College Ave Student Loans 2021 in United States (U.S.).
College Ave Student Loans: College Ave is an online lender founded which was founded in the year 2014. They offer both student loan refinancing and private student loans.
In this article, I will be discussing the College Ave Loans. You will find a review of its refinance loan below.
College Ave Undergraduate Student Loans
All College Ave student loans go through either Firstrust Bank or The Middlefield Banking establishment. They are both members of the FDIC.
While most private student loan lenders have one or two offerings, College Ave has many types of student loans for undergraduates to help customize the loan package to your needs.
Term Lengths
College Ave offers undergraduate loans with 5, 8, 10, and 15-year terms. The longer your loan term, the less you’ll pay monthly, but the more you’ll pay over the life of the loan.
Interest Rates
The interest rates are based upon your credit score and, if applicable, your cosigner’s creditworthiness. Variable interest rates range from 4.20% APR to 11.44% APR and fixed rates range from 5.29% APR to 12.78% APR.
While these rates are some of the lowest on the market, keep in mind that they reflect a 0.25% discount for signing up to make automatic payments from your bank account.
Types of Student Loans Available
College Ave provides two main types of loans the Undergraduate and Graduate Student Loans. With both types of loans, you can borrow up to 100% of your cost of attendance provided you meet the qualifying criteria.
This includes the cost of tuition, books, fees, housing, meals, and other college-related expenses.
Keep in mind that the minimum loan amount is $1,000.
Eligibility Requirements
- You must be 16 years old or older to apply for a College Ave student loan.
- You must be a US citizen or a US permanent resident.
- You must be enrolled at least half-time in an eligible accredited school.
- If your income is less than $35,000, you will need a cosignerto qualify for a loan. In addition to being creditworthy, your cosigner must also be a US citizen or US permanent resident.
Online Loan Application
The online loan application process is simple and easy. To get a rate estimate, you will need to fill in these details on the pre-qualification form:
- First and last name
- Date of birth
- Address
- Email address
It takes just a few seconds to get a credit decision after you submit the form, and because this does not require a hard credit check, it will not affect your credit score in any way.
Co-Signer Release
Unlike some lenders, College Ave allows borrowers to release cosigners from the loan, provided certain conditions are met.
- They are at least halfway through their repayment term
- The most recent 24 consecutive principal and interest payments were made on time and did not include any forbearances or repayment plan adjustments due to financial hardship
- They have demonstrated income for the previous 24 months that is more than twice the outstanding balance on all College Ave student loans
- A credit bureau review shows no late payments on any other credit obligations for the past 24 months
FAQs
1. What is College Ave Student Loans?
College Ave Student Loans was launched in the year 2014, with a goal to create private student loan products that assist students to pay for school as easily and inexpensively as possible.
2. Why should I choose the College Ave Student Loans Product?
Because College Ave Student Loans believes that a quality education is the best foundation for the future, and the College Ave Student Loans products are designed to help you pay for school as easily (and inexpensively!) as possible.
College Ave Student Loans offers great rates and flexible terms that let you decide how and when you will pay your loans back.
3. Which are better, federal loans or private loans?
They are both useful financial tools. We always recommend completing FAFSA and exploring scholarships, grants, and federal student loans first.
Those won’t always cover the full cost of attendance though. That’s where College Ave Student Loans can help you get the remaining money you need for school.
4. Do I need to be a full-time student to obtain a College Ave Student Loans Product?
No you don’t, but you must be enrolled in a degree program and be attending classes’ full time, half-time or less than half-time at an eligible school.
5. What is the College Ave Career Loan?
The College Ave Career Loan with Success Rewards is designed for students enrolled in career-focused programs at select colleges and universities, including a limited number of community colleges.
6. What are Success Rewards?
Success Rewards is a benefit of the College Ave Career Loan. It is a cash back program designed to reward you when complete your degree.
Eligible borrowers will receive $150 applied as a statement credit to the principal balance on a College Ave Career Loan.
7. How much of my education costs will this loan cover?
Credit-worthy applicants can borrow up to 100% of the school-certified cost of attendance, which typically includes things like tuition and fees, books and supplies, room and board, transportation and personal expenses. The minimum amount you can borrow is $1,000.
8. Can I apply for a loan over the phone?
We can’t take your application by phone at this time because required disclosures are presented during the online application process.
While we can’t take your application over the phone, you can reach us at (844)-422-7502 if you have questions or need help.
9. How long can I defer the loan? Can I defer payment until I’m done with school?
Full principal and interest payments can be deferred as long as undergraduate students remain enrolled at an accredited school at least half-time.
For undergraduate loans, full principal and interest payments would begin 6 months after the student graduates or drops below half-time enrollment.
10. I tried to apply, and I can’t find my school in the application. What do I do?
It’s possible that your school isn’t currently on our eligible list. You may want to contact the school to ask if they have a list of participating lenders.
You can also send us an email with your school name, and we’d be happy to confirm eligibility: [email protected]
StudentsandScholarship Team
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