College Ave Student Loans: Are They Right for You?
May 8, 2019
There’s a lot of reasons why you may turn to private student loans. Perhaps your federal aid package doesn’t cover the total cost of attendance. Or, you decide to attend a summer session. Or, your expenses unexpectedly change. Whatever the reason, private student loans can play an important role in financing your education.
If you’re looking for funding, College Ave student loans can help you achieve your goals. Our College Ave Student Loans review will go over their flexible repayment terms and competitive interest rates, and help you decide if College Ave is a lender you should consider.
College Ave Student Loans Review
When thinking about how to pay for college, it’s a good idea to exhaust federal student loan options first, as well as scholarships and grants. However, those options may not cover the full cost of school, which is where College Ave comes in.
College Ave Student Loans is a relatively new company; it was launched in 2014. Designed to help you pay for school easily and inexpensively, College Ave student loans can be useful financial tools.
Types of loans available
College Ave allows you to borrow up to the total cost of attendance. That means you can get money for expenses beyond just tuition, such as room and board, books, school fees, and even a laptop.
College Ave offers loans for different stages of your college career:
- Undergraduate loans: Undergraduate loans are for students pursuing their associates or bachelor’s degrees.
- Graduate loans: Graduate school loans are for students enrolled in a masters, doctoral, or professional degree program.
- Parent loans: Parent loans are for those who want to help pay for their children’s education expenses.
Interest rates and fees
Like many private student loan lenders, College Ave offers both variable and fixed interest rate loans. Variable rates start off lower than fixed rate loans, but can increase over time if market rates go up. Fixed interest rate loans have the same rate for the duration of your repayment period.
Using Purefy’s rate comparison tool, you can check to see what interest rates and terms are available to you. This tool will also let you compare College Ave’s rates and terms to other lenders’ loan options.
All College Ave student loans have no origination fees or prepayment penalties. They also offer student loan interest rate discounts if you enroll in autopay.
To qualify for a College Ave student loan, you must be a student at an eligible college or university and have a valid Social Security number. The minimum you can borrow is $1,000, and you can borrow up to the total cost of attendance as determined by your school’s program.
If you cannot qualify for a loan on your own because you haven’t built up a good credit history yet, you can always add a co-signer to your application. A co-signer — typically a parent or relative with a stable income and good credit — can increase your chances of getting a loan and qualifying for a low interest rate.
What sets College Ave apart
Deciding between private student loan lenders can be stressful. If you’re struggling to choose a lender, keep these three things about College Ave in mind.
1. It has flexible repayment options
College Ave offers flexible repayment options, making it easier to afford your payments. Repayment terms can be five, eight, 10, or 15 years in length, and there’s different payment plans to choose from:
- Full principal and interest payment: With this option, you start paying against the accrued interest and principal right away. This approach has the lowest overall cost.
- Interest-only payment: While you’re in school, you only pay the interest charges each month.
- Flat payment: To reduce your accrued interest, you pay a flat $25 a month while in school.
- Deferred payment: While in school, you don’t have to make payments. However, you’ll pay more in interest over the length of your loan.
2. You don’t need to be enrolled half-time
Most student loan lenders require borrowers to be enrolled at an eligible institution at least half-time to qualify for a loan. College Ave is different. To be eligible for a loan, you just need to enroll at a qualifying school, even if it’s just for a couple of classes. That means College Ave is a great option for working students who don’t qualify for loans from other lenders.
3. Parents can get cash for expenses
With most student loans, the lender disburses the loan directly to your selected school. The school uses the money to pay off your bill, including tuition and room and board. If there’s any money left over, the school releases the extra cash to you. Then, you can use that money to pay for any additional expenses. However, the process can take weeks or even months.
With College Ave parent loans, you can get up to $2,500 upfront to pay for necessary expenses. That can come in handy if you need to buy supplies or put down a security deposit on an apartment off-campus.
How to apply for a College Ave student loan
The application process for a College Ave student loan is quick and easy. If you select College Ave as a lender in our rate comparison tool, you’ll be taken straight into their application. From there, the site will prompt you to enter the necessary information. You should be prepared to enter the following:
- Your Social Security number
- Your estimated annual income
- Your selected school’s name
- How much you’d like to borrow
- Your estimated financial assistance
According to the company, you can find out if you’re approved for a loan in as little as three minutes.
Paying for college
If you’re looking for a reputable private student loan lender, College Ave should be on your list. Offering low interest rates and different repayment options, College Ave offers you flexibility that will be especially valuable after graduation.
However, it’s a good idea to compare offers from multiple lenders before making a decision. Use Purefy’s rate comparison tool to receive offers from several different student loan lenders at once. That way, you’ll know for sure you are getting a great deal.