Lender Profile: College Ave Student Loans
College Ave offers undergraduate, graduate, and parent loans for college. Undergraduates will generally need a cosigner to qualify due to credit standards, but the cosigner can be released in specific conditions. College Ave student loans offer a wide range of repayment terms, along with both fixed and variable interest options.
Find out more about College Ave student loans below!
College Ave Student Loan Summary
|Types of Loans Available||Student||Parent|
|Prequal With Soft Credit Check||Yes||Yes|
|Borrowing Amount||Minimum: $1000 (1)|
Maximum: Certified Cost of Attendance (1)
|Minimum: $1000 (1)
Maximum: Certified Cost of Attendance (1)
|Repayment Length||5, 8, 10, or 15 years (3)||4 - 12 years (3)|
|Interest Rates||Variable: Variable: 1.24% - 11.98% (2)|
Fixed: 3.99% - 12/99%(2)
|Variable: 1.24% - 11.96%(2)
Fixed: 4.39% - 12.97% (2)
|Fees||No fees for application, origination, or early payoff||No fees for application, origination, or early payoff|
|Benefits||0.25% interest rate reduction with autopay||Up to $2,500 deposited into parent's account for other expenses
0.25% interest rate reduction with autopay
|Repayment Terms||Options include:|
*Full immediate repayment
*Interest-only in school
*$25/mo in school
*Defer until six months after school ends
*Interest only payment
*Interest plus payment
*Full principal and interest payment
|Hardship Options Available||*Loan forgiven if student dies or is permanently disabled||*Loan forgiven if student dies or is permanently disabled|
About Student Loans from College Ave
College Ave offers a variety of student loans options, including undergraduate, graduate, and parent loans. They also offer refinancing options for your current student loans.
For an undergraduate private student loan, College Ave allows you to pay over the course of 5, 8, 10, or 15 years3. Of course, the shorter the loan term, the higher the payments, but you’ll pay less interest. Parent loans can be paid over 4 – 12 years3.
When you apply for a College Ave student loan, you’ll be able to choose your repayment length in the application. You can also determine how much you want to borrow. The minimum for a student loan from College Ave is $1,000 1, and the maximum is your school-certified cost of attendance 1.
College Ave allows student or parent loans to cover a maximum of one school year. Each year you will have to apply again if you need more financing. Funding is disbursed directly to the school.
As a special offer for parent loans only, the parent can have an extra $2,500 deposited into a bank account for other expenses, as long as at least $2,000 was sent to the school.
Qualifying for a Student Loan from College Ave
Undergraduates will have a hard time qualifying for a College Ave student loan on their own, and will likely need a cosigner.
Other qualifications for a student loan from College Ave include:
- Being enrolled in a degree program at least half-time
- The borrower and cosigner must be U.S. citizens or permanent residents
- Student must be making satisfactory academic progress to qualify each year or term
If your student wonders whether they would qualify without a cosigner, or you’re unsure if the cosigner will be creditworthy enough, take advantage of the prequalification process.
College Ave will ask for specific information and do a soft credit check that does not impact your credit score to give you a good idea whether or not approval will be granted.
Qualifying for a Parent Loan from College Ave
Qualifying for a parent loan is similar, except that College Ave does not have a provision for a cosigner on a parent loan. You can borrow to cover up to one academic year at a time for the student.
Parent borrowers must be U.S. citizens or permanent residents, and the student must be enrolled in a degree program at least half-time.
If you’re not sure you will qualify as a borrower, you can use the College Ave prequalification tool. College Ave will ask for specific information and do a soft credit check that does not impact your credit score to give you a good idea whether or not you will be approved.
Interest Rates and Fees for College Ave Student Loans and Parent Loans
Both parent and student loans from College Ave have both variable and fixed rate options. Exact rates will depend on creditworthiness, repayment timeframes, and whether or not you choose automatic payment.
College Ave offers an interest rate reduction of 0.25% if you enroll your loan in automatic payments. Variable interest rates are based on the LIBOR rate plus a premium, and change no more than once per month. They may change less often depending on the exact terms of the loan.
For student loans from College Ave, the fixed interest rate range with automatic payment is: 3.99% – 12.99% (2)2. The variable interest rate range with auto pay is: 1.24% – 11.98% (2) 2.
College Ave parent loans have fixed interest rates with auto pay between 4.39% – 12.97% 2, and the variable interest rate range is 1.24% – 11.96% 2.
Repaying a Student or Parent Loan from College Ave
College Ave offers a variety of repayment options you can choose from at the time you apply for your loan. These can help you keep your repayment affordable during school, or you can choose to repay more during school to reduce the overall cost of the loan.
Students have the following repayment options:
- Full repayment immediately, during school
- Interest-only payments in school
- Payments of $25 per month during school
- Deferring payments until six months after school ends, with interest added to the principal
Parents with parent loans can also choose immediate full repayment, interest-only payments while the student is in school, or interest plus a payment of your choice (in $20 increments) during school.
College Ave offers forgiveness of both student and parent loans if the student is killed or permanently disabled.
Review other profiles of private loan lenders.
Keep School Affordable!
Knowing your loan options is only one piece of the puzzle. It’s also vital to choose a generous school and take other steps to keep college costs low. If you’re still looking at schools, find out which ones can offer the most merit aid for your student with our College Insights tool today!
CONNECT WITH OTHER PARENTS TRYING TO FIGURE OUT
HOW TO PAY FOR COLLEGE
JOIN ONE OR ALL OF OUR FACEBOOK GROUPS:
College Ave Student Loans Disclosures
College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
(1)As certified by your school and less any other financial aid you might receive. Minimum $1,000.
(2)The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.
(3) Undergrad – This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
(3) Parent – This informational repayment example uses typical loan terms for a parent borrower who selects the Full Principal & Interest Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7.49% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $118.65 while in the repayment period, for a total amount of payments of $ $14,237.95. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
Information advertised valid as of 7/1/2020. Variable interest rates may increase after consummation. Lowest advertised rates require selection of full principal and interest payments with the shortest available loan term.