Student Loans

• 3.00% principal balance reduction (applied at loan origination, max reward amount $599.99 for each loan)
• 0.25% interest rate reduction *
• 0.25% interest rate reduction for those who register for Auto Pay **

Yes.

Yes. The College Ave Parent/Sponsor Loan is available for any eligible borrower (parent, guardian, or sponsor) who wishes to apply for a loan on behalf of an undergraduate or graduate student.

Yes. College Ave’s simple loan application includes a credit check and will provide a real-time credit decision. College Ave employs a proprietary credit underwriting model that assesses a broad range of financial and behavioral risk indicators beyond FICO scores that are pulled from the credit bureaus. Interest rates, both with or without a cosigner, are determined based on this comprehensive evaluation, reflecting the totality of an applicant’s credit profile and ability to pay rather than a single score metric.

Is a cosigner required?
A cosigner is not required but is often needed for those borrowers who have not yet established credit or have a limited credit file. A cosigner can also potentially help you secure a lower interest rate.

A combination of factors, including but not limited to the repayment term and the repayment option selected by the borrower during the loan configuration.

Undergraduate and graduate students can choose from four repayment options, including three ways to make payments while you’re still in school: a $25 flat monthly payment, interest-only payments, or full principal and interest payments. Making payments during school can lower your overall borrowing costs.

As you complete your application, you’ll see how your repayment choice affects your interest rate. Options that include in-school payments come with lower interest rates.

After you’re approved, you’ll use our interactive loan setup tool to select your repayment option and loan term. You’ll clearly see how each choice affects:

• Your monthly payment while in school
• Your monthly payment after graduation
• The total cost of your loan

This way, you can choose the option that works best for your budget now and in the future.

College Ave does not charge any application or loan origination fees. Creditworthiness is factored into the loan application decision and impacts the interest rate.

Interest is accrued as daily simple interest based on 365.25 days in the year.

Unpaid accrued interest is capitalized when the loan enters repayment and at the end of deferment or forbearance periods.

This varies by product type, as well as by the loan configuration choices.

a. What repayment options are available?

In school loans:

• Full Principal and Interest (begin immediate monthly repayment of principal and interest)
• Interest Only (pay monthly interest charges while in school)
• Flat Pay (pay $25 per month while in school)
• Deferred (make no payments while in school)

Undergraduate and Graduate borrowers can select a repayment term of 5, 8, 10, or 15 years

Parent/Sponsor Loan:

• Full Principal and Interest (begin immediate monthly repayment of principal and interest)
• Interest Only (pay monthly interest charges while the student is in school)

Parent borrowers can select a repayment term between 5 and 15 years (whole year increments)

b. Does repayment begin immediately or after the student graduates? Is there a grace period after graduation and, if so, how long does it last?

The grace period is 6 months for Undergraduate, 9 months for Graduate and repayment begins immediately for Parent Loan

c. Are there provisions for deferral or forbearance?

Yes.

d. Can borrowers change repayment plans if their circumstances change?

These requests are evaluated on a case-by-case basis.

Yes. College Ave offers a 0.25% auto-pay interest rate reduction for borrowers who elect to have monthly payments automatically debited from a valid bank account.

No.

Payments are first applied to any outstanding interest that has already accrued; after any interest is fully paid, the remainder goes toward reducing principal.

The fee is 5% of the unpaid monthly payment or $25, whichever is less.

We do not charge a fee for late payments currently but reserve the right to do so in the future. If a check payment must be returned due to insufficient funds (NSF), the borrower will be charged a $25 fee.

1. Annual and cumulative borrowing limits: https://fsapartners.ed.gov/knowledge-center/fsa-handbook/2025-2026/vol8/ch4-annual-and-aggregate-loan-limits
2. Origination Fee: https://www.usf.edu/financial-aid/loans/federal/federal-direct/interest-rates.aspx?utm
3. Interest Rate (range and, ideally, average): https://studentaid.gov/announcements-events/interest-rates-for-new-direct-loans
4. Type of interest (fixed or variable): https://studentaid.gov/announcements-events/interest-rates-for-new-direct-loans?utm_=
5. Repayment Plan options: https://studentaid.gov/manage-loans/repayment/plans?utm=

No.