Students looking for a private loan to finance their higher education may borrow from College Ave $1,000 up to the total cost of attending school. College Ave also offers student loan refinancing to lower the interest rate and monthly payment. MoneyGeek’s College Ave student loan review discusses the loan terms and requirements to help determine whether the lender suits your needs.
2024 College Ave Student Loans Review
Updated: November 5, 2024
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At a Glance: College Ave Student Loans
- College Ave
- $1,000 minimum, no maximumLoan Amount Range
- 3.89% - 17.99%Fixed APR Range
- 5.59% - 17.99%Variable APR Range
- Six monthsGrace Period
- Not requiredCo-signer
Founded in 2014, College Ave is an online student loan lender. It offers different student loan products in all states and the District of Columbia. It also offers student loan refinancing. Parents or guardians can also borrow money to fund their children’s education.
You can borrow from $1,000 up to the total cost of school tuition/attendance. Depending on the student loan type and term, you may have an APR as low as 1.19%. There are also different repayment options to choose from, making it easy to stay on budget.
If you choose automatic payments, you can enjoy a 0.25% interest rate reduction. College Ave borrowers can choose to release their co-signers after completing half of the original repayment term. Additionally, College Ave offers loan forgiveness in the event of permanent disability or death.
The company requires students to make satisfactory academic progress. College Ave checks that requirement is met with the school. Also, borrowers who make late payments are charged a fee, which is based on the monthly payment amount.
Pros
- No origination fees
- No prepayment penalties
- Borrow up to 100% of the cost of your education
- Offers automatic payment discount
- Flexible repayment terms
Cons
- Funding may take 10 business days
- Charges late payment fees
- Student must make satisfactory academic progress (SAP)
MoneyGeek Breakdown: College Ave Student Loan Details and Requirements
College Ave Details
Fixed APR | 4.43%–17.99% |
Variable APR | 5.59%–17.99% |
Loan Types | Undergraduate, Graduate, MBA, Medical School, Dental School, Law School, Grad Health Professions, Career, Parent, Refinancing |
Loan Amounts | $1,000 minimum – total cost of school tuition/attendance |
Repayment Terms | 5, 8, 10, 15, 20* years (*for medical, dental and law school students only) |
Grace Period | Payments begin after graduation or if the student drops below half-time enrollment (six month grace period for undergraduate loans and nine months for graduate loans). |
Co-signer Required | No |
Time to Receive Funds | At least 10 business days or longer, depending on the school. |
Late Fees | Yes. Depends on the monthly payment amount. |
Prepayment Penalty Fees | No |
Perks |
|
Mobile Application | Yes |
College Ave Student Loan Application Requirements
- 1
Be a U.S. citizen or permanent resident with a Social Security number.
- 2
International students need a U.S. Social Security number and a qualified co-signer.
- 3
Must be enrolled at or accepted to an eligible school.
- 4
Must meet the school’s satisfactory academic progress (SAP) guidelines.
- 5
Must meet credit score requirement (minimum score requirement is undisclosed).
- 6
Must provide details such as date of birth, contact information, household income, school of attendance, expected date of graduation and loan amount.
Is College Ave Right for You?
When looking for the best student loan lender, consider the minimum/maximum loan amount available, interest rate (and whether variable or fixed), fees and requirements. MoneyGeek created this College Ave student loan review to help you uncover whether the lender suits your education-financing needs.
Type of Student College Ave Is Perfect For
College Ave student loans are a good option to finance higher education, whether undergraduate, graduate, medical school or as a parent who needs a loan for their child. Additionally, the company also offers refinancing options at low interest rates that can help former students pay less for their student loans.
College Ave is also a good choice for students who want flexible repayment terms. Most students can choose a loan term from five to 15 years, while others may get 20 years. Plus, upon graduation, you can defer payments up to six months if you were an undergraduate or nine months if you were a graduate student.
Who Should Not Choose College Ave
Typically, it takes at least 10 business days for College Ave to release loan funds. Depending on your school, the process may take even longer. Individuals looking for a student loan they can access immediately may not find College Ave as the best option.
The lender’s 20-year term is only available to medical, dental and law students. Otherwise, the longest term available is 15 years. If you want a longer term to pay off your student loans, College Ave is not the lender for you.
College Ave is also not the right option for students who do not meet their school’s SAP guidelines.
How to Apply for a College Ave Student Loan
Before applying for a student loan with College Ave, it is important to understand the requirements and application process. In doing so, you can prepare the necessary information and documents. At the same time, it helps determine whether you are eligible to apply for a student loan.
- 1
Prequalify
Check if you qualify for a College Ave student loan with its prequalification tool that does not use a hard credit inquiry — you can use it to decide whether to complete the application or not by what interest rate it offers.
- 2
Fill Out Application Form
If you think that a College Ave student loan is the best option, proceed with the application. Prepare the following:
- Social Security number
- Date of birth
- Contact information
- Household income
- School of attendance
- Expected date of graduation
- Loan amount
- 3
Wait for Approval
Once you complete the application form, submit it and wait for the lender’s approval. According to College Ave, borrowers typically get a decision within three minutes.
- 4
Review Loan Agreement
If you get an approval for a student loan with College Ave, the lender sends you the loan agreement. Review all the details. Take the time to understand the interest rate, fees, terms and other relevant information that may affect your repayment.
- 5
Sign Loan Agreement
If you think all the details of the loan agreement are okay, you can accept the terms by providing an e-signature on the loan documents.
College Ave sends your loan for certification after receiving the signed documents. The timeline for the whole process depends on your school.
- 6
Receive or Direct Funds
Once the school certifies your student loan, you get an email from College Ave with the disbursement dates and amounts. The lender schedules when to direct the funds depending on the requested timeline of your school. The lender’s mobile app also shows the status of your loan application and disbursement information.
- 7
Make Payments
Depending on your financial situation, you can choose among four repayment options. If you decide to make automatic payments, you are eligible for a 0.25% interest rate reduction. You can also make early payments without worrying about prepayment penalties. However, late payments come with a fee.
The four repayment options are:
- Full principal and interest: Start paying for the principal and interest right away.
- Interest-only: Pay the interest monthly while in school and make full payments after graduation.
- Flat: Pay $25 every month while in school and make full payments after graduation.
- Deferred: Start paying principal and interest after graduation (six months for undergraduate student loans and nine months for graduate student loans).
What to Do if You Are Rejected From College Ave
Not all student loan applications with College Ave get approved. Typically, individuals get rejected for student loans because of low credit scores, not enough income or not enough credit history.
If College Ave denies your student loan application, the first thing to do is contact them. Ask for the specific reason why your application was not approved. It is best not to apply for another loan until you find out this information. You may also ask the lender if there is a way for you to modify your loan application to make it acceptable to them. For example, you may have to make changes to the loan amount or term.
You should also talk to your school’s financial aid advisor or office. Ask for additional information and other resources that can help you. You should also conduct research on available education funding options.
If you think that College Ave is the best lender for you, but you are not eligible for its student loans, consider having a qualified co-signer. Your co-signer is equally responsible for your loan repayments.
Frequently Asked Questions About Student Loans
MoneyGeek’s College Ave student loan review aims to provide you with information to find the best student loan based on your needs. We include answers to some of the most frequently asked questions below about student loans with College Ave to help you make a well-informed decision.
What can I use a College Ave student loan for?
College Ave offers different types of student loans, including for undergraduate, graduate, law, MBA, dental and medical students. Parents or guardians may also take out a loan to finance their children’s studies. The company also offers career student loans and student loan refinancing.
College Ave’s student loans could cover tuition, fees, rent, room or board, bills and utilities, meal plans and groceries, books and supplies, equipment (including a computer and printer) and transportation.
What credit score do I need for a College Ave student loan?
One of College Ave’s requirements is creditworthiness. However, the lender does not disclose its minimum credit score requirement.
How long does College Ave take to approve a student loan?
According to College Ave, applicants typically receive a decision within three minutes after submitting a complete application form.
Does College Ave have a mobile app?
Yes, borrowers can access their accounts through the College Ave mobile app. You can check your loan application’s status, set up or edit automatic payments, make or cancel payments, update your contact information and communicate with College Ave.
What is the maximum amount I can borrow from College Ave?
There is no set maximum loan amount. College Ave offers loans up to the total cost of attendance at an eligible school.
Will applying for a College Ave student loan affect my credit score?
You can use College Ave’s prequalification tool to see if your credit score qualifies. Doing this only uses a soft credit inquiry. However, once you apply for a loan, you may be subject to a hard inquiry that has an impact on your credit score.
Does College Ave accept co-signers on student loans?
Yes, borrowers can have a co-signer. If you do not have enough credit history, you likely need a qualified co-signer.
Can I use College Ave student loans at my college?
College Ave has a list of eligible schools. Check if it includes your school. You can also ask your school if they have a list of participating student loan lenders. Another option is to contact College Ave to confirm your school’s eligibility.
About Christopher Boston
Christopher (Croix) Boston was the Head of Loans content at MoneyGeek, with over five years of experience researching higher education, mortgage and personal loans.
Boston has a bachelor's degree from the Seattle Pacific University. They pride themselves in using their skills and experience to create quality content that helps people save and spend efficiently.
sources
- College Ave. "Dental School Loans." Accessed November 5, 2024.
- College Ave. "Frequently Asked Questions." Accessed November 5, 2024.
- College Ave. "Graduate Health Professions Loans." Accessed November 5, 2024.
- College Ave. "Graduate Student Loans." Accessed November 5, 2024.
- College Ave. "How Much in Student Loans Can I Get?." Accessed November 5, 2024.
- College Ave. "Law School Loans." Accessed November 5, 2024.
- College Ave. "MBA Student Loans." Accessed November 5, 2024.
- College Ave. "Medical School Loans." Accessed November 5, 2024.
- College Ave. "Parent Loans for College." Accessed November 5, 2024.
- College Ave. "Undergraduate & Graduate Career Loans." Accessed November 5, 2024.
- College Ave. "Undergraduate Student Loans." Accessed November 5, 2024.
- College Ave. "Student Loans for College." Accessed November 5, 2024.
- College Ave. "Student Loan Refinancing." Accessed November 5, 2024.
*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
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Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, credit card issuer, hotel, airline, or other entity. Learn more about our editorial policies and expert editorial team.
Advertiser Disclosure: MoneyGeek has partnered with CardRatings for our coverage of credit card products. MoneyGeek and CardRatings may receive a commission from card issuers. To ensure thorough comparisons and reviews, MoneyGeek features products from both paid partners and unaffiliated card issuers that are not paid partners.