Updated: November 23, 2021

College Ave Parent Student Loan Review

Parent Loan

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Parents
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.
3.59% - 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.
1.29% - 12.23%
Repayment Terms
5, 15 years
Important Information

Rewards: Autopay Discount

Yearly Loan Limits: 100% Cost of Attendance

Overall Loan Limits: $1,000 (minimum)

Cosigner Terms: Cosigner optional

The bottom line:

We rate College Ave as one of the best lenders for parents of college students. Their Parent Loan offers among the lowest interest rates in the market, and some of the most flexible requirements for qualifying.

Pros

  • Covers up to 100% of the annual cost of attendance
  • Offers a repayment term of 5 years (in addition to another of 10 years)
  • Available for non-U.S. citizens or residents that have a creditworthy U.S. citizen or permanent resident cosigner

Cons

  • Capitalizes accrued interest on a monthly basis
  • Unclear deferment and forbearance policies
  • Does not allow you to defer payments while the student is in school
College Ave Alaska Commission on Postsecondary Education (ACPE) SoFi
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:
3.59% - 13.24%
Variable:
1.29% - 12.23%
Fixed:
5.75% - 6.00%
Variable:
Not Available
Fixed:
4.23% - 10.66%
Variable:
1.20% - 11.23%
Loan repayment terms (Years) 5, 15 years 10, 15 years 5 years, 10 years, 15 years
Cosigner release? Not specified None Yes, after 24 months on-time payments

Rated as one of the best parent loans out there, College Ave has a lot to offer. When it comes to costs, they’re about as low as you’ll find. Though they charge a fee for late payments and only offer an autopay discount, their interest rates are lower than the majority of other private lenders. As for qualifying, they have a low minimum borrowing limit, cover up to 100% of your student’s annual cost of attendance, and their parent loan is available in all 50 states (and even to non-citizens and non-residents!). 

That being said, there are elements of their repayment terms that are less desirable (or simply not spelled out). Their deferment and forbearance policies are unclear. And if you let unpaid interest accrue, they will capitalize it monthly, leaving you with a large loan balance in the end.

College Ave - Private Student Loan Details

Interest Rates, Fees and Terms
  • Credit Check: Soft to check rates, hard to process application
  • Repayment Terms: 5, 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: Not specified by lender
  • Minimum Annual Income: Not specified by lender
  • Citizenship Restriction: Available to Citizens, Permanent Residents, and International Students with a credit-worthy Citizen or Permanent Resident cosigner
  • Minimum Enrollment Restriction: Not specified by lender
  • List of States where Loan is Not Available: None
  • Approved Schools Include: Title IV
Repayment Options
  • Immediate Principal and Interest Repayment: Yes
  • Fixed Monthly Repayment: None
  • Interest-Only Repayment: Yes
  • Full Deferment: None
Repayment Details
  • Length of Grace Period: None
  • Maximum Deferment Period: Not specified by lender
  • Maximum Forbearance Period: Not specified by lender
  • Cosigner Release Option: Not specified by lender
  • Death Discharge: Yes
  • Disability Discharge: Yes
Customer Service
  • US-Based Call Center: Not specified by lender
  • Hours of Operation (in addition to weekdays): Evenings
  • Application Timeline: Not specified by lender
Extras
  • Scholarship Search Tool: Yes
  • Sponsors a Scholarship: Not specified by lender
  • Job and Career Assistance: None
  • Financial Literacy Training: Not specified by lender
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