College Ave only offers student loans. College ave student loans was founded in 2014 and is headquartered in Wilmington, Delaware. College Ave offers student, graduate and parent loans to students attending College Ave-affiliated schools in all 50 states and the District of Columbia. The strength of College Ave is speed, with applications in minutes and instant decisions.
What types of student loans does College Ave offer?
College Ave offers student loan options for all levels of higher education, including career planning and refinancing.
- Bachelor.
- Postgraduate (including MBA, law, dentistry, medicine and other health professions).
- Parent loan.
- Career plan.
- Refinance student loans.
How does University Avenue work?
College Ave offers student, parent and career loans. Students must be enrolled in a degree and take classes at an eligible school. Career loans cover courses offered by community colleges.
College Ave requires a 600 credit score and accepts debt-to-income ratios of up to 90%, although other application criteria may vary. Applicants should generally demonstrate years of credit history with multiple positive accounts.
Accept co-signers. Potential student loan borrowers can seek pre-approval and receive a loan decision as soon as you complete your application online. College Ave does not accept applications by phone, but you can call Customer Service for assistance with completing the online form.
College Ave recommends applying for student loans at least 30 days before the start of school, and will then work directly with your school to certify the loan.
What are the terms and conditions, fees and terms of College Ave?
College Ave offers fixed and variable rate student loans from $1,000 to the student’s school-certified cost of attendance, including tuition, fees, books, housing, and other college-related expenses. The term is 5 to 15 years. There are no application or registration fees. The late fee is $25 or 5% of the monthly unpaid amount, whichever is lower.
Parent Loans provide the opportunity to get loans of up to $2,500 to pay for things like books, supplies and other expenses.
- Student Loans: APR between 0.94% and 13.95%.
- Graduate Loans: 1.99% to 11.98%
- Parent company loans: 1.04% to 12.99%
- Refinancing: 3.44% to 9.99%
All tariffs are credit-based and include autopay discounts. If you qualify for the lowest interest rate, you must choose the shortest loan term available and pay the principal and interest in full.
What discounts does College Ave offer?
College Ave offers a 0.25 percent discount when you sign up for Autopay.
College Ave rewards students who complete their studies. For example, the Career Loan-related Success Incentive Program returns $150 to borrowers who complete a degree program as a credit on the loan amount.
How can you qualify?
To be eligible, students must be U.S. citizens or permanent residents and half or more enrolled at an accredited institution. International students are also eligible, as long as they have a social security number and a qualified co-signer.
All students must make satisfactory academic progress in accordance with school regulations.
The annual loan limit is up to 100% of the school’s certified tuition, and the lifetime limit depends on the degree chosen and the creditworthiness of the borrower.
What credit score do you need?
College Ave Student Loans requires FICO scores in the mid-600s for approval. Debt-to-income ratios of up to 90% are accepted, but may vary based on other application criteria. Applicants should generally demonstrate years of credit history with multiple positive accounts.
Where does College Ave operate?
College Ave provides student, graduate and parent loans to borrowers in all 50 states.
Is University Avenue Legal?
College Ave has been accredited by the Better Business Bureau with an A+ rating since 2015. It’s rated 2.6 out of 5 stars on Trustpilot.
The Consumer Financial Protection Bureau received six complaints about College Ave student loans in 2020, most of which involved how the lender or service provider handled it. College Ave responds promptly to each complaint and closes each complaint with an explanation.
In Eragoncred ratings of student loan institutions, College Ave received 4.7 stars out of 5, 4.8 stars for affordability, 4.6 stars for eligibility, and 4.5 stars for customer service. The average overall rating for U.S. student loan agencies is 4.3. For student loan refinancing alone, College Ave scored a total of 4.4.
What is College Ave customer service like?
If you need help with your student loan application, you can call customer service at 844-422-7502 from 9 a.m. to 8 p.m. Eastern time Monday through Friday.
For assistance with services or loan repayments, please call 844-803-0736 from 8 a.m. to 8 p.m. EST Monday through Friday.
College Ave offers other ways to contact a customer service representative:
- Text 855-910-0510.
- Send email directly from the website.
What are the online features of College Ave?
Borrowers can fill out loan applications online and typically receive a decision within minutes. It is also possible to pay online and connect to a customer service representative via chat.
Deferment and Repayment Options
You can defer the full principal and interest payments as long as you are enrolled at an accredited school at least half-time. Undergraduate borrowers begin making payments six months after graduation, or when enrollment drops to less than half. Repayment options include:
- Principal and interest are paid in full during the school day.
- Interest is only paid during the academic year.
- Pay $25 per month during the semester.
- Deferred payment, no school payment required.
College Ave Student Loans does not disclose a policy of forbearance or forbearance due to financial hardship, but it does provide facilities for borrowers who are struggling to repay.
College Ave Student Loans does not disclose a policy of forbearance or forbearance due to financial hardship, but it does provide facilities for borrowers who are struggling to repay.
Parents can set their own monthly payments while their children are in school, as long as interest charges are paid each month. The full principal and interest payment option results in higher monthly repayments but lower costs over the life of the loan. Parental loans cannot be extended without payment from the school.
Uninstall option
College Ave provides student loans when a borrower dies or becomes permanently disabled.
Co-signer release will be granted when more than half of the scheduled repayment period has passed and the following requirements are met:
The last 24 payments were made on time without any delays.
Borrowers earned more than double the remaining income on all College Ave loans in the past two years.
The borrower’s credit report shows no past due payments for the past two years.
College Ave loans are best for:
Borrowers who want flexibility in loan repayments while in school.
Students wishing to use a co-signer to qualify.
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