College Ave Reviews: Private Student Loans and Student Loan Refinancing

• Soft credit check to qualify and see what rate you’ll get: Yes.

• Loan terms: 5, 8, 10 or 15 years.

• Loan amounts: $1,000 up to cost of attendance.

• Application or origination fee: No.

• Prepayment penalty: No.

• Late fees: Yes; 5% of the unpaid amount of the monthly payment or $25, whichever is less, if payment isn't made within 15 days of the due date.

Financial

• Minimum credit score: Mid-600s.

• Minimum income: $35,000 per year.

• Typical credit score of approved borrowers or co-signers: Mid-700s.

• Typical income of approved borrowers: About $120,000 per year.

• Maximum debt-to-income ratio: Depends on credit characteristics; up to 90% in some instances.

• Can qualify if you’ve filed for bankruptcy: No.

Other

Many lenders are offering relief related to COVID-19. Check this list of private loan relief options to see what this lender offers.

In-school repayment options:

• Immediate: Make full payments as soon as the loan is disbursed, while you’re still in school.

• Deferred: Don’t make any payments while you’re in school.

• Fixed: Pay $25 every month while enrolled in school.

• Interest-only: Pay interest every month you’re in school.

Post-school repayment options

• Grace period: 6 months for undergraduates; 9 months for graduate students.

• In-school deferment: Yes, borrowers can request to defer payments when returning to school.

• Military deferment: Yes.

• Grace period extension: Yes, up to an additional 6 months.

• Forbearance: Up to 12 months available, in 3- or 6-month increments.

• Natural disaster forbearance: Borrowers can postpone payments if they're involved in a natural disaster, as determined by FEMA.

• Co-signer release: Yes, if the borrower has finished more than half of the scheduled repayment period and meets additional eligibility criteria.

• Death or disability discharge: Yes, if the primary borrower dies or suffers a permanent disability.

• Loan discharge if co-signer dies or becomes disabled: No.

Repayment preferences

• Soft credit check to qualify and see what rate you’ll get: Yes.

• Loan terms: Choose a term between 5 and 20 years.

• Loan amounts: $5,000 to $150,000, or up to $300,000 for those with medical, dental, pharmacy or veterinary degrees.

• Can transfer a parent loan to a child: No.

• Application or origination fee: No.

• Prepayment penalty: No.

• Late fees: Yes; 5% of the unpaid amount or $25, whichever is less, if payment isn’t made within 15 days of the due date.

Financial

• Minimum credit score: Upper 600s.

• Minimum income: $38,000 per year.

• Typical credit score of approved borrowers or co-signers: Mid-700s.

• Typical income of approved borrowers: $100k+ per year.

• Maximum debt-to-income ratio: 50%, meaning total monthly debt payments must not exceed 50% of income.

• Can qualify if you’ve filed for bankruptcy: No.

Other

Many lenders are offering relief related to COVID-19. Check this list of private loan relief options to see what this lender offers.

• In-school deferment: No.

• Military deferment: Yes.

• Forbearance: Up to 12 months available, in 3- or 6-month increments.

• Natural disaster forbearance: Borrowers can postpone payments if they’re involved in a natural disaster, as determined by FEMA.

• Death or disability discharge: Yes, if the primary borrower dies or becomes totally and permanently disabled.

• Loan discharge if co-signer dies or becomes disabled: No.

Repayment Preferences

• Soft credit check to qualify and see what rate you’ll get: Yes.

• Loan terms: 5 to 15 years, or any year in between.

• Loan amounts: $1,000 up to cost of attendance, plus an additional $2,500 that can be sent directly to the parent.

• Application or origination fee: No.

• Prepayment penalty: No.

• Late fees: Yes; 5% of the unpaid amount of the monthly payment or $25, whichever is less, if payment isn't made within 15 days of the due date.

Financial

• Minimum credit score: Mid-600s.

• Minimum income: $70,000 per year.

• Typical credit score of approved borrowers or co-signers: Mid-700s.

• Typical income of approved borrowers: Greater than $150,000 per year.

• Maximum debt-to-income ratio: Depends on credit characteristics; up to 90% in some instances.

• Can qualify if you’ve filed for bankruptcy: No.

Other

Many lenders are offering relief related to COVID-19. Check this list of private loan relief options to see what this lender offers.

In-school repayment options:

• Immediate: Make full payments as soon as the loan is disbursed.

• Interest-only: Pay interest every month your child is in school.

• Flat: Pay interest plus a fixed amount of your choosing (in increments of $20) while your child is enrolled in school.

Post-school repayment options

• Grace period: There is no grace period.

• In-school deferment: No.

• Military deferment: Yes.

• Forbearance: Up to 12 months of forbearance is available, in 3- or 6-month increments.

• Natural disaster forbearance: Borrowers can postpone payments if they're involved in a natural disaster, as determined by FEMA.

• Death or disability discharge: Yes, if the child benefitting from the loan dies or suffers a permanent disability. The estate is held responsible if the parent borrower dies.

• Loan discharge if co-signer dies or becomes disabled: No co-signer option for the loan.

Repayment preferences

• Soft credit check to qualify and see what rate you’ll get: Yes.

• Loan terms: 5, 8, 10 or 15 years. Law, dental and medical students can also choose a 20-year term.

• Loan amounts: $1,000 up to cost of attendance.

• Application or origination fee: No.

• Prepayment penalty: No.

• Late fees: Yes; 5% of the unpaid amount of the monthly payment or $25, whichever is less, if payment isn't made within 15 days of the due date.

Financial

• Minimum credit score: Mid-600s.

• Minimum income: $35,000 per year.

• Typical credit score of approved borrowers or co-signers: Mid-700s.

• Typical income of approved borrowers: About $125,000 to more than $150,000, depending on the graduate loan type.

• Maximum debt-to-income ratio: No more than 80% with FICO credit score above 750; 50% if your credit score is below 750.

• Can qualify if you’ve filed for bankruptcy: No.

Other

Many lenders are offering relief related to COVID-19. Check this list of private loan relief options to see what this lender offers.

In-school repayment options:

• Immediate: Make full payments as soon as the loan is disbursed, while you’re still in school.

• Deferred: Don’t make any payments while you’re in school.

• Fixed: Pay $25 every month while enrolled in school.

• Interest-only: Pay interest every month you’re in school.

Post-school repayment options

• Grace period: 9 months for graduate, law and MBA students; 12 months for dental students; 36 months for medical students.

• In-school deferment: Yes, borrowers can request to defer payments when returning to school.

• Military deferment: Yes.

• Clerkship deferment: Yes, law students can request to defer payments up to 12 months during a clerkship.

• Residency deferment: Yes. During residency, dental students can request to defer payments an additional 12 months and medical students can defer payments up to 48 months.

• Grace period extension: Yes, up to an additional 6 months.

• Forbearance: Up to 12 months of forbearance is available, in 3- or 6-month increments.

• Natural disaster forbearance: Borrowers can postpone payments if they're involved in a natural disaster, as determined by FEMA.

• Co-signer release: Yes, if the borrower has finished more than half of the scheduled repayment period and meets additional eligibility criteria.

• Death or disability discharge: Yes, if the primary borrower dies or suffers a permanent disability.

• Loan discharge if co-signer dies or becomes disabled: No.

Repayment preferences