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College Ave Student Loan Review

Loan Amount: $1,000 - cost of attendance
Deferment Period: Six Months
APRs From: Fixed: 4.64% - 11.98%Variable: 3.64% - 10.97%
Loan Types Offered: Undergraduate, graduate, parent, career, refinance
Co-Signer: Yes
Loan Types Offered: 5-15 years

Who is a  College Ave Student Loan Good For?

Student loans from College Ave are a good option for borrowers who want a lender that offers low rates, flexible repayment options and focuses solely on student loans. Indeed, it’s one of the few student loan lenders that doesn’t offer a host of other products, like personal loans, credit cards or banking.

College Ave also offers handy student loan tools. For example, its “See Your Loan in Action” tool allows you to view your future loan before committing, with individualized options and rates.

And borrowers have the chance to win additional aid for college expenses through the lender’s scholarships, sweepstakes and contests.

But College Ave doesn’t have a defined forbearance policy, making it a less-than-optimal choice for those who may need to postpone payments at some point due to financial difficulties.

In addition, repayment terms with College Ave top out at 15 years. If you need a longer term, you may want to shop at other lenders.

College Ave Student Loan Eligibility Requirement

Here are the general eligibility requirements in order to apply for a loan from College Ave:

  • Be a student at an eligible U.S. college or university
  • Be a U.S. citizen or international student with a valid U.S. Social Security number
  • Borrow at least $1,000

Interest Rates and Terms

College Ave offers competitive fixed and variable rate loan options. Its fixed-rate student loans range from 4.72 percent to 12.94 percent. Variable rates range from 3.96 percent to 11.98 percent. Quoted rates include an autopay discount of 0.25 percent.

Here are the rate ranges for each loan product at College Ave:

Loan productVariable rateFixed rate
Undergraduate student loans2.84% – 10.97% APR4.54% – 11.98% APR
Graduate student loans4.45% – 10.97% APR5.20% – 11.68% APR
Dental school loans4.46% – 8.69% APR4.85% – 9.75% APR
Law school loans4.56% – 8.69% APR4.97% – 9.75% APR
Medical school loans4.31% – 8.69% APR4.67% – 9.75% APR
MBA loans4.45% – 10.97% APR5.20% – 11.68% APR
Parent loans4.63% – 9.53% APR6.50% – 11.56% APR
Career loans4.54% – 11.98% APR4.54% – 11.98% APR
Student loan refinancing2.37% – 5.87% APR3.54% – 6.24% APR

Fees:

College Ave does not charge an origination or prepayment fee. It doesn’t specify a fee for late payment.

Repayment periods of five, eight, 10 and 15 years are available from this lender.

Repayment options include:

  • Deferred: Make no principal or interest payments while in school
  • Interest-only: Pay monthly interest charges while in school
  • Flat: Pay a set $25 per month while in school
  • Full principal and interest: Make full principal and interest payments as soon as school starts

How to Get a Student Loan

College Ave’s application process is completely online. It allows you to apply from any device and find out if your loan is approved in just three minutes, according to the lender. The entire process, from application to sending money, takes 10 business days or longer.

In order to apply, you’ll need to gather information, including your Social Security number, estimated annual income, school name and the amount you’d like to borrow. You’ll see your interest rate once you’re approved.

Here’s what the process looks like when applying for a student loan through College Ave:

  1. Start the application process on College Ave’s site and see if you’re approved. You’ll get an instant decision.
  2. Accept the terms and e-sign loan documents, which can be completed on the site.
  3. College Ave sends the loan application and information to your school for certification.
  4. College Ave schedules funds to be sent according to the school’s requested timeline.