Everything you need to know about College Ave Student Loans

College Ave was founded in 2014, and since its inception it has been an institution that specializes in providing online student loans. In addition, the company also offers refinancing of student loans. Along with the loan options made available to customers, College Ave also offers tools and other various resources for its applicants, as well as unique scholarship opportunities. Thus, this represents a great alternative for customers entering college for the first time.

Student Loans

The student loans offered by College Ave cover a wide range of courses, being offered to undergraduate and graduate students, in courses such as dentistry, law, medicine, MBA courses, and also to parents of these students. Taking into consideration the variety of offers with their low rates and flexibility in credit payment, this is a great option for students.

Despite having students from the United States as their main clients, the products offered by College Ave also contemplate international students. Thus, to apply for a credit with this institution, it is only necessary to have a United States Social Security number and a co-signer who qualifies under the conditions set by the company. This goes against other lenders in the market that usually limit their offerings to US citizens or permanent residents of the country.

Another feature to consider is the minimum loan limit, which allows students to take out loans for lower amounts. The minimum loan amount presented by the lending institution is $1,000. Refinancing can be no less than $5,000. This makes this a great alternative for filling financial holes left by federal loans in times of study.

Before considering applying for this loan, it is extremely important to define whether or not this is a good alternative for your current situation. Then, one should consider the advantages and disadvantages presented by the student loans made available by College Ave.

Positive points in loans from College Ave

The first advantage offered by College Ave Student Loans is the flexibility of repayment. To ensure that its customers can afford the repayment of the loans, College Ave offers applicants four different repayment terms. Thus, considering your current situation, you can tailor the loan repayment, fitting it into your budget in the best possible way.

To assist students who resort to loans in areas other than finance, the company makes several calculators available to customers, who can use them to evaluate student loans, scholarships, and exclusive educational content, so that all stages of their customers’ student lives are covered by the company.

In addition, the lending institution also allows its customers to make a so-called co-signer release, a benefit that is not offered by most lending companies available in the market today. This option is only available, however, when half of the loan’s repayment period has already passed. In addition, to count on this release, the customer must meet the payment and income requirements set by the company.

Negative points

Despite offering numerous benefits to its customers, the loans offered by College Ave also have some flaws. The first of these is the lack of information about eligibility for taking out the loans. Thus, even for student refinancing offers, the company does not clarify what income or credit parameters will be used to decide whether or not the application will be accepted. So, to ensure a positive response on your applications, it is best to have a good credit score.

In addition, the loans also have a low grace period. This institution is not very patient, and has a forbearance period of three to six months, with a total of one year.

Requirements from College Ave

In order to apply for a College Ave student loan, customers must be a student at an eligible United States college or university (see the list on the company’s official website), be an American citizen, or an international student in possession of a United States social security number, and finally, have satisfactory student performance.

In the case of the refinancing offered by the company, the requirements are similar. Thus, the applicant must be of legal age in the state where he or she resides (in most cases over 18 years old), hold U.S. citizenship or be a permanent resident of the country, have graduated from one of the eligible Title IV undergraduate or graduate programs, and meet the other requirements presented by College Ave during the refinancing application.

Grace period

The grace period of the products offered by the lending institution are extremely varied. For refinancing undergraduate, graduate, or MBA degrees, the institution offers grace periods of 5, 8, 10, or 15 years. However, for the refinancing of dental, law, and medical degrees, the institution offers an extension, with an additional 20 years. Thus, any of the refinancing options between 5 and 15 years can be chosen by parents or students.

In addition, the grace period of this lending institution is usually 36 months. This can also vary with the type of loan you apply for.

To make the repayment, the institution also offers four types of options to its clients. The first is Deferred, which fits in when the student does not make interest or principal payments while still in school. The second alternative offered is Interest-Only, where the student pays the monthly interest while still in school. In the Flat option, on the other hand, the client pays the full $25.00 per month while attending school. The last plan offered is finally the principal and interest, which allows the student to pay the principal and interest as soon as their classes begin.

Applying

To apply for a student loan with College Ave, applicants must complete the application process entirely online. Aside from the convenience, this also allows the approval step to take about three minutes. In addition, until the amount is deposited, if positive, the process can take approximately 10 working days.

First, you must open an application process, which can be done on the official College Ave website. If this is approved, you must accept the terms and provide the documents through the website.

Then, you should wait for the loan application and information to be sent by College Ave to your educational institution. Then, the company will decide together with your school at what pace and in what installments the amounts will be sent to your account.

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