College Ave and Sallie Mae are two of the most popular private student loan lenders, but they differ in a few ways.
College Ave generally offers lower starting interest rates and more flexible repayment options, while Sallie Mae stands out for its fast cosigner release and long history in student lending. Below, we compare College Ave vs. Sallie Mae across rates, repayment terms, loan types, eligibility requirements, and customer reviews to help you decide which lender is the better fit.
fixed rates (apr)
4.39% – 16.85%
4.50% – 16.70%
variable rates (APR)
4.13% – 17.99%
4.13% – 17.99%
funding
$1K – total costs
$1K – total costs
term length (yrs.)
5 – 15
10 – 15
best for
Best Overall
Best for Fast Cosigner Release
Table of Contents
- Quick verdict: College Ave vs Sallie Mae
- What makes College Ave worth considering?
- What makes Sallie Mae worth considering?
- When College Ave is better
- When Sallie Mae is better
- Comparison of terms
- Loan types
- Eligibility requirements
- Customer reviews
- Who should choose College Ave?
- Who should choose Sallie Mae?
- FAQ
Quick verdict: College Ave vs Sallie Mae
- Best overall lender: College Ave
- Best for cosigner release: Sallie Mae
Choose College Ave if you want:
- Flexible repayment options
- The ability to refinance later
For a deeper analysis, read our College Ave student loan review.
Choose Sallie Mae if you want:
- Faster cosigner release
- A long-established lender
- More graduate loan specialization
See more in our Sallie Mae student loan review.
Differences between College Ave and Sallie Mae
| Feature | College Ave | Sallie Mae |
|---|---|---|
| Repayment options | 4 options | 3 options |
| Loan terms | 5 – 15 years | 10 – 15 years |
| Cosigner release | Halfway through loan | As soon as 12 months |
| Student loan refinancing | Yes | No |
| Parent loan | Yes | No |
What makes College Ave worth considering?
College Ave is a private student loan lender founded in 2014. In a relatively short time, it’s become a popular option for students and parents thanks to its flexible repayment features and customizable loan terms.
Borrowers can choose how they repay their loans while in school: deferred, interest-only, fixed payments, or full principal and interest. College Ave also allows borrowers to select repayment terms ranging from five to 15 years.
Another advantage is that College Ave offers student loan refinancing, allowing borrowers to lower their rate or switch repayment plans later. If flexibility and long-term options matter to you, College Ave is one of the strongest lenders to consider.
What makes Sallie Mae worth considering?
Sallie Mae is one of the most recognizable names in student lending. Founded in 1972 as a government-sponsored enterprise, it transitioned fully into private lending in 2004 and now focuses exclusively on private student loans.
The lender offers loans to undergraduates, graduate students, and students in career-training programs. Sallie Mae also stands out for its faster cosigner release, which may be available after 12 months of on-time principal and interest payments.
One drawback is that Sallie Mae does not offer student loan refinancing, so borrowers who want to lower their interest rate later will need to refinance with another lender. Even so, Sallie Mae can be a good option for borrowers applying with a cosigner or those who prefer working with a long-established lender.
When College Ave is better than Sallie Mae
Both lenders offer competitive private student loans, but the better option often depends on your situation. College Ave tends to offer more flexibility, while Sallie Mae may be appealing if you plan to use a cosigner.
| If you… | Consider… |
|---|---|
| Are under 18 | College Ave |
| Are a parent borrower | College Ave |
| Want more repayment flexibility | College Ave |
| Want more loan term options | College Ave |
| May refinance later | College Ave |
You’re under 18
Winner
Most students start college at 18 or older, but not all do. In states where the age of majority is higher than 18, qualifying for a private student loan can be difficult.
Sallie Mae requires borrowers to meet the age of majority in their state. College Ave allows students as young as 16 to apply with a cosigner, making it more accessible for younger borrowers.
You’re a parent borrower
Winner
Parents who want to borrow in their own name may prefer College Ave. The lender offers a dedicated parent student loan, placing full repayment responsibility on the parent borrower.
Sallie Mae doesn’t offer a separate parent loan. Instead, parents typically cosign a student loan in their child’s name. For families who want the parent to take full responsibility for the loan, College Ave is usually the better fit.
You want more repayment flexibility
Winner
College Ave offers four in-school repayment options: deferred payments, interest-only payments, fixed payments, or full principal and interest payments while in school.
Sallie Mae offers three options: deferred, interest-only, and fixed payments, but does not offer full principal and interest payments during school. For borrowers focused on minimizing long-term interest costs, College Ave offers more flexibility.
You want more loan term options
Winner
College Ave allows borrowers to choose repayment terms between five and 15 years, which can help tailor monthly payments to your budget.
Sallie Mae’s terms typically range from 10 to 15 years, offering less flexibility for borrowers who want a shorter repayment period.
You may refinance later
Winner
College Ave offers student loan refinancing, allowing borrowers to potentially lower their interest rate or adjust repayment terms after graduation.
Sallie Mae does not offer refinancing. Borrowers who want to refinance a Sallie Mae loan must do so with another lender.
When Sallie Mae is better than College Ave
In most situations, College Ave offers more flexibility than Sallie Mae. However, Sallie Mae may still be the better option for some borrowers.
| If you… | Consider… |
|---|---|
| Plan to apply with a cosigner | Sallie Mae |
You plan to apply with a cosigner
Winner
Many undergraduate borrowers need a cosigner to qualify for a private student loan. Both lenders allow cosigners, but Sallie Mae offers a faster path to release.
Borrowers can apply for cosigner release after 12 months of on-time principal and interest payments if they meet credit requirements. With College Ave, cosigners typically remain on the loan until halfway through the repayment term, which may take several years.
Sallie Mae vs. College Ave: Comparison of terms
College Ave and Sallie Mae offer similar loan structures, including funding up to your school-certified cost of attendance and no origination fees. The biggest difference is repayment flexibility: College Ave offers terms from five to 15 years, while Sallie Mae generally offers 10- to 15-year terms.
| College Ave | Sallie Mae | |
|---|---|---|
| Fixed rates (APR) | 4.39% – 16.49% | 4.50% – 15.49% |
| Variable rates (APR) | 5.59% – 16.85% | 6.37% – 16.70% |
| Loan amounts | $1,000 – 100% of cost | $1,000 – 100% cost |
| Term length | 5 – 15 years | 10 – 15 years |
| Fees | Late payment | Late payment |
College Ave vs. Sallie Mae: Loan types
As you can see, College Ave offers more variety:
| College Ave | Sallie Mae | |
|---|---|---|
| Undergraduate loans | Yes | Yes |
| Graduate loans | Yes | Yes |
| Health professions loans | Yes | Yes |
| Career loans | Yes | Yes |
| Law school loans | Yes | Yes |
| Bar study loans | Yes | Yes |
| MBA loans | Yes | Yes |
| Medical school loans | Yes | Yes |
| Residency loans | Yes | Yes |
| Dental school loans | Yes | Yes |
| Parent loans | Yes | ❌ No |
| Refinance loans | Yes | ❌ No |
Sallie Mae vs. College Ave: Eligibility requirements
Sallie Mae and College Ave student loans both have similar eligibility requirements, but they differ in age requirements, application speed, and the likelihood of needing a cosigner.
| Eligibility criteria | College Ave | Sallie Mae |
|---|---|---|
| Min. credit score | Mid-600s | Mid-600s |
| Min. income | $35,000 | None |
| Age | 16+ | State age of majority (18 in most states) |
| Citizenship | Social Security number or U.S. citizen or permanent resident cosigner | Social Security number or U.S. citizen or permanent resident cosigner |
| Enrollment | Eligible school | Eligible school |
| Application time | 3 min. | 10 min. |
Good to know… You’re more likely to get approved for a Sallie Mae student loan without a cosigner: 97% of undergraduate borrowers approved by College Ave had a cosigner, versus 87% by Sallie Mae.
College Ave vs. Sallie Mae: Customer reviews
Customer reviews tend to favor College Ave over Sallie Mae:
College Ave’s ratings suggest a more positive overall customer experience. Borrowers frequently mention a smooth application process, great customer support, and clear loan terms.
Sallie Mae’s reviews tend to be more mixed. Complaints often focus on customer service challenges, repayment issues, and difficulty getting assistance during financial hardship.
Who should choose College Ave?
College Ave may be the better choice for borrowers who want flexibility and long-term options.
Consider College Ave if you:
- Want more repayment flexibility while in school
- Prefer choosing your own loan term
- Plan to refinance your student loans later
- Are a parent borrower taking out a loan in your own name
- Want slightly lower starting interest rates
Because of its flexible terms and refinancing option, College Ave often works well for borrowers thinking about the long-term cost of their loans.
Who should choose Sallie Mae?
Sallie Mae may be a better fit for borrowers who plan to apply with a cosigner or prefer a lender with a long track record in student lending.
You may want to consider Sallie Mae if you:
- Plan to apply with a cosigner and want faster release options
- Prefer a lender with decades of lending history
- Are comfortable refinancing with another lender later if needed
Although Sallie Mae offers fewer customization options than College Ave, its faster cosigner release may be appealing for some borrowers.
FAQ
Is College Ave better than Sallie Mae?
We think College Ave is generally the better option for borrowers who want flexible repayment options, customizable loan terms, and the ability to refinance later. Sallie Mae may still be a good choice for borrowers who want faster cosigner release.
Does Sallie Mae offer refinancing?
No, Sallie Mae does not offer student loan refinancing. Borrowers who want to refinance a Sallie Mae loan must do so with another lender.
Is College Ave legit?
Yes. College Ave is a legitimate private student loan lender founded in 2014. It offers undergraduate, graduate, parent, and refinancing loans and is widely used by students and families to help pay for college.
Can you refinance a Sallie Mae loan with College Ave?
Yes. College Ave offers student loan refinancing, allowing borrowers to refinance existing private student loans, including those from Sallie Mae, if they meet the lender’s credit and income requirements.
How we rated College Ave and Sallie Mae
We designed LendEDU’s editorial rating system to help readers find companies that offer the best student loans. Our system awards higher ratings to companies with affordable solutions, positive customer reviews, and online transparency of benefits and terms.
We compared College Ave and Sallie Mae to several student loan lenders, using hundreds of data points from company websites, public disclosures, customer reviews, and direct communication with company representatives. We weighted, scored, and combined each factor to produce a final editorial rating. This rating is expressed on a scale from 1 to 5, with 5 being the highest possible score. Our take on each company is recapped below.
fixed rates (apr)
4.39% – 16.85%
4.50% – 16.70%
variable rates (APR)
4.13% – 17.99%
4.13% – 17.99%
funding
$1K – total costs
$1K – total costs
term length (yrs.)
5 – 15
10 – 15
best for
Best Overall
Best for Fast Cosigner Release
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About our contributors
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Written by Melody Stampley, CEPF®Melody Stampley is a personal finance writer and Certified Educator in Personal Finance® with 10-plus years of combined experience in writing, editing, and finance. She specializes in credit, loans, budgeting, saving, and insurance. Melody is a mother who enjoys helping others become free and empowered to show younger generations good stewardship practices.
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Edited by Kristen Barrett, MATKristen Barrett is a managing editor at LendEDU. She lives in Cincinnati, Ohio, with her wife and their pack of senior rescue dogs. She has edited and written personal finance content since 2015.