Designed to simplify the student loan process, College Ave gives recent college graduates a solution to more affordable refinancing. To lower monthly payments and APR, it is often a good idea to use debt consolidation and refinancing services, making College Ave a great choice for individualized debt consolidation loans.
A Great Deal
With rates as low as 2.63% variable and 4.15% fixed, you’ll be hard pressed to find better rates. Additionally, College Ave has a minimum loan amount of $2000, and a $5000 refinance threshold, both of which are low relative to other lending companies.
A Convenient Application
College Ave provides potential borrowers with an extremely simple initial loan application. They advertise that the application takes only 3 minutes to fill out with an instantaneous response.
College Ave provides many options for borrowers, including the ability to add a cosigner if the application does not meet credit and income requirements, or using a parent, via parent loans. College Ave is the perfect setup for families trying to determine the best way to refinance and save money on student loans.
College Ave is helpful for individuals and families who are not familiar with the benefits of refinancing. They provide in-depth content for each of their refinancing programs, helping potential borrowers determine what is the best option for their specific situation. College Ave also has an on-site loan calculator to help borrowers figure out exactly what their payment plan will look like.
A Young Company
Founded in August of 2014, College Ave is a young company founded by people with experience at large loan companies, such as Sallie Mae, who wanted to expedite the loan process to benefit potential borrowers. Because it is such a new company, it is advised that prospective borrowers take accountability for their current financial situation, and make informed, well-researched decisions.
Only students who have attended specific schools are eligible for the different loans provided through College Ave. Make sure your school is eligible for refinancing through College Ave by scrolling through their website. If your college is not there, you will need to find a different student loan refinancing company.
No Specific Preparation
Despite having a plethora of information for understanding what type of loans and refinancing programs are best suited to each borrower's specific situation, there is little information regarding how to prepare for the application itself. On the site, information regarding required documents are eventually provided, but it is not as efficient or user-friendly as it could be.
The Bottom Line
With a low APR, flexible loan options, and high-quality refinancing services, young graduates will be hard pressed to find a company as good as College Ave for refinancing their student loans. However, College Ave does not come without its disadvantages. Many schools have not partnered with College Ave, making their refinancing services only available to select schools. Additionally, College Ave is not as transparent as many other refinancing companies and are not as clear and specific as they could be in regards to the application process.