Whether you need an undergraduate, graduate, parent or career loan, College Ave Student Loans has something to offer. With this online lender, you’ll find a variety of College Ave private student loans to finance your or your child’s education.
We’re happy to report that College Ave has competitive interest rates, transparent terms and an easy application process. But that said, the lender falls short when it comes to forbearance and deferment options.
In this review, we’ll take a closer look at the pros and cons so you can decide if College Ave private student loans are right for you.
College Ave Student Loans review: the basics
Since 2014, College Ave Student Loans has provided school loans and refinancing for students and parents. Whatever type of loan you’re borrowing, you can take out a minimum of $1,000 and a maximum of your school-certified cost of attendance.
Along with competitive rates, College Ave Student Loans offers an online rate quote, allowing you to see whether you qualify and what your rates could be in just a couple of minutes. If you find an offer you like, you can easily submit your application on its user-friendly website.
In order to qualify, you must be enrolled in an eligible school (or have a child who is). You also must meet College Ave’s underwriting requirements for income and credit. Since many undergraduates don’t have strong credit yet, most apply with a cosigner, such as a parent.
Whether or not you borrow from College Ave, you could also benefit from the resources on its website. The College Ave blog offers useful information on student loan repayment, and it has student loan calculators, not unlike the ones on our own site, that can help you estimate the monthly payments or long-term costs of any loan you borrow.
What we like about College Ave Student Loans
Taking a closer look at College Ave’s private student loans, we uncovered some major benefits of borrowing from this lender.
Provides a variety of student loan products
College Ave offers four types of student loans:
- Undergraduate loans
- Graduate loans
- Parent loans
- Career loans, for students enrolled in a career-focused program at select colleges, universities and community colleges
So whether you’re heading to college for the first time, returning to school or covering your child’s education costs, College Ave has an option for your needs.
Offers competitive interest rates
Finding a good interest rate is probably your top priority when shopping for a loan. A low interest rate will save you money over the life of your loan, as well as make your payments less burdensome. If you find a particularly low rate, you might even have the means to pay your loan off early.
Here are the rates on College Ave private student loans:
|Undergraduate student loans||Variable rates from 3.99% to 11.98% and fixed rates from 4.73% to 12.94%|
|Graduate student loans||Variable rates from 5.22% to 10.92% and fixed rates from 5.97% to 11.68%|
|Career loans||Check with College Ave for the latest interest rates on this loan|
|Parent loans||Variable rates from 5.23% to 11.76% and fixed rates from 5.96% to 12.27%|
You can choose between a fixed or variable on your student loan. Your actual rate will depend on your (or your cosigner’s) credit and income.
Lets you borrow as much as you need
While some private lenders cap how much you can borrow each year, College Ave lets you borrow up to your school-certified cost of attendance. That means you’ll have enough funds to cover tuition, fees, living expenses and whatever other costs go into attending college.
Before disbursing the funds, College Ave will ask your college’s financial aid office to confirm the amount. For a sense of how much you can borrow, check out your school’s cost of attendance and subtract any other financial aid you’ve already received, along with your Expected Family Contribution.
The difference will be the amount you’re expected to contribute, whether out-of-pocket or with a private student loan. Note that you’ll have to apply for a College Ave private student loan on an annual or semester basis, as you would with any private student loan.
Allows cosigner release after 24 months
The vast majority of undergraduate student loan borrowers apply with a cosigner, such as a parent. Your cosigner’s name will be on your loan, making them just as responsible for paying back the debt as you are.
In the event you fall behind on payments, their credit will be on the line. To take away this risk from your cosigner, College Ave lets you apply for cosigner release after 24 months of on-time repayment.
Your cosigner will be free and clear of responsibility for your debt, and you’ll become the sole holder of your student loan.
Grants ‘Success Rewards’ to graduates
A sweet perk of College Ave private student loans is its Success Rewards program. Once you graduate, this cash-back program could grant you up to $150 as a statement credit toward your student loan.
What to keep in mind about College Ave Student Loans
All lenders have pros and cons, and College Ave Student Loans is no exception. Here are some potential drawbacks of this lender to consider before you borrow.
Doesn’t have a defined forbearance policy
Even though you have every intention of paying your loan back on time, financial troubles can happen. Maybe you lose your job or have unexpected difficulty finding employment after graduation.
While some lenders let you postpone payments through forbearance or deferment, College Ave doesn’t have a defined policy on this. If you find yourself in this situation, it’s worth calling College Ave to see if it can be flexible.
But if a forbearance benefit is important to you, you might be better off exploring a different lender that clearly offers this protection.
Doesn’t offer repayment terms longer than 15 years
College Ave offers repayment terms of five, eight, 10 or 15 years on its undergraduate, graduate and career loans, as well as terms of five to 15 years on its parent loans. If you’re looking to stretch out repayment over a longer term, you might try to find a lender that allows repayment terms of 20 years or more.
Are College Ave private student loans right for you?
If you’re looking for a loan to finance your education, College Ave private student loans are worth exploring. You could get a competitive interest rate, and its cashback program offers a nice incentive as you work toward your degree.
But if finding the best rate is your priority, make sure to shop around with a variety of lenders before committing to one. By exploring your options, you can find an affordable private student loan that leaves more money in your pocket, where it belongs.
Need a student loan?Here are our top student loan lenders of 2019!
|2 Important Disclosures for College Ave.
College Ave Student Loans products are made available through either Firstrust 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)All rates shown include the auto-pay 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)This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with an 8-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7% variable Annual Percentage Rate (“APR”): 96 monthly payments of $179.28 while in the repayment period, for a total amount of payments of $17,211.20. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
(3)As certified by your school and less any other financial aid you might receive. Minimum $1,000.
Information advertised valid as of 5/29/2019. Variable interest rates may increase after consummation.
* The Sallie Mae partner referenced is not the creditor for these loans and is compensated by Sallie Mae for the referral of Smart Option Student Loan customers.
3 = Sallie Mae Disclaimer: Click here for important information. Terms, conditions and limitations apply.
4 Important Disclosures for Discover.
5 Important Disclosures for SunTrust.
Before applying for a private student loan, SunTrust recommends comparing all financial aid alternatives including grants, scholarships, and both federal and private student loans. To view and compare the available features of SunTrust private student loans, visit https://www.suntrust.com/loans/student-loans/private.
Certain restrictions and limitations may apply. SunTrust Bank reserves the right to change or discontinue this loan program without notice. Availability of all loan programs is subject to approval under the SunTrust credit policy and other criteria and may not be available in certain jurisdictions.
©2019 SunTrust Banks, Inc. SUNTRUST, the SunTrust logo and Custom Choice Loan are trademarks of SunTrust Banks, Inc. All rights reserved.
* Offer valid for new Custom Choice Loans for which applications are submitted for a credit decision between 12:00:00am EST on June 1, 2019 and 11:59:59pm EST on August 31, 2019. A 0.50% interest rate reduction will be included in the loan options presented to an applicant during the online application process, upon passing the initial credit review. The interest rate reduction will be applied as of the first disbursement date and will be effective for the life of the loan.
6 Important Disclosures for LendKey.
1 – Terms and Conditions Apply
7 Important Disclosures for CommonBond.
A government loan is made according to rules set by the U.S. Department of Education. Government loans have fixed interest rates, meaning that the interest rate on a government loan will never go up or down.
Government loans also permit borrowers in financial trouble to use certain options, such as income-based repayment, which may help some borrowers. Depending on the type of loan that you have, the government may discharge your loan if you die or become permanently disabled.
Depending on what type of government loan that you have, you may be eligible for loan forgiveness in exchange for performing certain types of public service. If you are an active-duty service member and you obtained your government loan before you were called to active duty, you are entitled to interest rate and repayment benefits for your loan.
A private student loan is not a government loan and is not regulated by the Department of Education. A private student loan is instead regulated like other consumer loans under both state and federal law and by the terms of the promissory note with your lender.
If your private student loan has a fixed interest rate, then that rate will never go up or down. If your private student loan has a variable interest rate, then that rate will vary depending on an index rate disclosed in your application. If the interest rate on the new private student loan is less than the interest rate on your government loans, your payments will be less if you refinance.
If you don’t pay a private student loan as agreed, the lender can refer your loan to a collection agency or sue you for the unpaid amount.
Remember also that like government loans, most private loans cannot be discharged if you file bankruptcy unless you can demonstrate that repayment of the loan would cause you an undue hardship. In most bankruptcy courts, proving undue hardship is very difficult for most borrowers.
8 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|3.99% – 11.98%2||Undergraduate, Graduate, and Parents|
|4.50% – 11.35%*,3||Undergraduate and Graduate|
|4.84% – 11.99%4||Undergraduate and Graduate|
|3.27% – 10.80%5||Undergraduate and Graduate|
|4.46% – 9.43%6||Undergraduate and Graduate|
|3.74% – 9.72%7||Undergraduate, Graduate, and Parents|
|3.99% – 11.64%8||Undergraduate, Graduate, and Parents|