A Better Student Loan Experience.
College Ave has been around since 2014 as an online student loan provider. They're known for their flexible repayment options, ease of use, and fast turn-around for letting you know if the loan is approved.
They offer loans to U.S. residents and eligible international students and have a low borrowing threshold.
This guide will explain what their application process looks like and how you can score yourself funds for college.
To apply for a College Ave private student loan, you must meet the following criteria:
To apply for a College Ave loan, you will need:
The entire process can be completed online. Better yet, you will likely discover whether or not you're accepted in as fast as three minutes.
The complete process from submitting your application to receiving funds can take 10 or more business days.
If federal loans are not doing it, then College Ave is a great option for student loans. The minimum loan amount is $1,000, meaning they can be backup for other payment options.
Alternatively, their max loan amount is up to the entire cost of attendance.(1)
Here is an in-depth look at their requirements:
Applicants: These loans are open to undergraduate, graduate, and professional students.
Minimum Credit Score: Unlike many of its competitors, College Ave does not disclose their credit score requirement. Based on their near-instant loan confirmations, the right number appears to be around 680.
Fees: There are no origination or prepayment fees. There are late fees, however, for lapsed payments.
Loan Term: 5-15 years for private loans. 5-20 years for refinancing loans. This can extend up to 20 years for medical, dental, and law school loans.
Application Fees: None.
Cosigner Requirement: Consider adding a cosigner: Students are nearly 4X more likely to be approved with a cosigner and it may help you get a better rate. Students don't tend to have credit or income requirements to qualify for a private student loan by themselves.
Cosigner Release: Yes. College Ave allows for you to release your cosigner after half of the repayment period has elapsed, you've met a specific payment goal, and meet their income requirements.
Grace Period: Six months for Undergraduate loans.
There are four repayment options.
Unlike other private loan lenders, you will get a sense of rates without undergoing a hard credit check. This is helpful to compare and contrast with other lenders that don’t require in-depth quality checks.
APR starting at: 4.42% (2)
What's the Difference?: Variable rates can increase over the life of a loan. A Fixed APR loan will not change.
College Ave is designed to help students. They offer tremendous online resources, including scholarships, educational content, and loan calculators to assist students with making this weighty decision.
Further, College Ave received an A+ from the Better Business Bureau. This means that they're receptive to customer issues and are quick to respond to issues.
Hopefully, this gives you a better idea of how to pay for college. College Ave student loans are fast and easy to verify if you qualify for them.
They're excellent if you need just the extra bit to get going, or can be convenient for those needing large amounts and wanting flexibility with paying back the loan.
But before you commit, compare the best student loans with one another. This will make sure you're getting the best interest rate for your loan.
College Ave Student Loans
College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community 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. 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.
Information advertised valid as of 8/11/2022. Variable interest rates may increase after consummation. Approved interest rate will depend on creditworthiness of the applicant(s), lowest advised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term.