The cost of education is great and the cost of ignorance is even greater. That is why we all need we can get to attain education because, in knowledge, there is hope for a better tomorrow; however, in ignorance, there is no hope. College Ave is a fintech company that was established in 2014. It provides private loans as well as student loans to people.
College Ave has been the preferred lender for private loans and student loan refinancing. They have favorable rates and also have loan options that make repayment very easy for borrowers. Let me show you why people prefer them. They are:
Simple: you can apply from any device and find out if your application has been approved in three minutes
Clear: all processes are clear and easy to understand. They make their tools easy to use and you can easily learn how to save as much as possible.
Personal: I will be reiterating this; college Ave student loans are tailored to meet your needs. There is no one solution to all problems in their company. Each unique borrower can get an option that best suits their financial capabilities.
How to apply for College Ave Student Loans?
College Ave’s application process is online. You can apply from any device and find out if your loan is approved in just three minutes. The entire process, from application to sending money is about 10 business days or longer.
To apply, you will need information like your Social Security number, estimated annual income, school name, and the amount you would like to borrow. You will see your interest rate once you are approved.
Here is what the process looks like when applying for a student loan through College Ave:
- Start the application process on College Ave’s site and see if you’re approved. You’ll get an instant decision.
- Accept the terms and e-sign loan documents, which can be completed on the site.
- Wait for College Ave to send the loan application and information to your school for certification. College Ave will schedule funds to be sent according to the school’s requested timeline.
Read: How Can I Get Private Student Loans For Bad Credit in 2024? Full Guide
Eligibility:
- A US citizen or permanent resident or an international student with a social security number and a cosigner.
- Be a part-time or full-time student
- Good academic record
- Good credit record
College Ave Students Loan options
College Ave Student loans have several options for students’ loans to suit a particular type of student at a particular time. They offer:
- Undergraduate loans: This is made for students in undergraduate programs. The variable and fixed rate of interest on the loans with several repayment options which include:
- Full principal & interest payment: repaying the principal and interest from the start to save the most
- Interest-only payment: you pay the interest while you are in school and pay the principal when you start working.
- Flat payment: pay back $25 every month to reduce accrued interest.
- Deferred payment: no payment in school but the interest is higher over the life of your loan.
| Fixed-rate | 2.99% – 12.99% |
| Variable rate | 0.99% – 11.98% |
| Rate discount | Automatic repayment is 0.25% lesser |
| Loan amount | $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 fees |
Calculate your undergraduate student loans here
- Graduate Student loans (Dental loans, Law loans, MBA loans): graduate school funding is guaranteed if you decide to get college Ave students loans.
Pros
- Nine-month grace period
- International students can qualify if they have a cosigner
- You can determine your eligibility instantly
Read: 15 Best Student Loans For Masters degree In 2024 | Apply Now
Cons
- At least half paid before you can request for a cosigner.
They have the following characteristics:
| Fixed rates | 4.49 – 11.98% |
| Variable rates | 1.99 – 10.97% |
| Rate Discount | 0.25% lesser for automatic discount |
| Loan amount | $1,000 –total cost of attendance |
| Repayment terms | 5, 8, 10, or 15 years |
| In-school repayment | Full, interest-only, flat 25$ or deferred |
| Grace period | 9 months |
| Fees | Late payment fees |
Requirements:
- Credit score: 650 and above
- Minimum income: $35,000
- No bankruptcy filed
Calculate your graduate student loans here.
Read: Best Student Loans for MBA (Business Students) in 2024
Parent loans:
This is for parents who want to finance their child’s education through loans. It is quite a good option because $2,500 of the total amount will be delivered directly to the parent so that you can control how it is used for additional expenses. It has no co-signer option.
You cannot defer payment while your child is at school; however, there are flexible repayment options.
Parent loans are discharged if the child benefitting from the loans becomes totally and permanently disabled.
| Fixed rates | 4.49 – 11.98% |
| Variable rates | 1.99 – 10.97% |
| Rate Discount | 0.25% lesser for automatic discount |
| Loan amount | $1,000 –total cost of attendance, plus $2,500 sent to the parent. |
| Repayment terms | 5, 8, 10, or 15 years |
| In-school repayment | Full, interest-only, flat 25$ or deferred |
| Grace period | 9 months |
| Fees | Late payment fees 5% of the unpaid amount |
| Application fee | No |
The minimum requirement for parent loan:
- Credit score: mid 600s and above
- Minimum income: $70,000/year
- No bankruptcy filed
Calculate your parent loans here
Career Student Loans:
This option is available for students who are enrolled in career-focused programs. When these programs are completed; borrowers get $150 cashback.
| Fixed rates | 3.34% – 13.95% |
| Variable rates | 1.04% – 12.99% |
| Rate discount | 0.25% for automatic payments |
| Loan amounts | $1,000 – total cost of attendance |
| Repayment terms | 5, 8, 10, or 15years |
| In-school repayment | Full, deferred, interest-only, flat %25 |
| Grace period | None |
| Fees | Late payment fees |
Calculate your Career student loans here
Student loan refinancing:
This is when you apply to review the terms of your previous loans due to certain circumstances mainly economic situations.
This option allows you to renegotiate your terms of previous loans which allows you to increase the terms of your repayment; that is increase the loan life by about 5-15years.
Also, this will allow you to make payments that you can handle due to the trying terms and as well increase your interest rate and the total amount to be repaid.
| Fixed-rate | |
| Variable-rate | |
| Loan amount | $5,000 – about $300,000 (graduate school) |
| Repayment terms | 5-15years |
| In-school repayment | Yes |
| Grace period | 6months |
| Fees | Late payment fees; 5% of the remaining amount per month |
| Rate discount | 0.25% for auto payment. |
Your application was rejected?
- Find out why fix it and reapply. If it cannot be fixed, find other lenders with more lenient conditions. If you are denied a loan from College Ave, you can contact College Ave for more information on why your loan was rejected. You may need to add an approved co-signer with good credit and sufficient income to be approved.
- If you can’t get approved by adding a co-signer, pay attention to why you were rejected and take steps to fix those errors. Low credit scores, low income, and unstable job history could all contribute to being denied a loan.
Read: What Happens If You Don’t Pay Student Loans? 10 Shocking Options
Repayment Options for College Ave Student Loans
You may defer full principal and interest payments as long as you are enrolled at an accredited school for at least part-time. Undergraduate borrowers will begin making payments six months after graduation or if enrollment drops to less than half-time. Repayment options are:
- Full principal and interest payments while in school
- Interest-only payments while in school
- Flat $25 monthly payments while in school
- Deferred payment with no in-school payments required
Parents can set their monthly payment amount while a child is in school, so as long as interest charges are covered every month. The full principal and interest payment option results in a higher monthly payment but a lower cost over the life of the loan.
Deferment with no in-school payments required is not available for parent loans.
Is college Ave student loan legit or a scam?
College Ave Student loans have set many students up for success. Many have been able to fulfill their dreams that would have been impossible if they could not get the loans. Do people pay back? Yes! That is why they are still there for you.
Frequently asked questions about College Ave Student loans
College Ave is good for students who are enrolled in an accredited graduate or undergraduate school, or an accredited career program. Parents can also get College Ave loans to help pay for their child’s education. College Ave offers an instant decision on student loan applications that take a few minutes to complete on any digital device.
You do not need a co-signer for College Ave student loans if you have an established credit history and income.
College Ave does not have a prepayment penalty. You can minimize the cost of student loans by making extra payments.
A co-signer release is available after more than half of the scheduled repayment period has elapsed and if the following requirements are met: The most recent 24 consecutive payments were made on time and did not include forbearance. The borrower demonstrates income for the previous two years that is more than twice the outstanding balance of all College Ave student loans. Credit history shows no late payments or other obligations for the last 24 months.
Conclusion
College Ave student loans have been a haven for students in the US since its inception in 2014. They provide loans for students both graduate, undergraduate, citizens, and permanent residents alike.
Your dream should not come to a halt because you could not afford tuition, if you check their site online, you may find your favorite options and get awarded a loan.
Would you rather wonder or do you want to check them here?
References
- Bank Rate: College Ave Student review
- College Ave Student loan: Homepage
- Loans US news: College Aves Student loans
- LendEDU: College Ave Student loans
- Nerd Wallet: College Student Loans
- Nitro college: College Ave student loans review
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