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If you are looking for competitive rates for private student loans, then college ave student loans are the ones you should go for. In this article, today we are going to deep dive into the college ave student loans review which will help you make better choices when opting for student loans.

College Ave provides student loans and refinancing choices for both students and parents who are supporting students aiming for undergraduate and graduate degrees.

They offer attractive rates, flexible repayment plans, and a straightforward application process. However, it’s important to note that for refinancing loans, they do require the borrower to have already obtained a degree.

Contents hide

1 College Ave Student Loans Review

1.1 Verdict of College Ave Student Loans Review:

1.2 Pros of College Ave Student Loans:

1.3 Cons of College Ave Student Loans:

1.4 Key takeaways of College Ave Student Loans:

1.5 Company Overview: College Ave

1.6 College Ave Student Loan Rates:

1.7 College Ave Pros Explained:

1.8 College Ave Cons Explained:

1.9 Student Loans Offered by College Ave:

1.9.1 1. Undergraduate Student Loans

1.9.2 2. Graduate Student Loans

1.9.3 3. Parent Student Loans

1.10 College Ave Loan Eligibility and Approval:

1.10.1 Are Cosigners required?

1.10.2 Is Loan Pre-Qualification available?

1.10.3 What is the length of time for Loan Approval and Disbursement?

1.11 Loan Fees and Repayment Options:

1.11.1 1. Loan Fees:

1.11.2 2. Loan Discounts:

1.11.3 3. Repayment Options:

1.11.4 4. Rewards

1.11.5 5. Loan Forbearance and Discharge Options

1.12 Is Student Loan Refinancing Available?

1.13 Customer Service and Customer Support

1.14 How to Apply for a College Ave Student Loan?

1.15 What are the Alternate Choices for College Ave?

1.16 Final Verdict

College Ave Student Loans Review

If you are planning to apply for a student loan, then you must know which is the best student loan that offers competitive interest rates. Among the top student loans, College Ave student loan is one such student loan which can turn out to be the best choice that you have made for your career.

Let us go through the College ave student loans review in detail, including: pros, cons, key takeaways, and company overview.

Verdict of College Ave Student Loans Review:

Here are the quick verdict of college ave student loan:

College Ave Student Loan Verdict:

At College Ave, they’re all about helping students and parents who are backing them to pursue their dreams of getting through undergrad or grad school. They’ve got student loans and refinancing options that come with great rates, repayment plans that bend a bit to fit your situation, and a super simple application process. But hey, just a heads up: if you’re looking to refinance, you gotta have that degree already in your pocket.

Pros of College Ave Student Loans:

Here are the key pros of college ave student loan:

Sl No.	Pros
1	Don’t worry, getting pre-qualified won’t affect your credit score
2	You’ve got options for how you pay back your loan that can flex with your situation
3	They’re cool with smaller minimum loan amounts and higher maximums, which gives you more wiggle room
4	If you had someone cosign with you, there’s a chance they can be let off the hook later on

Cons of College Ave Student Loans:

Here are the key cons of college ave student loan:

Sl No.	Cons
1	If you’re late with payments, there are fees and penalties waiting for you
2	You can’t refinance unless you’ve got that degree
3	Your cosigner can only be let off the hook once you’re halfway through paying back the loan

Key takeaways of College Ave Student Loans:

Here are the key takeaways of college ave student loan:

Sl No.	Key Takeaways
1	College Ave hooks you up with some sweet rates for undergrad, grad, parent, and refinanced student loans
2	If you’re tackling grad school, they give you a nice nine-month breather before you gotta start repaying
3	They’ve got student loans ranging from $1,000 to $150,000, but if you’re refinancing, they’ll even go up to $300,000
4	If you’re an international student, you’ll need a Social Security number and someone to back you up as a cosigner to get the green light

Company Overview: College Ave

Here is the brief overview of college ave as a company:

Highlights	About College Ave
About College Ave	College Ave, they’re all about student loans. Started back in 2014, they’re based in Delaware. Now, what they do is offer private student loans and also help you refinance those loans, whether you’re still in school or you’ve already tossed your cap. They’ve got options for undergrad and grad programs, even parent loans for those who qualify. Plus, if you need someone to back you up, they’re cool with cosigners. And once you’ve graduated, they’ll even let you refinance those loans.
Year Founded	2014
Official Website	www.collegeave.com
Loans Offered	Undergraduate, Graduate, Refinance, Parent
Customer Service	Email. Live Chat. Phone (1-844-422-7502)

College Ave Student Loan Rates:

College has got some pretty decent rates, definitely worth looking into. But hey, the world of student loans is vast! Check out our top picks for the best student loans to help you pay for your education.

College Ave provides the following rates from its partner lenders as of February 2024:

Sl No.	Loan Type	Variable APR	Fixed APR
1	Undergraduate loan	5.59%–16.69%	4.07%–15.48%
2	Graduate loan	5.59%–14.49%	4.07%–14.49%
3	Parent loan	5.59%–16.69%	4.07%–15.48%
4	Refinance	6.99%–13.99%	6.99%–13.99%

College Ave Pros Explained:

Let us understand the college ave student loan pros in brief:

Sl No.	Pros Explained
1	Don’t worry, getting pre-qualified won’t affect your credit score: You can get pre-qualified for loans online, and guess what? It won’t mess with your credit score at all. College Ave just does a soft check on your credit, so no need to stress about it affecting your score.
2	You’ve got options for how you pay back your loan that can flex with your situation: At College Ave, you’ve got options when it comes to paying back your loan. They offer flexible repayment terms, like 5-year, 8-year, 10-year, and 15-year plans. And if you’re tackling grad school, they’ll even stretch it out to a 20-year term for you.
3	They’re cool with smaller minimum loan amounts and higher maximums, which gives you more wiggle room: College Ave loans start as low as $1,000 and can go as high as $150,000, or even more, depending on how good your credit is and what degree you’re going for.
4	If you had someone cosign with you, there’s a chance they can be let off the hook later on: If you’ve got a cosigner on your loan, they can be let off the hook after a review and approval process, and you won’t even need to refinance.

College Ave Cons Explained:

Let us understand the college ave student loan cons in brief:

Sl No.	Cons Explained
1	If you’re late with payments, there are fees and penalties waiting for you: If you’re 15 days late with your payment, College Ave will hit you with a late fee. Plus, there are fees for bounced payments too.
2	You can’t refinance unless you’ve got that degree: You can’t refinance your loans unless you’ve already graduated.
3	Your cosigner can only be let off the hook once you’re halfway through paying back the loan: Sure thing! Here’s a more casual version: It’s awesome that you can release a cosigner from your loan, but here’s the catch: College Ave wants you to have paid off at least half of the loan before they’ll even think about it.

Student Loans Offered by College Ave:

The following are the few of the well-known student loans which are being offered by college ave:

Undergraduate Student Loans
Graduate Student Loans
Parent Student Loans

Let us understand each of the student loans offered by college ave in brief:

1. Undergraduate Student Loans

College Ave provides undergraduate student loans for students currently enrolled in school at least half-time. You can borrow as little as $1,000, and there’s a maximum limit of $150,000 for a four-year degree.

You have the option to apply with or without a cosigner, but if you’re an international student, you’ll need to have a cosigner.

Sl No.	Terms for Undergraduate Loans
1	Variable APR	5.59%–16.69%
2	Fixed APR	4.07%–15.48%
3	Loan amounts	$1,000–$150,000
4	Loan terms	5-, 8-, 10-, and 15-year

2. Graduate Student Loans

College Ave provides graduate student loans for students enrolled at least half-time or full-time. You can borrow a minimum of $1,000, and there’s no set maximum amount for most loans; it depends on your creditworthiness and the degree you’re pursuing.

These loans cover various programs such as medical school, law school, and MBA programs. The repayment terms range from 5 to 15 years, but for medical, dental, and law school, you can extend it up to 20 years.

Plus, there’s a generous nine-month grace period before you need to start repaying the loan.

Sl No.	Terms for Graduate Loans
1	Variable APR	5.59%–14.49%
2	Fixed APR	4.07%–14.49%
3	Loan amounts	$1,000 up to cost of attendance
4	Loan terms	5-, 8-, 10-, 15-, and 20-year

3. Parent Student Loans

Private parent student loans are an option for parents, guardians, or other family members of eligible students who are enrolled at least half-time in either undergraduate or graduate-level programs.

Unlike co-signed loans, parent loans hold the applicant solely responsible for repaying the loan, not the student. These loans come with competitive rates and terms.

However, they don’t qualify for deferment, meaning borrowers are required to make at least interest-only payments while their child is in school.

Sl No.	Terms for Parent Loans
1	Variable APR	5.59%–16.69%
2	Fixed APR	4.07%–15.48%
3	Loan amounts	$1,000–$150,000
4	Loan terms	5-, 8-, 10-, and 15-year

College Ave Loan Eligibility and Approval:

To be eligible for a student loan from College Ave, you need to meet these requirements:

You must be at least 16 years old.
You need to be enrolled in a qualifying school in the U.S., which will be listed on your application.
You must have a Social Security number.
You must meet your school’s satisfactory academic progress (SAP) guidelines.

Additionally, there are personal financial criteria taken into account during the application process, but College Ave doesn’t publicly disclose the exact income and credit requirements.

For student loan refinancing, you must fulfill the following criteria:

You need to be at least 18 years old.
You must be a U.S. citizen or permanent resident.
You must be named on the loans you want to refinance.
You need to have graduated from an eligible school and program.
You must meet College Ave’s underwriting standards.

International students need a valid Social Security number and a qualified cosigner to be eligible. DACA recipients are not eligible for College Ave student loans.

Are Cosigners required?

If students don’t meet the eligibility criteria for a student loan, they’ll need a cosigner. International students, who must also have a valid Social Security number, are required to have a cosigner as well.

Is Loan Pre-Qualification available?

Yes, College Ave offers a quick pre-qualification application that you can complete entirely online in just a few minutes. You’ll need to provide some basic information, such as:

Your contact details
Your Social Security number
An estimate of your annual income
The name of your school
Your expected graduation date
The amount you’re looking to borrow

Once you’ve submitted the application, College Ave will do a soft check on your credit profile to show you the approved amounts and interest rates. This will give you an idea of the rates for both variable and fixed loans, and then you can finish up your application.

What is the length of time for Loan Approval and Disbursement?

College Ave suggests applying for your loan at least 30 days before your school enrollment to ensure there’s enough time for approval and for the loan to be disbursed. Once you’ve submitted your application, College Ave will get in touch with your school for certification.

The time it takes for certification can differ depending on the school and might take a few weeks. Once your school has certified the loan, College Ave will send you an email with an estimated date for when the loan will be disbursed.

Loan Fees and Repayment Options:

Here are the loan fees and repayment options that the College Ave offers:

1. Loan Fees:

College Ave keeps things simple when it comes to fees. They don’t charge a bunch of fees like origination, prepayment, early payment, or extra payment fees. However, if your payment is more than 15 days late, they do charge a late fee. It’s either 5% of the total payment or $25, whichever is lower. They also charge a $25 fee for returned payments.

But here’s the good news: there are no extra fees for using loan deferment or forbearance services.

2. Loan Discounts:

Like many other private student loan companies, College Ave gives you a discount if you set up autopay. You can get a 0.25% discount, and you’ll see this reflected in the rates they advertise.

3. Repayment Options:

At College Ave, they understand that everyone has different preferences when it comes to repaying their loans. That’s why they offer several repayment options for students to choose from:

Deferment:

You won’t need to make any payments on your loans until up to six months after you graduate. Just keep in mind that interest will keep building up during this time, so it might end up being the most expensive option in the long run.

Fixed Payment:

If you prefer consistency, College Ave offers a flat $25 per month payment option while you’re in school and for up to six months after graduation. This can help keep the amount of interest you accrue while in school lower.

Interest-Only:

You have the option to make interest-only payments while you’re in school and during the six-month grace period after graduation. This helps prevent interest from piling up, which ultimately lowers the total amount you’ll pay over the life of the loan.

Full Principal and Interest Payment:

If you’re able, you can start paying the full amount of your loan while you’re still in school. This is typically the most cost-effective option in the long term.

College Ave offers different grace periods depending on your program: nine months for graduate students, 12 months for dental students, and 36 months for medical students. Just remember, interest will still accumulate during these grace periods.

4. Rewards

College Ave regularly awards scholarships, including a $1,000 scholarship given out every month, along with larger amounts given out from time to time. You can check out all the available rewards on the College Ave promotions page.

5. Loan Forbearance and Discharge Options

College Ave doesn’t provide details about loan relief options. Normally, private lenders offer various options like forbearance, deferment, or loan discharge for student loans.

However, College Ave doesn’t list any specific requirements to qualify for forbearance, and they only mention in-school deferment as an option.

Is Student Loan Refinancing Available?

College Ave provides student loan refinancing options for graduates. You can choose loan terms ranging from 5 to 15 years, and they offer competitive rates.

However, if you haven’t completed your degree, you won’t be eligible for student loan refinancing through College Ave.

Once approved, the loan funds will be sent directly to your creditors, and if needed, you can consolidate multiple loans into one. The best part? There are no application or origination fees when refinancing with College Ave.

Sl No.	Terms for Refinancing Loans
1	Variable APR	6.99%–13.99%
2	Fixed APR	6.99%–13.99%
3	Loan amounts	$5,000–$300,000
4	Loan terms	5-15 years

It’s a good idea to look into different options available to you. Take a look at our recommendations for the top student loan refinance companies to find the one that suits your needs best.

Customer Service and Customer Support

College Ave provides straightforward help documentation on its website, although it might not cover every topic. You can also reach out to their customer support team via email, live chat, or phone at 844-422-7502.

Support is available Monday through Friday, from 9 a.m. to 9 p.m. Eastern Time.

Interestingly, the Consumer Financial Protection Bureau (CFPB) didn’t include College Ave or its funding banks (Firstrust Bank, First Citizens Community Bank, and Safra Bank) in its annual consumer report.

How to Apply for a College Ave Student Loan?

Getting a student loan with College Ave is fast and easy, and you can do it all online. First, you’ll fill out a simple application to get pre-approved, where you’ll share your personal and financial details.

You’ll get an instant decision along with estimated rates. After that, you’ll finish up the application by providing additional information and any necessary documents.

Here are some of the details you’ll need to provide:

Contact information
Date of birth
Social Security number
Household income
School of attendance
Cost of attendance
Expected graduation date
Requested loan amount

College Ave’s approval process considers factors like your creditworthiness, income, and other undisclosed review factors. After you’ve finished your application, College Ave will reach out to your school for certification before they release the loan funds.

We suggest filling out the Free Application for Federal Student Aid (FAFSA) before applying for a private student loan. You might be eligible for grants or federal loans that offer better terms.

What are the Alternate Choices for College Ave?

Here are some of the alternatives for college ave student loans:

Sl No.	Parameters	College Ave	MEFA	Education Loan Finance (ELFI)
1	Loan Types Offered	Undergraduate; graduate; parent	Undergraduate; graduate; medical; bootcamp	Undergraduate; graduate; parent
2	Undergraduate Fixed APR	4.07%–15.48%	5.35%–7.95%	8.42%–12.29%
3	Undergraduate Variable APR	5.59%–16.69%	N/A	4.98%–12.79%
4	Origination/ Administrative Fee	None	None	None
5	Repayment Options	Deferment; fixed; interest-only; full payment	Deferment; fixed; interest-only; full payment	Deferment; fixed; interest-only; full payment
6	Refinancing Available	Yes	Yes	Yes

Final Verdict

College Ave is a reliable private student loan company that provides competitive rates, various loan terms, and several repayment choices.

However, it’s worth noting that College Ave doesn’t serve international students (unless they have a Social Security number) or DACA recipients, and they have relatively high late payment and returned payment fees.

Nonetheless, the loan application process is straightforward, and you can borrow as little as $1,000 if necessary. In general, if you’re considering private student loans or refinancing, College Ave is definitely worth considering.

Sachin Ramdurg

Hey, I am Sachin Ramdurg. I run and manage futuredecider.com website that helps students, graduates, and professionals, to find and decide on their future career with ultimate future career advices and future career guides. I have an overall 12+ years of career guidance experience in multiple domains which has helped multiple students, graduates, and professionals to find the best career path for their future.

College Ave Student Loans Review [2024]