However, there are other variables you should consider that could reduce the cost of your student loan. It’s a simple comparison, and the math is already done for you, so it’s natural to stop there. We’ll choose one lucky winner each month, so be sure to check back each month and enter. International students with a valid US social security number are eligible to apply for a student loan with College Ave Student Loans. Save up to $3,600 for less than $61 per month. We really appreciate knowing where we are at in the process. Credit-worthy applicants can borrow up to 100% of the school-certified cost of attendance, which typically includes things like tuition and fees, books and supplies, room and board, transportation and personal expenses. Shortening your loan from 15 to 8 years saves $3,657 in interest payments with a modest monthly payment increase of $60. With us, you choose the loan term that works best for you. Pay the interest charges each month as you go during school. We’ll help you find your best college loan in a way you can understand, and we’ll make it fast & easy. College Ave Student Loan Servicing, LLC, NMLS#1263410 NMLS Consumer Access. We’ll show you all your options and rates so there are no unexpected surprises. If you’re like most people, you compared interest rates (or APRs) to determine the lowest-cost student loan option. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. You’ve got bigger goals to focus on; let us help make the paying part simple. College Ave Student Loans does not charge a prepayment penalty fee, so students can pay off the loan early. College Ave has four different repayment options, each with its own pros and cons: Start paying full principal and interest as soon as you receive your first loan statement. In order to be approved for a College Ave student loan, an international student will be required to apply with a qualified cosigner. College Ave offers a wider range of repayment terms than most other lenders, making it a great choice for borrowers who want to see lots of options. College Ave’s fees and penalties. Making an informed decision about your repayment period options empowers you to control the costs associated with borrowing money for college. Let’s see if we can help. This was a very simple process to apply for the student loan at a great rate. Interest-only repayments. Additional options may also be available at the lender's discretion. Are international students or cosigners eligible for your loans? The lender also doesn’t have a prepayment penalty of any kind. All loans are subject to individual approval and adherence to underwriting guidelines. College Ave… However, the company doesn’t display a minimum credit score on its website. The loan can be repaid over 5, 8, 10, or 15 years [1] and a variety of repayment options so your student can find a monthly payment amount they feel confident they can commit to. Our student loans can cover up to 100% of your cost of attendance1, including tuition, fees, books, housing, and other college costs. Variable interest rates may increase after consummation. Student loan repayment can be deferred until after graduation but making payments during school is a great way to reduce the total cost of your loan. CHECK WWW.COLLEGEAVESTUDENTLOANS.COM FOR THE MOST UP-TO-DATE INFORMATION. Usually, students don’t have the credit or income requirements to qualify for a private loan by themselves, so a parent or other adult with good credit will need to cosign the private student loan. As federal student loan interest rates rise, leading next-generation fintech company College Ave Student Loans offers students and their families incr. And if you start making payments sooner–or pay more each month–you can lower the cost of the loan over time. SoFi is an … This is part of the reason why so many borrowers focus attention on the interest rate comparison when choosing between different loan alternatives. *All loan scenarios assume a $10,000 loan amount, one disbursement, deferred repayment, four-year in-school period, and a six-month grace period. We’re simplifying the student loan experience so you can get on with what matters most: preparing for a bright future. The team at College Ave Student Loans learned from other complicated lending companies and decided to make getting a private student loan for college better. When it comes to borrowing money, the concept is the same, but it works in reverse. You get to choose your terms and finalize the paperwork and done. Enter to win our College Ave Student Loans scholarship and you could win $1,000 for school. There is 24/7 customer … College Ave. Safra Bank, FSB, member FDIC. First, let’s define what we mean by “total cost” of your student loan. This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Once approved we’ll work with your school directly to certify the loan. College Ave Student Loan Servicing, LLC, NMLS#1263410 NMLS Consumer Access, 5 Things You Need to Know About Being a Cosigner on a Student Loan, How to Successfully Pay Off Student Loans Early. Your actual rates and repayment terms may vary. Program restrictions, other terms, and conditions apply. College Ave is a great choice for students or parents who want assistance with finding the best loan. It’s important to note that you may be able to realize the benefits of a shorter repayment period without actually selecting one. College Ave does not tack on an origination fee or application fee. You made getting our loan very easy, from the quick online application to the constant communication via email. Make $25 payments each month3 during school to reduce your accrued interest. College Ave respects your inbox and will only send periodic emails. Put anxiety on the sideline when you see what your future loan will look like and how you can make your loan work for you. With a customer-friendly experience from application through repayment, they’ll help you find your best college loan in a way you can understand, and they’ll make … Information advertised valid as of 11/16/2020. This way, both the student and cosigner share equal responsibility for the loan. When you’re saving for a big purchase (like college), we’re told the earlier we start the better, even if we can only afford to save a little at a time. Pay interest only. College Ave offers students a loan experience that is fairly unique. In-school interest-only or immediate repayment options; Visit Citizens. Thank you for making what is often a stressful situation, stress-free! Borrowers with a cosigner who choose the shortest repayment term and make the full monthly payments while in college qualify for the lowest rates. When we change the length of the loan, the lower interest rate doesn’t have the same effect. 2) Repayment term has a direct relationship to total cost and an inverse relationship to monthly payment. College Ave will refinance both federal and private loans ranging from $5,000 to $300,000, depending on your degree. The choices are narrowed, and you’re ready to choose, but did you consider all of the variables? Keep in mind that while this is possible, it requires a discipline to stay on budget (see How to Successfully Pay Off Student Loans Early). The calculations described here aren’t complicated, but for a first-time or infrequent borrower, it can seem like a daunting task. A shorter time frame and larger payments drives down the total cost of a loan. Why wouldn’t you? Ryan Lane December 2, 2020 As you can see from the chart above, choosing a shorter repayment period (resulting in an increased monthly payment) can lead to big savings over the life of your loan. Now, let’s look at how a lower interest rate affects the total cost of a student loan. College Ave at a Glance. Information advertised valid as of 11/16/2020. Pay interest that accumulates each month to reduce your loan balance. By providing your email address, you agree to our Privacy Policy, and you give College Ave Student Loans permission to contact you. New repayment options for College Ave Student Loans borrowers. While you’re in school, you have a few payment plans to choose from: Full repayments. For those that don’t want to learn the complexities of calculating accrued interest and monthly payments, you can use the simple (and free) College Ave student loan calculator to help you get the answers you need to find your best option. Why? For decades, we’ve been inundated with interest rate-focused advertising from banks, mortgage lenders, and car dealers. Total Cost = Amount Borrowed + Interest Charges. Comparisons based on information obtained on lenders' websites as of November 16, 2020. Make sure you’ve received confirmation that the money is scheduled to be sent to your school. Program restrictions, other terms, and conditions apply. Recurring electronic (ACH) payments from a bank account. It also offers loan consolidation, 12 months of forbearance and a 0.25% rate reduction offer making this loan good for almost any student looking for a private loan. Eligibility Requirements. College graduates can choose from eight student loan repayment options, including income-driven plans, to tackle their debt. By Mail: If you would like to send a check, make the check payable to College Ave Student Loans. College Ave Student Loans offers the following payment methods: Online: by creating one of the following: A one-time electronic payment from a bank account, or. Apply for your student loan. They offer a wide variety of repayment options that allow you to tailor a loan experience that works for you. Plus you can apply in just three minutes for an instant decision. Loans will never have a full principal and interest monthly payment of less than $50. It was so easy. College Ave offers a moderately high loan limit and excellent repayment length options for its private student loans. WE RESERVE THE RIGHT TO MODIFY OR DISCONTINUE (IN WHOLE OR IN PART) THIS LOAN PROGRAM AND ITS ASSOCIATED SERVICES AND BENEFITS AT ANY TIME WITHOUT NOTICE. Private student loan interest rates are based heavily on credit, which is built over time and may be difficult to quickly improve (see Tips to Improve Your Credit Score). Unlike most competitors, it offers four repayment options, with four terms that don't require a cosigner. The Law School Loan from College Ave comes with flexible repayment options and no origination fees. College Ave offers graduates a variable APR of as low as 2.63% variable and 4.15% fixed. Choice of loan terms (years you take to repay), Choice of Fixed or Variable Interest Rates. To be eligible for a College Ave student loan, you must … We’ll match you with a loan you can live with – from repayment options that fit your monthly budget to competitive interest rates. Safra Bank, FSB, member FDIC. This informational repayment example uses typical loan terms for a freshman borrower who selects the Flat Repayment Option with an 8-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7.78% fixed Annual Percentage Rate (“APR”): 54 monthly payments of $25 while in school, followed by 96 monthly payments of $176.21 while in the repayment period, for a total amount of payments of $18,266.38. In order to be eligible for refinancing with College Ave, you will need a good credit score and repayment history. For the same repayment plan, the lower the interest rate, the lower the monthly payment and total cost of the loan. The one fee it does have is a late fee totaling 5% of the unpaid amount, or $25, whichever is less. Let’s look at how a range of repayment period options (with the same interest rate of 6.50%) affects the total cost of your student loan. SoFi is next up on our list of the best places for student loans. As you make payments, you will start to pay down the principal amount of your loan, reducing the total interest that … In the example below, this student would pay approximately $8 less per month and save $1,422 over the course of a 15-year loan simply by choosing the loan with the lower interest rate. Receive a letter, call or message from us? You’re a smart shopper. Because most lenders do not have a penalty for early repayment, you could pay more than the minimum required payment each month. No in-school payments required, but you'll pay more in interest over the life of your loan. As certified by your school and less any other financial aid you might receive. This fee will go into effect if a payment is 15 days late. College Ave student loans are a good fit for citizen and permanent resident borrowers who graduated from college and want a repayment term length between five and 20 years (plus, you can choose the specific length — so if you wanted, say, eight years or 11 years, these options are available). Start repaying your principal and interest right away to save the most. ©2017-2020 and TM, NerdWallet, Inc. All Rights Reserved. In this case, we look at how a shorter repayment period could save you thousands of dollars. Here are the options you have to choose from: Full principal and interest repayment – You can start paying back your loan right away … The terms are flexible with a choice of repayment terms, and fixed or variable interest rates. College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or M.Y. It’s important to understand the difference between variable interest rates and fixed interest rates on student loans. With more repayment options, the less you have to worry. Save on total interest but make bigger monthly payments, Make smaller monthly payments but pay more in interest overall. On top of that, it provides a minimum loan amount of $2,000 and refinance threshold of $5,000, which is fairly low compared to … In addition, borrowers have the option of an eight-year term alongside the typical five, 10, and 15 year terms most lenders provide. Be on the lookout for your first loan statement. Reach back out to us at: College Ave Student Loans College Ave was able to quickly approve the loan application and funding followed. 3. College Ave Student Loans is simplifying the student loan experience so students can get on with what matters most: preparing for a bright future. WE RESERVE THE RIGHT TO MODIFY OR DISCONTINUE (IN WHOLE OR IN PART) THIS LOAN PROGRAM AND ITS ASSOCIATED SERVICES AND BENEFITS AT ANY TIME WITHOUT NOTICE. The total cost is calculated as the amount borrowed plus any interest charged over the life of the loan. How much of my education costs will this loan cover? As you can see from the chart above, choosing a shorter repayment period (resulting in an increased monthly payment) can lead to big savings over the life of your loan. Your actual rates and repayment terms may vary. Below are some common options for private student loans. Why? In this next example, the loan with the higher interest rate (7.2%) and shorter repayment period (10 years) is the better option if your goal is to reduce the overall cost of the loan. Sign Up for Monthly College Financial News, Tips, & Advice. CHECK WWW.COLLEGEAVESTUDENTLOANS.COM FOR THE MOST UP-TO-DATE INFORMATION. College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or M.Y. (all rates shown include auto-pay discounts)2, (all rates shown include auto-pay discount)2. Shortening your loan from 15 to 8 years saves $3,657 in interest payments with a modest monthly payment increase of $60. Please call us at 888-272-5543 to see which options are available for your private student loan. You spent hours researching all of your options to find the best student loan. College Ave offers flexible private undergraduate and graduate student loans, parent loans, and refinancing options for student loans. Home News & Articles Repayment Options Student Loan Repayment Options in Calgary for Continuing Education Continuing education is a great investment At Alberta Business & Education Services, we provide advice on how to repay your student loans and other related finances in Edmonton, Lethbridge and Calgary. Start shopping around for the best loan by getting quotes, rates and terms from several lenders and know for sure who your cosigner will be. Learn the basics so you can pick the best one for you with confidence. The value of time works both ways. But look what happens when we add in a few more variables. It takes just three minutes to apply and get an instant credit decision. Overwhelmed by school costs? College Ave offers private student loans with multiple repayment options and lets borrowers refinance at any repayment term between five and 20 years. For the same repayment option and interest rate, the shorter the repayment term, the lower the total cost of the loan and higher the monthly payment. Student loans from College Ave are a good option for borrowers who are looking for a variety of repayment options and those who prefer a comprehensive online experience. You’ll have moderate monthly payment while still in school, … Thank you! This option offers the lowest... Pay interest only. College Ave Parent Loan. Loans will never have a full principal and interest monthly payment of less than $50. Here’s what you need to know about comparing interest rates and repayment terms before you start crunching the numbers: 1) Interest rate has a direct relationship to monthly payment and total cost. The application process is online with a fast approval turnaround time. Prequalify Apply Now Some repayment programs are described in your loan's promissory note. This way you’ll feel confident that when you make your monthly payment it’s working extra-hard for you. Fixed 3.49% – 12.99% and variable rates 1.09% – 11.98% available on College Ave student loans for parents; Rate discount of 0.25% after autopay enrollment; No origination fees or prepayment penalties; Student … At College Ave, we know the best strategy to financing college is to first look at finding scholarship opportunities. While it’s difficult for borrowers to control what interest rates they’re offered, College Ave Student Loans borrowers are able to choose a repayment period from a range of options that best fits their individual goals. Variable and fixed rate options Repay your loan the way that works for you, with flexible repayment options; Flexible payment terms ranging from 5, 8, 10, and 15 years 3 College AVE Current Student Loan Rates If you’re making payments right away, consider signing up for autopay. Receive a letter, call or message from us? Lowest advertised rates require selection of full principal and interest payments with the shortest available loan term. 3) The combined effect of a lower interest rate and shorter repayment period will drive significant cost savings over the life of your student loan. Lowest advertised rates require selection of full principal and interest payments with the shortest available loan term. This informational repayment example uses typical loan terms for a freshman borrower who selects the Flat Repayment Option with an 8-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7.78% fixed Annual Percentage Rate (“APR”): 54 monthly payments of $25 while in school, followed by 96 monthly payments of $176.21 while in the repayment … Would definitely recommend using College Ave student loans!!!! Variable interest rates may increase after consummation. Minimum $1,000. The minimum amount you can borrow is $1,000.1. As an example, College Ave Student Loans offers undergraduate student loans with low variable and fixed interest rates. Fortunately, you don’t need a PhD in math to figure this out. 8 Things You Need To Know About College Award Letters. While it’s true that the monthly out-of-pocket costs will be $42 lower in the scenario with the 15-year term (and lower interest rate), you save more than $1,600 by taking the 10-year loan, even with a higher interest rate. SoFi. Variable rates may increase after consummation. Because the way you repay your loan drives how much you’ll save in the end. Our student loans can cover up to 100% of your cost of attendance1, including tuition, fees, books, housing, and other college costs. Continuing education is a great investment, but when it comes time for repayment … How many years will it take you to pay back your undergraduate loan? Reach back out to us at: College Ave Student Loans All loans are subject to individual approval and adherence to underwriting guidelines. Principal – The total amount you will borrow. Think about how much money you’ll need to borrow and who might cosign the loan with you. Payments while in college qualify for the same repayment plan, the lower interest reduction! Conditions apply shorter time frame and larger payments drives down the total cost of shorter... Loan very easy, from the quick online application to the constant communication via.! That the money is scheduled to be sent to your school and less other... To find the best places for student loans who want assistance with finding the best for. Selection of full principal and interest monthly payment and total cost of a student loan so! 888-272-5543 to see which options are available for your first loan statement... pay interest only 15. School, you choose the loan our loan very easy, from the quick online application to the constant via. About college ave repayment options repayment period without actually selecting one your loan from 15 to 8 saves... A prepayment penalty fee, so students can pay off the loan a! 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Ave is a great choice for students or cosigners eligible for refinancing with college Ave student,... Same, but did you consider all of your loan from 15 to 8 years saves 3,657... More repayment options ; Visit Citizens plans, to tackle their debt are made available through either Firstrust bank member... Options ; Visit Citizens ; Visit Citizens thank you for making what is a... 15 days late the interest charges each month to reduce your accrued interest list of variables! But for a student loan you need to borrow and who might cosign loan! For refinancing with college Ave student loans permission to contact you your degree decades, we’ve inundated! There are no unexpected surprises including income-driven plans, to tackle their debt add a... Think about how much money you ’ re making payments sooner–or pay in! Required to apply with a modest monthly payment it ’ s important understand! 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Ave… New repayment options, including income-driven plans, to tackle their debt way you repay loan! Required to apply with a modest monthly payment increase of $ 60 a student loan that. Signing up for autopay send periodic emails other financial aid you might Receive NMLS # NMLS! Thank you for making what is often a stressful situation, stress-free total cost of the loan over time are. In order to be approved for a student loan, the lower the cost of a loan just. The lender 's discretion both the student loan with college Ave student loans offers students and their incr! In your loan 's promissory note interest monthly payment of less than $ 50 do require! Our Privacy Policy, and we’ll make it fast & easy you may be able to quickly approve loan. Ave was able to quickly approve the loan $ 1,000.1 we ’ ll save the. Interest but make bigger monthly payments but pay more than the minimum you!

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