College Ave Review

Top10.com StaffByTop10.com StaffSep. 03, 2019

In a Nutshell

College Ave Student Loans is a fintech company that provides private student loans and refinancing for undergraduate and graduate tuition fees. Its sleek online platform makes it easy to apply for and get approved for a student loan quickly and with minimum hassle. The website provides plenty of information about the various loan products, with full transparency on rates and fees.

pros

  • Competitive, transparent rates and fees
  • Parent loan options
  • Scholarships, discounts, and rewards

cons

  • No federal loans

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College Ave at a Glance

Loan types: Undergrad and postgrad

Loan amount: $1,000 up to full cost of degree*

Repayment terms: 5, 8, 10, and 15 years*

APR from: 2.84%

Minimum credit score: 640

Fees (including prepayment fees): No origination, application or prepayment fees

Overview

College Ave is an online lender established in 2014 that specializes in private student loans. It offers undergrad loans, graduate loans, parent loans, and refinancing. All its loans are underwritten by 1 of 2 partnering FDIC compliant banks: Firstrust Bank and M.Y. Safra Bank. As seen in the average APRs listed above, College Ave’s rates are highly competitive. College Ave offers 4 flexible repayment options, accepts cosigners, and doesn’t charge any origination or application fees.

Best For?

College Ave is excellent for anyone who has a solid credit score or a reliable cosigner. It's also a good option for parents looking for a loan to help put their kids through school. College Ave offers a range of flexible options, allowing borrowers 4 different repayment terms and 4 repayment options, such as principal and interest payments, interest only, flat payments or differed payments. There are a range of loans available too, including career loans with $150 cash back upon graduation for selected associate, bachelors and graduate degrees. Even better: it offers scholarship drawings where each month one customers wins $1,000 towards school expenses. It takes only 3 minutes to apply.

Loan Features

College Ave offers a range of private student loans as well as some great tools and resources to help you make your decision.

  • Undergraduate student loans: These cover up to 100% of attendance, including tuition, fees, books, housing, and other college costs.

  • Graduate student loans: Covers the cost of a postgraduate, masters, doctoral, or professional degree.

  • Parent loans: Parents of students can take out customized loans for their child’s education, including an option of having up to $2,500 sent directly to them so they can keep some control over spending.

  • Career loans: this product is offered to students in selected associate, bachelors, and graduate programs, and includes $150 cash back when you complete your studies.

  • Refinancing: Includes refinancing options for recipients of private and federal student loans.

  • Scholarships: All borrowers are given the opportunity to go into the draw for a scholarship, with one customer awarded $1,000 toward their studies each month.

  • Tools and resources: This service includes a stack of free tools and resources to help calculate the cost of your student loan.

The Application Process

It takes just 3 minutes to apply for a loan and get a decision. To pre-qualify, all you or your cosigner (if you have one) need do is fill out your name, address, date of birth, and email address. By filling out these details, College Ave will run a soft credit check and determine if you’re eligible for one of its loans. 

Full applications require you (and cosigner) to enter the following information:

  • Applicant’s info, including name, contact details, and home address

  • Personal info, including citizenship, Social Security number, date of birth, and total annual income

  • School and loan info, including school, state, year of studies, enrollment status, estimated graduation date, estimated cost of attendance, estimated financial assistance, and requested loan amount.

  • Once you’ve completed the form, simply read the disclosure agreement, review the terms, and press confirm to get a decision in seconds.

Eligibility Requirements

Like most private student loans, College Ave’s allows you to apply in your own name or bring in a cosigner. Credit score is only part of the picture. College Ave assesses applicants based on their overall financial history. Students must be enrolled in an eligible university or graduate school to qualify for a loan.

Loan Rates

College Ave’s interest rates and fees are highly competitive compared to the other major online lenders in the private student loans industry. All rates include a 0.25% auto-pay discount.

Repayment Terms

All undergrad, graduate, and parent loans come with 4 repayment options: 5, 8, 10, or 15 years. Refinancing can be spread over 5-20 years. 

Borrowers may choose from these 4 repayment options:

  • Full principal and interest payment from the start

  • Interest-only payment while you’re in school

  • Flat payments of $25 each month during school to reduce accrued interest

  • Deferred payments, so you only have to start paying once you graduate school

How Safe Is It?

College Ave’s website has all the proper security and encryption protocols in place, ensuring your private information is protected. All loans are underwritten by 1 of 2 partnering FDIC-compliant banks: Firstrust Bank and M. Y. Safra Bank. College Ave has the appropriate licenses in the roughly 30 states where such licenses are required.

Customer Service

College Ave Student Loans has an A+ rating from the Better Business Bureau and an 8.9/10 rating from Trustpilot reviews. Customer support staff are on hand to help with applying for a student loan during extended US business hours.

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How College Ave Compares


College Ave
SimpleTuition

Credible

APR from
2.84%
2.75%
3.26%
Minimum credit score
640
None
Around 660
Loan amounts
$1,000 to full cost of degree
$1,000 - $500,000
$1,000 to full cost of tuition
Accepts cosigners
Yes
Yes
Yes
Best for
Flexible repayment options
Finding the lowest rates
High credit scores

Summary

College Ave is an excellent option as far as private student loans go. It offers options for all types of borrowers: undergraduates, graduates, and parents. It promises maximum flexibility, with a choice of 4 repayment types and 4 repayment periods. It offers complete transparency on rates and fees, making your decision easier. And, perhaps most importantly, its sophisticated underwriting system returns a decision in minutes.


Disclaimers:

*College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.

As certified by your school and less any other financial aid you might receive. Minimum $1,000.

The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.

This informational repayment example uses typical loan terms for a freshman borrower who selects the Flat Repayment Option with an 8-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7.78% fixed Annual Percentage Rate (“APR”): 54 monthly payments of $25 while in school, followed by 96 monthly payments of $176.21 while in the repayment period, for a total amount of payments of $18,266.38. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.

This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.


Information advertised valid as of 9/3/2019. Variable interest rates may increase after consummation.

Top10.com StaffByTop10.com StaffAug. 18, 2019
Our editorial staff is comprised of writers who are knowledgeable about financial services. We specialize in simplifying the process of choosing the right student loan lender for your needs.
College Ave