College Ave is an online lender that specializes in private student loans and their refinancing. It offers undergraduate, graduate, career, and parent loans, as well as a variety of repayment options to meet your budget. College Ave’s undergraduate private student loans are ideal for students who want to pay while still in school; borrowers can choose between immediate, interest-only, and fixed $25 payment plans. Payments might also be deferred till after graduation. 98% of College Ave undergraduate loans have a cosigner. International students are eligible if they apply with a co-signer who is a U.S. citizen or permanent resident.
International Student Requirements
International students must have a U.S citizen or permanent resident cosigner and a valid U.S. Social Security number.
To qualify for a loan from College Ave, you must meet the following criteria:
- Be enrolled in a degree program and attend classes at an eligible school
- Meet the satisfactory academic progress (SAP) standards for your school
- Have a Social Security number and be a U.S. citizen or permanent resident
- If you’re an international students, have a cosigner who is a U.S. citizen
International Student Loans College Ave
- Loan Amounts: $1,000 up to the total cost of attendance
- Repayment Terms: 5, 8, 10, or 15 years
- Late fees: 5% of the unpaid amount of the monthly payment or $25, whichever is less
- Cosigner requirements: International students must have a US citizen or resident cosigner
- Cosigner release: After 24 full, consecutive, on-time payments
- Repayment options: Immediate, interest-only, flat, deferred
- Discounts: 0.25% interest rate deduction for automatic payments
- Forbearance: Up to 12 months of hardship forbearance over the life of the loan ( in 3 or 6 month increments)
- Loan discharge: Available
Best Features of College Ave Loans
- Prequalification to check eligibility without affecting your credit score
- Borrowers can be enrolled in less than half-time as long as they’re enrolled and attending classes at an eligible school
- A $150 graduation reward
- Flexible repayment terms with 11 different repayment terms for parent loans
Types of Loans from College Avenue
- Undergraduate Student Loans: Variable rates ranging from 0.99% to 11.98% and fixed rates ranging from 2.94% to 12.99%
- Graduate School Loans: Variable rates ranging from 1.99% to 10.97% and fixed rates ranging from 4.49% to 11.98%
- MBA Loans: Variable rates ranging from 1.99% to 10.97% and fixed rates ranging from 4.49% to 11.98%
- Dental School Loans: Variable rates ranging from 1.99% to 10.45% and fixed rates ranging from 4.49% to 11.46%
- Medical School Loans: Variable rates ranging from 1.99% to 10.45% and fixed rates ranging from 4.49% to 11.46%
- Law School Student Loans: Variable rates ranging from 1.99% to 10.45% and fixed rates ranging from 4.49% to 11.46%
- Student Loan Refinancing: Fixed APR ranging from 2.99 to 5.09% and variable APR ranging from 2.94 to 4.99%
- Parent Student Loans: Fixed APR ranging from 3.24 to 12.99% and variable 1.04 to 11.98%
College Ave offers the following repayment options:
- Immediate: Start making full payments as soon as the loan is disbursed. This has the highest payments but lowest overall cost.
- Interest-only: Pay the interest charges while in school
- Flat: Pay $25 per month while in school until the end of your grace period.
- Deferred: Postpone payments till after the grace period. This option has the highest cost overall.
All borrowers can choose from 5, 8, 10, or 15-year repayment terms. Twenty-year terms are available for law, medical, and dental school loans.
Note that College Ave offers different grace periods ranging from 6 to 36 months based on the type of loan.
Rewards for Borrowers
College Ave offers borrowers $150 statement credit when they finish their degree. You can also enter a draw for a $1,000 scholarship. Other draws throughout the year have prizes such as a $5,000 scholarship, a $500 Visa Gift card, and textbooks for a year.
How to Apply for Student Loan from College Ave
Complete a 3-minute online application. For this, you’ll need the following:
- Social Security Number
- School name
- Estimated annual income
- Desired loan amount
For student borrowers with a cosigner, the cosigner will be required to fill out a separate application after you’ve completed yours.
Most College Ave Loan applications are processed and paid within 10-30 days. However, College Ave advises students to research how much they need to take out and the interest rates 90 days before school starts.