- Our undergraduate loans cover up to 100% of your cost of attendance1
- You choose the repayment options that fit your monthly budget
- It takes only three minutes to apply and get an instant credit decision
Here's our current interest rates we offer
Variable rates
5.59%
to 17.99% APR
Fixed rates
3.69%
to 17.99% APR
(all rates shown include auto-pay discount)2
Variable and Fixed Rates Explained
It’s important to understand the difference between variable and fixed interest rates2 on undergraduate student loans. Learn the basics so you can pick the best one for you with confidence.*all rates shown include auto-pay discount2
Variable Rate
5.59%
to 17.99% APR
Variable interest rates can change during the life of the loan. They are tied to a market index and will fluctuate - up or down - over time with the market.
Changes to the rate are typically based on a publicly available interest rate index such as the prime rate or SOFR.
Fixed Rate
3.69%
to 17.99% APR
Fixed interest rates stay the same for the entire repayment period. You will have the same monthly payment amount every month after entering full repayment.
Cosigning Made Easy
Usually, students don’t have the credit or income requirements to qualify for an undergraduate loan on their own.
A parent or other adult with good credit will need to co-sign the private student loan.
Both the student and cosigner share equal responsibility for repaying the loan.
0%
of all undergraduate loans are cosigned
0%
of borrowers choose an in school repayment option
See How We Compare to other Private Lenders
| College Ave | Sallie Mae | Discover | |
|---|---|---|---|
| Cover up to 100% of costs1 |
|
|
|
| 3 - Minute Application |
|
|
|
| No Application Fees |
|
|
|
| Choice of Repayment Terms |
|
|
|
| Number of Repayment Options |
4 |
3 |
4 |
*Comparisons based on information obtained on lenders' websites as of September 3, 2024.
Get the Money you Need to Complete your Degree with the College Ave Multi-Year Peace of Mind®
Your education doesn’t stop at one year and neither should your loan. Thanks to the College Ave Multi-Year Peace of Mind, 95% of our undergraduate borrowers are approved for additional loans to cover their degree when they apply with a cosigner5.
That’s less stress from start to finish.
0%
of our undergraduate borrowers are approved for additional loans
Don’t worry, we’ve got a better student loan process
1
Before school starts, figure out how much you’ll need to borrow. A good estimate is to take your cost of attendance and subtract any scholarships, grants, federal loans in the student’s name, and savings you plan to use.
2
Start shopping around for loans and apply for an undergraduate student loan about 30 days before classes start. Know who your cosigner is and choose your loan term and repayment options.
3
Once approved, we’ll work directly with your school to certify the loan. After the money is sent to your school, be on the lookout for your first loan statement. If you selected an in-school repayment option, consider signing up for auto-pay.
Apply Now for a Loan Check Application Status 1
Before school starts, figure out how much you’ll need to borrow. A good estimate is to take your cost of attendance and subtract any scholarships, grants, federal loans in the student’s name, and savings you plan to use.
2
Start shopping around for loans and apply for an undergraduate student loan about 30 days before classes start. Know who your cosigner is and choose your loan term and repayment options.
3
Once approved, we’ll work directly with your school to certify the loan. After the money is sent to your school, be on the lookout for your first loan statement. If you selected an in-school repayment option, consider signing up for auto-pay.
Apply Now for a Loan Check Application StatusFAQs for Undergraduate Student Loans
-
Who is eligible for an undergraduate student loan with College Ave?
To qualify, undergraduate students with a social security number must be enrolled at an eligible school. International students will need to apply with a qualified cosigner that is a U.S. Citizen or a Permanent Resident. All students must meet the satisfactory academic progress (or SAP) guidelines as defined by their school.
A cosigner may be needed for student borrowers who do not meet financial, credit, or other requirements of taking out a private loan.
-
What is the most common student loan for undergraduates?
The most common student loans for undergraduates are Federal Direct student loans. Federal student loans are funded directly by the federal government. Those who do not qualify for federal loans or who have already exhausted their federal loans often consider private undergraduate student loans.
Private loans are any student loans issued by banks or other private lenders. When it comes to choosing an undergraduate student loan, there is no one-size-fits-all solution; students should compare their options and find a solution that works best for their financial situation.
-
Do I need a cosigner for an undergraduate student loan?
Undergrads typically don't have enough credit history or income for lenders to consider them strong candidates for a loan on their own. Lenders, like College Ave, will likely require the student to apply with a cosigner to be approved for a student loan.
Parents, guardians, or close family members most frequently cosign undergraduate student loans. A cosigner should have a reliable and trusting relationship with the borrower since both share equal responsibility for the loan. Additional criteria varies by lender but typically includes:
- Good credit (cosigners with exceptional credit can help borrowers get a lower interest rate)
- Solid debt repayment history
- Steady income
Learn more about cosigning.
-
What is the student loan limit for undergraduates?
The limits on loans for undergraduate students are dependent on several factors, including whether it is a federal or private student loan.
College Ave's Undergraduate Private Student Loans offer:
- Yearly limit: up to 100% of the school-certified cost of attendance.1
- Lifetime limit: varies based on creditworthiness and chosen degree.
Loan limits only cap the amount borrowed before interest is applied. They do not reflect the maximum amount of debt that the student may take on as a result, which can be much higher.
Here is more helpful information on how much you can get in student loans.
-
What do you need to apply for a College Ave Undergraduate Student Loan?
To apply for a College Ave Undergraduate Student Loan, you and your cosigner (if applicable) need to have the following information ready:
- Contact information
- Date of birth
- Social Security number
- Individual and Household Income
- School Name
- Estimated graduation date
- Amount you want to borrow
Once you have this information, applying for an undergraduate student loan from College Ave is simple. In fact, it only takes about three minutes to fill out our application and receive a credit decision. Get started today!
Footnotes
1
As certified by your school and less any other financial aid you might receive. Minimum $1,000.
2
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.
3
This informational repayment example uses typical loan terms for a freshman borrower who selects the Flat Repayment Option with an 8-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7.78% fixed Annual Percentage Rate ("APR"): 54 monthly payments of $25 while in school, followed by 96 monthly payments of $176.21 while in the repayment period, for a total amount of payments of $18,266.38. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
4
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.
5
A new loan application is required each year. The 95% approval percentage is based on students with an existing College Ave Undergraduate Loan who applied with a cosigner for another College Ave Undergraduate Loan in academic year 2022.