College Ave Competitors and Alternatives
College Ave is a popular private student loan lender that has several competitors that could be a good fit for those looking to borrow elsewhere.
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If you’re choosing a private student loan, College Ave is one of the top lenders to consider. They offer low interest rates, a wide range of repayment terms, and several in-school repayment options. Borrowers can also pick from a fixed or variable interest rate.
However, there are also many alternatives to College Ave, including companies that offer similar interest rates, longer grace periods, and shorter cosigner release programs. Read below to see the various College Ave competitors and how they stack up.
In this article:
What does College Ave offer?
Students often turn to College Ave if they’ve maxed out their federal student loans or if they don’t qualify for federal loans. College Ave offers private student loans to undergraduate students, graduate students, and parents. They also offer borrowers the chance to win scholarships.
Applying for a loan online is easy, and students can find out within three minutes of submitting an application if they are approved. Undergraduate borrowers typically need a cosigner to qualify for a loan, unless they meet the credit score and income requirements. According to their website, about 95% of approved borrowers are approved for loans for subsequent years.
College Ave competitors
There are many different companies out there that offer private student loans. Most are quite similar, but there is some variation in eligibility requirements, loan types, and benefits. Here are some of the most popular companies that you should consider along with College Ave:
| College Ave | Sallie Mae | Ascent | Earnest | |
| LendEDU Rating | 5/5 | 4.8/5 | 4.7/5 | 4.3/5 |
| Best for | Borrowers who want a variety of repayment plans and payment options | Borrowers who want a short cosigner release period | Borrowers who want to prequalify without a hard credit check | Borrowers who want a longer grace period |
| Loan types | Undergraduate, graduate, parent, and career training | Undergraduate, graduate, and career training | Undergraduate and graduate loans | Undergraduate, graduate, and parent loans |
| Rates (APR)* | 0.94% – 13.95% | 2.00% – 13.72% | 0.98% – 13.61% | 1.34% – 12.78% |
| Loan amount | $1,000 – total cost | $1,000 – total cost | $2,001 – $200,000 | $1,000 – total cost |
| Term length (years) | 5, 8, 10, or 15 | 10 or 15 | 5, 7, 10, 12, or 15 | 5, 7, 10, 12, or 15 |
| In-school repayment | Full principal and interest payments, interest-only payments, fixed $25 payments, and deferred payments | Interest-only payments, $25 monthly payments, and deferred payments | Interest-only payments, $25 monthly payments, and deferred payments | Full principal and interest payments, interest-only payments, fixed $25 payments, and deferred payments |
| Grace period | 6 months for undergraduate loans and 9 months for most graduate loans | 6 months | 9 months for undergraduate loans and most graduate loans, 12 months for dental school loans, and up to 36 months for medical school loans | 9 months |
| Fees | Late payment | Late payment | Late payment | None |
| Cosigner release | Available after you reach the halfway point of the repayment term and meet income and credit requirements | Available after 12 months of on-time payments | Available after 12 months of on-time payments | Not available |
| Min. credit score | Not stated | Not stated | 540 | 650 |
| Min. income | Not stated | Not stated | $24,000 | $35,000 |
| Enrollment status | Can be any status as long as you are making satisfactory academic progress | No requirements | No requirements | Must be enrolled at least half-time |
| State availability | Available in all 50 states | Not stated | Available in all 50 states | Not stated |
| View Rates | View Rates | View Rates | View Rates |
* Information shown is for the undergraduate loan.
**Information shown is for the cosigned loan.
Sallie Mae
Editorial Selection: Best for Cosigners
- Shortest cosigner release period available
- No prepayment or origination fees
As one of the most well-known student loan companies, Sallie Mae offers a wide variety of private student loans including both undergraduate and graduate options. They also offer loans for bar exam fees, medical and dental school residency costs, post-graduate relocation fees, career training costs, and more.
What makes it a good alternative to College Ave?
One of the biggest benefits of choosing Sallie Mae is that they only require 12 months of on-time payments before your cosigner can be released from the loan. Interest rates are also fairly comparable to College Ave.
Ascent
Editorial Selection: Best for Student Support
- 1% cash back reward upon graduation
- Offers free resources and apps to help you throughout college
- Check your rate without impacting your credit
Ascent is a private student loan company that offers several different student loans, including some designed specifically for those without a cosigner.
Students can qualify for a loan with Ascent based on their own credit history and income. If they do not have any credit history or a source of income, they may be able to qualify based on their GPA and major. Students can also qualify for an interest rate discount of up to one percent if they sign up for automatic payments.
What makes it a good alternative to College Ave?
Ascent is a good alternative to College Ave because it offers a student support program and has several free resources and apps. It also provides student loans for both international and DACA students.
Another perk is that they provide a cash-back reward when students graduate, worth one percent of the loan amount. Borrowers can use this money for things like paying off other loans, covering moving expenses, or funding a savings account.
Earnest
Editorial Selection: Best for No Fees
- Skip a payment once per year, if needed
- No origination, application, prepayment, or late payment fees
- Check your rate without impacting your credit
Earnest is a lender that offers undergraduate, graduate, and parent loans, as well as loans for MBA programs, medical school, and law school. It also offers student loan refinancing for both federal and private student loans.
What makes it a good alternative to College Ave?
Earnest borrowers are able to skip one payment per year without any fees, which is not an option that College Ave offers. Skipping a payment can allow borrowers the opportunity to save for other bills or to pay for an emergency expense.
College Ave alternatives
While the traditional private student loans above can be a great option for many, if you’re looking for a different kind of financing option, there are plenty of other unique loan products available.
Income-share agreements and income-based student loans are two alternatives to private student loans. These don’t charge interest and calculate payments in the traditional way. Instead of the payments being based on the amount you borrow, they are based on the amount of income you earn once you leave school and start working.
| College Ave | Edly | Stride | |
| Product | Private student loan | Income-based loan | Income-share agreement |
| Best for | Students who can qualify for a private loan | Students who don’t need to cover the full cost of attendance | Students who want more payment flexibility |
| Loan types | Undergraduate, graduate, parent, and career loans | Not stated | Not stated |
| Rates (APR)* | 0.94% – 13.95% | None | None |
| Loan amount | $1,000 – total cost | $5,000 – $20,000 | Up to $25,000 |
| Term length | 5, 8, 10, or 15 years | None | None |
| In-school repayment | Deferred payments, full principal and interest payments, interest-only payments, and fixed $25 monthly payments | Payments are deferred until the borrower meets a certain gross annual income | Payments are deferred until the borrower meets a certain gross annual income |
| Grace period | 6 months for undergraduate loans and 9 months for graduate loans | 4 months | 3 months |
| Fees | Late payment | Not stated | Not stated |
| Cosigner release | Available | No cosigner required | No cosigner required |
| Min. credit score | Not stated | None | None |
| Min. income | Not stated | None | None |
| Enrollment status | Any enrollment status as long you’re making satisfactory academic progress | Not stated | Not stated |
| State availability | All 50 states | Not stated | Not stated |
Edly
No cosigner required and no minimum credit score
- Borrow from $5,000 to $20,000 per school year, and up to $30,000 lifetime
- Income-based repayment with built-in protections, like deferred payments with job loss
- Must be a US citizen or permanent resident that is a current college junior, senior, or grad student at a supported school
Edly is a private student loan company that offers payments based on the borrower’s income, not just their loan amount. Payments begin when the student leaves school, and once they have made 60 or 84 payments, any remaining balance on the loan is forgiven.
While student loan companies like College Ave require a cosigner for undergraduate students, Edly does not. There is no minimum income or credit score to qualify for a loan. But Edly may be much more selective in terms of which majors they’ll accept.
While Edly may seem like a more forgiving option compared to College Ave, it’s also hard for borrowers to know exactly how much they’ll repay in total.
What makes it a good alternative to College Ave?
Some undergraduate students do not have parents who are willing or able to co-sign for a student loan, which can make it very difficult for them to get funding from a traditional lender like College Ave. In this case, a loan from Edly may be a way for them to get money for college.
Edly’s loans are based on the income they earn after leaving school, and students are only required to start making payments once they’re earning at least $30,000 a year. By contrast, College Ave requires payments to begin once the six-month grace period is over, regardless of income.
Stride
- Minimum income of $30,000 before repayment
- Receive up to $25,000 per year
- Payment capped at 2x the amount borrowed
Stride offers income-share agreements to students, which are not the same as private student loans. An income-share agreement is a contract that states the student must repay a percentage of their income for a certain length of time.
In contrast to income-based repayment plans, like those offered by Edly, Stride’s ISAs are contracts that cannot be changed later on. You cannot refinance an ISA the way you can a private student loan.
What makes it a good alternative to College Ave?
With a Stride ISA, payments are entirely dependent on your income. If you’re working part-time or starting a business from scratch, you may not be able to afford a regular monthly payment. Stride payments may feel more flexible than what you’d find with College Ave.
