College Ave Student Loans Review 2021
College Ave exclusively offers student loans. Founded in 2014 based in Wilmington, Delaware, College Ave offers undergraduate, graduate parent loans to borrowers in all 50 states. College Ave’s advantage is speed, with applications that take a few minutes to complete on any device, instant decisions.
- Rapid application approval process
- Career loan programs with a completion incentive available
- College Ave Student Loans have no origination or prepayment fees
- Financial hardship is handled on a case-by-case basis
- Parent loans require at least interest-only payments while the student is in school
Find the Best Student Loans for You
College Ave offers student, parent career loans. Students must be enrolled in a degree program attend classes at an eligible school. Career loans cover programs like those offered at community colleges.
College Ave has student loan options for all levels of education, including career programs refinancing.
- Graduate (including MBA, law, dental, medical other advanced degrees)
- Parent loans
- Career programs
- Student loan refinancing
College Ave offers fixed- variable-rate student loans from $1,000 up to the student’s school-certified cost of attendance (which includes things like tuition, fees, books, housing other college-related expenses). Terms are five to 15 years. There is no application or origination fee. The late fee is $25 or 5% of the unpaid amount of the monthly payment, whichever is less.
College Ave offers a 0.25% rate reduction if you choose automatic payment deduction.
College Ave rewards students for completing their studies. For example, the Success Rewards program tied to the Career Loan gives borrowers who complete their programs of study $150 cash back, applied as a statement credit to the loan principal.
Parent loans offer an option to get up to $2,500 of the loan delivered to pay for expenses like books, supplies other fees.
College Ave Student Loans doesn’t disclose a minimum FICO credit score for approval, but recommends a score in the mid 600s. Up to an 80% debt-to-income ratio is accepted, though it can vary based on other application criteria. Applicants should generally demonstrate several years of credit history with multiple positive accounts.
Co-signers are accepted. Potential student loan borrowers can check for pre-approval, instant application decisions are available online. College Ave does not take applications by phone, but you can call customer service for help filling out the online form.
The application process takes a few minutes can be completed on any digital device. After you complete the application, College Ave immediately gives you a decision so you will know right away if you are approved for a loan.
You can defer full principal interest payments as long as you are enrolled at an accredited school for at least half-time. Undergraduate borrowers will begin making payments six months after graduation or if enrollment drops to less than half-time. Repayment options include:
- Full principal 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 own monthly payment while a child is in school, so as long as interest charges are covered each month. The full principal 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.
College Ave Student Loans does not disclose policies for deferment or forbearance due to financial hardship, but it will make considerations for borrowers having difficulty making payments. College Ave will forgive student loans if the borrower dies or suffers a permanent disability.
A co-signer release is available after more than half of the scheduled repayment period has elapsed if the following requirements are met:
- The most recent 24 consecutive payments were made on time 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.
College Ave sometimes offers promotions, it ties some incentives to loan programs. For example, the College Ave Career Loan includes a Success Rewards program that gives a borrower a $150 bonus after degree completion. Parents can take advantage of an option to control $2,500 of the student loan to pay for expenses like books, electronics or fees directly.
- Students who want the option to make up to full payments while in school
- Students or parents who want loan amount flexibility
- Students who want to use a co-signer to qualify
Q: Is College Ave good for student loans?
A: 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.
Q: Do you need a co-signer for College Ave student loans?
A: You do not need a co-signer for College Ave student loans if you have an established credit history income.
Q: Does College Ave have a prepayment penalty?
A: College Ave does not have a prepayment penalty. You can minimize the cost of student loans by making extra payments.
Q: Does College Ave have a co-signer release?
A: A co-signer release is available after more than half of the scheduled repayment period has elapsed if the following requirements are met: The most recent 24 consecutive payments were made on time 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.