Q: What's the difference between a Student loan and a Parent loan?

Parent Loan: A Parent loan is money a student’s parent or guardian borrows to help pay for school. The loan is entirely in the parent’s or guardian’s name, and they are taking full responsibility for repaying the loan. Like other student loans, a Parent loan is used to cover college-related costs, such as tuition, supplies, or room and board. Undergraduate or Graduate Student Loan: When an Undergraduate Student Loan or Graduate Student Loan is cosigned, it is in both the student and cosigner's name. As a cosigner, you’re taking equal responsibility with the student and are providing your financial background to help guarantee that the loan will be paid back. A Parent loan, on the other hand, makes you the sole borrower on the loan.

Question 1

How do student loans work?

Accepted Answer

College Ave Student Loans' products are designed to help you pay for school as easily as possible. We offer great rates and flexible repayment terms, so you can decide how and when to pay your loan back.

Question 2

What's the difference between a Student loan and a Parent loan?

Accepted Answer

Parent Loan: A Parent loan is money a student&rsquo;s parent or guardian borrows to help pay for school. The loan is entirely in the parent&rsquo;s or guardian&rsquo;s name, and they are taking full responsibility for repaying the loan. Like other student loans, a Parent loan is used to cover college-related costs, such as tuition, supplies, or room and board. Undergraduate or Graduate Student Loan: When an Undergraduate Student Loan or Graduate Student Loan is cosigned, it is in both the student and cosigner's name. As a cosigner, you&rsquo;re taking equal responsibility with the student and are providing your financial background to help guarantee that the loan will be paid back. A Parent loan, on the other hand, makes you the sole borrower on the loan.

Question 3

What's the difference between a federal loan and a private student loan?

Accepted Answer

Federal student loans are funded directly by the federal government. Applying for a Federal student loan requires that you complete the Free Application for Federal Student Aid (FAFSA). We recommend that you complete the FAFSA and apply for federal student loans before considering private student loans. 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 a private 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.

Question 4

What can student loans be used for?

Accepted Answer

Student loans can be used to cover education related costs including things like tuition and fees, books and supplies, housing and food, and commuting.

Question 5

How much can I borrow for a student loan?

Accepted Answer

College Ave's Student and Parent loans will cover up to 100% of the school-certified cost of attendance, which typically includes things like tuition and fees, books and supplies, housing and food, and commuting expenses. The minimum amount you can borrow is $1,000.

Question 6

Can I use a student loan for online school?

Accepted Answer

College Ave does not currently lend to schools that only offer online education. We currently lend to students attending schools that are considered Title IV eligible, which is determined by the US Dept. of Education. Title IV schools include public and private universities, community colleges and career training schools. Students enrolled in an online program at an eligible school can use a College Ave Student Loan to cover the cost of attendance. If you can't find your school in the student loan application, it's possible that your school isn't currently on our eligible list. You can send an email to studentloans@collegeave.com with your school’s name, and we'd be happy to confirm eligibility.

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Student Loans

A Better Student Loan Experience

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Eligibility

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Cosigning made easy

Student Loan Videos

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Student loans 101

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FAFSA

Student loans 101

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Commonly asked questions

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A Better Student Loan Experience

Loans for Students - Repayment Options

Eligibility

AAA Member Benefits

Student Loan Videos

FAFSA

Student loans 101

How to Pay for College

FAFSA

Student loans 101

How to Pay for College

Commonly asked questions