College Ave Student Loans Overview
College Ave Student Loans is a financial services company that specializes in student loans. The Delaware-based business was founded in 2014 by Joe DePaulo, the former CFO and CMO of Sallie Mae, and Tim Staley, the former CIO and SVP of Technology of Sallie Mae. Seeking to transform the industry, the co-founding duo is committed to making the student loan process be faster and easier for college students and graduates.
How Does College Ave Student Loans Work?
College Ave Student Loans offers student loan refinancing loans and private student loans for undergraduate students, graduate students and parents of college students.
What Are the Rates for College Ave Student Loans?
Rates can vary based on a number of factors including creditworthiness and the type of loan.
For student loan refinancing, you can choose between having a fixed or variable APR.
- College Ave Student Loans's variable rate APRs range from 4.13% to 7.13%.
- College Ave Student Loans's fixed rate APRs range from 4.65% to 7.5% APR.
All rates shown include an auto-pay discount, which applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase during the life of the loan.
How Much Money Can I Borrow from College Ave Student Loans?
College Ave's minimum amount for a refinance loan is $5000 to a maximum of either $250,000 (for those with medical, dental, pharmacy or veterinary doctorate degrees) or $150,000 (for all other undergraduate or graduate degrees).
What Is the Application Process Like for College Ave Student Loans?
Interested borrowers can submit an online application, which takes approximately three minutes to fill out and requires applicants to provide personal information including their address, Social Security Number, and annual income. Many applicants receive an instant credit decision and can then review and accept the offered terms if desired.
How Is College Ave Student Loans Better Than Other Lenders?
Offering private student loans and student loan refinancing, College Ave Student Loans is a tech-savvy business that makes it easy for students and graduates to access the funds they need to move forward in life. Individuals can apply online and borrowers can conveniently manage their loans using the company’s 24/7 online self-service program. The company’s rates are competitive and credit-approved students can borrow up to 100% of the school-certified cost of attendance.
Parents of Dependent
College Ave Student Loans products are made available through either Firstrust Bank, member FDIC, or The Middlefield Banking Company, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply. 1$5,000 is the minimum requirement to refinance. The maximum loan amount is $250,000 for those with medical, dental, pharmacy or veterinary doctorate degrees, and $150,000 for all other undergraduate or graduate degrees. 2The 0.25% auto-pay interest rate reduction applies as long as the borrower or cosigner, if applicable, enrolls in auto-pay and authorizes our loan servicer to automatically deduct your monthly payments from a valid bank account. The rate reduction applies for as long as the monthly payment amount is successfully deducted from the designated bank account and is suspended during periods of forbearance and certain deferments. Variable rates may increase after consummation. 3 This informational repayment example uses typical loan terms for a refi borrower who selects the Full Principal & Interest Repayment Option with a 5-year repayment term, has a $40,000 loan and a 6.75% fixed Annual Percentage Rate (“APR”): 60 monthly payments of $787.34 while in the repayment period, for a total amount of payments of $47,240.31. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary
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