APR Starting at 3.87%
Pros
- Comparatively lower APRs
- Several loan repayment term length
- Don’t have to pay origination fee
Cons
- Penalty for late payment
- Unlike their competitors, do not offer additional signup perks
College Ave is an online platform for private student loans that promises a simple way to find the best loans and secure them. The platform includes loans for undergraduate and graduate students, refinancing, and parents. College Ave was first incorporated in 2014 and is based in Wilmington Delaware.
College Ave promises a simple, clear, and personal approach. Students or parents can apply for a loan from any type of device in less than three minutes and instantly receive a result. They also provide tools that are transparent and stress-free so you know what you are getting into and how things work.
Loan Information
The undergraduate, graduate, as well as parent loans, are offered with no prepayment penalties nor associated fees. They offer several repayment plans for each type of loan and four terms with variable or fixed rates. All loan rates include an auto-pay discount of 0.25% given a valid bank account is listed for the monthly payments. Undergraduate loans have a 6-month grace period while graduate loans are offered a 9-month grace period.
| Types of Loans
| Undergraduate
Graduate Parent |
| Loan Amounts
| Minimum: $1,000
Maximum: $80,000 |
| Loan Terms
| 5 years
8 years 10 years 15 years |
| Interest Rates
| Variable
Fixed |
| Repayment | Fixed
Immediate Partial Interest Deferred |
| Cosigner Release | Yes |
Interest Rates
Below are the interest rates for different types of loans.
| Type of Loan | Variable APR Range | Fixed APR Range |
| Undergraduate | 5.59 – 17.99% | 3.87 – 17.99% |
| Graduate | 5.59 – 14.49% | 3.87 – 14.49% |
| Parent | 5.59 – 17.99% | 3.87 – 14.49% |
| Select Graduate | 5.59 – 17.99% | 3.87 – 17.99% |
| Career | 5.59 – 17.99% | 3.87 – 17.99% |
Disclaimers
Student loans are offered through Firstrust Bank, First Citizens Community Bank, or M.Y. Safra Bank, FSB, all of which are members of the FDIC. Loans are subject to adherence to guidelines of underwriting and individual approval. Terms and conditions and program restrictions may apply.
All rates have a 0.25% auto-pay discount so long as there is a valid bank account connected to the monthly payments. The variable rates may also increase after consummation.
Repayment Options
1. Fixed Payment
The borrower will be required to pay $25 monthly while they are in school to minimize the interest they accrue. The flat payment option gives the lowest in-school payment.
2. Immediate
This option allows the borrower to start repaying their full principal and interest as soon as possible to save as much as they can. This option has the highest in-school payment but the lowest cost overall.
3. Partial Interest
The borrower will pay only the monthly interest charges while in school.
4. Deferred
With this option, there will be no payments required while the borrower is in school. However, the cost of this option is the highest overall as they will pay more toward interest during the life of the loan.
Loan Eligibility Requirements
Borrowers should be citizens or permanent legal residents of the United States to become eligible for a loan. If the applicant earns more than $35,000, a consigner will not be required to apply for the loan. There is a free pre-qualification credit check from Experian offered by College Ave which does not affect the applicant’s score.
College Ave Disclaimer:
College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community 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.
1. 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.
2. As certified by your school and less any other financial aid you might receive. Minimum $1,000.
Information advertised valid as of 11/15/2022. Variable interest rates may increase after consummation. Approved interest rate will depend on the creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term.
Overall Rating
College Ave is one of the option for parents and students who need help in getting the best loan. They offer four different repayment options all of which allows borrowers to apply with a cosigner, unlike many competitors. The online application process has a quick turnaround time so borrowers will find out if they were approved or not.
College Ave also has 24/7 customer support that other similar providers do not offer. There is a 9-month grace period on graduate loans and 6-month grace period on undergraduate loans. From the Better Business Bureau, the company has an A+ rating. On TrustPilot they are rated 4.5 stars out of 5.
