Borrowing or Refinancing Private Student Loans from College Ave

Kristen KucharBy Kristen KucharBy Savingforcollege.com

CollegeAve offers undergraduate loans, graduate student loans, parent loans and career loans and will also refinancestudent loans.

Key Things to Know about College Ave

  • Better Business Bureau Rating: A+

  • There are no fees for loan application, origination or disbursement.

  • If you sign up for auto pay, receive a 0.25% reduction on your interest rate.

  • College Ave offers flexible terms for repayment, where you can choose your repayment term.

  • For refinancinga student loan, you are required to have earned a degree.

  • Parent loans offer control over spending. For parent cosigners, there is an option for cosigner release.

  • The late fee is $25 or 5% of the unpaid balance, whichever amount is lower.

  • There are no set policies for deferment or forbearance.

Private Student Loans

Application Process: It takes just three minutes to applyfor a private student loan, and you’ll get an instant credit decision.

Interest Rates: There is a choice of variable and fixed interest rates.

Loan Terms: The loan repayment terms include 5 years, 8 years, 10 years or 15 years.

Loan Amount: $1,000 to $80,000

In-School Payment Options: There are several in-school payment options available, including:

  • Full interest and principal payments

  • Interest-only payments

  • Fixed payments of $25 per loan per month

  • No in-school payments (full deferment)

Enrollment Status: Undergraduate students must be enrolled at least half-time to qualify. Graduate students can be less than half time.

Grace Period:CollegeAve offers a standard six-month grace period after graduation before you need to start making payments. Law school graduates can have a grace period of 9 and 12 months, dental school graduates can have 12 to 24 months and medicas hooll graduates can have up to 48 months.

Cash Back: You’ll get $150 cash back when you complete your program of study for Undergraduate and Graduate Career Loans.

International Students: International students with a valid U.S. Social Security Number are eligible to apply for a student loan. International students can also apply with a cosigner who is a creditworthy U.S. citizen or permanent resident.

Cosigner Release: Cosigner release is available after more than half of the scheduled repayment period has elapsed. The borrower must also satisfy the lender’s credit criteria. So, you can have someone cosign your loan initially to help but then be released later on.

Refinancing Student Loans

Application Process: For refinancing, get your new interest rate in one minute. You can refinanceyour student loans – both federal student loans as well as private student loans.

Loan Terms: There are 16 different options for loan terms, ranging from 5 to 20 years.

Loan Amount: $5,000 to $300,000 – up to $150,000 for those who have earned an undergraduate or graduate degree and up to $300,000 for those who have earned a medical, dental, pharmacy or veterinary degrees

College Ave doesn’t offer student loan refinancing if you did not earn a degree.

Cosigner Release: There is no cosigner release for refinancing loans.

Parent Loans

Application Process: The same as with private student loans, it takes just three minutes to applyfor a parent loan, and you’ll get an instant credit decision.

Interest Rates: There is a choice of variable and fixed interest rates.

Loan Terms: The loan terms include 5 years, 8 years, 10 years or 15 years.

In-School Payment Options: Unlike regular private loans, parent loans require at least interest-only payments during the in-school period. Full deferment is not available.

Loan Amount: $1,000 to $80,000

Get up to $2,500 of the loan sent to the parent so they can control the spending on extra education expenses.

You can’t transfer a parent loan to a child with College Ave.



At Savingforcollege.com, our goal is to help you make smart decisions about saving and paying for education. Some of the products featured in this article are from our partners, but this doesn't influence our evaluations. Our opinions are our own.


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