College Avenue is a company that solely offers private student loans. It has been around since 2014 when it was set up in Delaware. Since then, it has gradually expanded its reach into more and more markets.
It offers everything from graduate, undergraduate, and parent loans for those students who are enrolled with schools that have an affiliation with College Avenue. This covers schools in every single state.
College Avenue has a reputation for being very fast for reviewing applications and also does not charge any origination fees. This review will take you through each of the main parts of doing business with College Avenue.
College Avenue Student Loans Overview
|APR (fixed interest rate)||2.99%-13.65%|
|APR (variable interest rate)||0.94%-11.98%|
|Eligible loan types||Undergraduate Student Loans Graduate Student Loans, Parent Loans, Refinancing|
|Finance amount||Loans start at $1,000 and go as high as the school’s certified attendance cost|
|Repayment terms||5, 8, 10, and 15 years|
|Minimum credit score||Mid-600s+|
|Good for:||If you want a quick application review process and flexible repayment options|
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College Avenue’s Pros
- Flexible repayment options
- Quick application review process
- Good range of loan types
- Competitive rates
College Avenue’s Cons
- Need to hit satisfactory academic progress
- Late payment fee in place
The College Avenue application process is known for being very fast. It only takes you three minutes to enter the relevant information and to get a quote from College Avenue. No hard credit check will take place in order to get a quote, which is ideal. While you don’t need to have a co-signer, College Avenue says that students who have one will be three times likelier to get a loan.
Once you enter the required information, you will be shown the options and respective rates that you are eligible for. Then you can decide which option fits your needs the best. Then you can submit an official application.
College Avenue recommends that you apply for a student loan no less than 30 days before the school terms begin. College Avenue will then deal directly with the school in order to certify the loan.
Terms & Requirements
Just like with getting any type of loan, College Avenue has some basic terms and requirements in place for student loans. You can get an insight into what you might expect if you decide to apply for such a loan.
To qualify for a College Avenue loan, you need to be a part of a degree program and be going to an eligible school. You also have to either be a US resident or a permanent resident that is at least enrolled half-time in an accredited institution. International students are accepted once they have a qualified co-signer and a Social Security number.
Applicants will usually need to have a credit score that is at least in the mid-600s. It will allow debt-to-income ratios that are as high as 90%. Co-signers can get on board and there is a pre-qualification process you can go through.
You’ll be able to get as little as $1,000 from a College Avenue student loan and as much as the certified attendance cost for the given school. You will not have to pay any sort of application fee.
The exact rates that you get depend on your application and creditworthiness. Each loan option will offer a discount if you set up autopay, which is usually about 0.25%. For variable rate loans, the range of rates is 0.94%-11.98% and they are 2.99%-13.65% for fixed interest rate loans.
There are no prepayment penalties in place if you want to pay off your College Avenue loan early. There are also numerous repayment options, such as making interest-only payments while in school or flat $25 monthly payments while in school.
The main term lengths are 5, 8, 10, and 15 years. A late fee is in place if you miss a repayment. This will be the lesser of $25 or 5% of the unpaid sum.
Co-signers will need to stay in place until at least half of the loan’s term length has elapsed. There is a College Avenue offers that sees certain eligible students getting some cashback as a statement credit when they complete their studios.Get my rate
Privacy and Security
College Avenue has won numerous awards in recent years for its student loan offering and it also possesses an A+ Better Business Bureau rating.
It takes the security and privacy of its users very seriously. This goes for people who just get a quote to those who end up getting a loan from College Avenue. This is comforting, as you are dealing with sensitive information a lot of the time.
If you have any issues with the online application, you can give the College Avenue team a call by phone and they can help walk you through the struggles you might be having. The phone lines are open Monday to Frida between 9am and 8pm ET usually.
The other option will be to send the team a text or an email through the website form, as well as use the live chat option.
College Avenue certainly is a good option for students who are looking to get a loan to fund their time in college. There are a few great benefits associated with using this lender. The main advantage will be the fast application review process, as well as having many great repayment options.
With flexible rates and pre-qualification, you have the ultimate level of choice when you decide to proceed with what College Avenue has to offer.
233 N King St Ste 400, Wilmington, DE 19801-2521