting requirements
- Have graduated from an eligible school
How to apply for College Ave Student loan
Viewing your anticipated interest rates if you prequalify for a College Ave loan is possible without impacting your credit score.
Only online applications are accepted; it takes three minutes to receive a credit decision. College Ave will contact the school for certification once you've been authorized and have electronically signed your loan documentation (which you may do right now). After that, College Ave will set aside cash for distribution according to the school's schedule.
Bottom line
College Ave student loan has competitive interest rates, and its $150 statement credit for graduates and undergraduates with Career loans offers you a little break on loan repayment. While it doesn’t disclose its loan's minimum credit score requirements, you can submit your prequalification request and receive a prompt response without affecting your credit score. Thus, College Ave is worthy of being on your potential student loan lenders list to consider.
