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.
Federal student loans don't have minimum credit score requirements, and most of them don't require a credit check. Minimum credit score requirements for private student loans vary by lender. You generally need a good credit score — often defined as a FICO score 670 or greater — to qualify for a private loan.
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.
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.
Borrowers generally need a credit score in the mid-600s and $35,000 in annual income to qualify for College Ave student loans.
If you don't meet baseline eligibility requirements, or if you've previously defaulted on a loan, you may not be approved for a federal student loan. You must maintain "satisfactory progress" in school to be approved for student loans. You can take steps to regain or improve your eligibility for student loans.
Borrowers must have a minimum income of $35,000 annually. Approved borrowers at College Ave generally have an income of at least $65,000, and approved co-signers have a yearly income of at least $120,000 annually, so their income requirements are pretty high compared to other lenders.
In fact, according to a new report from the Federal Reserve Bank of New York, the average credit score of all student loan borrowers increased nine points, from 647 in March to 656 in June.
If you have poor credit, you'll likely need a co-signer to qualify for a private student loan. A few lenders offer loans without credit or co-signer requirements, but their interest rates may be higher. Most private lenders require borrowers to have a credit score in the mid-600s or higher.
A 600 credit score is considered “fair.” A VantageScore between 601-660 or a FICO score between 580-669 Is considered within the “fair” range. This means you could have some limitations around what lines of credit you are able to access.
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.
Among our partner lenders, you'll need a credit score of at least 670 to qualify for a private student loan, although some lenders don't disclose their minimum credit score requirements. However, the higher your score, the better. Most lenders will give you better rates and terms if your score is at least 700.
Certification timelines vary by school and can take anywhere from a few days to a few weeks. After certification, we'll send the funds to your school within two business days, and you'll receive an email with the disbursement date(s). Use the College Ave mobile app to track the disbursement status.
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).
After being approved for the loan, checking in about 2 weeks before the first day of school is recommended to ensure the money is scheduled to be sent to the school. Student loans are typically disbursed directly to the school.
Low-income students are defined as students whose total family income is below $50,000 a year.
While College Ave doesn't release its exact credit criteria, it offers a prequalification tool on its website to help borrowers determine whether they would be approved and what rates they may receive. Cosigners are required to have a credit score in the mid-600s.
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.
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.
Most lenders, like Nelnet Bank, will want to see an adequate credit history, a track record of making on-time payments, how much debt you have outstanding, and a good credit score. Lenders also ask how much income you have to determine whether you, or your cosigner, have enough monthly income to make monthly payments.
What income is too high for FAFSA? There is no income that is too high to file a FAFSA. No matter how much you make, you can always submit a FAFSA. Eligibility for need-based financial aid increases as the cost of attendance increases, so even a wealthy student might qualify for financial aid at a higher-cost college.
Yes, you can get student loans with bad credit. Federal student loans don't have a minimum credit score and most don't require a credit check at all. Some private student loans are available with bad credit but can be costly without a creditworthy cosigner.