College Ave Undergraduate Student Loan Review
Undergraduate Student Loans
We rank College Ave private student loans within the top tier 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.
How does this loan compare?
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 student loan payment, College Ave 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
- 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
- Minimum Credit Score: Mid-600s
- Minimum Annual Income: $35,000
- 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
- Minimum Enrollment Restriction: None
- List of States where Loan is Not Available: None
- Approved Schools Include: Title IV
- Immediate Principal and Interest Repayment: Yes
- Fixed Monthly Repayment: Yes, 25
- Interest-Only Repayment: Yes
- Full Deferment: Yes
- 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
- 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
- Scholarship Search Tool: None
- Sponsors a Scholarship: Yes
- Job and Career Assistance: None
- Financial Literacy Training: Yes