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Last update: September 25, 2024
4 minutes read
College Ave: Private Student Loan Review
Explore our comprehensive College Ave private student loan review, where we examine interest rates, repayment options, eligibility criteria, and additional benefits.
Thinking about choosing College Ave for your private student loan? This review will break down key factors like interest rates, eligibility criteria, repayment options, and any unique benefits that make College Ave stand out from the competition. Let's get started.
Our final verdict
College Ave stands out as a highly versatile and competitive lender in the student loan market. Their grace period gives borrowers extra breathing room, which can be crucial. Loan amounts are equally flexible. However, it's not an ideal choice for international students without a Social Security number or DACA recipients, which might be a hurdle for some. Overall, College Ave offers a compelling package for college students.
About College Ave
Established in 2014 and headquartered in Wilmington, Delaware, College Ave has quickly risen to prominence in the private student loan market. Specializing solely in student loans and student loan refinancing, the company has designed a user-friendly platform that includes not only loan options but also valuable tools, resources, and scholarship opportunities. This makes it an ideal lender for first-time borrowers or college students.
The company serves students enrolled in affiliated schools across all 50 states and the District of Columbia. With an application process that only takes a few minutes and offers instant decisions, College Ave combines speed and convenience.
Refinancing options are also available to potentially lower your interest rate or monthly payments.
In terms of loan options, College Ave offers a wide range, from as little as $1,000 up to the full cost of your education. Additionally, the company presents multiple repayment plans, appealing to those who appreciate flexibility. There are no origination or prepayment fees, although you may incur late fees if you miss a payment deadline.
TuitionHero tip
Remember to borrow wisely and always explore federal loans, grants, scholarships, and work-study options before taking out a private student loan. Our user-friendly platform lets you explore and compare college financing options personalized to your unique situation.
Undergraduate loan details
College Ave provides loans that range from $1,000 up to $1,000 - 100% of attendance costs (aggregate) for undergraduate students. They offer fixed rates from 3.47% to 17.99% or variable rates from 4.99% to 17.99% (including the autopay discount!).
Borrowers can rest easy knowing that there are:
- No application fee
- No origination fees
- No prepayment penalty
Adding a cosigner to your loan, such as a friend or relative with strong credit, may also be an attractive option because you may likely get a lower rate and a higher chance of approval.
Repayment options
College Ave offers various hardship and other repayment options that provide borrowers with relief during times of financial stress. Some choices include deferring payments until after graduation, making interest-only payments while in school, or temporarily making partial payments.
Grace period: 6 months for undergraduate loans and 9 months for most graduate loans.
4.99% - 17.99%¹
3.47% - 17.99¹
$1,000 - 100% of attendance costs
5, 8,10, 15-year
High-600s
4.99% - 17.99%¹
3.47% - 17.99¹
$1,000 - 100% of attendance costs
5, 8,10, 15-year
High-600s
Autopay discount: Rates shown are for the College Ave Undergraduate Loan product and include autopay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.
Eligibility
Who can benefit from College Ave's loan options? Here are the core eligibility requirements for their private student loans:
Age: You must be at least 16 years old.
Class load: You must be enrolled at least part-time at an accredited college or university
Location: All U.S. states are eligible if you are a U.S. citizen or permanent resident, and international students can apply if they have a U.S. co-signer and Social Security number
School attended: The school must be an accredited college or university
TuitionHero tip
If you're not eligible, try applying with a cosigner! Adding a cosigner to your loan application may help you get a lower interest rate and increase your chances of being approved.
Compare College Ave to other lenders
Unsure if College Ave is the right lender for you? Take a moment to check out some of their biggest competitors to see which lender works best for you.
Our top pick
College Ave
4.99% - 17.99%¹
3.47% - 17.99¹
Disclosures
Grace period- Immediate repayment
- Fixed repayment
- In-school deferment
- No application fee
- No prepayment penalty
- No origination fees
College Ave
Disclosures
4.99% - 17.99%¹
3.47% - 17.99¹
- Grace period
- Immediate repayment
- Fixed repayment
- In-school deferment
- No application fee
- No prepayment penalty
- No origination fees
College Ave
Disclosures
4.99% - 17.99%¹
3.47% - 17.99¹
- Grace period
- Immediate repayment
- Fixed repayment
- In-school deferment
- No application fee
- No prepayment penalty
- No origination fees
Ready to get started?
Compare student loan rates from all the top lenders with zero impact on your credit score.
Customer service
College Ave has an A+ rating from the Better Business Bureau and has received a 3.15 out of 5 based on repayment options, affordability, and customer service quality (as of December 2023).
College Ave offers multiple ways to contact them.
- Website: www.collegeave.com
- Email: studentloans@collegeave.com
- Phone: 844-803-0736
- Hours: Mon - Fri: 9 am to 9 pm ET
Frequently asked questions (FAQ)
Here are some of the most common questions we get asked about College Ave.
No, College Ave is a private student loan provider, and their loans do not offer the same federal benefits as income-driven repayment plans or loan forgiveness programs.
While College Ave doesn't publicly disclose specific credit score requirements, it's generally advised to have a high credit score, ideally in the high 600s or above. Their prequalification tool allows you to check your eligibility without affecting your credit score.
Loan denial could be due to various reasons, such as not meeting credit or income requirements or if the school is not eligible for their loans.
If you don't qualify alone, consider applying with a co-signer with a strong credit history. Doing so may not only increase your chances of approval but may also secure you a more favorable interest rate.
For specifics, it's best to contact College Ave directly.
College Ave allows borrowers to take out loans up to the total cost of attendance, covering all academic expenses, including tuition, housing, and books.
Yes, College Ave offers a six-month grace period for undergraduate loans and a nine-month grace period for most graduate loans, providing some financial breathing room post-graduation.
You can prequalify for a loan with College Ave through a soft credit inquiry, which will not impact your credit score. However, the formal application process involves a hard credit inquiry, which may affect your credit score slightly.
College Ave allows you to refinance your existing student loans. They offer various loan terms and the choice between fixed or variable interest rates.
Final thoughts
College Ave offers students competitive private student loans with various payment options. Whether you're an undergrad pursuing advanced degrees or a parent seeking to support your child's education, College Ave likely has a loan option that suits you.
At TuitionHero, we're dedicated to helping you find your way through the maze of student loans. We offer guidance on private loans, refinancing options, scholarships, FAFSA assistance, and even credit cards. Begin your quest for affordable education with TuitionHero and College Ave today.
Sources
Author
Yerain Abreu
Yerain Abreu is a Content Strategist with over 7 years of experience. He earned a Master's degree in digital marketing from Zicklin School of Business. He focuses on college finance, a niche carved out of his journey through the complexities of academic finance. These firsthand experiences provide him with a unique perspective, enabling him to create content that's informative and relatable to students and their families grappling with the intricacies of college financing.
At TuitionHero, we're not just passionate about our work - we take immense pride in it. Our dedicated team of writers diligently follows strict editorial standards, ensuring that every piece of content we publish is accurate, current, and highly valuable. We don't just strive for quality; we aim for excellence.
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