Finding the right private student loan can feel overwhelming, but College Ave aims to simplify the process. With a quick online application, flexible repayment options, and competitive rates, it’s a top choice for students seeking to finance their education without unnecessary hassle. Whether you’re an undergraduate, graduate student, or parent, College Ave offers tailored loan options to fit various financial needs.
Unlike some lenders that take days to process applications, College Ave provides instant pre-qualification and potential approval in just minutes. Borrowers can choose from multiple repayment plans, including interest-only and deferred options, making it easier to manage student debt.
If you’re considering a private student loan, here’s what you need to know about College Ave’s eligibility criteria, loan options, and repayment plans.
Eligibility Criteria for College Ave Student Loans
Before applying for a College Ave student loan, ensure you meet the following eligibility requirements:
- Age: Be at least 16 years old.
- Enrollment: Enrolled in an eligible U.S. school. You can verify your school’s eligibility during the application process.
- Social Security Number: Required for identity verification and credit assessment.
- Academic Progress: Must meet the Satisfactory Academic Progress (SAP) guidelines as defined by your school.
Credit Score Requirements
While College Ave doesn’t publicly disclose a minimum credit score, a good credit history improves your chances of approval and may secure better interest rates. They offer a pre-qualification tool that performs a soft credit check, allowing you to gauge your eligibility without affecting your credit score. If you don’t qualify on your own, adding a cosigner with a strong credit profile can enhance your approval prospects.
School Eligibility
Not all institutions participate in College Ave’s loan program. Confirm your school’s eligibility by checking during the application process or contacting College Ave directly.
Academic Progress Requirements
Maintaining Satisfactory Academic Progress (SAP) is essential to continue receiving funding. While specific SAP standards vary by institution, they generally include maintaining a minimum GPA and completing a required percentage of attempted courses. Failure to meet these standards could result in the suspension of your loan. Consult your school’s financial aid office for detailed SAP criteria.
Cosigner Requirements
Many students may need a cosigner to qualify for a loan. A cosigner must:
- Be at least 18 years old.
- Be a U.S. citizen or permanent resident.
- Have a strong credit history and sufficient income to support loan repayment.
Cosigners share full responsibility for the loan, meaning missed payments will affect both their credit and yours. College Ave offers a cosigner release option under specific conditions:
- Repayment Term: At least half of the original repayment term must have elapsed. For example, on a 10-year loan, you’re eligible for cosigner release after 5 years of principal and interest payments.
- Income Verification: You must demonstrate an annual income at least twice the outstanding loan balance.
- Credit History: You must pass a credit review, ensuring no 30-day or greater delinquencies in the past 12 months and no bankruptcies, foreclosures, or repossessions in the last 24 months.
Meeting these criteria allows you to apply for the cosigner’s release, transferring full responsibility of the loan to you.
Student Loan Options Offered by College Ave
College Ave provides a range of student loan options tailored to different educational paths. Whether you’re an undergraduate, graduate student, parent, or looking to refinance, they offer flexible terms and competitive rates to meet your needs.
Undergraduate Loans
College Ave covers up to 100% of your school’s certified cost of attendance, including tuition, fees, books, and living expenses. Loan amounts start at $1,000, and repayment terms are available for 5, 8, 10, or 15 years. Borrowers can choose between fixed and variable interest rates, which are based on creditworthiness.
Career Loans
For those pursuing vocational training or career advancement programs, College Ave offers career loans that cover tuition and other education costs. Borrowers who complete their program may also receive a $150 cash-back reward. Repayment terms are flexible, with options of 5, 8, 10, or 15 years, and interest rates are similar to those for undergraduate loans.
Graduate Student Loans
Graduate students can take advantage of loans designed for master’s, doctoral, and professional degrees. Loan terms range from 5 to 15 years, with both fixed and variable interest rate options available. College Ave’s graduate loans offer competitive rates compared to undergraduate loans.
Parent Loans
Parents who want to finance their child’s education can apply for a College Ave parent loan. Repayment terms are available for either 5 or 15 years, and while interest rates tend to be slightly higher than those for student borrowers, both fixed and variable rate options are offered.
Student Loan Refinancing
For borrowers looking to consolidate and manage existing student debt, College Ave provides refinancing options with unmatched flexibility. Unlike most student loan refinancing companies like SoFi and CommonBond, which typically offer only 4 or 5 repayment terms, College Ave stands out by offering 16 different loan terms. Borrowers can choose a term between 5 and 20 years, allowing them to customize their monthly payments and overall payoff timeline to fit their budget and financial goals.
College Ave’s student loans and refinancing options give borrowers the ability to tailor their loan terms and repayment plans to fit their needs. With a variety of loan types and flexible repayment structures, they aim to provide students and parents with an easier way to manage education costs.
Flexible Repayment Plans with College Ave
Managing student loans effectively requires understanding your repayment options. College Ave offers four distinct plans to accommodate different financial situations:
- Full Principal & Interest: Begin full monthly payments covering both principal and interest immediately after the loan is disbursed. This approach minimizes the total interest paid over the life of the loan.
- Interest-Only: Make payments solely on the interest while you’re in school. This prevents your loan balance from increasing and transitions to full payments after graduation.
- Flat Payment: Pay a fixed amount of $25 per month during your schooling. This reduces the amount of accrued interest, leading to a lower balance upon entering full repayment.
- Deferred Payment: Postpone all payments until six months after graduation. While this option offers immediate financial relief, interest continues to accrue, resulting in a higher total loan balance.
Choosing the right plan depends on your current financial situation and future earning potential. Starting payments earlier can lead to significant savings on interest, while deferring payments provides short-term financial flexibility.
Streamlined Application Process at College Ave
Applying for a student loan with College Ave is simple and fast. Here’s how it works:
- Submit Information: Provide basic details, including your Social Security number, income, and loan amount.
- Check Eligibility: Use College Ave’s pre-qualification tool for a soft credit check.
- Get a Decision: Most applicants receive an instant credit decision. Some may need a cosigner.
- Review and Accept Terms: Carefully review loan terms before signing.
- Complete Documentation: Sign digital forms, including disclosures on fees and rates.
- School Verification & Disbursement: College Ave confirms enrollment and sends funds directly to your school.
If you have a cosigner, they share responsibility for the loan. Cosigner release may be available after 24 on-time payments and meeting income requirements.
College Ave Student Loans Special Features
College Ave offers several benefits that help borrowers save money and manage their loans more easily. From interest rate discounts to flexible cosigner options, these features make their student loans more appealing compared to other private lenders.
- Autopay Discount: Enrolling in autopay reduces your interest rate by 0.25%.
- No Fees: College Ave doesn’t charge application or prepayment fees, so you can pay off your loan early without penalties.
- Pre-Qualification Tool: Check if you’re likely to qualify for a loan without affecting your credit score. A hard credit check is only performed once you formally apply.
- Cosigner Release: After 24 consecutive on-time payments and meeting income requirements, you can apply to remove your cosigner from the loan.
Bottom Line
College Ave is a strong option for private student loans, offering competitive rates, flexible repayment terms, and a quick online application. Their pre-qualification tool allows borrowers to check eligibility without impacting their credit score, making the process more accessible.
However, most students will need a cosigner to qualify, which may be a drawback for those without access to one. Still, with multiple repayment options and no fees for early payoff, College Ave provides a borrower-friendly approach to student financing.