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Last update: October 17, 2024
5 minutes read
College Finance: Private Student Loan Review
Considering College Finance for your private student loan? Read our review to uncover their competitive rates, flexible repayment options, eligibility criteria, and extra benefits.
If you're in the market for a private student loan, College Finance may be as a potential option. Our in-depth review delves into its competitive interest rates, flexible repayment terms, and unique features that set it apart. Get a clear understanding of their loan offerings, eligibility criteria, and the distinctive advantages College Finance provides. This guide is tailored for both students and parents. Let’s dive in.
Our final verdict
College Finance distinguishes itself with its unique feature that allows friends and family to contribute to loan repayment. This, along with the cosigner release options, makes it an excellent choice for borrowers backed by a strong support network. College Finance also enhances its appeal with additional benefits like financial incentives and diverse repayment options, underpinned by its valuable partnership with Candidly and College Ave.
About College Funding
Founded in 2020, College Finance is a website designed to assist students and families with informed decision-making about college financing. Offering a rich array of educational resources, the platform focuses on minimizing the cost of borrowing. Their holistic approach underscores the company's dedication to providing valuable guidance and resources for managing educational expenses effectively.
In 2022, College Finance underwent a significant transformation with its acquisition by Candidly, an AI-driven platform specializing in student loan management and repayment. This transition expanded the company's services, introducing a branded student loan product in partnership with the highly-regarded lender College Ave.
A standout feature of College Finance is the inclusion of a complimentary membership to Candidly. This membership offers users personalized repayment and savings strategies, focusing on accelerating loan payoff while optimizing savings. This strategic alignment with Candidly enhanced College Finance's commitment to supporting students and families not just in acquiring education funding, but also in managing and repaying these funds efficiently.
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 Finance provides loans that range from $1,000 up to $1,000 - 100% of attendance costs (aggregate) for undergraduate students. They offer fixed rates from 4.44% to 15.99% or variable rates from 5.09% to 15.99% (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 Finance 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.
5.09% - 15.99%*
4.44% - 15.99%*
$1,000 - 100% of attendance costs
5 to 15-year
High-600s
5.09% - 15.99%*
4.44% - 15.99%*
$1,000 - 100% of attendance costs
5 to 15-year
High-600s
Autopay discount: 0.25% auto-pay interest rate reduction
Added benefit: $100 statement credit when you open a Candidly account and link this loan¬π
Added benefit: Provides access to Candidly, a leading student loan management and paydown provider
Added benefit: Earn cash back rewards from merchants that are applied directly to the student loan
Eligibility
Who can benefit from College Finance's loan options? Here are the core eligibility requirements for their private student loans:
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 Finance to other lenders
Unsure if College Finance 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 Finance
5.09% - 15.99%*
4.44% - 15.99%*
Disclosures
Grace period- Immediate repayment
- Fixed repayment
- In-school deferment
- No application fee
- No prepayment penalty
- No origination fees
College Finance
Disclosures
5.09% - 15.99%*
4.44% - 15.99%*
- Grace period
- Immediate repayment
- Fixed repayment
- In-school deferment
- No application fee
- No prepayment penalty
- No origination fees
College Finance
Disclosures
5.09% - 15.99%*
4.44% - 15.99%*
- Grace period
- Immediate repayment
- Fixed repayment
- In-school deferment
- No application fee
- No prepayment penalty
- No origination fees
Ready to get started?
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Customer service
Customer support can be a make-or-break factor when evaluating a potential lender. College Finance offers multiple ways to get in touch with them.
- Website:
- Email:
- Phone:
- Hours:
Frequently asked questions (FAQ
Here are some of the most common questions we get asked about College Finance.
College Finance specializes in private student loans, exclusively. These loans are provided in collaboration with College Ave, a private loan lender. Federal student loans are not part of their offerings.
Applying for a student loan through College Finance involves a credit check by College Ave, which may result in a slight decrease in your credit score. However, maintaining consistent, on-time payments once the loan is in repayment phase generally ensures that your credit score isn’t negatively impacted over time.
A cosigner might not be mandatory for every loan, but in certain cases—especially for larger loans or applicants with minimal or no credit history—a cosigner could be necessary or recommended. A cosigner with good credit can enhance your loan approval chances and potentially secure more favorable loan terms.
Yes, College Finance offers the option for cosigners to be released from the loan responsibility. This is possible after the primary borrower has shown a consistent and positive repayment track record, and once they meet specific credit and income criteria. Additionally, this option becomes available after half of the loan repayment period has elapsed.
Funds from College Finance loans are designated for covering college-related costs as approved by your educational institution. This covers expenses like tuition, accommodation, textbooks, and other necessary academic expenditures. The funds are directly sent to the school, and cannot be used for expenses outside those officially recognized by the institution.
The timeline for fund disbursement from College Finance can vary. It depends on several factors including the time of year, your school’s specific requirements, and application volume. The process encompasses application approval, enrollment verification, setting disbursement dates, and the actual issuing of funds by the lender. Initiating the process early and keeping up with follow-ups can help in reducing any potential delays.
College Finance’s private student loans do not come with forgiveness options like those available with federal student loans. Nor do they offer income-based repayment plans. Borrowers are obligated to fully repay the loan as per the conditions outlined in the promissory note.
Final thoughts
College Finance emerges as a reliable option for students seeking private student loans, offering a straightforward and flexible approach to financing higher education. Its partnership with College Ave ensures a range of loan options suitable for diverse financial needs.
Overall, College Finance's comprehensive approach and innovative features position it as a winner, especially for those who can leverage a strong community backing their educational journey.
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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