Updated: July 30, 2020

College Ave: Private Student Loan

Undergraduate Student Loans

Undergraduate
Student Loan Rating
4.5 of 5
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.24% - 13.24%
Variable APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
1.49% - 12.23%
Repayment Terms
5 years, 8 years, 10 years, 15 years
Important Information

Rewards: Auto-Debit Discount and Graduation Reward

Yearly Loan Limits: Covers up to 100% of your Cost of Attendance

Overall Loan Limits: $1,000 (minimum), does not publish aggregate limit

Cosigner Terms: Cosigner is optional, allows for cosigner release after 24 on-time monthly payments

The bottom line:

We rank College Ave’s private student loans within the top five of all undergraduate loans for their flexible repayment options and below-average costs. If you accrue unpaid interest on their loans, however, they’ll capitalize that interest monthly.

Pros

  • Can borrow up to the full cost of attendance
  • Provides an auto-debit discount and graduation reward
  • Offers 5-year and 8-year repayment terms (among others)

Cons

  • Capitalizes interest monthly
  • They charge a fee on late payments
  • Requires that you maintain Satisfactory Academic Progress
Wondering how much that loan is going to cost you? Check out our free Loan Calculator!
Input your loan terms and we’ll tell you how much you can expect to pay monthly and in total

It’s in the name; College Ave loans are great for college students. Their interest rates are lower than average, they allow you to borrow up to the full cost of attendance at your school, and they offer some pretty attractive repayment options, including 5-year and 8-year repayment terms. And when you graduate, they’ll give you a $150 credit on your statement balance!

 

We place them in the top 5 for those features along with others. Their credit requirements are not as strict as other lenders, and their customer service is also quite good. If you have questions after a long day of work, you can chat with their US-based call center that’s available on weekday evenings.

 

Nevertheless, trade-offs are a fact of life. Should you miss a payment, they will charge you a late fee. And if interest accrues but is unpaid during a forbearance, it will be capitalized monthly. That means you’ll be paying interest on interest. And they’ll only lend to you if you maintain Satisfactory Academic Progress, so keep those grades up.

College Ave - Private Student Loan Details

Interest Rates, Fees and Terms
  • Credit Check: Soft to check rates, hard to process application
  • Repayment Terms: 5 years, 8 years, 10 years, 15 years
  • Minimum Borrowing Limit: $1,000
  • Yearly Borrowing Limit: 100% of Cost of Attendance
  • Aggregate Borrowing Limit: Not specified by lender
  • Application Fee: None
  • Origination Fee: None
  • Prepayment Penalty: None
  • Late Fee: Yes
Requirements to Qualify
  • Minimum Credit Score: Mid-600s
  • Minimum Yearly Income: 35000
  • Maximum Debt-to-Income Ratio: 0.5
  • Citizenship Restriction: Available to Citizens, Permanent Residents, and International Students with a credit-worthy Citizen or Permanent Resident cosigner
  • List of States where Loan is Not Available: None
  • Minimum Enrollment Restriction: None
  • Approved Schools Include: Title IV
Repayment Options
  • Immediate Principal and Interest Repayment: Yes
  • Fixed Monthly Repayment: Yes, 25
  • Interest-Only Repayment: Yes
  • Full Deferment: Yes
Repayment Details
  • Length of Grace Period: 6 months
  • Maximum Deferment Period: Not specified by lender
  • Maximum Forbearance Period: Not specified by lender
  • Cosigner Release Option: Yes, after 24 months on-time payments
  • Death Discharge: Yes
  • Disability Discharge: Yes
Customer Service
  • US-Based Call Center: Yes
  • Hours of Operation (in addition to weekdays): Evenings
  • Application Timeline: 3 minutes for credit decision, 10 business days for disbursement
Extras
  • Scholarship Search Tool: None
  • Sponsors a Scholarship: Yes
  • Job and Career Assistance: None
  • Financial Literacy Training: Yes
College AveEarnestAscent (Goal Structured Solutions)
Rates from (APR) i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
Fixed:
4.24% - 13.24%
Variable:
1.49% - 12.23%
Fixed:
4.20% - 13.03%
Variable:
1.49% - 11.69%
Fixed:
5.53% - 16.50%
Variable:
4.72% - 15.00%
Loan repayment terms (Years)5 years, 8 years, 10 years, 15 yearsUp to 15 years10 years
Cosigner release?Yes, after 24 months on-time paymentsNoneYes, after 24 months on-time payments