It's smart to research before taking out a loan, and College Ave is generally considered a credible option. Be sure to compare rates and terms with other lenders to find the best fit for your needs. I found this Overview of Loan Options helpful.
Multi-year loan approval: College Ave offers borrowers the confidence in knowing they will have funding for their entire college degree with its "Peace of Mind" policy, through which 95 percent of undergraduate applicants are preapproved for loans for the entire cost of their degree.
You Want Flexible Repayment Options
Both Sallie Mae and College Ave offer flexible repayment options but College Ave offers a bit more flexibility. This includes a wider range of terms, a longer grace period for some graduate degrees, and the ability to make full payments while you're in school.
Borrowers generally need a credit score in the mid-600s and $35,000 in annual income to qualify for College Ave student loans.
College Ave is a solid private student loan company that offers competitive rates, a wide range of loan terms, and multiple repayment options. College Ave doesn't cater to international students (without a Social Security number) or DACA recipients, though, and there are high late payment and returned payment fees.
Documented annual income is at least twice the balance of outstanding loan(s) (pay stubs, tax returns, or other evidence of income must be submitted).
College Ave's undergraduate fixed loan rates range from 3.47% to 17.99%, depending on the type of loan you choose and your credit score (or your cosigner's score). The company also offers a 0.25% rate discount if you put your account on autopay using a valid bank account.
A subsidized loan is your best option. With these loans, the federal government pays the interest charges for you while you're in college. Here are the types of student loans. (Keep in mind that not all students are eligible for every loan.)
Earnest offers its borrowers more repayment flexibility than College Ave with its rate reduction and extended repayment options. Earnest also offers refinance terms as long as 20 years, compared to a maximum of 15 years at College Ave.
There are no penalties for early repayment, so you can make extra payments anytime to reduce your balance.
Lenders may look at your employment history, credit score, debt-to-income ratio, and enrollment status at your school. One of the most common reasons why a student might not qualify for a private student loan is because they don't meet their lender's FICO® Credit Score criteria.
Once you've submitted your loan application, College Ave will instantaneously return a decision about your eligibility. If you qualify, you will receive the rate and terms of your loan. It may take some time to actually receive your loan. College Ave estimates that the certification process takes around ten days.
College Ave will contact your school to verify your enrollment and the loan amount requested. Once your school certifies the loan, College Ave will finalize the approval and disburse the funds to your school.
College Ave student loans are private and ineligible for federal forgiveness programs like PSLF and Biden's debt cancellation. Borrowers with College Ave loans can explore options such as refinancing, negotiating settlements, or bankruptcy for relief.
College Ave's private student loan options allow you to borrow up to 100% of the cost of college. * What you borrowed will be certified by your school and we will send your funds directly to the school. *As certified by your school and less any other financial aid you might receive. Minimum $1,000.
Nearly eight in ten students graduate with less than $30,000 in debt. Among those who do borrow, the average debt at graduation is $27,100 — or $6,775 for each year of a four-year degree at a public university.
The lender boasts multiple repayment term lengths and competitive interest rates, as well as strong customer support. It's one of our picks for the best student loan refinance companies. College Ave is best for borrowers who want a competitive APR and want to avoid origination fees.
College Ave allows students with limited or no credit history to apply for its student loans with a co-signer. The credit score requirement for co-signers is on the lower end — according to its website, eligible co-signers must have a minimum credit score in the mid-600s.
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Checking your own credit score is considered a soft inquiry, which has no impact on your credit score. It's important to differentiate between soft and hard inquiries to fully understand how each affects your credit score.
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Though it is not typically required that students pay this debt down while still in school, it definitely pays to be proactive. In-school student loan payments – even as little as $25 a month – can save you a considerable amount of money in the long run.
The average credit score for approved Sallie Mae borrowers is around 748 for undergraduate student loans. That's pretty high – but don't panic if your credit score is much lower than that. You'll need a minimum credit score (or have a cosigner with a minimum credit score) that is somewhere in the mid-600s.
You can choose a repayment term of 5, 8, 10 or 15 years for our graduate school loan. Health professions including medical and dental school loans, as well as law school loans, can choose a repayment term of 5, 8, 10, 15 or 20 years. There are no penalties for prepayment.