College Ave Student Loans Review

By Mentor Staff | Edited By Mentor Staff

Updated On January 22, 2022

Editorial Note: This content is based solely on the author's opinions and is not provided, approved, endorsed or reviewed by any financial institution or partner.

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Company Overview: College Ave

Founded in 2014 and based in Washington, D.C., College Ave is a student loan company was founded by former Sallie Mae executives. College Ave positions itself as having flexible repayment terms and helps borrowers obtain a lower monthly student payment (not just a lower interest rate). College Ave offers undergraduate student loans, graduate student loans and parent loans as well as student loan refinancing.

College Ave Private Student Loans Overview

College Ave offers attractive rates and terms for student loans compared with other top lenders of student loans:

Overview

Variable APR:
3.24% - 14.86%
Fixed APR:
3.99% - 14.96%
Loan Type:
Graduate, Undergraduate
Minimum Loan Amount:
$1,000
Loan Terms:
5, 8, 10, 15 years
Origination Fees:
No
Prepayment Fees:
No
Co-signer Option:
No

Details

  • Student loans available to graduate, bachelors and associates degrees
  • Deferment and forbearance options may be available
  • Grace period for undergraduates: 6 months
  • Grace period for graduate students: 9 months
  • Flexible student loan repayment options
Get My Rate

* Checking your rate does not affect your credit score.

How College Ave Compares: Key Benefits For Student Loans

Here are some of the reasons that College Ave borrowers love College Ave student loans:

  • Loan Customization: College Ave has a useful tool that helps you choose your loan term length, interest rate and repayment plan.
  • Lower Rate With Cosigner: If you apply with a creditworthy cosigner, College Ave may give you a lower interest rate compared to the interest rate you could get on your own.
  • Deferment and Forbearance: College Ave may allow borrowers to pause their student loan payments if you return to school or enter the military. College Ave may also let you pause your student loan payments through a forbearance.
  • Repayment Flexibility: College Ave offers multiple, flexible repayment plans so you can determine which student loan repayment plan is right for you.

Eligibility Criteria

To apply for College Ave student loans, you need to meet the following eligibility criteria:

Requirements To Apply For College Ave Student Loans

Minimum Age: At least age of majority in your state

Citizenship/Residency: U.S. citizen or permanent resident (applies to co-signer too, if any)

Education: Attend school at least half-time at a qualifying school

Loan approval may depend on a number of additional factors, including, but not limited to, your (or your cosigner’s) financial history, credit profile, and monthly income vs. expenses.

College Ave Repayment Plans

College Ave provides several flexible repayment plans for your student loans while you are in school:

  1. Full Principal & Interest Payment: Start repaying your principal and interest right away to save the most money. This yields the highest in-school payment, but results in the lowest overall cost.
  2. Interest-Only Payment: Pay interest only each month while you are in school. This results in moderate in-school payment.
  3. Flat Payment: Make $25 payments each month while in school to reduce your accrued interest. This yields the lowest in-school payment.
  4. Deferred Payments: No in-school payments required, and you defer your student loan payment until six months after you leave school. You will pay more in interest over the life of your student loan. This yields no student loan payment while you are in school, but will result in the highest overall cost.

Bottom Line: Is College Ave right for you?

College Ave has an excellent reputation in the student loan industry. The minimum credit score for College Ave student loans are typically in the mid-600’s, although many borrowers have a credit score above 700. Atypical College Ave borrower with a cosigner has an annual income of at least $80,000 (including the income of the cosigner).

Next Steps: How To Apply To College Ave

You can apply for a College Ave student loan in 3 easy steps.

Step 1: Check your personalized student loan rate in just 2 minutes.

Step 2: Complete application and upload documents.

Step 3: Accept loan terms and get funded.

The good news is that you can check your personalized student loan rate online with College Ave in 2 minutes. This way, you’ll know whether you can be approved for College Ave student loans before you complete the full application. Therefore, College Ave will provide you with a personalized student loan rate estimate. The pre- approval is only a soft credit pull so there is no impact to your credit.

If you have been pre-approved, the online application only takes 10-15 minutes to complete.

Applying is super easy – Get your personalized rate in 2 minutes

Get My Rate

* Checking your rate does not affect your credit score.

Top Picks For Private Student Loans

December 2022

Variable APR ?APR, or Annual Percentage Rate, is the price you pay to borrow money. Variable APR means that your interest rate can fluctuate over time, which can increase or decrease your monthly student loan payment. Typically, a variable-rate loan has a lower introductory rate than a fixed-loan rate loan. Variable APR includes a 0.25% discount when you enroll in autopay.
Fixed APR ?APR, or Annual Percentage Rate, is the price you pay to borrow money. Fixed APR means that your interest rate will always stay the same. Even if interest rates change, your interest rate or monthly payment will not. Fixed APR includes a 0.25% discount when you enroll in autopay.
APR
3.24% - 14.86%
3.99% - 14.96%
3.24% - 14.96%

View Details

on College Ave's website

Overview

Variable APR:
3.24% - 14.86%
Fixed APR:
3.99% - 14.96%
Loan Type:
Graduate, Undergraduate
Minimum Loan Amount:
$1,000
Loan Terms:
5, 8, 10, 15 years
Origination Fees:
No
Prepayment Fees:
No
Co-signer Option:
No

Details

  • Student loans available to graduate, bachelors and associates degrees
  • Deferment and forbearance options may be available
  • Grace period for undergraduates: 6 months
  • Grace period for graduate students: 9 months
  • Flexible student loan repayment options
4.49% - 13.88%
4.99% - 14.83%
4.49% - 14.83%

View Details

on SoFi's website

Overview

Variable APR:
4.49% - 13.88%
Fixed APR:
4.99% - 14.83%
Loan Type:
Graduate, Undergraduate
Minimum Loan Amount:
$5,000
Loan Terms:
5, 10 and 15 years
Origination Fees:
None
Prepayment Fees:
None
Co-signer Option:
Yes

Details

  • Offer college, graduate school, law school, MBA and Parent student loans
  • Flexible repayment options
  • No late fees
  • Autopay rate discount
  • Free perks such as career planning and job search assistance
4.36% - 10.24%
3.99% - 10.32%
3.99% - 10.32%

View Details

on LendKey's website

Overview

Variable APR:
4.36% - 10.24%
Fixed APR:
3.99% - 10.32%
Loan Type:
Graduate, Undergraduate
Minimum Loan Amount:
$5,000
Loan Terms:
10
Origination Fees:
No
Prepayment Fees:
No
Co-signer Option:
Yes

Details

  • Low rates from community lenders like credit unions and community banks
  • Get lower rates with a co-signer
  • Ability to pause payments for up to 18 months if you become unemployed
  • May consider your academic credentials to help you get a lower rate
  • If you repay 10% of your loan before your loan enters full repayment period, 1.0% APR is dropped from your current interest rate
5.49% - 12.62%
5.99% - 12.85%
5.49% - 12.85%

View Details

on Citizens' website

Overview

Variable APR:
5.49% - 12.62%
Fixed APR:
5.99% - 12.85%
Loan Type:
Graduate, Undergraduate
Minimum Loan Amount:
$1,000
Loan Terms:
5, 10, 15 years
Origination Fees:
None
Prepayment Fees:
None
Co-signer Option:
Yes

Details

  • Student loans for college, graduate, medical/dental, law, MBA and Parent Loans
  • Flexible repayment options
  • Multi-year approval: no need to apply annually
  • Cosigner option
  • Forbearance and deferment options
4.72% - 14.98%
4.62% - 16.75%
4.62% - 16.75%

View Details

on Ascent's website

Overview

Variable APR:
4.72% - 14.98%
Fixed APR:
4.62% - 16.75%
Loan Type:
Graduate, Undergraduate
Minimum Loan Amount:
$2,001
Loan Terms:
5, 7, 10, 12, 15, 20 years
Origination Fees:
No
Prepayment Fees:
No
Co-signer Option:
Yes

Details

  • Student loan repayment while in school
  • 1% cash back on student loan principal at graduation
  • Co-signer release after 12 consecutive payments
  • Financial hardship forbearance available
  • No minimum income or credit score
  • Apply with or without a co-signer

Disclosures: College Ave | SoFi | LendKey | Citizens | Ascent

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