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Advantages and disadvantages
College Avenue Undergraduate Student Loans
Variable: 1.04% – 11.98%, Fixed: 3.34% – 12.99%
College Ave offers competitive fixed and variable APRs on its undergraduate student loans and does not charge any origination or prepayment fees. In addition, you have the choice of several terms of office, including periods of five, eight, 10 and 15 years.
You will pay late fees with College Ave and a credit check is required to take out a loan.
College Avenue graduate student loans
College Ave graduate student loans are not as good as their undergraduate student loans because the lender has average APRs compared to their competition and comes with no additional advantages. On the plus side, the company offers many tenure terms and does not incur any set-up or prepayment fees.
How College Ave Student Loans Work
College Ave offers student loans for a variety of degree types, including undergraduate, graduate, vocational training, dental, law schools, MBAs, and health professions.
To get a loan, you must meet the following conditions:
- Be a U.S. citizen or permanent resident or international student with a Social Security number and an eligible co-signer
- Be enrolled in a diploma school part-time or more
- Make satisfactory academic progress as defined by your school
- Pass a credit check
You should think about your federal student loan options before applying for a private student loan, including one with College Ave, as you can usually get more favorable terms and protections through the government.
You can apply for a loan in as little as three minutes, and you’ll need to provide the following information:
- Contact information
- Date of Birth
- Social Security number
- Household income
- School attendance and your attendance fees
- Expected Graduation Date
- Amount of the loan
You can choose from several options for contacting customer service at College Ave. You can call the company from 9 a.m. to 10 p.m. ET Monday through Friday or Saturday from 9 a.m. to 3 p.m. ET. You also have the option of sending an SMS to the lender. College Ave also has a live chat feature on its website where you can message a representative. In addition, you can send an email to the company.
What options do I have for paying off my College Ave student loans?
You have four options for paying off your student loan after you take it out: deferred, lump sum, interest only, and payment in full. Each option has its advantages for different types of borrowers.
Is College Ave Trustworthy?
College Ave is a Better Business Bureau accredited business with a A + in reliability of the BBB. The BBB assesses reliability by examining companies’ responses to consumer complaints, honesty in advertising, and clarity in business practices.
That said, you won’t necessarily have a great relationship with College Ave just because the company has a top-notch BBB rating. You should educate and ask your friends and family about their experiences with the lender and read customer reviews online.
College Ave has not been the subject of recent public controversy, so you may decide that you are comfortable taking out a student loan with the company.
How College Ave Student Loans Compare to Similar Lenders
College Ave’s rates are lower than those offered by comparable lenders, although the rates depend on your creditworthiness and other financial factors. Here’s how College Ave stacks up against the competition:
College Ave Reviews vs. Sallie Mae Reviews
If you have good credit, you will likely get better APR with College Ave than with Sallie Mae, because College Ave has a lower minimum rate.
Neither company will charge a setup fee or prepayment penalties, but you will need to pay a 5% late fee, up to $ 25, from both lenders.
College Ave will give you your rate and tell you if you’ve been approved for a loan through a soft credit check, which won’t impact your credit score. With Sallie Mae, the lender will perform a thorough credit investigation to determine your eligibility, which could negatively affect your credit score.
College Ave Reviews vs Discover Reviews
College Ave has a lower minimum APR to find out, and both have similar maximum APRs. College Ave may be the best choice if you have an excellent credit history.
Discover only has one standard term available on its undergraduate student loans, 15 years, while you can choose from terms of five, eight, 10, and 15 years with College Ave.