College Ave Student Loans just recently received a $20 million investment. This investment deal is set to help the company with its market expansion. The company is based out of Wilmington, DE and has undergone four rounds of private financing in which they raised $40 million overall. The announcement came shortly after both SoFi and Earnest raised large amounts of money from venture capitalists.
The company is run by two previous Sallie Mae executives, Joe DePaulo and Tim Staley. College Ave Student Loans first began its operations in 2014 when it began to back loans that were being issued by Liberty Bank in Ohio. College Ave was considered the first new private student loan provider to enter into the market in the previous three years.
The company continues to operate today and has roughly 24 employees. One of the differences with College Ave is that it operates solely online and provides a quick and simple method for students to apply for student loans. Students are able to use tools offered on the website to help them pre-qualify for credit, check the cost of their total loan, and estimate monthly payments based on how much they borrow.
College Ave Student Loans is a versatile loan company and they offer several different student loan types. The goal behind offering different loan types is to help students receive funding that meets their needs. The customizable options help College Ave stick out above other top lenders who do not offer the same options. College Ave also offers student loan refinancing and consolidation.
The company is moving upwards and handing out more loans to qualified applicants. The company has stated that applicants have requested a total of more than roughly one billion dollars in loans.
When it comes to the capital that was raised by College Ave, the $20 million came from four different investors that all live outside of the state of operation for College Ave. Some of the investors include Comcast Ventures and Albert Lord (Staley’s former boss).
Comcast Ventures was proud to provide funding for College Ave Student Loans and the managing director, Dave Zilberman, only had positive things to say about the future of College Ave.
College Ave Student Loans is moving in a positive direction and will continue to supply students with the loans they need to further their education.
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