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If you need a private loan or student loan refinancing, your options can be overwhelming. College Ave offers a one-stop shop for private loans to pay for your current needs and refinancing loans to save you money on interest. Below, check out our ultimate College Ave review and find out if the company can help you.
College Ave review
A whopping 71 percent of students graduating from four-year colleges and universities leave with student loan debt. The average graduate walks away with $37,172 in loans. With high interest rates, many college grads struggle to keep up with their payments, but private loans and student loan refinancing can help them take charge of their debt.
College Ave specializes in simplifying and streamlining the lending process. They help you find solutions to your financial needs quickly and easily. They only offer student loans, so they know the ins and outs of what college students and recent graduates are looking for.
College Ave products
If you need to fund your education but have either exhausted your available federal loans or are shopping around for a better interest rate, College Ave student loans may be a good option for you.
They offer private loans for both undergraduate and graduate students, and they even have options for parents who want to help their children fund their education.
The application process is quick and easy; the company boasts that you can apply in as little as three minutes. And unlike some lenders, you can create a loan that works for you. You can get an education loan as low as $2,000, or borrow enough to cover 100 percent of your costs. For those going to a professional school, like medical school, you can borrow as much as $250,000.
If you are a recent graduate and are thinking about refinancing, College Ave offers several options for you, as well. Refinancing your debt can help save you money with lower interest, or it can reduce your monthly payment. A lower bill can give you more breathing room in your budget.
College Ave has one of the lowest refinancing minimums in the industry. You can refinance a loan as small as $5,000 to take advantage of lower interest and a new repayment term.
And you can pick the repayment plan that works best for you. If money is tight right now, you can opt for two years of interest-only payments, or you can select immediate full payments to pay off your debt faster.
Using the College Ave online platform
The College Ave platform is simple and easy-to-use. To get an idea of whether or not you can qualify for a loan, without undergoing a credit inquiry and damaging your credit score, you can use their pre-qualification tool to check your information.
Select “tools” on the toolbar at the top, then scroll down to where it says “Want to check your credit and rates?” Enter your information and click on “see if you pre-qualify.” While the results are not guaranteed, the tool can give you an indication of your eligibility and what your rates would be.
If you’re ready to apply, click on “apply now” at the top right. You will see a popup with four different lending scenarios for you to choose from, such as if you’re looking for an undergraduate loan or if you’re a parent looking for a loan for your child.
Once you’ve made the appropriate selection, the site will redirect you to the application page. Just follow the prompts, enter your information to complete the application, and submit.
The site is mobile-friendly, making it easy to apply from your desktop, laptop, tablet, or smartphone.
College Ave interest rates and fees
If you’re looking for private student loans, College Ave offers both fixed and variable rate loans. Fixed rates start with interest rates as low as 5.29%, while variable rates start at just 3.69%. You can choose from 8-, 10-, 12-, or 15-year repayment terms.
And you can select what repayment options work for you. College Ave offers four different repayment plans:
- Full principal and interest: In this plan, you start paying back your loan right away while you’re still in school. Selecting this option saves you the most money over the length of your repayment term.
- Interest only: If tackling both the interest and principal while still in school is too overwhelming, you can opt for an interest-only plan. You pay only the interest charges as long as you’re in school.
- Flat payment: With a flat payment, you make $25 payments each month while you’re in school. That helps cut down on accrued interest, helping you save money.
- Deferred payment: If you don’t want to think about loans while in school, you can defer payments until after you graduate. You’ll pay more over the length of your loan, but you can study without worrying about keeping up with your monthly bill.
If you’re a recent graduate looking to refinance your loans, College Ave offers many options to help you get out of debt. You can get a fixed rate for your loan as low as 3.25%, or a variable rate as low as 2.88%.
For refinancing, College Ave offers interest-only or full principal and interest repayment options, so you can choose what works best for you and your lifestyle right now. Loan repayment periods range from five to 15 years, so you can pay off your debt at your pace.
Best of all, there are no origination or application fees for either private student loans or refinancing loans.
College Ave eligibility requirements
If you’re looking for a private loan, College Ave requires you to enroll in a degree program and attend school at least half-time. College Ave does not disclose its credit requirements, but they do offer a credit pre-qualification tool to help you figure out if you’re eligible before submitting an application and undergoing a hard credit inquiry.
College Ave recommends you have a cosigner when you apply for a student loan to increase your chances of getting approved and getting a low interest rate. Both the student and the cosigner need to be U.S. citizens or permanent residents.
For those looking to refinance, College Ave issues refinancing or consolidation loans for both federal and private education debt. To qualify, borrowers must be over 18, be a U.S. citizen or a permanent resident, and have graduated from a Title IV-eligible undergraduate or graduate program.
While a cosigner is not required for a refinancing loan, it can be helpful to secure more advantageous repayment terms.
College Ave customer service
In a College Ave review by the Better Business Bureau, they got an “A” rating and are an accredited business. You can read over one hundred customer reviews on the College Ave website.
College Ave customer service representatives are available by phone or email, Monday through Friday from 9 am to 6 pm ET. You can contact them by calling 844-422-7502, or by emailing email@example.com.
More about College Ave
The company was founded by Joe DePaulo and Tim Staley, both former executives of Sallie Mae. Since its inception in 2014, the company has raised over $40 million in funding.
Based in Wilmington, Delaware, College Ave is focused on using technology and their collective expertise to disrupt the student loan industry. They strive to deliver personalized options for families with competitive interest rates, several repayment options, and a customer-friendly service.
College Ave contact
College Ave’s payment address is:
College Ave Student Loans
c/o University Accounting Service
P.O. Box 5863
Carol Stream, IL 60197-5863
Need a student loan?Here are our top student loan lenders of 2018!
|1 Important Disclosures for CollegeAve.
College Ave Student Loans products are made available through either Firstrust 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.
2 Important Disclosures for Discover.
3 Important Disclosures for Ascent.
Before taking out private student loans, you should explore and compare all financial aid alternatives, including grants, scholarships, and federal student loans and consider your future monthly payments and income. Applying with a cosigner may improve your chance of getting approved and could help you qualify for a lower interest rate. Ascent Student Loans may be funded by Richland State Bank (RSB) or Turnstile Capital Management, LLC (TCM), which are not affiliated entities. Certain restrictions and limitations may apply. Ascent Student Loan products are subject to credit qualification, completion of a loan application, verification of application information and certification of loan amount by a participating school. All loan products may not be available in certain jurisdictions. Other terms and conditions apply. Ascent is a federally registered trademark of TCM and may be used by RSB under limited license. Richland State Bank is a federally registered service mark of Richland State Bank.
* Application times vary depending on the applicants ability to supply the necessary information for submission.
* The Sallie Mae partner referenced is not the creditor for these loans and is compensated by Sallie Mae for the referral of Smart Option Student Loan customers.
4 = Sallie Mae Disclaimer: Click here for important information. Terms, conditions and limitations apply.
5 Important Disclosures for PNC.
PNC Bank is one of the nation’s largest education loan providers. For over 40 years, PNC has been committed to helping students and their families make possible the adventure of college.
6 Important Disclosures for SunTrust.
Before applying for a private student loan, SunTrust recommends comparing all financial aid alternatives including grants, scholarships, and both federal and private student loans. To view and compare the available features of SunTrust private student loans, visit https://www.suntrust.com/loans/student-loans/private.
Certain restrictions and limitations may apply. SunTrust Bank reserves the right to change or discontinue this loan program without notice. Availability of all loan programs is subject to approval under the SunTrust credit policy and other criteria and may not be available in certain jurisdictions.
SunTrust Bank, Member FDIC. ©2018 SunTrust Banks, Inc. SUNTRUST, the SunTrust logo and Custom Choice Loan are trademarks of SunTrust Banks, Inc. All rights reserved.
7 Important Disclosures for LendKey.
Additional terms and conditions apply. For more details see LendKey
8 Important Disclosures for CommonBond.
A government loan is made according to rules set by the U.S. Department of Education. Government loans have fixed interest rates, meaning that the interest rate on a government loan will never go up or down.
Government loans also permit borrowers in financial trouble to use certain options, such as income-based repayment, which may help some borrowers. Depending on the type of loan that you have, the government may discharge your loan if you die or become permanently disabled.
Depending on what type of government loan that you have, you may be eligible for loan forgiveness in exchange for performing certain types of public service. If you are an active-duty service member and you obtained your government loan before you were called to active duty, you are entitled to interest rate and repayment benefits for your loan.
A private student loan is not a government loan and is not regulated by the Department of Education. A private student loan is instead regulated like other consumer loans under both state and federal law and by the terms of the promissory note with your lender.
If your private student loan has a fixed interest rate, then that rate will never go up or down. If your private student loan has a variable interest rate, then that rate will vary depending on an index rate disclosed in your application. If the interest rate on the new private student loan is less than the interest rate on your government loans, your payments will be less if you refinance.
If you don’t pay a private student loan as agreed, the lender can refer your loan to a collection agency or sue you for the unpaid amount.
Remember also that like government loans, most private loans cannot be discharged if you file bankruptcy unless you can demonstrate that repayment of the loan would cause you an undue hardship. In most bankruptcy courts, proving undue hardship is very difficult for most borrowers.
9 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|3.69% – 10.94%1||Undergraduate, Graduate, and Parents|
|3.97% – 12.97%3||Undergraduate and Graduate|
|4.34% – 12.99%2||Undergraduate and Graduate|
|4.12% – 10.98%*,4||Undergraduate and Graduate|
|5.03% – 11.23%5||Undergraduate and Graduate|
|4.00% – 13.00%6||Undergraduate and Graduate|
|4.72% – 9.81%7||Undergraduate and Graduate|
|3.72% – 9.68%8||Undergraduate, Graduate, and Parents|
|4.19% – 12.06%9||Undergraduate, Graduate, and Parents|