College Ave Review
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College Ave Reviews

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Lauren Le-Hair

WRITTEN BY

Lauren Le-Hair

Non-Standard Loan Terms
Non-Standard Loan Terms
About College Ave

College Ave, the prominent US company specializing in private student loans and student loan refinancing, is based in Wilmington, Delaware. Founded in 2014, the company only operates online and offers plenty of accommodating options.

College Ave has focused on a streamlined student loan application model, with a preliminary approval possible within minutes of starting the application process. The College Ave mobile app makes it easy to stay on top of your student loan finances at all times, and the loans offered are flexible, offering non-standard repayment terms in some instances.

8.0

LS SCORE

8.0

CREDIBILITY

8.0

SUPPORT

6.0

ACCESSIBILITY

College Ave Personal Loans Review

College Ave offers personal loans to parents of students or former students who want to consolidate their student loans. A quick pre-qualification will tell if a College Ave personal loan will have a better interest rate than the existing student loans. Full details of the personal loan terms offered by College Ave are as follows:

College Ave Personal Loans Highlights

LOAN AMOUNT

$5,000 - $299,999

LOAN REPAYMENT TERM

5-20 years

MIN CREDIT SCORE

600

APR FIXED RATE

3.22% - 13.95%

APR VARIABLE RATE

2.49% - 13.85%

FUNDING TIME

7 days days

ORIGINATION FEE

None

PREPAYMENT FEE

None

OTHER FEES

Yes

SOFT CREDIT PULL

Yes

LENDER TYPE

Marketplace

Pros & Cons

  • 16 options for loan repayment terms
  • No application fees
  • Soft credit check to see eligibility
  • Autopay enrolment leads to discounted payments
  • No loan forbearance options
  • Eligibility criteria are not obvious at first glance
  • Must have an outstanding student loan balance of $5,000 to be eligible

Personal Loans Types

  • Unsecured Personal Loans
  • Fixed-Rate Personal Loans
  • Variable-Rate Personal Loans

Loan Purpose

  • Student Loan Refinance
  • Other

College Ave Personal Loans Terms & Requirements

College Ave has similar loan requirements and loan terms as its competitors. The primary difference is that College Ave offers the broadest range of repayment terms available, with 16 options between 5 and 20 years.

Loan Requirements

  • Must be a US citizen or permanent resident
  • An annual income of greater than $65,000
  • A credit score of 640+
  • A maximum debt-to-income ratio of 50%
  • Must not have previously declared for bankruptcy

Loan Terms

College Ave offers the following APR rates, which vary depending on the amount borrowed, credit rating, and DTI ratio:

  • Fixed-rate: 3.22% – 13.95%
  • Variable rate: 2.49% – 13.85%

College Ave personal loans have no prepayment penalty, no origination fees, and offer loans between $5,000 and $300,000. Late fees of $25 are payable for each late payment made. Payments made via Autopay are eligible for a 0.25% discount.

Repayment Terms

16 different repayment options are available between 5 and 20 years. This range is one of the most flexible repayment terms in the market, making College Ave’s personal loan stand out from the crowd.

How to Apply

College Ave’s website is easy to navigate, and we were looking for a parent loan. The option to find the parent loan was clearly shown on the homepage.

Screen 1

Welcome screen

We selected the parent loan and completed the form as required. This process needed us to fill out our personal information, school information, borrowing requirements, bank account details, and income details. After we did this and selected apply, we could review the loan terms in full. We were happy with the terms, so we submitted our pre-qualification and were quickly approved. We then had to verify our personal information before formally applying. Doing so generated a Loan Agreement and Terms and Conditions, which we signed to complete the process. We received the personal loan in five days.

Qualification Requirements

Credit score and credit history A minimum credit score of mid-600s. Must not have previously declared bankruptcy
Income $65,000+
Job Status Full time employed
Citizenship/residency US citizen/resident
Age 18+
Debt-to-income ratio Maximum 50%
Co-signer Yes if required
Bank account Proof of bank account is to be submitted during the application process
Required documents Proof of name, address, SSN, college and degree, phone number, email address, proof of income, and employment history.

Required Information

To apply for a College Ave personal loan, you will need to provide the following information:

  • Name
  • Address
  • Date of birth
  • Social Security Number
  • College attended
  • Degree obtained
  • Phone number
  • Email address
  • Monthly income details
  • Employment history

Application Steps & Time Frames

The application took under 5 minutes, which we expected from a leading online personal loan provider. After uploading all of the supporting documentation, funding was provided to us in five days.

State Availability

Available in all states

College Ave Student Loans Review

As a direct lender, College Ave offers student loan refinancing alongside various flexible terms. The financial company handles everything from graduate student loans to parent loans, undergraduate loans, and career loans with a variable or fixed interest rate.

Many borrowers who refinance federal loans with private lenders often lose many of the benefits of obtaining government-backed loans. On the other hand, College Ave grants forbearance and alternative payment plans on a case-by-case basis.

College Ave Student Loans Highlights

LOAN AMOUNT

$1,000 - $300,000

APR FIXED RATE

3.22% - 13.95%

APR VARIABLE RATE

2.49% - 13.85%

MIN CREDIT SCORE

650

LOAN REPAYMENT TERM

Between 5-20 years

FUNDING TIME

7 days

ORIGINATION FEE

None

PREPAYMENT FEE

None

OTHER FEES

Yes

SOFT CREDIT PULL

Yes

LENDER TYPE

Direct

Pros & Cons

  • Zero application fees
  • Prospective borrows can discover whether they qualify before obtaining a loan and see personalized rate options with a soft credit check
  • You can claim a 0.25% interest rate discount if you enroll in an autopay plan with regular monthly payments from a bank account via ACH
  • A massive 16 options for loans terms ranging from 5 – 20 years
  • Potential borrowers cannot refinance parent PLUS loans in the college student’s name
  • There is no option for loan forbearance
  • There is also no option to release the loan co-signer before the end of the loan term

Student Loans Type

  • Private student loans
  • Student loan refinance

College Ave Refinance Highlights

REFINANCE AMOUNT

$7,500 - $300,000

REFINANCE FIXED APR

3.99% - 7.99%

REFINANCE VARIABLE APR

3.44% - 7.99%

Pros & Cons

  • Zero application fees
  • Prospective borrows can discover whether they qualify before obtaining a loan and see personalized rate options with a soft credit check
  • You can claim a 0.25% interest rate discount if you enroll in an autopay plan with regular monthly payments from a bank account via ACH
  • 16 options for refinance terms ranging from 5 – 20 years
  • Potential borrowers cannot refinance parent PLUS loans in the college student’s name
  • There is no option for loan forbearance
  • There is also no option to release the loan co-signer before the end of the loan term

State Availability

Available in all states

Privacy & Security

College Ave stores and collects the personal information provided by borrowers and prospective borrowers. Yet, the student loans company uses this data only to suggest offers to applicants who imply they could be interested in pursuing in the long run. Therefore, when you visit the College Ave website, you’ll likely spot ads on other sites and pages for its financial services in the future.

Nonetheless, College Ave does not allow third-party advertisers to use your personal data to market to its applicants. To check out and determine whether you are entirely comfortable with College Ave’s privacy practices, you can read the company’s full customer privacy policy on its site.

Customer Support

Since College Ave is a direct lender, all applicants will work directly with the financial company’s customer support team. Prospective borrowers will do this throughout the whole process of paying off their outstanding student loans with funds from a College Ave student refinance loan.

Call the company’s toll-free customer service number via phone to get in touch. Alternatively, you can chat with College Ave’s friendly and professional representatives via its website or email the support team if you have any concerns or questions.

Phone Support
(844) 422-7502
Mon-Fri
9am-9pm EST
Sat-Sun
Closed

In Conclusion

In conclusion, College Ave has created a sizeable market presence via its online student loan product. The speed with which decisions are made to approve or reject loans, coupled with the ease of application, has led to College Ave expanding rapidly since being incorporated in 2014. The flexibility of loans available also helps to separate them from their competitors.

FAQ

Can I get a College Ave student loan in any state?
Yes, College Ave student loans are available in all 50 states.
Must I have a co-signer for a private student loan?
Not necessarily, but unless you can prove significant income levels as a college student, you will likely need a co-signer. College Ave has stated that 98% of student loans have a co-signer.
How well does my credit score need to be to get a College Ave loan?
College Ave states that you need a credit score in the mid-600s to be considered for a private student loan or student loan refinancing.

College Ave Disclaimer

College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or MY Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply. $5,000 is the minimum requirement to refinance. The maximum loan amount is $300,000 for those with medical, dental, pharmacy, or veterinary doctorate degrees and $150,000 for all other undergraduate or graduate degrees.
The information advertised is valid as of 01/27/2021. Variable interest rates may increase after consummation. The 0.25% auto-pay interest rate reduction applies as long as the borrower or co-signer, if applicable, enrolls in auto-pay and authorizes our loan servicer to automatically deduct your monthly payments from a valid bank account via Automated Clearing House (“ACH”).
The rate reduction applies for as long as the monthly payment amount is successfully deducted from the designated bank account and is suspended during periods of forbearance and certain deferments. Variable rates may increase after consummation.
College Ave payment example: This informational repayment example uses typical loan terms for a refi borrower with a Full Principal & Interest Repayment and a 10-year repayment term, has a $40,000 loan and a 5.5% Annual Percentage Rate (“APR”): 120 monthly payments of $434.11 while in the repayment period, for a total amount of payments of $52,092.61.
Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. We have two trigger terms present, “Loan Amount” and “terms 5-20 years,” which our legal team requires disclosures. $5,000 is the minimum requirement to refinance. The maximum loan amount is $300,000 for those with medical, dental, pharmacy, or veterinary doctorate degrees and $150,000 for all other undergraduate or graduate degrees.
The information advertised is valid as of 03/25/2021. Variable interest rates may increase after consummation. This informational repayment example uses typical loan terms for a refi borrower with a Full Principal & Interest Repayment and a 10-year repayment term, has a $40,000 loan and a 5.5% Annual Percentage Rate (“APR”): 120 monthly payments of $434.11 while in the repayment period, for a total amount of payments of $52,092.61. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.

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WRITTEN BY

Lauren Le-Hair

As an experienced content writer, Lauren’s passion for the finance sector is only exceeded by her love of writing. Lauren specializes in the financial industry, drawing on her knowledge and experience to deliver top-quality, specialized content with an expert tone of voice and a unique flair. She also holds a First Class (Hons) Batchelor’s degree from Staffordshire University.