College Ave Student Loan Servicing | 8B Lender Review

by | Feb 18, 2022 | Finance

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College Ave Student Loan Servicing | 8B Lender Review

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.

Eligibility Requirements

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%

Repayment Options

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.

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