What You Need to Know
College Ave allows its customers to choose how they repay their student loans. They offer a variety of options. Some of those include:
- Make principal and interest payments while in school
- Pay only interest while in school
- Make set payments of $25 per month during school
- Start paying once you finish school
The repayment terms range from 5 to 15 years. Customers can choose the repayment option that works best with their financial situation. The repayment options may vary based on whether you have a personal or cosigner loan.
College Ave offers an interest rate discount. You must sign up for automatic withdrawals for your monthly payments. The discount is 0.25 percent off the interest rate you receive. You can withdraw the money from any checking or savings account.
College Ave does not offer loans to all colleges. Before you apply for a loan, you must ensure your college is on the list of eligible colleges. If you do not see your college, you can contact your college and ask. You can also email College Ave to see if your college is eligible. If your college is not on the list, you cannot apply for a loan with College Ave.
The only loans offered through College Ave are student loans. They do not provide any other loan types. They do offer student loans for undergraduate and graduate loans. They also offer parent loans and the option to have a cosigner on your loan.
Qualifications to Apply for College Ave Loans
- Annual Income: DOSCC
- Job History: DOSCC
- Debt-to-Income Ratio: DOSCC
- Minimum Credit Score: DOSCC
- Credit History Length: DOSCC
- Credit Bureau Inquiries: DOSCC
- Bankruptcy History: DOSCC
- Past Loan Denial: Not specified
- U.S. Citizenship Required: Valid U.S. SSN required
- Required Age: 18
- SSN Required: Yes
- Valid Bank Account Required: Yes
Useful Information About College Ave Loans
- Business Loans Offered: No
- Cosigner Loans Offered: Yes
- Joint Loans Offered: Yes
- APR Range: 4.54-11.98%
- Fixed Interest Rates: Yes
- Repayment Options: ACH, bill pay, check, credit cards, online, phone
- Payments Due: Monthly
- Payment Methods Fees: No, but interest rate discount for ACH
- Smallest Loan: $1,000
- Largest Loan: 100% of school-certified costs
- Loan Term Lengths: 5-15 years
Additional Relevant Information
You can determine the term length of your loan. You can borrow up to one-year of tuition at a time. You can choose to receive money for only one semester or quarter as well. If you borrow for two semesters, they pay for the first semester. They will not send money for the second semester until that semester starts. This saves you from paying interest on the money you are not using yet.
History and Achievements
College Ave Student Loans started in 2014. They started the company to help students pay for school. They offer private student loans. College Ave tries to help students get private loans as easily and inexpensively as they can.
Frequently Asked Questions
Can I apply for a loan entirely online?
Yes. You can apply for a loan online. You cannot apply for a loan over the phone.
What is the lowest my credit score can be?
College Ave does not have a set minimum credit score. You can apply for a loan with a cosigner for better options of approval. You can receive preapproval for your loan to see if you qualify before College Ave does a hard credit pull.
What is the smallest loan amount available?
The minimum loan amount is $1,000.
What is the largest loan amount available?
Applicants can apply for up to 100 percent of school-certified costs. This can include tuition, fees, and books. Supplies, housing, and transportation are also ways applicants can use the money.
What are the loan term lengths?
They offer a variety of term lengths. The length of years varies from 5 to 15 years. You can make payments while in school or wait until graduation. You can pay a set amount each month, interest-only, or principal and interest. You choose the best term length and repayment option for your financial needs.
Are the interest rates competitive?
Yes. They offer fixed or variable interest rates on their loans. Both loans offer competitive interest rates. The interest rate you receive depends on the qualifications of you and your cosigner.
Are the interest rates fixed?
Yes. They offer fixed or variable interest rates on their loans. Both loans offer competitive interest rates. The interest rate you receive depends on the qualifications of you and your cosigner.
What types of loans are available?
College Ave offers student loans. They offer a variety of student loans, but only student loans are available.
What information do I need to apply for a loan?
College Ave requires basic personal information including, name, address, phone number, and email. They will verify your income, SSN, and the school you wish to attend. College Ave requires the state where your school is and your enrollment status. You must also state your prospective graduation date. Other information may be necessary, depending on your application.
How long does approval take?
Approval can take as little as three minutes but may take longer. Approval time depends on your application and qualifications. After you have approval, they send the loan to your school for certification. This can take days or weeks, depending on your school.
How long will it take the money to enter my account after approval?
College Ave sends the money to the school you selected, usually within ten business days.
If I have been denied a loan before, how long do I have to wait to apply again?
If you think you will not qualify for a College Ave loan, you can apply with a cosigner.
What are the payment options to repay my loan?
College Ave offers a variety of ways to make loan payments. You receive an interest rate discount of 0.25 percent for paying through ACH. Other payment options include checks, bill pay, online, over the phone, or with credit cards.
Can I pay my loan off early?
Yes. There are no fees for paying your loan off early. There are not any fees for making extra payments each month either.
Is my information secure?
College Ave offers security measures that comply with federal laws. Their computers have safeguards. Their buildings and files are secure. They limit the personal information employees can see about customers.
Does this loan company offer a mobile app?
The College Ave website does not list a mobile app.
How do I contact customer service?
Through phone, email, or mail. You can follow College Ave on Facebook, Instagram, and Twitter.
Bank Contact Information
College Ave Student Loans
P.O. BOX 5863
Carol Stream, IL 60197-5863
844-422-7502
