College Ave Student Loans Review
College Ave is an online lender offering both private student loans and refinancing. It specializes in undergraduate, graduate, career, and parent loans and has a wide range of repayment terms to fit your budget. Founded in 2014, College Ave offers undergraduate, graduate, and parent loans for students enrolled at schools affiliated with College Ave in all 50 states as well as the District of Columbia.
Headquartered in Wilmington, Delaware, this student loan company offers borrowers the ability to customize loans to fit their needs. Its online application process is relatively easy and allows for a lot of flexibility in its offerings. With College Ave, undergraduates, graduates, and career seekers (those in trade school) can find solutions that work for their specific needs.
Advantages & Disadvantages of College Ave Student Loans
- Swift Online Application Process
- Repayment Plans Ranging 5-15 Years
- Six-month Grace Period Extension
- $150 Credit Graduation Reward
- No Application/Origination Fees
- 98% of Borrowers Make On-Time Payments
- Co-signer Release Not Possible Before Halfway Mark
- Loaners Must Meet Satisfactory Academic Progress (SAP)
Benefits of College Ave Student Loans
- Customer-centric. College Ave Student Loans offers an auto-pay interest rate discount as well as a $2,500 direct deposit with parent loans. It also offers a comprehensive student calculator per loan type as well as 24/7 customer support.
- Reputable. College Ave Student Loans is a BBB accredited business with an A+ rating, as well as a 4.5-star Trustpilot rating and a 4.5-star rating on U.S. News Money.
- User-friendly. The College Ave Student Loans application process is done online, with a record-fast approval turnaround time.
- Comprehensive. College Ave Student Loans offers four in-school repayment options and five loan terms.
- Flexible. College Ave offers terms from five to 15 years and 11 different repayment terms for parent loans.
What does College Ave Student Loans offer?
Loan options from College Ave Student Loans can go as high as $80,000 per year, thus covering as much as 100% of the school-certified cost of attendance. This can include expenses like supplies, room, board, transportation, tuition and fees. Interested students and parents can get pre-qualified and apply on the company’s website. College Ave Student Loans offers five core financial options:
- Undergraduate loans. Variable interest rates range from 1.69% – 12.99% APR. Fixed rates range from 3.22% – 13.95% APR.
- Graduate loans (including MBA, law, dental, medical, and other health professions). Variable interest rates range from 1.76% – 10.97% APR. Fixed rates range from 3.99% – 11.98% APR.
- Parent loans. Variable interest rates range from 1.69% – 12.99% APR. Fixed rates range from 3.22% – 13.95% APR. Bonus option to get up to $2,500 of the loan paid directly to you on hand.
- Career loans (specifically for trade schools or career training opportunities). Variable interest rates range from 1.69% – 13.95% APR. Fixed rates range from 3.22% – 14.96% APR. Borrowers can earn $150 cash back when they complete their program of study.
- Refinancing loans. Refinance student loan amounts as low as $5,000, from 5-15 years. Variable interest rates range from 3.44% – 7.99% APR. Fixed rates range from 3.99% – 7.99% APR.
College Ave loans are available to students in all 50 states, but you must meet the following criteria:
- Be enrolled in a degree program and attend classes at an eligible school
- Have satisfactory academic progress standards for your school (FICO score in the mid-600s)
- Possession of a Social Security number and be a U.S. citizen or permanent resident
- Have a cosigner who is a U.S. citizen, if you’re an international student
There are no application, origination, or prepayment fees, but College Ave does charge a $25 fee for each late payment.
College Ave offers a 0.25% interest rate deduction when you sign up to make automated payments from your checking or savings account. The interest rate deduction is reflected in College Ave’s advertised interest rates.
College Ave will forgive student loans if the borrower dies or suffers a permanent disability.
A co-signer release is available after more than half of the scheduled repayment period has elapsed and if the following requirements are met:
- The last 24 payments were made on time and included no forbearance.
- The borrower’s income over the last two years is more than twice what’s left to pay on all College Ave loans.
- The borrower’s credit report shows no late payments in the last two years.
How it works
Get a Pre-Qualification
Discuss Terms of Loan & Repayment
Get Your Student Loan
The College Ave application process can be completed in under three minutes on the company’s website. You’ll need to at least know your Social Security number, school name, estimated annual income, and intended amount to complete it. The application process starts with pre-qualification, which lets you see what your rates could be like (they’re subject to change after a hard credit pull).
Once pre-qualification is complete, you have the ability to customize the loan to better fit your needs by modifying repayment terms, rates, payment types, and other factors. Repayment options include:
- Full principal and interest payment
- Interest-only payment
- Flat payment
- Deferred payment
Once you have a loan you’re happy with, you can finalize your application online as well. If your credit score is less than ideal, which is common for students, you’ll likely need a cosigner to get approved. International students are also required to have a cosigner.
We are impressed at how straightforward the process has been so far in securing a loan for our son for college. The online application as well as the staff are very user friendly. And the rates are the best we've seen! I am certain we will be repeat customers!
I applied for this loan plus Sallie Mae, PNC Bank, and some other popular online bank/lender that I can't remember. College Ave was the easiest to apply for and give me the best rate and terms.
College Ave offers a wider range of repayment terms than most other lenders, making it a great choice for borrowers who want to see lots of options. The opportunity for parents to receive up to $2,500 of their parent loan directly is an added benefit. No matter what your budget is, College Ave is likely to have a repayment plan to fit it. College Ave offers flexible student loan options that you can customize to fit your needs. While it doesn’t list its credit requirements, you can pre-qualify for free online.
*Best for students who want to make payments while they’re still in school.