2024 College Ave Student Loans Review

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Edited byKathryn Schroeder

Updated: February 2, 2024

Advertising & Editorial Disclosure

Students looking for a private loan to finance their higher education may borrow from College Ave $1,000 up to the total cost of attending school. College Ave also offers student loan refinancing to lower the interest rate and monthly payment. MoneyGeek’s College Ave student loan review discusses the loan terms and requirements to help determine whether the lender suits your needs.

At a Glance: College Ave Student Loans

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MoneyGeek Breakdown: College Ave Student Loan Details and Requirements

College Ave Details

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College Ave Student Loan Application Requirements

1

Be a U.S. citizen or permanent resident with a Social Security number.

2

International students need a U.S. Social Security number and a qualified co-signer.

3

Must be enrolled at or accepted to an eligible school.

4

Must meet the school’s satisfactory academic progress (SAP) guidelines.

5

Must meet credit score requirement (minimum score requirement is undisclosed).

6

Must provide details such as date of birth, contact information, household income, school of attendance, expected date of graduation and loan amount.

Is College Ave Right for You?

When looking for the best student loan lender, consider the minimum/maximum loan amount available, interest rate (and whether variable or fixed), fees and requirements. MoneyGeek created this College Ave student loan review to help you uncover whether the lender suits your education-financing needs.

Type of Student College Ave Is Perfect For

College Ave student loans are a good option to finance higher education, whether undergraduate, graduate, medical school or as a parent who needs a loan for their child. Additionally, the company also offers refinancing options at low interest rates that can help former students pay less for their student loans.

College Ave is also a good choice for students who want flexible repayment terms. Most students can choose a loan term from five to 15 years, while others may get 20 years. Plus, upon graduation, you can defer payments up to six months if you were an undergraduate or nine months if you were a graduate student.

Who Should Not Choose College Ave

Typically, it takes at least 10 business days for College Ave to release loan funds. Depending on your school, the process may take even longer. Individuals looking for a student loan they can access immediately may not find College Ave as the best option.

The lender’s 20-year term is only available to medical, dental and law students. Otherwise, the longest term available is 15 years. If you want a longer term to pay off your student loans, College Ave is not the lender for you.

College Ave is also not the right option for students who do not meet their school’s SAP guidelines.

How to Apply for a College Ave Student Loan

Before applying for a student loan with College Ave, it is important to understand the requirements and application process. In doing so, you can prepare the necessary information and documents. At the same time, it helps determine whether you are eligible to apply for a student loan.

1

Prequalify

Check if you qualify for a College Ave student loan with its prequalification tool that does not use a hard credit inquiry — you can use it to decide whether to complete the application or not by what interest rate it offers.

2

Fill Out Application Form

If you think that a College Ave student loan is the best option, proceed with the application. Prepare the following:

  • Social Security number
  • Date of birth
  • Contact information
  • Household income
  • School of attendance
  • Expected date of graduation
  • Loan amount
3

Wait for Approval

Once you complete the application form, submit it and wait for the lender’s approval. According to College Ave, borrowers typically get a decision within three minutes.

4

Review Loan Agreement

If you get an approval for a student loan with College Ave, the lender sends you the loan agreement. Review all the details. Take the time to understand the interest rate, fees, terms and other relevant information that may affect your repayment.

5

Sign Loan Agreement

If you think all the details of the loan agreement are okay, you can accept the terms by providing an e-signature on the loan documents.

College Ave sends your loan for certification after receiving the signed documents. The timeline for the whole process depends on your school.

6

Receive or Direct Funds

Once the school certifies your student loan, you get an email from College Ave with the disbursement dates and amounts. The lender schedules when to direct the funds depending on the requested timeline of your school. The lender’s mobile app also shows the status of your loan application and disbursement information.

7

Make Payments

Depending on your financial situation, you can choose among four repayment options. If you decide to make automatic payments, you are eligible for a 0.25% interest rate reduction. You can also make early payments without worrying about prepayment penalties. However, late payments come with a fee.

The four repayment options are:

  • Full principal and interest: Start paying for the principal and interest right away.
  • Interest-only: Pay the interest monthly while in school and make full payments after graduation.
  • Flat: Pay $25 every month while in school and make full payments after graduation.
  • Deferred: Start paying principal and interest after graduation (six months for undergraduate student loans and nine months for graduate student loans).

What to Do if You Are Rejected From College Ave

Not all student loan applications with College Ave get approved. Typically, individuals get rejected for student loans because of low credit scores, not enough income or not enough credit history.

If College Ave denies your student loan application, the first thing to do is contact them. Ask for the specific reason why your application was not approved. It is best not to apply for another loan until you find out this information. You may also ask the lender if there is a way for you to modify your loan application to make it acceptable to them. For example, you may have to make changes to the loan amount or term.

You should also talk to your school’s financial aid advisor or office. Ask for additional information and other resources that can help you. You should also conduct research on available education funding options.

If you think that College Ave is the best lender for you, but you are not eligible for its student loans, consider having a qualified co-signer. Your co-signer is equally responsible for your loan repayments.

Frequently Asked Questions About Student Loans

MoneyGeek’s College Ave student loan review aims to provide you with information to find the best student loan based on your needs. We include answers to some of the most frequently asked questions below about student loans with College Ave to help you make a well-informed decision.

College Ave offers different types of student loans, including for undergraduate, graduate, law, MBA, dental and medical students. Parents or guardians may also take out a loan to finance their children’s studies. The company also offers career student loans and student loan refinancing.

College Ave’s student loans could cover tuition, fees, rent, room or board, bills and utilities, meal plans and groceries, books and supplies, equipment (including a computer and printer) and transportation.

One of College Ave’s requirements is creditworthiness. However, the lender does not disclose its minimum credit score requirement.

According to College Ave, applicants typically receive a decision within three minutes after submitting a complete application form.

Yes, borrowers can access their accounts through the College Ave mobile app. You can check your loan application’s status, set up or edit automatic payments, make or cancel payments, update your contact information and communicate with College Ave.

There is no set maximum loan amount. College Ave offers loans up to the total cost of attendance at an eligible school.

You can use College Ave’s prequalification tool to see if your credit score qualifies. Doing this only uses a soft credit inquiry. However, once you apply for a loan, you may be subject to a hard inquiry that has an impact on your credit score.

Yes, borrowers can have a co-signer. If you do not have enough credit history, you likely need a qualified co-signer.

College Ave has a list of eligible schools. Check if it includes your school. You can also ask your school if they have a list of participating student loan lenders. Another option is to contact College Ave to confirm your school’s eligibility.

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*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
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