If you have a fair credit score and need a loan, you are in the right place. Perhaps this has been a problem lately, as some of the lower interest options don’t accept people with scores below excellent. College AVE Student Loans comes to break that pattern and offer some advantages even for those with fair credit.
That’s why it’s recommended that you work on and get a better credit score in the months leading up to a student loan, so you can hit the loan ceiling if that’s your goal – since the amount you borrow will have some bearing on your credit history, taking into account mainly your monthly income.
Are you ready to understand how to get approved, main advantages and cons of using College AVE Student Loans ? Keep reading to find out everything you need before trying to get a loan of your own and achieve your personal goals.
College AVE Student Loans
APR 3.89-13.16% Minimum credit score of 600How does College AVE Student work
College Ave is an online lender founded in 2014 that offers private student loans and student loan refinancing, with private loans being best for students who wish to make payments while still in school – in addition to refinancing loans that become best for borrowers who want a loan term between six or nine years.
College Ave is a great option for undergraduate students taking classes at an eligible school and provides career loans for programs like those offered at community colleges.
In addition, there is a minimum credit score requirement of 600 points, where you will need to demonstrate a credit history of several years of credit history with several positive accounts.
Main Advantages of using College AVE Student
College AVE Student Loans are available in all 50 states and the District of Columbia. It offers great interest rates and good payment terms for most users. But there is a little more to this line of credit that may convince you to get a loan and fulfill your study dreams.
Some advantages include:
- Flexible repayment options
- Prequalify with a soft credit check
- Fast application and approval process.
- Offers co-signer release for private loans
- Six-month grace period extension is available.
- More flexible repayment options than other lenders.
College AVE Student Loans is an easy-to-use system that allows almost any student to get a student loan.
Cons for College AVE Student
College AVE Student Loans have some negatives that should be taken into consideration. The first of these is that it is not ideal for borrowers who need a co-signer to qualify, plus co-signers cannot be released until more than halfway through the loan term.
Other factors that can become negative are the fees that come with it, such as:
- Undergraduate loans: Annual fees range from 2.49% to 13.95%.
- Graduate loans: 2.49% to 10.97%
- Matrix loans: 2.49% to 13.90%
- Refinancing: 3.44% to 7.99%
Also, it is worth noting that a shorter payment term results in lower interest costs over the life of the loan and the reverse as well.
How to Qualify
In general, you need to meet the following criteria to qualify for College AVE Student Loans :
- Minimum credit score of 600
- Minimum income of $50,000 per year
- Must be a US citizen or permanent resident
- Must have graduated with an associate’s degree or higher
- Must have attended school authorized to receive federal aid
- Maximum debt-to-income ratio of 50% – total monthly debt payments must not exceed 50% of income
You can apply directly through the College AVE Student Loans website. There you will have to fill out a form with basic information before getting an approval.
How to Apply
To get this application, the best way to apply is online through the application form made available on the official College AVE website.
Before applying for a loan, make sure you have evaluated your credit report and read all the details in the fine print to avoid confusion when the monthly payment due arrives. College AVE will likely conduct an affordability assessment before providing access to funds.
Conclusion
College Ave Student Loans offers a compelling option for students with fair credit looking to finance their education. With competitive interest rates, flexible repayment options, and a straightforward application process, it caters well to undergraduates and those pursuing career-focused programs. However, potential borrowers should be aware of fees and the requirement for a solid credit history. Overall, College Ave provides a valuable opportunity to fund educational goals, provided applicants meet the credit and income criteria.
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