College Ave offers fixed and variable rate student loans to undergrads, graduate students and parents, with a range of repayment plans.
College Ave is one of the newer private student loan providers. It has quickly become one of the leading private lenders and has become even more popular since refinancing was introduced in 2016. In addition to refinancing, the company offers a range of loans for undergraduates, graduates, and parents. They offer both variable and fixed rate student loans and refinance loans, and are known for their particularly low interest rates.
Broadly speaking College Ave offers Undergraduate, Graduate and Parent loans. However, within the categories of Undergraduate and Graduate, there are two options; Regular Loans and Career Loans.
The Parent loans are very straightforward. These are loans that parents can take to help pay for their child’s education. There are variable rates loans with 5.22% – 9.66% APR and fixed rates loans with 6.62% – 11.56% APR. There are numerous repayment options for these loans. You can make Interest Only Payments while your child is studying, you can opt for Interest Plus Payment, which includes the interest and the payment of an amount towards the actual loan, or you can opt for Full Principal & Interest Payment, which requires the highest monthly payment but the lowest overall cost. In general, the loans take 5 to 15 years to repay.
The Undergraduate and Graduate loans are very similar. They offer large loans designed to cover all costs including tuition, books, housing, and so on. They have Undergraduate loans with variable rate loans of 3.94% – 11.19% APR and fixed rates loans of 5.29% – 12.78% APR. There are Graduate loans with variable rates of 3.94% – 9.25% ARP and fixed rates of 5.29% – 10.45% APR. Both types of loans have the same four repayment options:
Using these payment plans, it typically takes between 5 and 15 years to repay the loan.
The Career Loans with Success Rewards are designed for students enrolled in career-focused programs at select colleges and universities. The Success Rewards is a cashback program that will reward you when you complete your degree. You will receive $150 applied as a statement credit to the principal balance of your loan. The career loans have variable rates of 3.94% – 11.19% APR and fixed rates of 5.29% – 12.78% APR. They offer the same repayment options as the standard loans.
College Ave also offers refinancing plans. You can refinance loans with variable rates of 3.13% – 7.88% APR and fixed rates of 3.25% – 7.99% APR. The refinancing plans are designed to help you save money on interest and make managing payments easier.
|Flexible repayment plans and term lengths||Not many discount opportunities|
|No application fees||Some loans serviced by Navient|
|Career loans for eligible courses|
|Refinancing options with low APRs|
To qualify for a College Ave loan you must be a U.S. citizen and enrolled in a degree program, attending classes full time, half-time or less than half-time at an eligible school. International students can also apply as long as they have a valid US social security number. Most applicants will require a cosigner, as they will not have an established credit history.
The application for a loan from College Ave is extremely fast. You can apply and get your credit decision in just three minutes on their website. If you are accepted you then just need to accept the terms and e-sign the loan documents. College Ave will then send the loan to the school for certification; this can take several days or even weeks depending on the school. When College Ave receive confirmation back from the school they will schedule the funds to be sent according to the school’s requested timeline. Generally, the entire process takes around 10 business days.
There is a vast amount of help on the College Ave website that will deal with all of the most common questions. If you need more help then you can email, use live chat on the website, or phone them on Mondays to Fridays from 9 am to 8 pm ET.