An Independent Review of College Ave Student Loans

College Ave Student Loans: Our Independent Review

Overview of College Ave Student Loans

College Ave is a well-regarded private student loan lender, often ranking among the top choices for both new student loans and refinancing options. The lender is recognized for its competitive interest rates, a wide range of loan options, and a fee-friendly approach, as it does not charge application, origination, or prepayment fees.

Business Insider’s personal finance team has compared College Ave with other top private student loan lenders and has determined that it stands out as an industry leader. Its flexible repayment terms and multiple loan types make it a strong choice for students seeking financial support for their education.

What Are College Ave Student Loans?

College Ave provides private student loans tailored to the needs of undergraduate and graduate students, as well as loans for career training and parent borrowers. It also offers refinancing options for those looking to restructure their existing student loans with potentially better terms.

Borrowers who prioritize competitive APR rates, flexible repayment terms, and a simple application process will find College Ave to be a strong option. However, students should always explore federal loan options first, as government loans often come with better protections and more favorable repayment structures.

Comparing College Ave Student Loans

College Ave Undergraduate Student Loans

Rating: 4.5/5

Perks:

• 0.25% discount on regular rates with AutoPay

APR:

• Variable: 4.54% – 17.99%
• Fixed: 3.47% – 17.99% (with AutoPay discount)

Fees:

• Late payment: 5% of the amount due, capped at $25
• No application, origination, or prepayment fees

Credit Score Requirements:

• Recommended: Mid-600s or higher

Loan Amount:

• Minimum: $1,000
• Maximum: Up to 100% of the school-certified cost of attendance

Pros:

• No prepayment or origination fees
• Available to international students with an eligible cosigner
• Low APR and multiple repayment term lengths
• Various ways to contact customer support

Cons:

• Requires a credit check
• Late payment fee applies

Repayment Options:

• Deferred: No payments until six months after leaving school
• Interest-only: Pay only the interest while in school
• Partial Payments: Pay $25 per month while in school
• Full Repayment: Start full payments while still in school

College Ave Graduate Student Loans

Rating: 4/5

APR:

• Variable: 4.54% – 14.49%
• Fixed: 3.47% – 14.49% (with AutoPay discount)

Pros:

• No origination or prepayment fees
• Multiple repayment options
• Competitive interest rates

Cons:

• Requires a credit check
• Late payment fees apply

Graduate student loans are available for law, medical, dental, MBA, and health professions students.

College Ave Parent Loans

College Ave also offers parent loans for those looking to support their child’s education. They come with both variable- and fixed-rate options and repayment terms ranging from five to 15 years.

College Ave Career Loans

Career training loans are available for students pursuing vocational and trade education. These loans offer up to $80,000 in funding with flexible repayment options.

College Ave Student Loan Refinancing

College Ave is a top choice for student loan refinancing, offering loan amounts from $5,000 up to $500,000. It provides competitive fixed and variable interest rates and offers up to 16 different repayment term lengths ranging from five to 20 years.

Features of College Ave Student Loans

Autopay Discounts

College Ave offers a 0.25% interest rate discount when borrowers enroll in automatic payments. This can lead to significant savings over the loan’s lifetime.

Customer Support

Borrowers can contact College Ave’s customer support via:

• Phone: (844) 422-7502 (9 a.m. – 9 p.m. ET, Monday to Friday)
• Text: (726) 227-2275
• Live Chat: Available on their website

Financial Wellness Resources

College Ave provides financial literacy resources, including loan calculators, FAQs, guides, glossaries, and student credit-building tools.

Applying for a College Ave Student Loan

Eligibility Requirements

To qualify for a College Ave student loan, applicants must:

• Be at least 16 years old
• Be a U.S. citizen, permanent resident, or international student with an eligible cosigner
• Be enrolled at least half-time in a degree-granting school
• Pass a credit check (or apply with a cosigner)

Application Process

1. Pre-qualify online: Check your rate without impacting your credit score.
2. Submit an application: Takes about 3 minutes.
3. Provide additional documents: Such as proof of income and enrollment.
4. Review and accept loan offer: After approval, sign the agreement.
5. Loan disbursement: College Ave sends funds directly to your school.

Interest Rates and Fees

Fixed vs. Variable Rates

• Fixed rates remain constant throughout the loan term.
• Variable rates fluctuate based on market conditions.

For undergraduate loans:

• Variable APR: 4.69% – 17.99%
• Fixed APR: 3.47% – 17.99% (with AutoPay discount)

Fee Structure

• No application, origination, or prepayment fees
• Late payment fee: 5% of the amount due or $25 (whichever is lower)

College Ave vs. Competitors

College Ave vs. Sallie Mae

• Both lenders do not charge origination fees or prepayment penalties.
• College Ave provides a soft credit check for pre-qualification, while Sallie Mae conducts a hard inquiry.

College Ave vs. SoFi

• College Ave has slightly lower minimum APRs.
• SoFi offers additional perks such as career coaching and financial planning services.

Pros and Cons of College Ave Student Loans

Pros:

• Competitive interest rates
• No origination fees
• Multiple repayment term options
• Strong customer support

Cons:

• Requires a credit check
• Late payment penalties apply

Final Verdict

College Ave is an excellent choice for private student loans and refinancing. It offers competitive interest rates, multiple repayment options, and strong customer support. However, students should explore federal loan options first due to better protections and repayment flexibility.

Borrowers who need a cosigner or are looking for flexible repayment terms should find College Ave a solid lending option for funding their education.