Founded in 2014, College Ave is relatively new to the scene of student loans. Despite this, they are already one of the best student loan lenders out there. College Ave is able to stand out compared to their competition with their range of loan terms – anywhere from 5 to 20 years – so you can find the closest match to your budget and payment goals.
In this guide, we’ll break down College Ave’s services, so you can decide if they’re the right lender for you.
College Ave In A Nutshell
|Loan Terms||5 to 20 years|
|Loan Amounts||$5,000 to $150,000
Up to $300,000 for those with medical, dental, pharmacy or veterinary degrees
|Loan Types||Variable, fixed|
College Ave Features
College Ave offers 16 repayment terms spanning 5 to 20 years. This makes them a great option if you’re looking for an atypical term, like six or nine years. With this flexibility, you’re able to design a loan that fits your timeline and avoid paying more overall by extending your term. Other features include:
College Ave does not require a hard credit pull in order to gauge your qualifications for refinancing. It requires your Social Security number, estimated annual income and borrowing amount, and it only takes one minute.
College Ave has customer service available via live chat, text, phone or email. You are able to contact them about any questions at various outlets.
College Ave Rates & Fees
|Prepayment Penalty Fee||None|
|Late Payment Fee||5% of the unpaid amount or $255% of the unpaid amount or $25|
A nice thing about College Ave is that they do not charge an application fee nor origination fee for consolidating your student loans. Additionally, there is no penalty charge for prepayment. However, if your payment is more than 15 days late, College Ave will charge you 5% of the unpaid amount or $25, whichever is greater.
College Ave Requirements
To qualify for student loan refinancing with College Ave, you must have:
- Minimum credit score in the upper 600s
- Minimum income of $38,000 annually
- Maximum debt-to-income ratio of 50%
Approved borrowers and cosigners will typically have a credit score in the mid-700s with an income of over $100,000 per year. If you have filed for bankruptcy, you will not be qualified.
Applicants must be a United States citizen or permanent resident and must have an associate degree or higher.
College Ave Limitations
Before applying to refinance your student loans with College Ave, you should be aware of the following:
- No cosigner release available
- You cannot refinance a loan if you don’t have a degree
- You cannot refinance your parent’s PLUS loan in your name
- Loans are not available if you live in Maine
- No academic deferment if you return to school
Student loan refinancing with College Ave has various repayment options, anywhere from five to twenty years. It’s easy to prequalify without a hard credit inquiry or any commitment. However it should be noted that, College Ave is not so generous when it comes to cosigner release and forbearance.
Before you decide on College Ave, make sure to consider all other options and compare rates and terms from other lenders to best suit your needs. Alternatives include Discover and Laurel Road.For more ways to save more, check out our post on how save money online and bank guides here on HMB!
(Click the link to learn more at College Ave)