College Ave, formed in 2014 was formed by executives with a background in some of the biggest student lenders with the aim of reducing the complication and bureaucracy in the lending process. Through a process of simplicity and improved loan products catering to diverse student needs, College Ave aims to help every student find something for themselves. College Ave loans cater to both new borrowers and those seeking refinancing.
Borrowing money for college is a big decision and will affect the rest of your financial life until you can successfully pay off the loan. Before settling on any one lender, it is important to understand the various options that you have and weigh these out carefully, seeking both pros and cons of the service you are about to use.
A few verified and independent reviews have the following to say about College Ave:
“Their application process is easy and their staff is very helpful.”
“College Ave made school possible for our daughter when she took out a loan with us as cosigners. We also got free T-shirts when we finally got there! Thanks College Ave.”
“The customer experience was outstanding and the application process didn’t take me more than a couple of minutes.”
“College Avenue loans are the best! This is the second time I’m taking out a loan with my son as a co-signer and I’ve been extremely satisfied with their service so far. Thanks guys.”
As you can see from the listed reviews, College Ave prides itself on customer service. Most customers are happy with how the service treats them and the seamless application process. However, this College Avenue student loans review will go deeper into what the company offers so that you too can hopefully make a wise and informed choice before settling on any lender.
College Ave Student Loans Reviews: The Basics
First thing any borrower who doesn’t know much about Collee Ave probably asks: “is College Ave student loans legit?” Yes. College Ave is a registered financier cooperating with well-known servicers such as Firstrust Bank and Nationwide Bank, both member FDIC. The company has been awarded operational licenses in various states such as Consumer Credit Licenses, Supervised Lender’s License and Non-Resident Regulated License. So if you are asking “is College Avenue student loans legit?” now you’ve got your answer.
The most important thing to look for in any lender is the number of finance options that they can offer, the interest rates and APRs and the repayment periods and flexibility. College Ave offers outright undergraduate and graduate student loans, parent loans and student debt refinancing for those looking to manage their balances or even reduce or consolidate multiple credit lines into single and simpler payments.
A look at various other College Avenue student loans reviews reveals that its interests and APRs though not the cheapest, are quite competitive. APRs for fixed and variable interests are 3.25-7.75% and 2.63-7.75% respectively. Refinance APRs for fixed and variable interests are 3.09-8.34% and 2.57-7.98% respectively. The company also lets you choose your own repayment period, from 5 to 15 years, but will advise on an optimal period where you should comfortably be able to repay the loan.
College Ave is unique in that borrowers can focus on making interest-only payments for the first two years of the loan. This is optional and might be a good thing if you are able to quickly chop off huge amounts from your balance quick enough, but it would be more expensive for customers in the long run if they can’t because they would still be left with huge principal payments to take care of once they are done.
College Ave Student Loans Review: Other Factors
College Ave student loans refinance is targeted mainly at graduates who have built a great credit record in the years after college and are now eligible for lower interest loans. College Ave will, however, consider students who don’t have the best record but can get a co-signer with a better credit standing. Though typical College Ave borrowers will have great credit scores above 750, a score greater than 600 will always be considered, with a co-borrower.
College Ave also typically considers the income of double the debt load for the repayment period, with regular borrowers having incomes of $100,000 or more. This might be beyond the reach of most borrowers or those in need of debt refinancing.
What Makes College Avenue Student Loans Stand Out?
College Ave has a really fast application process and pulls all your information from your credit report, instead of relying on third-party servicers. This also saves you from unnecessary paperwork.
Picking your own preferred repayment period is a huge advantage for College Ave. Unlike the standard 5, 10 or 25 years, you can choose any period that works for you with College Ave.
College Ave student loans Reddit: You won’t get too many independent reviews on College Ave. However, a reliable review (Eric) on Reddit says that refinance has dropped their interest rate from 7.5 to 5.15%, and 4.9% with autopay. While College Ave isn’t the cheapest when it comes to APRs and interests, it still provides more optimal and flexible conditions than some big names like SoFi, Earnest and Alliant CU. They also fair much better than Mobile Loans Reviews which describe Mobile Loans as too expensive and hurtful to already bad credit.
Through your College Ave student loans login, you can get a prequalification status instead of going through a third party servicer such as Credible.
College Ave student loans contact: Use their permanent address at:
College Ave Student Loans,
c/o University Accounting Service
Carol Stream, IL 60197-5863