College Ave Student Loans Review
College Ave Student Loans
Based in Delaware, College Ave is one of the US companies that you can apply for a student loan as well as student loan refinancing. If you are looking for a loan that will fund your education, College Ave Student Loans are one of the options that you can benefit. In this article, we will have a look at the essential aspects of the student loans the company offers. Down here, you can read the details.
Maybe the first thing we should mention is that “College Ave” is founded by some people who had worked in management for “Sallie Mae” which is one of the biggest organizations in the private student loan market. So, although College Ave was founded in 2014, the company has more experience behind it.
Details of College Ave Student Loans
College Ave Student Loans give you many options when you apply for a loan. By choosing the optimal options for your status, you can make the repayment just as you want.
Just like all loans, to be able to apply for College Ave Student Loans, first, you need to meet a set of requirements. For instance, you need to have studied at a college in the US. And you must be US Citizen. If you are not a US Citizen, but you have U.S. Social Security Number, you can also be eligible.
Another requirement of “College Ave Student Loans” for eligibility is to have at least 1000 US Dollars worth of student loan debt in total. Compared to other companies that have a minimum debt requirement, this is quite a low amount. But you still need to meet this requirement to be eligible.
Also, just like most private student loans, to be able to get College Ave Student Loans, you need to have a decent credit score. However, it is difficult for students or fresh graduates to have a high credit score. So, College Ave allows applicants to have a cosigner to compensate for their low credit scores. Having a cosigner with a higher credit score also helps you with interest rates.
When you apply for College Ave Student Loans, you will have two options for how you want your interest rates determined. Your first option is “Fixed Interest Rates”, which will make your rates stay as the same number for all your repayment term. This allows you to know that you pay the same amount every month.
The second option is to have “Variable Interest Rates”. With this option, the interest rates that determine your payments will change according to the loaning market. So, although choosing variable rates allows you to have lower interest rates, your payments will change and it will be difficult to know the exact amount you will pay for each mount.
College Ave Student Loans determines the interest rates for your repayment based on your credit score. If you have a cosigner, their credit score will also be effective during this procedure. If their credit score is high enough, interest rates get even lower. Depending on these calculations, you will get an interest rate percentage within a range. And this range also changes depending on your choices.
What this means is that the interest rate range is different for variable and fixed options. They can also change depending on the education level that you need College Ave Student Loans for.
For undergraduate degrees; the range fixed interest rates will be 4.73% to 12.94%. And the variable rates range will stay between 3.99% and 11.98%. However, for graduate degrees; the range fixed interest rates are between 5.97% and 11.68%. And the variable rate range will be from 5.22% to 10.92%. As you can see, even the range for the variable option is a bit lower.
We should also mention that if you choose to use an autopay option for your monthly repayments, you also get a discount in interest rates. This is a common practice for most student loan lenders. And College Ave Student Loans offers a 0.25% interest rate discount if you set up an autopay with your loan.
As we mentioned at the beginning, College Ave Student Loans gives you many options to make your repayment suit you the best. This characteristic applies for the term that you will be repaying your loan as well.
The company allows you to choose your repayment terms from the options of five years, eight years, ten years, or even fifteen years. Also for the borrowers who want these loans for a graduate degree, there are some additional options that will determine the repayment term by the amount you will pay each mount such as $25 fixed option or paying-only-the-interest option.
Longer repayment terms allow you to pay less each mount. However, because of the interest margin, you will end up paying more in total. So, if you can deal with high monthly payments, you can save more money. But of course, it will be more burdensome for your monthly budget.
Choosing College Ave Student Loans
Overall, College Ave Student Loans seem to be a good option for most people who need such loans. The company allows you to choose many aspects of your repayments. And there are many additional benefits of working with the company.
For example, you can even close your student loan debt early without any extra cost with this company, because College Ave doesn’t cut any prepayment penalties, unlike many other lender companies. Also, we should mention that there is no upper loan limit for College Ave Student Loans. So, the company offers to cover all of your school-certified cost of attendance, which is useful for people with higher loan needs.
Get More Info to Make a Decision
If you are interested in College Ave Student Loans after reading this article, you can find more information through the company links given in this article. We also recommend you to read our other reviews for similar student loans. You can find those articles from our related links and category pages. For more articles about student loans, stay in touch with our website.
You can learn more about the College Ave Student Loans, you can get more information from the company links on this page. And if you are interested in similar student loans, you can find more reviews through the related links.
Under the light of the short information you read here, you might have a solid idea about the College Ave Student Loans. If you want to learn more about College Ave Loan programs, you can check the company links we have here. Also, if you are interested in loan services, we have many loan articles about the alternatives you may like which you can find through the links.
For Updated Info
▌ Tip: Some information given here may be obsolete and changed, you can find more updated and current information about College Ave Student Loans by checking the lender company links on the page and the “tags” below.