College Avenue Student Loan Review 2023

The fall semester is just a few months away, so now is the time to start lining up scholarships, grants and student loans for those headed to college.

when Federal student loans are the ideal choice, sometimes, they are not enough to cover the full cost of your attendance. When in this case, you can turn on Private student loans. They are usually available faster, come with higher loan amounts, and may have lower interest rates if you have good credit.

Which private student loan lender should you choose, though? An alternative is College Avenue. Here’s everything you need to know about the company and its private student loans.

Start exploring your student loan options online now.

College Avenue is about student loans

A College Ave Private student loans Companies that offer a variety of loan options. There are loans for undergraduate students, graduate students, parents of students and specific career paths. In the latter category, College Ave offers MBA, medical school, dental school, law school and health professions loans.

The company is based in Wilmington, Delaware and has been in business since 2015. It also has an A+ rating Better Business Bureau.

What makes College Avenue Private Student Loans unique?

College Ave student loans come with several term options ranging from five years to 15 years, and there are both variable and fixed rate options.

You can also choose between different payment plans while in school:

• Payment of full principal and interest: They allow you to start paying your balance down immediately and will save you the most on interest costs in the long run.
• Paying interest only: With these loans, you only pay the interest charges on your loan while you are in school.
• Flat payment: They offer the lowest in-school payments, charging just $25 per month while you’re still enrolled
• Delayed Payment: These loans require no in-school payments and you start repaying the loan right after you graduate. They will cost you the most in the long run.

College Ave loan rates range from 4.44% to 15.32%, depending on the loan type you choose and your Credit score (or your cosigner’s score). The company also offers a discount of 0.25% if you keep your account on Autopay using a valid bank account.

College Avenue Student Loan Professionals

There are many benefits to using College Avenue for your personal student loans. For one, you can apply online in just a few minutes, and you can check the status of your application once submitted.

Other benefits include:

• Loan options for parents, undergrads, graduate students and certain careers
• Many loan terms and payment options
• 0.25% autopay rate discount
• No origination fee
• Eligibility is not need-based

In some cases, you may be able to get a lower rate than that with College Ave Federal student loans are currently offered. This is probably only possible with great credit and company autopay discounts.

College Avenue Student Loan Cons

The downside to College Ave is that your eligibility and rates are based largely on your credit score, which can be challenging if you don’t have a deep credit history. For this reason, you may need a cosigner to qualify.

Other disadvantages include:

• Rates can be as high as 15%-plus
• Company has been 35 complaints with BBB In the last three years
• The terms only go up to 15 years
• There are no income-based repayment options like the federal loan offers

Keep in mind that most private loans do not offer the full slate of repayment and assistance offers that come with federal loans. That’s why it’s important to exhaust your federal aid options before moving on to a private loan.

The final word on College Avenue

If you’re looking for private student loans to supplement your higher education costs, College Ave may be a smart option to explore. It offers plenty of loan options and even comes with a potential rate discount that could save you money.

Just make sure to compare it with A few other student loan companies. This will ensure that you get the best possible loan for your needs.