Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective.
Pros and cons
College Ave 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 doesn’t charge any origination or prepayment fees. Additionally, you have a variety of term lengths you can pick, including five, eight, 10, and 15-year periods.
You will pay a late payment fee with College Ave, and a credit check is required to take out a loan.
College Ave graduate student loans
College Ave‘s graduate student loans aren’t quite as good of an offering as its undergraduate students loans, as the lender has middle-of-the-pack APRs compared to competitors and comes with no extra perks. On the plus side, the company offers many term lengths and doesn’t come with any origination or prepayment fees.
How College Ave student loans work
College Ave offers student loans for a variety of degree types, including undergraduate, graduate, career training, dental, law school, MBAs, and health professions.
To get a loan, you must meet the following qualifications:
- Be a US citizen or permanent resident or an international student with a Social Security number and eligible cosigner
- Be enrolled in a degree-granting school half-time or more
- Be making satisfactory academic progress as defined by your school
- Pass a credit check
You should think about your federal student loan options before applying for any 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 of attendance and your cost of attendance
- Expected graduation date
- Loan amount
There are several options you can choose to contact College Ave’s customer support. You can call the company from 9 a.m. to 10 p.m. ET Monday through Friday, or on Saturday from 9 a.m. to 3 p.m. ET. You have the option to text the lender as well. College Ave also has a live chat feature on its website where you can message a representative. Additionally, you can email the company.
What options do I have to repay my College Ave student loans?
You have four options to repay your student loan after you’ve taken it out: deferred, flat, interest-only, and full payment. Each option has its advantages for different types of borrowers.
Is College Ave trustworthy?
College Ave is a Better Business Bureau-accredited company that has an A+ in trustworthiness from the BBB. The BBB evaluates trustworthiness by looking at business’ replies to consumer complaints, honesty in advertising, and clarity about business practices.
That said, you won’t necessarily have a great relationship with College Ave just because the business has a top-notch BBB rating. You should check in with your friends and family and ask them about their experiences with the lender and read customer reviews online.
College Ave doesn’t have any recent public controversies, so you might decide you’re comfortable taking out a student loan with the company.
How College Ave student loans compares to similar lenders
College Ave’s rates are lower than those offered by comparable lenders — though rates are contingent on your creditworthiness and other financial factors. Here’s how College Ave compares to the competition:
College Ave review vs. Sallie Mae review
If you have good credit, you’ll likely get a better APR with College Ave than with Sallie Mae, as College Ave has a lower minimum rate.
Neither company will charge origination fees or prepayment penalties, but you will pay a 5% late payment fee, up to $25, with both lenders.
College Ave will give you your rate and tell you if you’ve been approved for a loan via a soft credit check, which will have no impact on your credit score. With Sallie Mae, the lender will perform a hard credit inquiry to determine your eligibility, which might negatively affect your credit score.
College Ave review vs. Discover review
College Ave has a lower minimum APR to Discover, and both have similar maximum APRs. College Ave may be the better choice if you have an excellent credit history.
Discover has only one standard term available on its undergraduate student loans, 15 years, while you can choose from term lengths of five, eight, 10, and 15 years with College Ave.