New student loan tools make the student loan process more transparent, easier-to-understand and faster
(Wilmington, DE) JUNE 11, 2015 – College Ave Student Loans, a student loan online marketplace lender, today announces the launch of its new credit-prequalification feature and mobile-friendly application, the fastest and easiest application in the student loan industry. Applicants who use the new mobile-friendly application can expect a credit decision in less than three minutes. In addition, before they apply, students and families can use the new personalized pre-qualification tool to determine if their credit qualifies for a loan and what rates they can expect. The pre-qualification tool does not affect their credit scores.
The new innovative tools and features from College Ave further build on the company’s current offerings – low rates, flexible repayment plans, and an updated student loan calculator – that give families and students options to put them in control. The student loan calculator provides clarity by showing the total cost over the life of the loan as well as how to save by making payments during school and paying back in fewer years. A recent College Ave survey of 1,077 undergraduate college students finds nearly 3 out of 4 (74 percent) desire more helpful advice on how to manage money, including clearer language and easy-to-understand information on financial topics. Through its continued innovation, College Ave is delivering on that need and its commitment to make the student loan experience simple, clear and personalized.
“Our mission at College Ave Student Loans is to make getting a student loan as easy and inexpensive as possible for students and their families,” said Joe DePaulo, CEO and Co-Founder of College Ave Student Loans. “Our team – a passionate group of employees with deep experience in technology and finance – had one challenge put in front of them: to make getting a student loan the simplest part of going to college. Our innovative pre-qualification tool, improved calculator, and our new mobile-application experience deliver on that promise as we continue to innovate and create best-in-class student loan products and customer-focused experiences designed for today’s students and families. Our goal is to make it not only possible, but easy, for students to make good money-saving choices when getting a student loan.”
Because of its sole focus on student loans, College Ave Student Loans is able to offer:
- Low rates. Undergraduate loans from 2.06% – 9.98% APR (with auto-pay discount), and graduate loans from 2.06% – 8.00% APR (with auto-pay discount).
- Rewards for making in-school payments. For those who choose to make payments in school, College Ave offers lower interest rates, which means students and their families pay less for the loan overall. With the most in-school repayment options, it’s easy to create an affordable plan.
- Options to help families lower the cost. No origination fees or pre-payment penalties, and choices on term so consumers are not paying more than they have to for the loan.
- Tools to help borrowers make important decisions. College Ave has a simple online calculator that shows students how much they can expect to pay over the life of the loan – and how to save.
- Coverage up to 100% of school-certified expenses ($2,000 minimum loan).
In addition, College Ave teamed up with Chegg for the #CollegeGoals Instagram contest. Now thru June 30, 2015, Instagram users can share their college goals with College Ave and Chegg for a chance to win prizes, including a $5,000 college scholarship and $50 Chegg textbook credits. For details on how to enter, visit: http://blog.chegg.com/collegegoals.
About the Survey
The College Ave Student Loans “Financing Your Education” survey was conducted online by Chegg in April 2015 among 1,077 panelists within the United States from Chegg’s proprietary national panel of 18,000 students.
About College Ave Student Loans
College Ave Student Loans is simplifying the student loan experience so students can get on with what matters most: preparing for a bright future. As an online marketplace lender with a sole focus on private student loans, we’re using technology and our deep industry expertise to connect families who need to cover education costs with lenders who can provide that funding. By specializing in student loans, we are able to give our customers the attention they deserve and deliver loans that are simple, clear, and personalized for the individual. Competitive rates, the most repayment options, and a customer-friendly experience from application through repayment. For more information, visit: https://www.collegeavestudentloans.com/.