One of the major barriers to academic pursuit is financial constraints. A lot of talented and intellectual students are often barred from attaining higher levels due to financial incapability. Navigating the financial world of higher education may be intimidating for students and their families. Fortunately, several lending institutions assist students in attaining their academic goals and aspirations, one of which is College Ave student loans.
College Ave Student Loans provides various loan options and repayment terms to accommodate the demands of students pursuing different academic goals. College Ave strives to streamline the loan application process for both graduate and undergraduate students by offering affordable rates and flexible repayment.
This write-up aims to enlighten our readers on the general overview of College Ave student loans, highlighting the loan details, eligibility requirements, and how to apply.
About College Ave Student Loan
College Ave Student Loan is a Delaware-based online lending institution that was established in 2014. It primary aim of helping students to achieve their academic dreams through the provision of loans. College Ave provides only private student loans for both graduate and undergraduate students. To qualify for a College Ave student loan, borrowers are required to have a stable income and a good credit history.
In a situation where you are unable to meet the requirements for a College Ave student loan, the company allows for a co-signer. This means that you can add a co-signer on your loan application to get your loan approved easily and on time.
About College Ave Undergraduate Student Loan
In this section, we will provide insights on details of College Ave undergraduate student loans.
Loan Amount
The minimum amount a student can borrow from College Ave is estimated to be around $1,000. This amount measures up to 100% of the student’s school attendance. The loan will cover the overall cost of your annual attendance in school. Note that the exact amount of money you will be offered also depends largely on your creditworthiness.
Loan Terms
College Ave student loans offer a variety of loan terms, ranging from 5 to 15 years. If you are going for a longer loan term, it features high interstate rates and low monthly payments. Shorter terms, however, feature a low interest rate and higher premiums. The type of loan term you choose on your application depends on your needs and ability to pay back.
Loan Cost
College Ave student loans do not charge applicants an origination fee, so when applying for the loan, there’s no cost involved. They offer fixed and variable-rate loans to meet the needs of various students and families. If you are taking out an undergraduate student loan, the fixed rate is between 3.69% and 17.99% APR. On the other hand, the variable rate for a College Ave student loan is between 5.59% and 17.99% APR.
Repayment Options
For College Ave student loans, there are four main options for repayment, which are full principal and interest payment, deferred payment, interest-only, and flat payment. For full principal and interest payments, students can pay off their loans even while they are still in school. This payment plan is considered to be cost-effective as it prevents interest from accruing on your loan.
In interest-only payments, students are allowed to make interest payments alone. In most cases, an interest-only payment is usually lower than the full payment.
For flat payment, you can pay a portion of your private student loan while you are in school and pay the remaining after you have graduated. Deferred payment, on the other hand, is designed for those who are unable to pay off their loan while in school. If you choose a deferred repayment plan, you get to pay off your loan after you have graduated.
Eligibility Criteria for College Ave Student Loan
To be considered eligible for a College Ave student loan, there are several factors the company will look at before approving the loan. To apply for this type of loan, you must meet the following criteria:
- The applicant must be a U.S. citizen or a permanent resident.
- Applicant must be enrolled in an accredited university or college.
- For international students, a social security number and co-signer are required.
Furthermore, if you intend to refinance your College Ave student loan, you must have attained 18 years of age. In addition, you must be a U.S. citizen or a permanent resident who has graduated from an accredited school.
For the co-signer option, you must meet the criteria mentioned below:
- Be a U.S. citizen.
- Have a high and stable income.
- More than half of your loan term must have elapsed.
- You have paid on time, specifically 24 consecutive times.
If you meet the aforementioned criteria for applying for the College Ave student loan and co-signer option, then you can proceed with your loan application.
Application Process for College Ave Student Loan
If you are interested in applying for a College Ave student loan, follow this guideline:
- Prequalify for a loan.
- Review the rates you are given.
- If you are satisfied with the rate, complete and apply.
- Then, sign the paperwork once the loan is approved.
As soon as you’re done signing the paperwork, College Ave will disburse the loan amount directly to the school you are enrolled in for an undergraduate student loan.
FAQs
Does College Ave Have A Grace Period?
Yes, College Ave student loans feature a grace period of 6 months for those who took out an undergraduate loan. But, if you have a graduate student loan, the grace period to repay your loan is nine months after you have graduated.
Does College Ave Offer Refinancing of Student Loans?
Students who took out a loan from College Ave have the opportunity to refinance their loan, which can ultimately lead to low interest rates and monthly payments. Depending on your choice and financial goals, you can refinance your loan term for up to 5 or 20 years.
Is College Ave a Federal Student Loan?
No, College Ave only offers private student loans. If you want to take out a federal student loan, you will have to consider other alternatives other than College Ave. The private loans provided by College Ave do not include features like loan forgiveness programs and income-driven repayment plans, which can be found in federal student loans.
