Many or all companies we feature compensate us. Compensation and editorial research influence how products appear on a page. Student Loans College Ave Student Loans: A Review for Prospective Borrowers Updated Feb 21, 2024   |   30-min read Reviewed by Amanda Hankel Reviewed by Amanda Hankel Expertise: Writing, editing, digital publishing Amanda Hankel is a managing editor at LendEDU. She has more than seven years of experience covering various finance-related topics and has worked for more than 15 years overall in writing, editing, and publishing. Learn more about Amanda Hankel View Rates Best overall undergraduate, graduate, parent, and career loans. Competitive rates and loan amounts that meet borrowers needsStudent loan refinancing available for those in repaymentApplication is quick and user-friendly with immediate credit decisions Established in 2014 by former Sallie Mae executives, College Ave Student Loans set up its operations in Wilmington, Delaware, with a focus on simplifying the student loan process through tailored solutions for borrowers. It offers undergraduate, graduate, parent, and career loans, along with student loan refinancing for individuals in repayment. The eligibility for these services depends on criteria including creditworthiness and income. Table of Contents Skip to Section College Ave undergraduate student loanCollege Ave graduate student loanCollege Ave parent student loanCollege Ave’s career-training student loanCollege Ave’s refinance student loan 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 and complete the application within a few minutes. The lender may request additional information, and after you complete all steps in the application, College Ave sends your loan payoff seven to 14 days later. All types of student loans—federal and private—are eligible for refinancing with College Ave. The information below applies to all College Ave student loans—and you can find more specific information in the subsections below: FeatureDetailsLoan amounts$1,000 – 100% school-certified costs yearlyFeesLate fee appliesRate discounts0.25% for autopayApplies to College Ave’s undergraduate, graduate, parent, and career-training student loans. For loans where cosigner release is available (all except the parent loan), College Ave specifies the following conditions to release a cosigner: Be a U.S. citizen or permanent residentHalf the original repayment term has elapsedDocumented annual income is at least twice the balance of outstanding loan(s)Pass a credit review with specific conditions The following eligibility criteria apply to all College Ave student loans. You can find more specific criteria for each type of loan in the subsections below. RequirementDetailsCitizenshipU.S. citizen or permanent resident or international student with a Social Security number and eligible cosignerState of residenceAll 50 statesMinimum age16 years oldEnrolled schoolStudent must be enrolled in an eligible school. (You’ll see the list of schools in College Ave’s application.)Enrollment statusStudent must be enrolled at least half-time and meet the school’s satisfactory academic progress (SAP) guidelines.Applies to College Ave’s undergraduate, graduate, parent, and career-training student loans. College Ave’s undergraduate student loan Why College Ave is the best overall for undergraduate loans Our editorial rating: 4.8 out of 5 stars For undergraduate students and their parents applying for student loan funding for the first time, College Ave makes the process simple, offers competitive rates, and provides loan amounts that cover up to 100% of your school-certified costs. Its Multi-Year Peace of Mind is an added bonus for undergrad borrowers—when applying with a cosigner, 95% of borrowers are approved for additional loans, so you can finance your entire undergraduate education. Rates, terms, and fees College Ave provides a competitive range of interest rates and terms for undergraduate student loans. With fixed and variable APRs comparable to industry standards, it also offers an autopay discount for diligent borrowers. Its generous loan limits, varied in-school payment plans, and range of repayment terms cater to different student needs. It doesn’t disclose information about repayment assistance, but it allows cosigner release. FeatureDetailsFixed rates (APR)4.44% – 15.99%Variable rates (APR)5.29% – 15.99%In-school repayment plansPrincipal + interest, interest-only, $25 flat, deferredRepayment terms5 – 15 yearsGrace period6 months after graduating or dropping below half timeCosigner release?✅Unique featuresMulti-Year Peace of Mind increases likelihood of approval for subsequent loans with a cosignerCash back on purchases through certain retailers to put toward your student loans Opportunities to earn scholarships and prizes for college What are the eligibility requirements? College Ave’s undergraduate student loans are open to a wide spectrum of students. Whether you’re a U.S. citizen, permanent resident, or an international student with a Social Security number, you’re eligible to apply. A cosigner isn’t just recommended—it’s nearly essential, with 97% of College Ave loans being cosigned. College Ave offers the ability to prequalify—which allows applicants to see approval odds and potential rates before formally applying—but it isn’t forthcoming about minimum credit score and income requirements. Predicting your loan approval odds and potential rates can be difficult because College Ave doesn’t disclose specific benchmarks. How does repayment work? When applying for a loan with College Ave, you’ll choose your repayment term, which includes choices of five, eight, 10, or 15 years. You’ll also select one of four in-school payment options: 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.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.Flat payments of $25 per month—you make small fixed payments of $25 during school. This can help reduce the overall loan cost compared to the deferred plan because it covers some of the interest accruing.Deferred payments—allows 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 cut down on your total interest cost. For example, imagine you have a $10,000 loan with a fixed 5% APR. You can see how the more you pay while in school and the shorter repayment term equates to lower interest paid. 5-year term (total interest cost)15-year term (total interest cost)Principal + interest$1,322.60$4,235.40Interest-only$1,500.04$4,704.44Flat $25$1,748.20$5,728.00Deferment$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$79.08Interest-only$41.67 in school, then $212.13$41.67 in school, then $82.47Flat $25$25 in school, then $212.47$25 in school, then $82.57Deferment$0 in school, then $213.89$0 in school, then $83.29 Unlike some lenders, College Ave does not mention hardship repayment options such as deferment or forbearance, although it says options are available if you can’t make payments. This lack of transparency could be a potential drawback for borrowers concerned about financial struggles during the loan repayment period. College Ave’s graduate student loan Why College Ave is the best overall for graduate student loans Editorial rating: 4.8 out of 5 stars College Ave rises to the forefront of graduate student loan providers due to its comprehensive loan options, loan amounts, and competitive rates. In addition to a general graduate loan, it offers specialized loan options for specific programs, including medical, law, MBA, dental, and health professionals. Within those specialties, it also offers two variations to meet specific borrower needs—a loan designed for law school grads studying for the bar exam and a residency and relocation loan for medical school grads in the early stages of their careers. General graduate rates, terms, and fees Compared to industry peers, College Ave’s broad range of loan amounts and various in-school repayment plans increase its appeal to prospective borrowers. The details for its general graduate student loans are as follows: FeatureDetailsFixed rates (APR)4.44% – 14.49% Variable rates (APR)5.29% – 14.49%In-school repayment plansPrincipal + interest, interest only, flat $25, deferredRepayment terms5 – 15 yearsGrace period9 monthsCosigner release?✅Unique featuresCash back on purchases through certain retailers to put toward your student loans Program-specific graduate loan rates, terms, and fees Many of College Ave’s degree-specific loans share the same details as the general graduate loan, except for the unique features highlighted below: APRsTerms (yrs.)Grace period (mos.)Dental 4.44% – 14.47%5 – 20 12Law 4.44% – 14.47%5 – 209Medical4.44% – 14.47%5 – 20 36MBA4.44% – 14.49%5 – 15 9Health prof.4.44% – 14.47%5 – 2012 In addition, College Ave’s bar study loan helps juris doctor (JD) candidates cover living expenses, exam prep costs, and fees as they prepare for their exam. The medical residency and relocation loan helps medical school graduates cover moving and living expenses between graduation day and the start of their first residency. They come with specific differences in terms—namely, variable rates only and shorter repayment terms. Loan typeVariable rates (APR)Repayment termsBar study loan8.19% – 14.49%1 – 5 yearsMedical residency and relocation loan8.19% – 14.49%1 – 5 years What are the eligibility requirements? Graduate students from an array of disciplines can apply for a loan from College Ave. The lender doesn’t disclose a specific minimum credit score or income, but creditworthiness is a factor in approval and interest rates. It’s not a requirement, but a cosigner could increase your chances of approval and help you secure a better rate. The overarching eligibility requirements for College Ave graduate student loans are the same across all its loan types. The bar study and medical residency and relocation loans have additional eligibility requirements: Loan typeEligibilityBar studyYou must be enrolled in your final year of law school pursuing a juris doctor degree or have graduated within 6 months prior to the date of your application.Med. residency & relocationYou must be enrolled in your final year of medical school pursuing a medical doctor (MD) or doctor of osteopathic medicine (DO) degree, or have graduated within 6 months prior to the date of your application. Proof of residency required. How does repayment work? College Ave’s repayment terms offer a range of options across its graduate loans. Depending on the loan, borrowers can choose from four or five repayment terms: five, eight, 10, or 15 years, with 20-year terms available for certain specialty loans. You also have four in-school payment options to choose from: Full principal and interest paymentsInterest-only paymentsFlat paymentsDeferred payments This breadth of choice allows you to align the loan’s duration to your financial comfort level and long-term goals. Once again, higher in-school payments will result in a lower overall loan cost. For example, here is how this might look for a $10,000 loan with an interest rate of 6% and a five-year repayment term: PlanIn school (per mo.)After school (per mo.)Total costPrincipal + interest$193$193$11,588Interest only$60$198$12,072Flat ($25)$25$196$12,240Deferred$0$199$12,414 Actual costs may vary based on individual circumstances and the specific terms of the loan. It’s important to thoroughly review your loan agreement and understand the implications of your chosen repayment plan. College Ave’s parent student loan Why College Ave is the best overall for parent student loans Editorial rating: 4.8 out of 5 stars College Ave stands out for parent student loans due to its competitive rates, intuitive loan application process, and user-friendly platform. It also offers a unique option to choose your repayment amount while your child is in school as long as you at least cover the interest on your loan. This makes College Ave’s parent student loan an attractive option for parents funding their children’s higher education. Rates, terms, and fees College Ave parent loans provide a broad range of fixed and variable rates, including a discount for those who opt for autopay. Parent loans have fewer repayment options to choose from and no grace period. Here are the full details: FeatureDetailsFixed rates (APR)4.44% – 15.99%Variable rates (APR)5.29% – 15.99%In-school repayment plansInterest-only, interest-plus (cover at least the interest, but you can set your own monthly payment), interest + principalRepayment terms5 – 15 yearsGrace periodNo grace periodCosigner release?❌ What are the eligibility requirements? Securing a parent student loan from College Ave is subject to eligibility requirements. Those who wish to help cover a student’s education costs—including parents, grandparents, guardians, sponsors, aunts, or uncles—are eligible for this loan. Loan approval hinges on a thorough review of the applicant’s credit history and income. College Ave does not disclose minimum income and credit requirements. This lack of transparency can be a drawback for those looking for clear qualifying guidelines. How does repayment work? With only three in-school repayment choices, College Ave’s parent student loan repayment options might seem limited. Repayment begins while the student is still in school, which could pose a challenge for some borrowers. However, the choices offer unique flexibility. The in-school repayment options include the full principal + interest payments or interest-only, or a unique interest-plus plan which lets you set your own monthly payment amount in increments of $20 as long as it at least covers the interest on your loan. This can help keep monthly payment amounts manageable while still making some headway in paying the principal of your loan. For example, let’s assume the parent sets a $60 per month payment with a 5% APR for a loan amount of $10,000. Here’s how it would look: Repayment planMonthly paymentInterest only$41.67Interest-plus (parent sets $60 total payment)$60Payment above interest$18.33 The monthly interest at 5% APR would be $41.67. Since the parent chose a payment of $60, that’s $18.33 that goes to the principal every month, reducing the overall loan balance faster than the interest-only plan. If you have a variable interest rate, your minimum monthly payment due is the interest plus monthly payment amount or the interest due, whichever is greater. Once your student leaves school, the choice of repayment terms includes five, eight, 10, or 15 years. Remember, the length of the term will influence the overall cost of the loan. A longer term could offer more manageable monthly payments but may lead to a higher total loan cost due to more interest accruing over time. A shorter term would involve higher monthly payments but could result in a lower total loan cost. College Ave’s career-training student loan Why College Ave is the best overall Editorial rating: 5.0 out of 5 stars College Ave takes the title as the best overall lender for career-training loans for its attractive features and terms that make it worth considering for anyone pursuing a nontraditional or vocational education. Rates, terms, and fees College Ave’s career-training student loan competes favorably in the market with appealing rates, terms, and fees. Here are the details: FeatureDetailsFixed rates (APR)4.44% – 16.39% Variable rates (APR)5.29% – 16.39% In-school repayment plansPrincipal + interest, interest only, flat $25, deferredRepayment terms5 – 15 yearsGrace period6 months after graduating or dropping below half-timeCosigner release?✅ Career loan for health professions College Ave provides specific enhancements in its career loan for health professions. This includes a generous deferment option of up to 48 months during residency or fellowship, and an extended repayment term of up to 20 years, catering to the unique career progression and financial demands of these students. FeatureDetailsVariable rates (APR)5.29% – 14.47%Fixed rates (APR)4.44% – 14.47%In-school repayment plansPrincipal + interest, interest only, flat $25, deferredRepayment terms5 – 20 yearsGrace periodDefer repayment for up to 48 months during residency or fellowship What are the eligibility requirements? A cosigner isn’t required when you apply for a career-training student loan, but it can increase your chances of approval and possibly a lower rate. College Ave doesn’t disclose a minimum credit score or income requirements, but these are standard factors in any credit decision. A solid credit history and a stable income can help your chances of approval and securing a competitive interest rate. How does repayment work? College Ave offers a range of repayment plans for its career-training student loans, including four in-school repayment options: Principal plus interestInterest onlyFlat $25Deferment Repayment terms are another area where College Ave stands out. For those pursuing a career in health professions, an extended term of 20 years is available. Remember, the term you choose will affect your monthly payment and the total cost of the loan. Shorter terms mean higher monthly payments but less interest paid over the life of the loan. A longer term will lower your monthly payment but increase the total interest paid. 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 in several areas, including: Cosigner release policy: College Ave has several requirements you must meet before releasing a cosigner, including that you must be 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, as well as 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. 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.Borrower services: College Ave could boost its offerings by incorporating more educational resources and career guidance for borrowers. Ascent offers one-on-one student success coaching, and SoFi offers career services for borrowers. This added value could make College Ave even more appealing to students seeking supportive resources beyond just funding their education. Despite these areas for improvement, College Ave has many attractive features for student borrowers, including a focus solely on student loans, high loan amounts, and several repayment options. How have College Ave private student loans evolved over the years? Since its inception in 2014, College Ave has shown a consistent dedication 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: College Ave started with undergraduate and graduate loans, offering only variable rates.2015: It introduced prequalification, giving potential borrowers a chance to see their potential rates before applying.2016: The lender expanded to include parent loans and student loan refinancing, providing a comprehensive suite of student loan solutions.2018: Career loans were added to its portfolio, addressing the unique needs of students pursuing career training programs.2021 and beyond: College Ave continued to innovate by adding specialized graduate loans tailored for specific programs including medical, dental, and law. 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 MaeSoFiEarnestCollege AveRating (of 5)184.108.40.206.8Low APR4.50%5.00%4.43%4.43%Terms (yrs.)10 – 155 – 155 – 155 – 15Grace period (mos.)6696See ratesSee ratesSee ratesSee ratesComparison of undergraduate student loans. Here are a few noteworthy differences about each company: College Ave stands out with the highest rating overall, meaning it meets borrower needs well in all aspects of the student loan experience.Sallie Mae may be a favorable choice if you’re considering a cosigner for your loan.SoFi offers a suite of career services for borrowers looking to enter the job market post-graduation. Earnest is a strong contender for its rate match guarantee. However, the right choice depends on your individual needs and circumstances. Factors such as your financial situation, your career outlook, and the terms you find most appealing will influence which lender is best for you. Always compare and contrast lenders to ensure you’re making the most informed decision. College Ave’s refinance student loan View Rates Editorial rating: 4.1 out of 5 No best-for designationCosigner release is availableChoose fixed or variable rates Beyond private student loans, College Ave also provides a refinancing loan option. Student loan refinancing is a process where you take out a new loan with a typically lower interest rate to pay off your current loans. This option could save you money over the life of your loan, offer more flexible repayment terms, and even consolidate multiple student loans into a single payment. College Ave’s refinancing loans are designed for borrowers who have completed their degree and are looking to take advantage of potentially lower rates or different loan terms. This refinancing option is versatile, accommodating a range of loan amounts, and providing both fixed and variable rates. The aim is to create a more manageable or cost-effective repayment plan tailored to your individual financial circumstances. Rates, terms, and fees When it comes to rates, terms, and fees for refinancing student loans, College Ave’s fixed and variable rates are comparable to those of other lenders, while providing various repayment terms and substantial loan amounts. The ability to refinance large amounts, particularly for doctorate degrees in the medical and veterinary fields, stands out as a noteworthy advantage for borrowers. FeatureDetailsFixed rates (APR)5.99% – 11.99%Variable rates (APR)5.99% – 11.99% Loan amountsUp to $150,000 for most undergraduate or graduate degreesUp to $300,000 for medical, dental, pharmacy or veterinary doctorate degreesRepayment terms5 – 15 yearsCosigner release?✅ College Ave will allow borrowers who meet the following criteria to release cosigners from their refinance loan: Be a U.S. citizen or permanent residentHalf of the original repayment term must have elapsedDocumented annual income is at least twice the balance of outstanding loan(s)Pass a credit review What are the eligibility requirements? You must meet several criteria to refinance student loans with College Ave. College Ave accepts cosigners for refinancing student loans but doesn’t disclose the percentage of loans that are cosigned. A cosigner may increase your chances of approval and help you secure a better rate, especially for borrowers with limited credit history. RequirementDetailsCitizenshipU.S. citizen or permanent residentState of residenceAll 50 statesMinimum age18 years oldGraduation statusGraduated from an eligible school or programOther requirementsThe borrower must be named on the loan to be refinancing, meaning if your parents took out a loan in just their names, you can’t refinance that loan into your name. How does repayment work? Repayment with College Ave for a refinance student loan is straightforward. The lender offers repayment terms from five to 15 years. This range of terms is standard in the industry, allowing you to choose a repayment plan that aligns with your financial goals and ability to pay. However, unlike some other lenders, College Ave hasn’t publicly disclosed specific repayment assistance programs. You should always be mindful of how the repayment terms can affect the overall cost of your loan. A longer repayment term may lower your monthly payment, but it could also mean you’ll pay more in interest over the life of the loan. How can College Ave improve its refinance student loans? College Ave could enhance its student loan refinancing offering in several areas: Cosigner release: LendKey offers quicker cosigner release than College Ave, which allows it only after half the original repayment term has elapsed.Maximum loan amount: Earnest, ELFI, and Citizens Bank all have loan limits that are higher than College Ave’s maximum limit of $300,000 for specific doctorate degrees and $150,000 for all other degrees.Payment assistance options: Earnest offers more payment assistance options than College Ave, which does not disclose specifics about its assistance programs. How have College Ave refinance student loans evolved over the years? College Ave has seen its share of transformations since it began offering refinancing options in 2016. It is worth noting the significant changes to its APRs. As of 2024, market shifts have driven up interest rates for all lenders over the years, and College Ave’s highest APRs, which were not above 5% in early 2021, have followed suit. College Ave also revised its terms in 2021, reducing the maximum repayment period from 20 years to 15 years. 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 three of its competitors—Earnest, SoFi, and ELFI. EarnestSoFiELFICollege AveRating (of 5)220.127.116.11.2Low APR4.96%4.74%5.28%5.99%See ratesSee ratesSee ratesSee rates College Ave doesn’t earn a designation in our ratings system, but the three alternatives we’ve listed do: Earnest: Best skip-a-payment benefitSoFi: Best online lenderELFI: Best personalized support 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). Trustpilot is a widely recognized online review platform that aggregates customer feedback on businesses, and BBB is a nonprofit organization that sets standards for ethical business practices and monitors compliance. Both platforms offer valuable insights into customer satisfaction and a company’s reputation. Here’s how College Ave fares on these platforms: SourceCustomer rating (out of 5)Number of reviewsTrustpilot4.4980Google3.1116Better Business Bureau (BBB)3.1546Collected on January 24, 2024. 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 Google, College Ave’s rating drops. The same issues highlighted on Trustpilot appear here too, with customer service and online payment or autopay problems standing out in negative reviews. On the BBB site, College Ave is accredited—meaning it meets standards for honesty and transparency and is committed to resolving customer complaints promptly—but holds a similar rating to its Google reviews. 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 are ready to assist. It partners with University Accounting Services to service loans, adding a layer of expertise to its servicing operations. College Ave strives to make contact and communication with its service team easy and diverse. Here’s how you can reach out: Chat on its websiteText 726-227-2275Email using the prefilled form on College Ave’s contact pageFor 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. Source: College Ave Source: College Ave Source: College Ave 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. Source: College Ave Source: College Ave 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. Source: College Ave 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? If you’re denied a student loan from College Ave, don’t despair. It’s common for lenders to provide the reason for denial. Understanding this can help you improve in that area and increase your chances of approval in the future. Reapplication is often possible, but it might be better to consider alternative options first. You can 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 loansBest 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 loanBest forRating (of 5)UndergradBest overall4.8View ratesGradBest overall4.8View ratesParentBest overall4.8View ratesCareerBest overall5.0View ratesRefinanceNone4.2View rates 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.