College Ave Private Student Loans Review 2019 - Make Lemonade

College Ave Private Student Loans Review

Company Overview: College Ave

Founded in 2014 and based in Washington, D.C., College Ave is a student loan company was founded by former Sallie Mae executives. College Ave positions itself as having flexible repayment terms and helps borrowers obtain a lower monthly student payment (not just a lower interest rate). College Ave offers undergraduate student loans, graduate student loans and parent loans as well as student loan refinancing.

College Ave Student Loans Overview

College Ave offers attractive rates and terms for student loans compared with other top lenders of student loans:

Overview

Variable Rates:4.20% - 11.44%
Fixed Rates:5.29% - 12.78%
Minimum Loan Amount:$1,000
Loan Terms:5, 8, 10, 15 years
Origination Fees:No
Prepayment Fees:No
Co-signer Option:No

*Fixed and variable rates are based on APRs and include an ACH AutoPay interest rate reduction of 0.25%, if any.

How College Ave Compares: Key Benefits For Student Loans

Here are some of the reasons that College Ave borrowers love College Ave student loans:

  • Loan Customization: College Ave has a useful tool that helps you choose your loan term length, interest rate and repayment plan.
  • Lower Rate With Cosigner: If you apply with a creditworthy cosigner, College Ave may give you a lower interest rate compared to the interest rate you could get on your own.
  • Deferment and Forbearance: College Ave may allow borrowers to pause their student loan payments if you return to school or enter the military. College Ave may also let you pause your student loan payments through a forbearance.
  • Repayment Flexibility: College Ave offers multiple, flexible repayment plans so you can determine which student loan repayment plan is right for you.

Eligibility Criteria

To apply for College Ave student loans, you need to meet the following eligibility criteria:

Requirements To Apply For College Ave Student Loans

Minimum Age: At least age of majority in your state

Citizenship/Residency: U.S. citizen or permanent resident (applies to co-signer too, if any)

Education: Attend school at least half-time at a qualifying school

Loan approval may depend on a number of additional factors, including, but not limited to, your (or your cosigner’s) financial history, credit profile, and monthly income vs. expenses.

College Ave Repayment Plans

College Ave provides several flexible repayment plans for your student loans while you are in school:

  1. Full Principal & Interest Payment: Start repaying your principal and interest right away to save the most money. This yields the highest in-school payment, but results in the lowest overall cost.
  2. Interest-Only Payment: Pay interest only each month while you are in school. This results in moderate in-school payment.
  3. Flat Payment: Make $25 payments each month while in school to reduce your accrued interest. This yields the lowest in-school payment.
  4. Deferred Payments: No in-school payments required, and you defer your student loan payment until six months after you leave school. You will pay more in interest over the life of your student loan. This yields no student loan payment while you are in school, but will result in the highest overall cost.

Bottom Line: Is College Ave right for you?

College Ave has an excellent reputation in the student loan industry. The minimum credit score for College Ave student loans are typically in the mid-600’s, although many borrowers have a credit score above 700. Atypical College Ave borrower with a cosigner has an annual income of at least $80,000 (including the income of the cosigner).

Next Steps: How To Apply To College Ave

You can apply for a College Ave student loan in 3 easy steps.

Step 1: Check your personalized student loan rate in just 2 minutes.

Step 2: Complete application and upload documents.

Step 3: Accept loan terms and get funded.

The good news is that you can check your personalized student loan rate online with College Ave in 2 minutes. This way, you’ll know whether you can be approved for College Ave student loans before you complete the full application. Therefore, College Ave will provide you with a personalized student loan rate estimate. The pre- approval is only a soft credit pull so there is no impact to your credit.

If you have been pre-approved, the online application only takes 10-15 minutes to complete.

Applying is super easy – get your personalized rate in 2 minutes

*Checking your rate does not affect your credit score.


The Best Private Student Loans For 2019

Lender
Rates (APR)
Loan Type
4.20% - 12.78%
Graduate, Undergraduate

Overview

Variable Rates:4.20% - 11.44%
Fixed Rates:5.29% - 12.78%
Minimum Loan Amount:$1,000
Loan Terms:5, 8, 10, 15 years
Origination Fees:No
Prepayment Fees:No
Co-signer Option:No

Details

  • Student loans available to graduate, bachelors and associates degrees
  • Deferment and forbearance options may be available
  • Grace period for undergraduates: 6 months
  • Grace period for graduate students: 9 months
  • Flexible student loan repayment options
4.68% - 6.99%
Graduate, Undergraduate

Overview

Variable Rates:5.85% - 6.99%
Fixed Rates:4.68% - 6.54%
Minimum Loan Amount:$5,000
Loan Terms:10
Origination Fees:No
Prepayment Fees:No
Co-signer Option:Yes

Details

  • Low rates from community lenders like credit unions and community banks
  • Get lower rates with a co-signer
  • Ability to pause payments for up to 18 months if you become unemployed
  • May consider your academic credentials to help you get a lower rate
  • If you repay 10% of your loan before your loan enters full repayment period, 1.0% APR is dropped from your current interest rate
4.26% - 14.46%
Cosigned Graduate, Undergraduate

Overview

Variable Rates:4.26% - 13.26%
Fixed Rates:5.38% - 14.46%
Minimum Loan Amount:$2,000
Loan Terms:5, 10, 15 years
Origination Fees:No
Prepayment Fees:No
Co-signer Option:Yes

Details

  • Ability to start repaying loan while in school
  • Co-signer release after 24 consecutive payments
  • Financial hardship forbearance option
  • Non-U.S. citizens are eligible if they have a creditworthy co-signer who is a U.S. citizen or permanent resident
  • 1% Cash Back Reward to students on their loan principle amount upon graduation
5.90% - 13.68%
Non-cosigned Graduate, Undergraduate

Overview

Variable Rates:5.90% - 13.17%
Fixed Rates:6.95% - 13.68%
Minimum Loan Amount:$2,000
Loan Terms:10, 15 years
Origination Fees:No
Prepayment Fees:No
Co-signer Option:Yes

Details

  • Borrowers can qualify without a cosigner
  • A borrower’s major, graduation date and future earnings potential are considered
  • Borrowers who choose a fixed-rate option only can select a 10 year term
  • No minimum credit score or minimum income is required
  • Must have Satisfactory Academic Performance of 2.5 GPA, have Junior status or higher, and must be enrolled full-time
  • 1% Cash Back Reward to students on their loan principle amount upon graduation
3.74% - 8.91%
Graduate, Law, Medical, MBA, Dentistry, Nursing

Overview

Variable Rates:3.74% - 7.89%
Fixed Rates:4.50% - 8.91%
Minimum Loan Amount:$5,000
Loan Terms:5, 7, 10, 15, 20 years
Origination Fees:No
Prepayment Fees:No
Co-signer Option:Yes

Details

  • Student loans available to graduate, undergraduate and associates degrees
  • Law school, business school, medical school, dentistry school available at select schools.
  • Flexible student loan repayment options
  • Forbearance up to 1 year available

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