College Ave is a student loan provider that launched in 2014. It offers a variety of undergraduate, graduate and parent loans to help pay for higher education, and receives mostly positive reviews on customer rating platforms. While some of its student loan program features are similar to other lenders, there are three key perks that set it apart from competitors.
Customizable Loan Terms College Ave lets borrowers select the loan term that works best for them: either five, eight, 10 or 15 years. This allows for more flexibility in repayment and loan configuration than some competitors. Shorter terms help students keep their borrowing costs lower, while longer terms keep monthly payments more manageable.
A Scholarship Program College Ave offers a no-essay scholarship worth $5,000 that anyone can enter, even if you don’t apply for one of its student loans. There is also a $1,000 sweepstakes that is open to U.S. citizens or permanent residents of the 50 states and D.C.
Anyone can submit an entry for the scholarship or sweepstakes by sharing their contact information and the school they attend (or will attend). The winners are chosen by random drawing and the prize can be used toward school expenses. Low Minimum Loan Amount If you just need a small loan to help bridge the gap between federal loans and your own contributions, College Ave offers loans for as little as $1,000.
This is a lower minimum loan amount than some lenders allow, which can be helpful for students who aren’t looking to finance an entire year of school. Other Things to Know About College Ave College Ave student loans have other features worth noting, even if they aren’t particularly unique. Borrowers are able to prequalify to see potential rates before they fully apply.
Because this is a soft inquiry, it allows you to get an idea if you will be approved and a potential rate you might receive without any impact on your credit score. College Ave also gives a 0.25 percentage point interest rate reduction when paying via autopay. Signing up in advance to have your student loan minimum payment come out of your bank account automatically not only prevents you from paying late, but it lowers your overall borrowing loan cost.
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