College Ave receives rave reviews from both customers and national news organizations alike. They started off in student loans with the philosophy that lending doesn’t haven’t to be complicated. In fact, you can apply on your laptop, tablet, or smartphone, and get approved in as little as three minutes.
During each stage of the loan process, College Ave takes the time to explain everything that’s taking place. Once you’re approved, they also provide loan terms and repayment options to give you as much control over your finances as possible. For a private student loan company, College Ave truly takes the time to help borrowers find the best deal.
Student Loan Application Requirements
You’ll need the following information to apply for a student loan with College Ave:
- Phone number
- Date of birth
- Household Income
- Social security number
- College graduation date
- Requested loan amount
- Cost of attendance
In addition to this required information, there are a few other things to keep in mind before you begin your application:
Credit Score: There is a credit score requirement, but they don’t disclose what it is on their website. The good news is that it does have a pre-qualification tool that potential borrowers can use. The tool tells you whether or not you’ll likely qualify for a private student loan with College Ave. Better still, it performs a soft credit check, meaning using the pre-qualification tool won’t hurt your credit score.
Eligible School: Verify that your school is one that College Ave will work with. Though they work with many schools, it’s worth your while to confirm this first. To do this, either ask your school if College Ave is a participating lender, or email College Ave directly and ask.
Satisfactory Academic Progress: If you’re a current college student, and wish to receive funding through College Ave, you must meet Satisfactory Academic Progress requirements.
Unfortunately, they don’t clarify what they consider to be meeting these requirements but know that they may discontinue funding if they feel that you’re not taking your education seriously. Check your loan terms carefully to make sure you understand the requirements in full.
Cosigner: Most students requesting aid will need a cosigner with a strong credit profile. Cosigners are usually parents but can be anyone who is over 18, a U.S. citizen and has a strong credit score. Therefore, cosigners are also often relatives, spouses, or sometimes even close friends.
What exactly does a cosigner do?
This person must be willing to take on student loan payments in case the borrower is unable to do so. Therefore, should you ever be unable to make a payment, both of your credit scores will be negatively impacted. You can check College Ave’s pre-qualification tool to see if you need a cosigner.
Types of Student Loans Available
College Ave offers a variety of student loans, and will soon offer the ability to refinance existing student debt. Here are the details of each type of student loan available.
Undergraduate Student Loans
College Ave’s undergraduate student loan can be used to cover all of your education costs. This includes room and board, books, classes, and fees. You’ll need to borrow at least $1,000 but College Ave will cover 100% of your school’s cost of attendance. Loan terms are flexible, lasting either 5, 8, 10, or 15 years.
Interest rates depend on whether you choose a fixed or variable rate loan:
Fixed Rates: 5.29% to 12.07% APR
Variable Rates: 3.69% to 10.94% APR
If you want to advance your career, you may need to go back to school. A career loan from College Ave covers the costs of tuition or any other education costs. When you complete your program, they’ll also send you $150 as a congratulations. Available repayment terms last 5, 8, 10, or 15 years.
Interest rates are comparable to the undergraduate loans:
Fixed Rates: 5.29% to 12.07%
Variable Rates: 3.69% to 10.94%
Graduate Student Loans
College Ave provides graduate loans to help finance advanced degrees. Loan options are available for postgraduate, masters, doctoral, or even professional degrees. Loan terms last 5, 8, 10, or 15 years.
Interest rates are a bit more competitive for College Ave’s graduate loans,
Fixed Rates: 5.29% to 8.76%
Variable Rates: 3.69% to 8.89%
If you’re a parent and want to cover the cost of your child’s education, College Ave’s rates and loan terms can enable you to do so. For the length of your loan term, you can choose between either 5 or 15 years.
Interest rates are slightly higher compared to those for student borrowers.
Fixed Rates: 6.62% to 10.57%
Variable Rates: 4.96% to 9.94%
Student Loan Refinancing
College Ave’s student loan refinancing is a great option for borrowers who want a nonstandard loan term. In fact, they offer 16 different loan terms are opposed to most student loan refinancing companies like SoFi and CommonBond who only offer 4 or 5.
If you start making payments on your student debt as soon as possible, you’ll save more over the life of the student loan. However, if this isn’t possible and you want to exclusively focus on your studies, you may want to look at another repayment option. Luckily, College Ave has choices to suit whatever your needs are.
Full Principal and Interest
With this repayment option, you’ll start repaying both your interest and principal right away. This option is obviously the highest in-school payment option but saves you the most amount of money in the long-term.
Only pay interest while you’re in school with this option. Doing this keeps your principal from growing while you are in school.
Pay only $25 a month while you’re in school. Paying this amount reduces the amount of accrued interest before you graduate. This is the lowest in-school payment you can make.
By deferring payment, you don’t make any payments while you’re still in school. This enables you to concentrate only on your studies, but the drawback is that it’s the most expensive option. Each month you don’t make a payment on your loan, interest accrues and increases your total overall loan balance.
College Ave Application Process
Submitting all of the required information to College Ave takes about 15 minutes. It then takes just three minutes to find out your approval status. You could potentially be approved with a contingency that you cosign with a creditworthy individual.
Once you’re approved, College Ave asks you to accept and review the terms and conditions of your new loan. After you’ve finalized your loan, you’ll then have a second disclosure form, which discusses your fees and rates.
After your paperwork is submitted and digitally signed, College Ave certifies that you are (or soon will be) a student at your college or university. They’ll also verify the cost of attendance to ensure that you’re not taking out more than you need. After they verify that the information you submitted is correct, College Ave disburses the funds to your school. Once all required funds are paid, the remaining balance is then sent to you by your school.
Autopay Reduction: If you sign up for autopay with College Ave, you’ll get a 0.25% reduction in your interest rate. Your bank account must be a valid bank account which is designated to make the required monthly payments.
No Fees. College Ave doesn’t charge any fees to apply or to pay off your loan early.
Pre-Qualification Tool: The pre-qualification tool enables potential borrowers to see if they’ll likely qualify for a loan with College Ave. No need to worry about your credit score. The pre-qualification tool won’t hurt your score. When you formally apply for a loan with College Ave, a hard credit check will occur. Once a hard credit check happens, your score may drop approximately five points.
Cosigner Release: It is possible to get your cosigner released from any obligations from your loan after two years of payments. However, there are a few requirements that need to be met before this can be done.
First, you must not have missed any payments on any of your other financial obligations for 24 months. College Ave will obtain a credit report to verify this. Next, your income for the past two years must be more than twice the remaining loan balance. Finally, during the past two years, you must have made 24 on-time consecutive payments on your College Ave student loan without any late charges.
College Ave offers competitive rates and flexible terms. They’re a qualified lender with many schools across the nation and can be used for any of your student loan needs: undergraduate, Ph.D., and everything in between.