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College Ave Student Loans Review
ConsumersAdvocate.org Rating: 4.9 / 5 (Excellent)
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College Ave is an online marketplace offering a simplified approach to finding and securing student loans. It offers undergraduate, graduate, and parent loans as well as refinancing loans. The company was incorporated in 2014 and is headquartered in Wilmington, Delaware.
How is College Ave Student Loan rated?
Breakdown
5.0/5
Loan Details
4.8/5
Eligibility Criteria
4.9/5
Customer Experience
4.8/5
Additional Benefits
Overall Rating: 4.9 / 5 (Excellent)
College Ave is a great choice for students or parents who want assistance with finding the best loan.
Unlike most competitors, it offers four repayment options, with four terms that don't require a cosigner.
The application process is online with a fast approval turnaround time.
There is 24/7 customer service, which other competitors do not offer.
College Ave offers a 6-month grace period for undergraduate loans and a 9-month grace period for graduate loans. The website does not specifically mention any forbearance program.
College Ave has a solid reputation and receives an A+ rating from the BBB and 4.5 out of 5 stars on TrustPilot.
College Ave Student Loan Loan Specifics
Loan Details - 5 / 5
This company offers undergraduate, graduate, and parent loans with no associated fees or prepayment penalties.
There are multiple repayment options with each loan type as well as four loan terms with fixed or variable rates.
Undergraduate loan rates are shown and include the 0.25% auto-pay discount.
College Ave offers a 6-month grace period for undergraduate loans and a 9-month grace period for graduate loans. We did not find any mention of a forbearance program on College Ave's website.
| Loan Types |
Undergraduate
Graduate
Parent
|
| Minimum Loan Amount | $1,000 |
| Maximum Loan Amount | Total cost of attendance for undergraduate loans. $150,000 for medical and dental school loan8 |
| Loan Term | 5, 8, 10, or 15 years for undergraduate and graduate/business school loans. 5 to 15 years for parent loans. 5, 8, 10, 15, and 20 years for medical and dental school loans. |
| Interest Rates |
Fixed
Variable
|
| Repayment Options |
Deferred
Fixed
Immediate
Partial Interest
|
| Cosigner Release |
Fixed APR Range
Undergrad: 3.59% - 17.99% (1)
Graduate: 3.59% - 14.49% (1)
Parent: 3.59% - 17.99% (1)
Variable APR Range
Undergrad: 5.34% - 17.99% (1)
Graduate: 5.34% - 14.49% (1)
Parent: 5.34% - 17.99% (1)
Medical: 5.34% - 14.47% (1)
Dental: 5.34% - 14.47% (1)
Law: 5.34% - 14.47% (1)
Health Professions: 5.34% - 14.47% (1)
MBA: 5.34% - 14.47% (1)
Disclaimer
College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community 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.
(1)All rates include the auto-pay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. Variable rates may increase after consummation.
(2)As certified by your school and less any other financial aid you might receive. Minimum $1,000.
(3)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 11/1/2024. Variable interest rates may increase after consummation. Approved interest rate will depend on the creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term.
College Ave Student Loan Qualifications
Eligibility Criteria - 4.8 / 5
A cosigner is not required if the applicant's income is $35,000 or more.
The marketplace offers a free online pre-qualification credit check with Experian which will not impact the applicant's credit score.
Borrowers must be U.S. citizens or permanent residents.
Course Load was not found as a requirement on the website.
| Cosigner Required | |
| Citizenship Requirement |
U.S. Citizen
Permanent Legal Resident
|
College Ave Student Loan Customer Experience
Customer Experience - 4.9 / 5
The marketplace offers a comprehensive student calculator per loan type as well as 24/7 customer support.
| Student Loan Calculator | |
| Reputation | 24/7 Customer Support |
Discounts
- 0.25% auto-pay interest rate reduction
College Ave Student Loan Company Reputation
Additional Benefits - 4.8 / 5
College Avenue has a BBB rating of "A+" with no negative reviews and a Trustpilot rating of 4.5/5 stars with 57 reviews logged.
| Lender Type | Marketplace |
| Year Founded | 2014 |
| BBB Rating | A+ |
| Number of BBB Positive Reviews | 2 |
| Number of BBB Negative Reviews | 0 |
| Trust Pilot Rating | 7.1 out of 5 |
| Date Collected | 2022-02-02 |
Company's Disclosure
Rates current as of 11/1/2024. Lowest-possible rates reflect a discount for setting up auto-pay. The loan maximum for MBA, medical, dental, and law school is $150,000.
Company Profile
| Full Name | College Ave Student Loans |
| Company Website | |
| Headquarters | 1105 North Market Street, Wilmington, DE, 19808 |
Top Rated
Our Partner
8 Reviews
#1 Choice for Students & Co-signers
- Rates starting at 3.59% APR 1
- Best option for those with cosigners and good credit
- Enter to win a $1,000 scholarship, awarded monthly
- Checking rates won't affect your credit score
- Flexible options for repayment and no origination fees
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