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College Ave Parent Student Loan Review
Parent Loan
Rewards: Autopay Discount
Yearly Loan Limits: 100% Cost of Attendance
Overall Loan Limits: $1,000 (minimum)
Cosigner Terms: Cosigner optional
Rewards: Autopay Discount
Yearly Loan Limits: 100% Cost of Attendance
Overall Loan Limits: $1,000 (minimum)
Cosigner Terms: Cosigner optional
The bottom line
We rate College Ave as one of the best lenders for parents of college students. Their Parent Loan offers among the lowest interest rates in the market, and some of the most flexible requirements for qualifying.
Pros- Covers up to 100% of the annual cost of attendance
- Offers a repayment term of 5 years (in addition to another of 10 years)
- Available for non-U.S. citizens or residents that have a creditworthy U.S. citizen or permanent resident cosigner
Cons- Capitalizes accrued interest on a monthly basis
- Unclear deferment and forbearance policies
- Does not allow you to defer payments while the student is in school
Loan comparison
Full review
Rated as one of the best parent loans out there, College Ave has a lot to offer. When it comes to costs, they’re about as low as you’ll find. Though they charge a fee for late payments and only offer an autopay discount, their interest rates are lower than the majority of other private lenders. As for qualifying, they have a low minimum borrowing limit, cover up to 100% of your student’s annual cost of attendance, and their parent loan is available in all 50 states (and even to non-citizens and non-residents!).
That being said, there are elements of their repayment terms that are less desirable (or simply not spelled out). Their deferment and forbearance policies are unclear. And if you let unpaid interest accrue, they will capitalize it monthly, leaving you with a large loan balance in the end.
College Ave - Parent Loan
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Saving For College is an unbiased, independent resource for parents and financial professionals, providing them with information and tools to understand the benefits of 529 college savings plans and how to meet the challenge of increasing college costs.