Private Student Loans

Private student loans are a great option to help you fill your financing gap when paying for college. If you still need financial assistance after you’ve exhausted federal student aid and other free money, like scholarships and grants, private student loans can help cover your college costs.

Students

Here are our current private student loan interest rates:

Variable rates

5.59%

to 16.65% APR

Fixed rates

4.11%

to 15.44% APR

*all rates shown include auto pay discount1

Difference Between Private & Federal 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.

College Ave Private Student Loans

Loans provided by private lenders (like College Ave Student Loans) instead of the federal government.

  • Money comes from a bank.
  • Online 3 Minutes Application.
  • No origination fees.
  • Choice of Variable & Fixed Rates.
  • Credit check required. (undergraduates will likely need a cosigner)

Federal Student Loans

A federal student loan is money borrowed from the federal government to help pay for your education, that must be repaid with interest.

  • Money comes from the government.
  • You need to fill out a FAFSA.
  • Only fixed interest rates offered.
  • Credit Check for Direct Plus loans only. (graduate students and parents)

Private Student Loan Eligibility

money in hand icon

Eligibility for private student loans differs according to the lender but factors include:

  • Creditworthiness (or have a creditworthy cosigner)
  • Financial History
  • Enrollment Status
federal building icon

Eligibility for federal student loans is determined by the FAFSA (Free Application for Federal Financial Aid) and some is based on financial need.

We encourage you (and your cosigner) to have your personal information (including social security number), estimated income, your school name, and how much you’d like to borrow prepared before you complete your application.

student at desk

Frequently Asked Questions

  • Why should I apply for federal aid before private student loans?

    Federal student aid (obtained by filling out the FAFSA every year) includes federal student loans, but it also includes some "free" money like scholarships, grants, and work-study opportunities, where you won’t have to pay back that money.

    Federal student loans offer fixed interest rates so you know what your interest will be for the life of your loan. Unlike private student loans, most federal student loans don’t require a credit check or a cosigner.

  • What is the max amount I can take out in private student loans?

    College Ave's private student loan options allow you to borrow up to 100% of the cost of college.* What you borrowed will be certified by your school and we will send your funds directly to the school.

    * As certified by your school and less any other financial aid you might receive. Minimum $1,000.

  • Will I need a cosigner for a private student loan?

    While you don’t necessarily need a cosigner to qualify for a private student loan, we encourage you to consider having one. Many students (especially undergraduates) don’t have the credit history they need to take out a private student loan on their own accord, so it can be a good option to find a cosigner.

    Finding a cosigner who has a good credit history can increase your chances of qualifying for a private student loan and even help you qualify for lower interest rates. The cosigner shares the same responsibility with the student to pay back the student loan.

    Learn more about becoming or finding a student loan cosigner.

  • Do you need to complete the FAFSA for private student loans?

    No, the FAFSA (or Free Application for Federal Student Aid) is the application used to qualify for federal aid distributed by the government. Private student loans are issued by banks or other financial institutions and they have their own application process. You can apply for a College Ave private student loan in as little as 3 minutes.

  • How long does it take to repay private student loans?

    Your repayment schedule is determined by the type of student loan you have.

    College Ave's private student loans have some of the most flexible repayment options available. Typically our repayment terms range from 5 years to 15 or 20 years2, depending on your program. Remember that shorter repayment periods will have higher monthly payments, but will save you in interest in the long-term. And on the other hand, longer repayment periods will give you the flexibility to have a lower monthly payment, but you will pay more in interest over the life of the loan. No matter what you choose, College Ave has options for everyone and every budget.

  • Are international students or cosigners eligible for College Ave’s private student loans?

    International students with a valid US social security number are eligible to apply for a private student loan with College Ave.

    In order to be approved for a College Ave private student loan, an international student will be required to apply with a qualified cosigner.

What parents and students are saying about us.

Easy and quick process

This is our 3rd student loan with CollegeAve. The most important part is, their process is very easy and it's quick as well to find the decision after pre-approval compared to other providers who generally takes many days before even you know the final decision. Thank you, College Ave team.

Anu

07/28/23

College Ave is a great place to get a student loan

College Ave is a great place to get money for students. The staff is so genuine, friendly and knowledgeable. They put you at ease. It takes the pressure off how am I going to pay for this semester or this year. It's a God sent. The application process is very easy and you don't feel violated or manipulated . And once the application process is finished you find out immediately if you have been approved. I don't know what I would have done if I didn't have College Ave.

Daisy

06/15/23

Highly recommend

I highly recommend College Ave for a student loan. The process was simple and quick. Not a lot of red tape. I like that my student was directly involved as well. Of course we discussed all the options but she ultimately made the decision herself. A good lesson in adulting.

Sandra

05/29/23

sitting student

Let's get started, you've got this.

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Footnotes

1

Variable rates may increase after consummation. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit.

2

This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.

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