Student Loans for Parents FAQs
Student Loans for Parents FAQs
Parent Product & Application FAQs
What is College Ave Student Loans?
College Ave Student Loans launched in 2014, with a goal to create private student loan products that help families pay for school as easily and inexpensively as possible.
How much should I borrow at one time? Can I borrow for multiple years with one loan?
A loan can fund a semester, quarter, or up to a full academic year at a time, but no more. During the application process, you will indicate the time period you would want the loan to cover. It’s your choice if you want to cover a portion of the academic year at a time, or if you want to borrow to cover the full year.
Each loan is separate and won’t be automatically combined if you take out multiple over the course of your education.
Are international applicants eligible for your loans?
At this time, we require that parent loan borrowers be U.S. citizens or permanent residents. Permanent residents are the only eligible non-citizens.
What are the credit requirements?
Exact credit criteria is proprietary, but we offer a free credit pre-qualification tool to tell you if your credit score pre-qualifies, and what interest rates you can personally expect from us before you apply. Using the tool won’t impact your credit score. Pre-qualification isn’t a full review or guarantee, but it may help you decide if you want to submit a full application.
How do your variable rates work? How often do they change?
The variable rate on our parent loan is based on the one-month London Interbank Offered Rate (LIBOR) as published on The Wall Street Journal’s website on the 5th day of the month (or the next business day if the 5th day is not a business day) and rounded up to the nearest 1/8th of one percent.
The rate will only go up (or down) based on future published one-month LIBOR rate changes and to the extent that one-month LIBOR changes. The variable rate will not increase more than once per month, and it will never exceed 25%.
We can’t predict exactly how LIBOR will change over the life of your loan, and past trends are not necessarily indicative of future performance, but you can review the historical 1 month LIBOR rates at the Wall Street Journal: http://online.wsj.com/mdc/public/page/2_3020-libor.html
Do you offer forgiveness for death and/or disability of the student?
Yes. If the student dies or suffers a permanent disability, the loan is forgiven.
College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or Nationwide Bank, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
Information advertised valid as of 05/01/2018. Variable interest rates may increase after consummation.
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. CHECK WWW.COLLEGEAVESTUDENTLOANS.COM FOR THE MOST UP-TO-DATE INFORMATION.