College Ave Student Loan Requirements

College Ave student loan is an industry leader in providing low-interest student loans with a variety of convenient repayment options and timeframes.

About College Ave Student Loan

College Avenue is a student loan lender with headquarters in Wilmington, Delaware. The company was established in 2014 by executives who had previously worked for Sallie Mae.

Loan products are provided through Firstrust Bank, a member of the FDIC, First Citizens Community Bank, a member of the FDIC, and M.Y. Safra Bank, and FDIC.

In addition to undergraduate and graduate student loans, parent and career loans, and a student loan refinancing product for individuals already in repayment, the organization also offers career and parent loans.

In this evaluation of College Ave Student Loans, we will provide you with all of the information you require concerning the factors that contribute to the company’s status as one of the most reputable in the business.

College Ave Student Loans Reviews

College Ave Student Loans is a private student lender that provides loans for students at all stages of their academic careers, including undergraduates, graduates, parents, and those in career training. The interest rates for both fixed and variable-rate student loans offered by College Ave. are among the lowest available. College Ave caters to anyone looking for a flexible and affordable student loan that may be tailored to their specific needs. The company offers a variety of repayment alternatives and maturities.

 

College Ave Student Loans Interest Rates

What is College Ave Student Loans like?

You choose your repayment terms:

College Ave Student Loans
Fixed Rates 3.99% – 14.96%
Variable Rates 3.24% – 14.86%
Loan Terms 5, 8, 10, or 15 years
Loan Amounts $1,000 – 100% of the school-certified cost of attendance

College Ave Student Loans Pros and Cons

Pros

  • You have the option to choose the length of your payback term.
  • Provides all four possible methods of in-school repayment
  • Can submit an application for an extra grace period of six months
  • Forgiveness in the event of death or irreparable harm is included
  • On their website, you may find comprehensible explanations of the various loan specifics.
  • The application process is quick and simple.
  • Low variable rates
  • Flexible repayment options
  • Takes only 3 minutes to apply

Cons

  • The release of your cosigner is not an option until you have completed at least fifty percent of your payment period.
  • Certain eligibility requirements, such as the required minimum credit score, are kept confidential.
  • No phone applications

Is College Ave Student Loans Legit?

Yes, College Ave student loans are legit. They accommodate a wide range of borrowers with their extensive selection of student loan options. These loans are offered to undergraduate students, graduate students, parents, and anyone who is training for a career.

We’ll go through the particulars of each loan in-depth, but if you already know the kind of loan you’re interested in, you can just click the link below to skip ahead to that section:

  • Undergraduate
  • Graduate (e.g. dental, medical, law, MBA)
  • Parent
  • Career training

College Ave Undergraduate student loan

After looking at other student loan providers, thejobmedia found that the loan provided by College Ave to undergraduate students was the most beneficial overall. In our analysis, we took a number of aspects into consideration, such as interest rates, loan payback lengths, loan amounts, and more.

Product details
Fixed rates (APR) 3.99% – 14.96%
Variable rates (APR) 3.24% – 14.86%
Rate discount 0.25% for automatic payments
Loan amounts $1,000 – total cost of attendance
Repayment terms 5, 8, 10, or 15 years
In-school repayment Full, interest-only, flat $25, or deferred
Grace period 6 months
Fees Late payment fee
Check rate
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College Ave Graduate student loan

Product details
Fixed rates (APR) 4.24% – 12.99%
Variable rates (APR) 3.99% – 12.99%
Rate discount 0.25% for automatic payments
Loan amounts $1,000 – total cost of attendance
Repayment terms 5, 8, 10, or 15 years
In-school repayment Full, interest-only, flat $25, or deferred
Grace period 9 months
Fees Late payment fee
Check rates

In addition to the graduate student loan it offers, College Ave also provides other specialized loans, such as loans for medical school, dental school, and law school in addition to the graduate student loan. The following is information regarding each of these loans:

MBA student loans

  • Fixed rates: 4.24% – 12.99%
  • Variable rates: 3.99% – 12.99%
  • Rate discount: 0.25% for automatic payments
  • Loan amounts: $1,000 – 100% of the costs of an advanced business degree
  • Repayment terms: 5, 8, 10, or 15 years
  • In-school repayment: Full, interest-only, flat $25, or deferred
  • Grace period: 9 months
  • Fees: Late payment fee

Dental student loans

  • Fixed rates: 4.24% – 12.98%
  • Variable rates: 3.99% – 12.98%
  • Rate discount: 0.25% for automatic payments
  • Loan amounts: $1,000 – 100% of the costs of attendance
  • Repayment terms: 5, 8, 10, 15, or 20 years
  • In-school repayment: Full, interest-only, flat $25, or deferred
  • Grace period: 12 months
  • Fees: Late payment fee

Law student loans

  • Fixed rates: 4.24% – 12.98%
  • Variable rates: 3.99% – 12.98%
  • Rate discount: 0.25% for automatic payments
  • Loan amounts: $1,000 – 100% of the costs of attendance
  • Repayment terms: 5, 8, 10, 15, or 20 years
  • In-school repayment: Full, interest-only, flat $25, or deferred
  • Grace period: 9 months
  • Fees: Late payment fee

Medical student loans

  • Fixed rates: 4.24% – 12.98%
  • Variable rates: 3.99% – 12.98%
  • Rate discount: 0.25% for automatic payments
  • Loan amounts: $1,000 – 100% of the costs of attendance
  • Repayment terms: 5, 8, 10, 15, or 20 years
  • In-school repayment: Full, interest-only, flat $25, or deferred
  • Grace period: 36 months
  • Fees: Late payment fee

College Ave Parent student loan

The parent student loan offered by College Ave is an excellent choice for parents who want to take responsibility for paying for their child’s education. You will have the option to obtain up to $2,500 of your loan transferred directly to you so that you can decide how it is utilized for additional expenses. This is one of the unique benefits that you will receive from the parent student loan that College Ave offers.

Product details
Fixed rates (APR) 3.99% – 14.96%
Variable rates (APR) 3.24% – 14.91%
Rate discount 0.25% for automatic payments
Loan amounts $1,000 – total cost of attendance
Repayment terms 5 – 15 years
In-school repayment Full, interest plus payment, interest-only
Grace period None
Fees Late payment fee
Check rates

College Ave Career loan

The career student loan offered by College Ave is intended for students who are currently enrolled in career-oriented programs. Those who take out student loans and successfully complete their educational program will receive a monetary reward of $150.

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Product details
Fixed rates (APR) 3.99% – 15.82%
Variable rates (APR) 3.37% – 15.72%
Rate discount 0.25% for automatic payments
Loan amounts $1,000 – total cost of attendance
Repayment terms 5, 8, 10, or 15 years
In-school repayment Full, interest-only, flat $25, or deferred
Grace period None
Fees Late payment fee
Check rates

College Ave Student Loan at a Glance

Loan types: Undergraduate, parent, career

APRs: 3.24% – 14.86% variable; 3.99% – 14.96% fixed

Graduate Loan APR: 3.99 % – 12.99% variable; 4.24% – 12.99% fixed

Repayment terms: 5-15 years

Loan amount: Up to 100% of cost of attendance

Origination fees: No

 

College Ave private student loan qualifying requirements

You need to be enrolled in a recognized college or university in the United States in order to qualify for a student loan through College Ave. In addition, you need to be a citizen of the United States, a permanent resident of the United States, or an international student with a cosigner who is a citizen or permanent resident of the United States.

College Ave Student Loan Requirements

Creditworthiness is the determining factor in whether or not a student is eligible for a student loan from College Ave., in contrast to virtually universal access to federal student loans. Because the majority of students have not established a strong credit history, the majority of them will require the assistance of a competent cosigner in order to be authorized for a loan and to obtain the best possible interest rates.

College Ave Student Loans Credit Score Requirements

Here are some additional requirements:

  • Minimum credit score: Mid-600s (estimate)
  • Minimum annual income: $35,000
  • Can you qualify after filing for bankruptcy: No

College Ave Student Loan Rates and Fees

As was said earlier, College Avenue offers some of the most competitive interest rates for both variable and fixed APRs on student loans. As is the case with other types of lenders, the most favorable interest rates are reserved for borrowers and co-signers who have an outstanding credit history. When you use autopay to make your monthly payments, you qualify for a rate savings of 0.25%. Both the aforementioned and aforementioned pricing takes into account the autopay discount. There is a possibility that variable rates will go up after consumption.

Loan Type Variable APRs Fixed APRs
Undergraduate loans 3.24% – 14.86% 3.99% – 14.96%
Graduate 3.49% – 12.99% 4.24% – 12.99%

MBA

3.99% – 12.99%

4.24% – 12.99%

Medical/Dental/Law

3.99% – 12.98%

4.24% – 12.98%

Parent loans 3.24% – 14.91% 3.99% – 14.96%
Career loans 3.37% – 15.72% 3.99% – 15.82%

College Ave Student Loans Payment

Repayment Options:

College Ave offers a choice of four repayment terms: 5, 8, 10, or 15 years. The longer your loan, the smaller your monthly payments but the more you pay in interest overall.

Additionally, College Ave offers a choice of four repayment options while you’re still in school.

  • Full principal & interest payment. Start repaying your principal and interest right away to lower the overall cost of your loan.
  • Interest-only payment. Pay the interest charges each month as you go during school for a balance between moderate in-school payments and moderate overall costs.
  • Flat payment. Make a $25 payment each month during school to reduce your accrued interest.
  • Deferred payment. Defer your payment until after graduation, taking the pressure off during school but increasing the overall cost of your loan.

If the student borrower dies or suffers a permanent disability during the repayment term, the loan is forgiven.

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College Ave Student Loans Application Process

You can apply, and you will get your answer within three minutes. If your application is successful, the next step is for you to accept the terms of your loan and electronically sign the associated paperwork. After that point, College Avenue will forward the loan to the educational institution for certification. It could take anything from a few days to a few weeks until the official confirmation of the loan is received, depending on the institution.

To qualify, you must:

  • Be a US citizen or an international student with a valid US social security number;
  • Be enrolled in a degree program and be attending classes full-time, half-time, or less than half-time at an eligible school;
  • Meet the minimum credit score requirements. Exact credit criteria are not disclosed. However, College Ave offers a free pre-qualification tool to tell students and co-signers if their credit scores qualify and what interest rates they can expect. This tool won’t impact your credit score; and
  • Show satisfactory academic progress during school certification. College Ave will request this detail directly from your school, with no need for you to provide extra documentation.

Do you need a cosigner for college ave student loans?

Co-Signer Options:

Yes, you need a cosigner for college ave student loans. Each borrower is permitted to have a maximum of one co-signer through College Ave. The co-signer is required to sign an agreement stating that they will share equal liability for the loan. This means that in the event that you, the student borrower, are unable to make your payments on the loan, the co-signer will be legally required to make the payments on your behalf and repay the loan.

If all of the following conditions are met, a student borrower who is a citizen of the United States is eligible to submit a request for the release of their co-signer after more than half of the originally planned repayment time has passed:

  • The most recent 24 consecutive payments were made on time and did not include any forbearance or workout programs for hardship reasons (an “on-time” payment is defined as paid within the grace period such that no late charges are assessed);
  • The borrower has demonstrated income for the previous two years that is more than twice the outstanding balance of all their loans with College Ave Student Loans; and
  • A credit bureau review shows no late payments on any other obligations for the past 24 months.

College Ave Student Loans Phone Number

Customer Service:

While College Ave only accepts applications online, it does provide phone customer assistance. Simply click the live chat icon on the College Ave website, send an SMS to 855-910-0510, or call customer care at 844-422-7502. Monday through Friday, 9 a.m. to 8 p.m. ET.

Summary

College Ave excels in all of the most critical areas of student loans, including having low-interest rates, flexible repayment options, and the possibility to co-sign the loan. There is not a clearly stated minimum credit score, and it might be challenging to secure a co-signer release. This adds a little amount of danger to the situation. However, College Ave is one of the greatest student loan alternatives available if either you or your co-signer are in a strong position in terms of your credit score.

One thought on “College Ave Student Loan Requirements

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