Student Loans for College
Pay for a higher education degree with a student loan from College Ave. We offer a range of options, flexible payment terms and a simple process to make it easy.
Our Current Private Student Loan Interest Rates
Select a student loan that fits your needs
Why Choose College Ave Student Loans?
Different and Better. A Winning Combo.
Whether you’re a parent or a student looking for a student loan, we’re here for you. We built our private student loans to double-major in support and simplicity so it would be as painless as possible for you. Put our useful tools, faster application, and flexible loan options to the test to find the student loan that fits your needs best. If you have anything other than a straight-A experience, let us know.
The Two Types of Student Loans
Federal & Private Student Loans
Federal loans carry unique benefits like income-based repayment options and public service forgiveness that are not available on private student loans.
Once you’ve exhausted federal student loans in the student’s name, you can consider private student loans as an option to fill your financing gap.
Differences Between Private & Federal Student Loans
Loans
College Ave Private Student Loans
Federal Student Loans
& Fixed Rates
(undergraduates will likely need a cosigner)
(graduate students and parents)
What Do Student Loans Cover?
Student loans cover most expenses directly related to a student’s education.
What Student Loans Cover
- Tuition
- Fees
- Rent, room, and board
- Bills and utilities
- Meal plan or groceries
- Books and supplies
- Equipment
(like a computer or printer) - Transportation
What Student Loans Do Not Cover
- Paying off debt
(like Credit Cards) - Spring break
- Buying new clothes
Benefits of Student Loans
Student loans offer an opportunity for higher education to those who may not otherwise be able to afford college. They offer immediate financial support for students to invest in themselves and earn a degree that will hopefully jumpstart their future career.
When used responsibly, student loans can also help young people learn to budget and build good credit as they begin to pay off those loans.
Additional Student Loan Information
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What Is a Student Loan?
A student loan is money borrowed to pay for school and repaid with interest. There are two types of student loans:
Federal student loans, which come from the U.S Government.
Private student loans, which come from private entities such as a bank or credit union.
They are available for undergraduates, graduate students, parents, and some trade school students.
Learn more about how student loans work.
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Eligibility for Student Loans
Eligibility for federal student loans is determined by the FAFSA (Free Application for Federal Financial Aid) and some is based on financial need.
Eligibility for private student loans differs according to the lender but factors usually include credit, financial history, and enrollment status. Most undergraduates will need a cosigner since they don’t have the credit history or income requirements to qualify on their own for a student loan.
Learn more about how to find a student loan cosigner.
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Student Loans and Financial Aid
Student loans are one way to pay for school. Here’s the typical order for securing financial aid, including when to consider taking out student loans.
- Start with money you don’t have to pay back. Such as: contributions from family, income and savings, grants and scholarships.
- Then, look at federal student loan options, which have low fixed interest rates come with special benefits not available on private loans.
- Lastly, consider a private student loan if funds are still needed to cover costs.
Learn more about when to take out student loans.
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Student Loan Interest Rates
Interest rates are the cost of a student loan. Federal and private student loans offer different rates.
Federal student loans come with a fixed rate, which stays the same throughout the life of the loan. It is set at the start of each academic year in July.
Private student loan interest rates can be fixed or variable, which change according to market forces. Private lenders determine the interest rate based on market factors and the student’s (and cosigner’s) creditworthiness who is borrowing money.
Learn more about the difference between fixed and variable student loan interest rates.
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Student Loan Repayment Terms
A term is the length of time you agree to repay your student loan.
The longer the term, the lower the monthly payment but the more the loan will cost overall. The shorter the term, the higher the monthly payment will be and the less the loan will cost overall.
Federal Student Loans come with a standard 10-year term.
Different private lenders have their own terms. College Ave has varying repayment terms ranging from 5 years to 15 years depending on which student loan you select.
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How to Apply for Student Loans
To apply for federal student loans, fill out the FAFSA as soon as it becomes available each year.
The federal deadline is June 30th each year. There are different state and school deadlines, which are earlier, so be sure to check.
To apply for private student loans, choose a lender and then fill out their application.
Students may apply for private student loans year-round. Typically, June to August are the most popular times for student loans covering the fall semester.
Learn more about how to apply for student loans.