College Ave Student Loan Refinance Review : Numerous students are having a problem paying their loans and they don’t know what to do. If you don’t want to pay for the rest of your life and you want to get rid of your student loans, you should consider student loan refinance. The first thing you need to do is to analyze your financial situation. Only after you have done this, you can find the best solution for your student loan refinance.
The Student Loan Planner is a blog that helps you to make the right decisions about student loans. We provide you reviews and detailed analysis of the best student loan refinancing and consolidation companies. We also provide information about all the loan programs that are available for students in the US. The intro paragraphs are where I have the most trouble, so I left them till the end. My problem is that I’m much more confident about the quality of my writing in other parts of this project, so I want to make sure that my writing is good enough for this to be my best work. For me, writing blog post intros is a little awkward. One of the biggest differences between blog post intros and other types of writing is
Financial aid plays a vital role in ensuring that students can afford to pursue higher education; however, there are a number of nasty surprises that come with it. Did you know that a student’s loan debt can grow even after they graduate? Many students never realize they need to repay their financial aid debt until they begin to receive collection calls. This is because many financial aid awards are made in the form of loans that must be repaid. The good news is that you don’t have to settle for this fate. You can refinance your student loans to get them under control.
What you need to know:
- College Ave offers both student loan refinancing and private student loans (undergraduate and graduate loans).
- Student loan refinancing loans are free of cost and offer greater payment flexibility.
- College Ave received a 4.0/5.0 rating from Student Loan Planner®.
If you are looking to refinance your student loans, College Ave can be a great option. In a recent Student Loan Planner® audience survey, respondents described College Ave as an easy company to work with. It has also received positive reviews for its user-friendly platform. Read our complete College Ave student loan refinance review to see the full list of pros and cons of these lenders.
College Ave Student Loan Refinance Options
At College Ave, you can refinance federal and private student loans. You can also use a refinance product to consolidate multiple student loans into one new loan. Learn more about credit consolidation. Keep in mind that when you refinance federal student loans into private loans, you lose the right to some unique benefits. For example, only federal loans can be repaid under federal income-based repayment plans. And only federal debt is eligible for the various loan forgiveness programs, such as the Public Service Loan Cancellation Program (PSLF). Here are the basic requirements you need to know about student loan refinancing in College Ave. For current College Ave loan rates, visit our refinance page.
Advantages and disadvantages
College Ave was founded in 2014 by Joe DePaulo (CEO) and Tim Staley, who previously held key executive positions at Sallie Mae. They founded College Ave (headquartered in Wilmington, Delhi) with the hopes of creating a student loan company that would simplify the application process and provide personal assistance to borrowers. College Ave student loans are funded by Firstrust Bank, a member of the FDIC or M.Y. Safra Bank, FSB, a member of the FDIC. Loans are available with fixed and variable interest rates. Here are some of the advantages and disadvantages of the business:
- Flexible repayment options : Borrowers can choose from 16 different maturities, ranging from 5 to 20 years.
- No unnecessary committees: College Ave does not charge any application or disbursement fees, and there is no early repayment penalty.
- Discount on automatic payment : College Ave offers a 0.25% interest rate discount on automatic payments when borrowers sign up to have their monthly payment automatically debited from their existing bank account.
- Quick application process: You can check your rate in a minute with no negative impact on your credit history. If you decide to apply, most borrowers get a decision on an immediate loan within minutes, according to College Ave.
- Military Probation: Borrowers can defer monthly payments if they serve in the Army or National Guard and are called to active duty for more than 30 days.
- Accessibility: College Ave refinance loans are available in all 50 states.
Short grace period : If you lose your job, the grace period for College Ave is up to 12 months. And this maximum of 12 months is usually divided into approved intervals of three or six months. Low maximum loan amount : At College Ave, the maximum amount an average borrower can refinance is $150,000, and borrowers with medical, pharmaceutical, dental and veterinary degrees can refinance up to $300,000. Both limits are significantly lower than many of College Ave.’s major competitors.
Non-exemption of co-borrowers : Unfortunately, refinance loan borrowers do not have the option to apply for a guarantor exemption for a College Ave refinance loan, even after a long history of one-time payments. * It should be noted that College Ave will consider lifting the guarantee for its private student loan borrowers after they have met at least half of the repayment plan.
To qualify for a College Ave student loan refinance, you must:
- Be at least 18 years old.
- US citizen or permanent resident.
- Graduate of a Title IV eligible institution.
You must also meet College Ave requirements, which means passing a credit check and having an acceptable debt-to-income ratio.
College Ave Application procedure
The application process for College Ave is simple and streamlined. You can get a quote in seconds with a simple credit check. If you like what you see, you can fill out the full application form. For each loan, you must confirm the name of the servicing company, the account number of the servicing company and the amount you wish to refinance. College Ave says that in most cases, borrowers receive an immediate decision on their qualification. Kelsey, a Student Loan Planner® reader, was generally satisfied with her refinancing experience at College Ave. But she encountered a problem with her application. Here’s what she said: There was one aspect of the application process that really bothered me.
I applied once and misstated my income. I think I deposited $100,000 instead of $90,000 (I didn’t have my tax return in front of me, so I was guessing). Instead of adjusting my application to the appropriate income level, they rejected it and made me start over. I also had to do a second credit check because of this. My P&L mistake was not changing my interest rates either, that seemed like a big waste of time. To avoid this kind of hassle and frustration, double check all the information in your application before clicking submit. Ask me about your student loans
Should we refinance on College Ave?
College Ave can be a good option if you want to fit the cost into your budget. While many lenders offer two to five payment terms, College Ave takes student loan options to the next level by offering borrowers 16 options to choose from. That’s less than Earnest, which offers 180 different repayment options. Still, he remains far above many of his competitors. College Ave student loan refinance limits can be a problem for some borrowers. Graduates of several high-cost education programs can refinance up to $300,000.
But for everyone else, the limit is $150,000. If you need to refinance more than this amount, College Ave will not be the right lender for you. If you want to refinance a smaller loan amount, College Ave can offer you a low APR and lower your interest payments. But according to Travis Hornsby, founder of Student Loan Planner®, it all depends on when you apply. In practice, Hornsby said, it’s usually only for a very limited period that I’ve seen them outperform the market. And they’re trying to achieve some kind of volume goal when they do that. But if you manage to apply in one of those periods, the rates can be extremely low, especially for high-income professionals, he said.
If you’re interested in refinancing with College Ave, Student Loan Planner® offers a $500 Amazon gift card bonus for borrowers who refinance over $100,000. Before choosing a lender for refinancing, make sure you get quotes from several of the best lenders for refinancing to make an informed decision. A plan for a student loan Refinance your student loan and receive a bonus in 2021.
Frequently Asked Questions
Can you refinance College Ave student loans?
When you are a student, it is hard to plan for the future. A great education is an important part of the future, but it can be costly. Luckily, there is a way to help pay for college without taking out student loans. That’s right, student loan refinancing. It is a process that allows you to consolidate all your existing student loans into a new one, which you can then refinance with a lower monthly payment.
There are two main options for student loan refinancing: you can refinance with a private lender or with the government. When you refinance your student loans with the government, you are asking the U.S. Department of Education to give you a new loan with a lower interest rate. When you refinance with a private lender, you are asking a private bank or other non-government lender to give you a new loan.
Is College Ave student loans legit?
With the cost of college rising, more and more students are realizing they’re not going to be able to pay for college on their own. With student loans becoming the norm, many students start looking for student loan options that will give them the most money for school. Some choose to pay for school with a loan from the federal government, while others choose to refinance their loans to lower their payments.
One student loan refinancing option that’s gotten a lot of attention lately is College Ave. The student loan refinance industry is booming, and that can be a dangerous thing. As more lenders take advantage of those looking to consolidate their loans to save money, there’s some skepticism about where the money is actually going. Is College Ave student loans legit? That’s what we’re going to find out.
Does College Ave consolidate student loans?
Do you have multiple student loans that you are paying off? Are you tired of making multiple payments to multiple companies? Then the student loan refinance process at College Ave might be right for you. This online service allows you to consolidate all of your federal and private loans in one place, and at one monthly payment. The application is easy to fill out, and you should have a decision within minutes. College Ave is the latest company to offer a student loan consolidation program.
The new company is based in Indiana, and is one of the few companies that is offering a student loan consolidation product that has not been made available by the government, with the federal government yet to offer a student loan consolidation program. The company has also announced that it plans to offer student loan refinancing in the future.
For now, though, the company is offering student loan consolidation, which helps borrowers to reduce the interest rate on their loans. The company is currently offering a promotion, where they will waive closing costs for any borrower who uses College Ave to consolidate their student loans, and who follows the company on Twitter.