Written by Jonathan O'Donnell. Last updated April 2018.
Finding a student loan that’s the right fit for you or your child is a big responsibility. With all the options available in today’s marketplace, you may be questioning if you should go with a traditional bank, or whether you should turn to a lender with a more modern approach.
Here is a deep dive into student loan options from College Ave Student Loans. This non-traditional lender manages to bundle a technology-forward approach with a financially sound platform to offer maximum flexibility for borrowers.
Is College Ave the right lender for you? Let’s dig in to what this lender has to offer so you can decide for yourself.
What Are the Benefits of a College Ave Student Loan?
College Ave stands out in two areas: flexibility and ease of use.
If you want extremely flexible loan repayment options, you should definitely consider looking into student loans from College Ave.
College Ave allows multiple repayment options. For example, if you’re a student, you can opt to make full-principal plus interest payments, interest-only payments, or flat payments of amounts as low as $25 per month while you’re still in school. Borrowers may also defer payments until school is complete.
If you’re a parent, you also have your choice of flexible repayment options while your child is in school, including full-principal plus interest payments, interest-only payments, or “interest plus” payments that allow you to set the monthly payment of your choice.
If you’re not sure what kind of loan repayment plan would be best for you, College Ave’s technology-forward approach can lend a hand. Their home page features an exceptionally user-friendly interface that uses human-speak (instead of bank-speak) to help you figure out what kind of loan terms might be best for you.
Use the handy pull-down menus to fill in some basic info such as who you are (parent, student, etc.), how many years of schooling are left, and whether you want to prioritize lower monthly payments or a lower overall loan amount.
From there, the site lets you use sliders to recalculate how different terms will affect your payments and loan totals. You can even email the results to yourself for easy comparison shopping later on.
It’s a great design, and it’s easy to understand, and it’s right in line with College Ave’s mission to make the student loan process more transparent.
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