College Ave Student Loans: A Review for Prospective Borrowers

Private Student LoansView Rates

• Student loans for undergraduates, graduates, parents, and career training
• No minimum enrollment requirements
• Quick 3-minute online application
• Covers up to 100% of your cost of attendance
• Choose your repayment terms, including in-school repayment or deferred
• Multi-Year Peace of Mind® lets you receive future loans at better approval odds
• Can apply for an additional 6-month grace period

• Can’t prequalify with a soft credit check
• Cosigner release isn’t available until at least halfway through repayment

Rates (APR)	4.07% – 16.69%
Loan amounts	$1,000 – 100% of certified costs
Repayment terms	5, 8, 10, or 15 years

Refinance Student LoansView Rates

• You choose your repayment term
• Check your rate without impacting your credit score

• Cosigner release isn’t available until at least halfway through repayment

Rates (APR)	6.99% – 13.99%
Loan amounts	$5,000 – $300,000
Repayment terms	5 – 20 years

Established in 2014 by former Sallie Mae executives, College Ave Student Loans set up its operations in Wilmington, Delaware, focusing on simplifying the student loan process through tailored solutions for borrowers. 

It offers undergraduate, graduate, parent, and career-training loans for attending school and student loan refinancing for individuals in repayment. Eligibility for its loans depends on criteria including creditworthiness and income.

How does College Ave work?

The College Ave application begins with either the student or the cosigner and takes about three minutes to complete, followed by an immediate credit decision. You request your loan amount when applying, which College Ave verifies with your school to ensure it matches the cost of attendance.

Once College Ave approves your loan and you complete all required steps, the lender sends the funds to your school according to the school’s schedule. A new loan application is required each year, but with Multi-Year Peace of Mind®, 95% of undergraduate borrowers are approved for additional loans with a cosigner.

On the refinancing side, College Ave allows borrowers to consolidate and refinance student loans. A borrower can check their rate within a minute. 

After completing all the application steps, College Ave will pay off your existing loans in seven to 14 days. All types of student loans—federal and private—are eligible for refinancing with College Ave.

College Ave private student loans

Best Overall

4.8 _/5

LendEDU Rating

View Rates

Private Student Loans

• Student loans for undergraduates, graduates, parents, and career training
• No minimum enrollment requirements
• Quick 3-minute online application
• Covers up to 100% of your cost of attendance
• Choose your repayment terms, including in-school repayment or deferred
• Multi-Year Peace of Mind® lets you receive future loans at better approval odds
• Can apply for an additional 6-month grace period

• Can’t prequalify with a soft credit check
• Cosigner release isn’t available until at least halfway through repayment

Rates, borrowing limits, and fees

College Ave provides a competitive range of interest rates and terms for its private student loans. Borrowers can choose between fixed and variable APRs and enjoy a 0.25% rate discount if enrolled in automatic payments.

Type of loan	Rates (APR)	Loan amounts	Fees
Undergraduate	4.07% – 16.69%	$1,000 – 100% of costs	Late payment
Graduate	4.07% – 14.49%	$1,000 – 100% of costs	Late payment
Career-training	4.07% – 16.69%	$1,000 – 100% of costs	Late payment
Parent	4.07% – 16.69%	$1,000 – 100% of costs	Late payment

What are the eligibility requirements?

College Ave’s private student loans are available to U.S. citizens, permanent residents, or international students with a Social Security number. The lender says that 97% of undergraduate student loans are cosigned.

While its student loans are available nationwide, it doesn’t disclose its eligibility requirements like minimum credit score or income, so you can ensure you meet the basic requirements before applying.

How does repayment work?

Terms	Details
Repayment options	In-school (full, interest-only, $25 flat) or deferred
Repayment terms	5, 8, 10, or 15 years
Grace period	6 – 36 months, depending on the type of loan
Cosigner release?	Yes

When applying for a loan with College Ave, you’ll choose a repayment term of five, eight, 10, or 15 years. You’ll also select one of four in-school payment options:

1. Full principal and interest payments—start making full payments right away. This option requires higher monthly payments from the start but often results in the lowest total cost of the loan because you reduce the principal and interest from the beginning.
2. Interest-only payments—you pay only the interest charges while still in school. While this results in lower initial payments, it can lead to a higher overall cost since the principal amount remains unchanged during your study period.
3. Flat payments of $25 per month—you make small fixed payments of $25 during school. This can help reduce the loan cost compared to the deferred plan because it reduces the amount of interest that accrues.
4. Deferred payments—allow you to postpone payments until after graduation or when the grace period ends. However, interest will accrue during these periods, leading to the highest total loan cost.

Almost two-thirds of College Ave borrowers choose to start repayments while still in school, which can reduce the overall cost of the loan by lowering the total amount of interest you pay. Choosing a shorter repayment term will also reduce your total interest cost.

Repayment examples

Imagine you have a $10,000 loan with a fixed 5% APR. You can see how the repayment option and term you choose affect the amount you pay in interest.

	5-year term (total interest cost)	15-year term (total interest cost)
Principal + interest	$1,322.60	$4,235.40
Interest-only	$1,500.04	$4,704.44
Flat $25	$1,748.20	$5,728.00
Deferment	$2,748.20	$8,728.00

Using that same example, here’s how the monthly payment could vary based on your choice of repayment term and in-school repayment option:

	5-year term (monthly payment)	15-year term (monthly payment)
Principal + interest	$188.71	$79.08
Interest-only	$41.67 in school, then $212.13	$41.67 in school, then $82.47
Flat $25	$25 in school, then $212.47	$25 in school, then $82.57
Deferment	$0 in school, then $213.89	$0 in school, then $83.29

Unlike some lenders, College Ave does not provide details on the hardship relief it offers, such as deferment or forbearance. This lack of transparency could be a potential drawback for borrowers concerned about financial struggles during the loan repayment period.

How can College Ave improve its private student loan?

College Ave excels in many aspects of student loans—from a specialty focus on student loans to high loan amounts and several repayment options—but it could still improve:

• Cosigner release policy: College Ave has several requirements before a cosigner can be released, including being at least halfway through your repayment term. Meanwhile, Sallie Mae offers a shorter cosigner release period of 12 months. A shorter release time frame and fewer requirements can be desirable for cosigners looking to be free of obligation on the loan as soon as possible and students seeking financial freedom.
• Lack of transparency on requirements: College Ave does not disclose income and credit requirements. This lack of transparency can make it challenging for potential borrowers to know if they are eligible before applying.
• Unclear repayment assistance programs: Specifics of College Ave’s repayment assistance programs are not outlined, leaving borrowers in the dark about what help they could receive if they struggle with repayment. Earnest outlines its repayment assistance options clearly and provides more flexibility.

How have College Ave private student loans evolved over the years?

Since its inception in 2014, College Ave has consistently been dedicated to enhancing its student loan offerings and adapting to the evolving needs of students and their families. The evolution of College Ave’s student loan products can be traced as follows:

• 2014: Offered undergraduate and graduate loans with variable rates.
• 2015: Added prequalification so borrowers can check rates with a soft credit check.
• 2016: Released parent loans and student loan refinancing.
• 2018: Career-training loans were released, addressing the unique needs of students.
• 2021: Offered specialized graduate loans tailored for specific programs.

Each step in this journey shows College Ave’s commitment to meeting the diverse needs of its borrowers, from undergraduates to specialized graduate students.

How do College Ave private student loans compare to other lenders?

As you explore your private student loan options, it’s important to consider how each lender stacks up against other student loan companies. Here’s how College Ave compares:

	Sallie Mae	Earnest	College Ave
Our rating	4.7	4.7	4.8
Rates (APR)	4.50% – 16.70%	4.43% – 16.20%	4.43% – 16.69%
Repayment	10 – 15 years	5 – 15 years	5 – 15 years
Grace period	6 months	9 months	6 months
	See rates	See rates	See rates

College Ave’s refinance student loan

4.2 _/5

LendEDU Rating

View Rates

Refinance Student Loans

• You choose your repayment term
• Check your rate without impacting your credit score

• Cosigner release isn’t available until at least halfway through repayment

College Ave also refinances student loans for eligible borrowers who have completed their degrees and have an outstanding balance of at least $5,000 on existing loans.

Rates, borrowing limits, and fees

College Ave’s student loan refinance lets borrowers choose between fixed or variable rates and sets the maximum refinance amount based on the borrower’s degree.

Feature	Details
Fixed rates (APR)	5.99% – 11.99%
Variable rates (APR)	5.99% – 11.99%
Loan amounts	$5,000 – $300,000, depending on your degree
Repayment terms	5 – 20 years
Cosigner release?	Yes

What are the eligibility requirements?

College Ave accepts cosigners on refinanced student loans which could help borrowers secure a lower rate and increase the chances of approval.

Requirement	Details
Citizenship	U.S. citizen or permanent resident
State of residence	All 50 states
Minimum age	18 years old
Graduation status	Graduated from an eligible school or program

How does repayment work?

Borrowers choose a repayment term between five and 15 years, a typical range offered by student loan refinance lenders.

Some of the details behind its repayment assistance programs are not clear or available on its website.

How can College Ave improve its refinance student loans?

College Ave could enhance its student loan refinancing in several areas:

• Cosigner release: Cosigners can’t be released until at least half of the original loan has been repaid.
• Payment assistance options: Earnest offers more assistance options than College Ave, which does not disclose specifics about its assistance programs.

How has College Ave’s student loan refinance evolved over the years?

There haven’t been many changes to College Ave’s student loan refinance offering since it launched in 2016. The only noticeable change we’ve seen is that it reduced its maximum repayment term from 20 to 15 years in 2021 and back to 20 years in 2024.

How do College Ave refinance student loans compare to other lenders?

To help understand how College Ave fits into the wider student loan refinancing market, we’ve compared it with two of its competitors—Earnest and ELFI.

	Earnest	ELFI	College Ave
Our rating	4.8	4.8	4.2
Rates (APR)	4.96% – 9.74%	5.28% – 8.99%	5.99% – 13.99%
Loan amount	$5,000 – $500,000	$10,000 – total balance	$5,000 – $300,000
Repayment terms	5 – 20 years	5 – 20 years	5 – 20 years
	See rates	See rates	See rates

Is College Ave a reputable lender?

To give you a balanced view of College Ave, we’ve collected customer reviews from different sources, including Trustpilot and Better Business Bureau (BBB). 

Here’s how College Ave fares on these platforms:

Source	Customer rating	Number of reviews
Trustpilot	4.4/5	1,052
Better Business Bureau (BBB)	3.15/5	46

College Ave holds a solid rating on Trustpilot. Customers praise its quick and easy application process, but some express dissatisfaction with issues related to autopay and customer service.

On the BBB site, College Ave is accredited—meaning it meets standards for honesty and transparency and is committed to resolving customer complaints promptly.

Complaints focus on problems making payments and accounts incorrectly reported as delinquent. Despite these issues, the easy application process remains a recurring positive theme across reviews.

Does College Ave have a customer service team?

College Ave maintains an internal customer service team to assist borrowers with their needs. Whether it’s application help or repayment assistance, College Ave’s representatives can assist.

It partners with University Accounting Services to service loans, adding a layer of expertise to its servicing operations.

Here’s how you can reach out:

• Chat on its website
• Email using the prefilled form on College Ave’s contact page
• For assistance with applications, call 844-422-7502 Monday to Friday, 9 a.m. to 10 p.m. Eastern, and on Saturday from 9 a.m. to 3 p.m.
• For servicing or repayment help, visit Collegeaveservicing.com, download the mobile app, or call 844-803-0736 from Monday to Friday, 9 a.m. to 9 p.m. Eastern.
• Mail payments to: College Ave Student Loans, c/o University Accounting Services, P.O. BOX 5863, Carol Stream, IL 60197-5863

How to apply for a College Ave student or refinance loan

Apply for a student, parent, or career loan

College Ave’s application process is straightforward and can be completed quickly if you have all the necessary information ready. The total time can vary, but it’s possible to get funds in as few as 10 business days, depending on your school’s certification process.

Here are the steps to apply for an undergraduate, graduate, or parent loan with College Ave:

1. Start the application process: The student or cosigner can initiate the application process. Once started, you’ll receive a link to invite the other person to complete their part.

2. Complete the application: The application includes providing your contact information, Social Security number, estimated annual income, school name, expected graduation date, and the amount you’d like to borrow. If you’re applying for a parent loan, you must include the student’s Social Security number as well. The application should take about three minutes to complete.

3. Wait for credit decision: After submission, you’ll receive an immediate credit decision and be able to review your terms. If you agree to the terms, you’ll complete the full and submit the full application.

4. School certification: Once you’re approved, College Ave sends your loan to your school for certification. The school verifies your enrollment and the loan amount based on your cost of attendance.

5. Loan disbursement: After your school certifies your loan, College Ave sends the money to your school following its disbursement schedule.

We recommend applying as soon as you have your school’s cost details for the coming term (generally no less than 30 days before payment is due). Applying for the full academic year can save time and simplify the process, and lock in your rate.

And if you’re an undergraduate borrower applying with a cosigner, you’re likely to be approved for additional loans with the Multi-Year Peace of Mind feature.

Apply for a refinance loan

Applying for a College Ave refinancing loan is a quick process. Here’s a step-by-step guide to understand the application procedure:

1. Check your rate: College Ave allows you to prequalify for a refinance loan in just one minute, which can give you a clear idea of your potential rate and terms.

2. Review your terms: If the rate and terms offered align with your needs, you can proceed to the next step.

3. Submit your application: During this stage, College Ave may request additional information to verify the details you’ve provided. The verification process can take a few days to complete.

4. Loans are paid off: After you complete all steps in the application, College Ave will send your loan payoffs around seven to 14 days later, and your current loans will be paid with your new College Ave refinance loan.

The entire process, from checking your rate to your loans being paid off, can take a couple of weeks. 

What if I’m denied a student loan from College Ave?

College Ave should indiciate why your application was denied. Review the reason for denial before deciding on the next steps. Applying again or reaching out to its customer support team is possible if you believe their was an error.

You can also explore other lenders with less stringent requirements or consider adding a cosigner to improve your chances of approval. Each lender, including College Ave, has unique criteria, so rejection from one doesn’t always mean you’ll be unsuccessful with another.

Consider these resources as you’re exploring alternatives:   

• Best private student loans
• Best student loan refinance companies  
• Best no-cosigner student loans

How we rated College Ave student loans

We designed LendEDU’s editorial rating system to help consumers identify companies that offer the best financial products. Our experts spend hours researching these companies each year to ensure our ratings are fresh and accurate.

personal loan lenders across a number of factors, including rates, loan amounts, customer reviews, repayment details, and eligibility requirements.

Our most recent evaluation compared College Ave to several lenders across a number of factors, including rates, repayment terms, customer reviews, and benefits. We weighted, scored, and combined these factors to produce a final editorial rating. This rating is expressed on a scale from 1 to 5, with 5 being the highest possible score. We round all ratings to the nearest tenth decimal place.

Student loan	Best for	Our Rating (/5)
Undergraduate	Best overall	4.8
Graduate	Best overall	4.8
Parent	Best overall	4.8
Career	Best overall	5.0
Refinance	–	4.2

College Ave FAQ

Does College Ave offer private or federal student loans?

College Ave offers private student loans. It doesn’t offer federal student loans, which are loans funded by the federal government. Private loans can supplement federal aid when it falls short.

Does applying with College Ave hurt my credit?

Applying for a student loan with College Ave involves a hard credit inquiry, which may affect your credit score. However, College Ave allows you to prequalify for a loan, which only involves a soft credit inquiry and won’t hurt your credit score.

Does College Ave require a cosigner?

College Ave does not always require a cosigner for its student loans. However, applying with a cosigner could increase your chances of approval and get you a lower interest rate, especially if you lack a strong credit history. 

Does College Ave allow cosigners to be released?

Yes, College Ave offers cosigner release. This option is available once you meet specific eligibility requirements, such as making a certain number of on-time principal and interest payments and demonstrating an ability to assume full responsibility of loan repayment.

What can College Ave student loans be used for?

Funds from College Ave student loans can be used for educational expenses. This includes tuition, books, supplies, housing, meals, and other school-related costs. 

It’s crucial to note that the funds are disbursed to your school first to cover tuition and other fees, and your school sends any remaining money to you for other expenses.

How long does it take to receive funds from College Ave?

The timeline to receive funds from College Ave can vary. Once your loan is approved and certified by your school, College Ave sends the funds to your school according to its disbursement schedule. 

The entire process can take as few as 10 business days but may be longer depending on your school’s timeline.

Is College Ave responsible for paying off my current student loans?

If you’re refinancing with College Ave, it will pay off your current student loans. After your refinanced loan is approved and all required steps are completed, College Ave sends your loan payoffs seven to 14 days later. 

It becomes your responsibility to repay the new, refinanced loan to College Ave.

Can College Ave student loans be forgiven?

Unlike some federal student loans, College Ave private student loans are not eligible for loan forgiveness programs. Repayment remains the borrower’s responsibility for the life of the loan.