College Ave is a lender for private student loans and student loan refinancing that has some of the best rates. College Ave Student Loans Review
Many students who want to go to college need student loans. More than a million students have graduated with debt because college costs are going up. As soon as these graduates cross the graduation stage, the clock begins to tick. Before their monthly student loan payments start, they need to obtain a job that pays well. If they don’t, they’ll have to pay back your loan without a job.
That might be hard sometimes, and payments can become a monthly hardship. Former Sallie Mae executives founded College Ave Student Loans in 2015 with the aim of simplifying the loan process. One goal is to help students save money on their student loan payments by refinancing their current loans.
College Ave is also one of the best private lenders for student loans. Check out how College Ave stacks up here. College Ave Student Loans Review
College Ave Student Loans
College Ave student loans offer competitive rates and some of the most flexible repayment options that you’ll find. Here’s a closer look at the terms and benefits. College Ave Student Loans Review
Rates And Terms
College Ave offers both fixed and variable rates on all of its private student loan products. Currently, its undergraduate loans offer the lowest starting interest rates. The variable rates, in particular, have the potential to be very affordable, with the low range of the spectrum nearly 1%.
- Variable APR: 3.89% – 17.99%
- Fixed APR: 2.84% – 17.99%
You’ll have the option to pay back your private student loan in 5, 8, 10, or 15 years. The minimum loan amount is $1,000, and College Ave will cover up to 100% of the attendance cost.
College Ave’s general graduate loans and MBA loans both offer the same repayment terms as its undergraduate loans. However, they come with slightly higher interest rates. Here are their current APR ranges:
- Variable APR: 3.89% – 15.99%
- Fixed APR: 2.84% – 17.99%
Finally, College Ave offers medical, dental, and law school loans. These are the only private loans College Ave offers that can be repaid in 20 years. Here are their current rates:
- Variable APR: 3.89% – 15.99%
- Fixed APR: 2.84% – 17.99%
Loan Repayment Options
College Ave offers a wide variety of repayment options that allow you to tailor a loan experience that works for you. Here are the options you have to choose from: College Ave Student Loans Review
- Full principal and interest repayment
- Interest-only payments
- Flat $25 payments
- Deferred payments
The grace period on College Ave student loans is 6 months for undergraduate loans and 9 months for most of its graduate loan programmes. Notably, College Ave also offers full deferment during medical and dental residency.
How Do College Ave Student Loans Compare?
College Ave is consistently near the top of the pack for private student loan lenders. They have flexible in-school repayment and even full deferment during residency. But that doesn’t necessarily mean they’ll be right for you. Check out this quick comparison here: College Ave Student Loans Review
College-Age Student Loan Refinancing
College Ave Refinance isn’t simply a consolidation company. When consolidating, you take several existing loans and combine them into one for lower monthly payments and, in some cases, lower interest rates. However, with College Ave, you can refinance a single loan to get better terms or lower rates.
Rates And Terms
With College Ave, you can refinance a loan as low as $5,000. The maximum loan amount for the vast majority of degree programs is $150,000. But if you have a medical, dental, pharmacy or veterinary doctorate degree, you can refinance as much as $300,000.
These low minimums and high maximums are what put College Ave on our list of the Best Places To Refinance Your Student Loans. Borrowers can choose from 16 different repayment terms, ranging from 5 to 20 years. College Ave Student Loans Review
While that’s not quite the level of customisation that Earnest offers, it’s still one of the most flexible refinance programs in the industry. Here are the current variable and fixed interest rates for College Ave’s refinance loans:
- Variable APR: 6.99% – 13.99%
- Fixed APR: 6.99% – 13.99%
Remember, before you look at any rates, make sure you compare College Ave with other lenders. Using Credible, you can compare up to 8 lenders to make sure you get the best rate possible, including College Ave. Plus, College Investor readers can get up to an $1,000 bonus when they refinance with Credible. Check it out here.
Who Qualifies To Apply?
College Ave offers instant pre-qualification status and interest rate ranges. Should you choose to proceed with a comprehensive loan application, we offer a streamlined and straightforward process. College Ave Student Loans Review
Think about the usual eligibility requirements you must fulfil in order to be eligible for a loan before submitting an application. For in-school student loans, you’ll need to be at least 18 years old, a US citizen or permanent resident and attending an accredited school. Any students, regardless of enrolment status, can apply for loans. But you’ll need to be enrolled at least half-time to qualify for in-school deferment.
For refinancing, College Ave does have a graduation requirement. However, it’s more flexible than other lenders in that it doesn’t require a bachelor’s degree. This could make it a great option for borrowers who stopped their education after earning their associate degree.
Are There Any Fees?
As a low-fee provider, you won’t have to worry about origination fees, or prepayment penalties with College Ave. If a payment is more than 15 days late, however, a late fee of 5% or $25 (whichever is less) will be assessed.
Contact
Unlike many lenders, College Ave actually self-services its loans. If you have questions about your bills or payments, contact customer support. College Ave Student Loans Review
Is College Ave a federal student loan?
No, College Ave only offers private student loans, which means they aren’t eligible for any of the federal income-driven repayment plans or forgiveness programs.
Does College Ave affect your credit score?
Checking your pre-qualified interest rate with College Ave won’t have an impact on your credit score. However, proceeding with a full loan application and a hard credit inquiry will have an impact on your credit score. College Ave Student Loans Review
Do you have to be a graduate to refinance with College Ave?
Yes, you’ll need to have an associate’s degree or higher to qualify for refinancing student loans with College Ave.
Can you pay off a College Ave loan early?
Yes, you can pay off your loan at any time and College Ave never charges prepayment penalties. College Ave Student Loans Review