Get a student loan from College Ave to help cover the costs of your education after high school. They make it easy by providing a variety of options to choose from, flexible payment plans, and a straightforward process.
Why Should You Go With College Ave Student Loans?
college Ave is here for you whether you are a parent looking for a student loan or a student looking for a student loan. They designed their private student loans with support and ease of use. Their loan application process is easy and stress-free as possible for you. They will also put their helpful resources, the fast application process, and a variety of flexible loan alternatives. You can choose which student loan will best meet your requirements. You are free to get in touch with them if you encounter any challenges.
The Two Types of Student Loans
Federal & Private Student Loans
The repayment options for federal loans are based on a borrower’s income, while the repayment options for private student loans are not. Private student loans do not offer any forgiveness or income-based repayment options.
After you have exhausted the resources available to you through federal student loans in the name of the student, you may want to look into private student loans as an option to bridge the financial gap.
DIFFERENCES BETWEEN PRIVATE & FEDERAL STUDENT LOANS
| Loans | College Ave Private Student Loans | Federal Student Loans |
| Choice of Variable & Fixed Rates | Yes | No, fixed rates only |
| Auto-Pay Discount | Yes | Yes |
| Standard Repayment Terms | Choice of 5 – 15 years2 | 10 years |
| Credit Check | Yes (undergraduates will likely need a cosigner) | Direct PLUS Loans only (graduate students and parents) |
| Origination Fees | No | Yes |
| Application Process | Online 3-minute Application | FAFSA (typically takes 1 hour to complete) |
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
Individuals who might not be able to afford college without the assistance of student loans are given the option to pursue higher education. They provide students with immediate financial help in order to encourage them to make an investment in themselves and get a degree, which will hopefully serve as a springboard for the student’s future profession.
Student loans, provided they are used responsibly, can also help young people learn how to budget their money and build good credit as they begin to pay off the loans they have taken out.
STUDENT LOAN ELIGIBILITY
The Free Application for Federal Student Aid (FAFSA) is used to identify who is eligible for federal student loans, with some of the eligibility depending on the student’s demonstrated financial need.
The criteria for qualifying for a private student loan can vary from lender to lender, but will typically include credit score, previous financial history, and current enrollment status. The vast majority of first-year college students will be required to have a cosigner in order to qualify for a student loan because they do not yet have sufficient credit history or income.