We rate College Ave best overall for undergraduate, graduate, parent, and career loans.
- Competitive rates and loan amounts that meet borrowers needs
- Specializes solely in student loans, offering expertise in this field
- Student loan refinancing available for those in repayment
- Application is quick and user-friendly with immediate credit decisions
- Multi-Year Peace of Mind approves 95% of undergraduate borrowers for additional loans
- Only lender with a program completion reward for career loans—$150 applied to your principal balance
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.
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.
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 amounts, 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 specifies conditions for cosigner release.
| Feature | Details |
| Fixed rates (APR) | 4.44% – 15.99% |
| Variable rates (APR) | 5.29% – 15.99% |
| Rate discounts | 0.25% for autopay |
| Loan amounts | $1,000 – 100% school-certified costs yearly |
| In-school repayment plans | Principal + interest, interest-only, $25 flat, deferred |
| Repayment terms | 5, 8, 10, or 15 years |
| Grace period | 6 months after graduating or dropping below half time |
| Repayment assistance | Not disclosed |
| Cosigner release criteria | 1. Be U.S. citizen or permanent resident 2. Half the original repayment term has elapsed 3. Documented annual income is at least twice the balance of outstanding loan(s) 4. Pass a credit review with specific conditions |
| Fees | Late fee of 5% of the unpaid amount or $25, whichever is less |
| Unique features | Multi-Year Peace of Mind increases likelihood of approval for subsequent loans with a cosigner Cash 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.
Having 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.
| Requirement | Details |
| Citizenship | U.S. citizen or permanent resident or international student with a Social Security number and eligible cosigner |
| State of residence | All 50 states |
| Minimum age | 16 years old |
| Enrolled school | Eligible accredited institution (you’ll see the list of eligible schools in the application) |
| Enrollment status | At least half time, must meet school’s satisfactory academic progress (SAP) guidelines. |
| Minimum credit score | Not disclosed |
| Minimum income | Not disclosed |
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 option:
- 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 rate of 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) | 10-year term (total interest cost) | 15-year term (total interest cost) | |
| Principal + interest | $1,322.60 | $2,728.40 | $4,235.40 |
| Interest-only | $1,500.04 | $3,004.08 | $4,704.44 |
| Flat $25 | $1,748.20 | $3,748.80 | $5,728.00 |
| Deferment | $2,748.20 | $5,748.80 | $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) | 10-year term (monthly payment) | 15-year term (monthly payment) | |
| Principal + interest | $188.71 | $106.07 | $79.08 |
| Interest-only | $41.67 for in-school period, then $212.13 | $41.67 for in-school period, then $110.17 | $41.67 for in-school period, then $82.47 |
| Flat $25 | $25 for in-school period, then $212.47 | $25 for in-school period, then $110.33 | $25 for in-school period, then $82.57 |
| Deferment | $0 for in-school period, then $213.89 | $0 for in-school period, then $111.42 | $0 for in-school period, 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 loans
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 increases its appeal to prospective borrowers. The details for its general graduate student loans are as follows:
| Feature | Details |
| Fixed rates (APR) | 4.44% – 14.49% |
| Variable rates (APR) | 5.29% – 14.49% |
| Rate discounts | 0.25% for autopay |
| Loan amounts | $1,000 – 100% school-certified cost of attendance |
| In-school repayment plans | Principal + interest, interest only, flat $25, deferred |
| Repayment terms | 5, 8, 10, or 15 years |
| Grace period | 9 months |
| Repayment assistance | Not disclosed |
| Cosigner release criteria | 1. Be U.S. citizen or permanent resident 2. Half the original repayment term has elapsed 3. Documented annual income is at least twice the balance of outstanding loan(s) 4. Pass a credit review with specific conditions |
| Fees | Late fee of 5% of the unpaid amount or $25, whichever is less |
| Unique features | Cash 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:
| Fixed rates (APR) | Variable rates (APR) | Repayment terms | Grace period | |
| Dental | 4.44 – 14.47 | 5.29 – 14.47 | 5, 8, 10, 15, 20 years | 12 months |
| Law | 4.44 – 14.47 | 5.29 – 14.47 | 5, 8, 10, 15, 20 years | 9 months |
| Medical | 4.44 – 14.47 | 5.29 – 14.47 | 5, 8, 10, 15, 20 years | 36 months |
| MBA | 4.44 – 14.49 | 5.29 – 14.49 | 5, 8, 10, 15 years | 9 months |
| Health professions | 4.44 – 14.47 | 5.29 – 14.47 | 5, 8, 10, 15, 20 years | 12 months |
In addition, College Ave’s bar study loan helps juris doctor (JD) candidates cover living expenses, exam prep costs, and fees as you prepare for your exam. The medical residency and relocation loan helps medical school graduates cover moving and living expenses between graduation day and the start of your first residency.
They come with specific differences in terms—namely, variable rates only and shorter repayment terms.
| Loan type | Variable rates (APR) | Repayment terms |
| Bar study loan | 8.19 – 14.49 with autopay | 1 – 5 years |
| Medical residency and relocation loan | 8.19 – 14.49 with autopay | 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. While it’s not a requirement, having a cosigner could increase your chances of approval and possibly secure a better rate.
The overarching eligibility requirements for College Ave graduate student loans are the same across all graduate loan types. Here’s a look at the specifics:
| Requirement | Details |
| Citizenship | U.S. citizen, permanent resident, or international student with social security number and eligible cosigner |
| State of residence | All 50 states |
| Minimum age | 16 years old |
| Enrolled school | Eligible accredited institution |
| Enrollment status | At least half time, must meet school’s SAP guidelines |
| Minimum credit score | Not disclosed |
| Minimum income | Not disclosed |
The bar study and medical residency and relocation loans have additional eligibility requirements:
| Loan type | Eligibility |
| Bar study loan | You 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. |
| Medical residency and relocation loan | You 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 payments
- Interest-only payments
- Flat payments
- Deferred 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%:
| Repayment option | In-school monthly payment | Post-graduation monthly payment | Total cost (for a 5-year term) |
| Full principal and interest payments | ~$193 | ~$193 | ~$11,588 |
| Interest-only payments | ~$60 | ~$198 | ~$12,072 |
| Flat payments ($25) | $25 | ~$196 | ~$12,240 |
| Deferred payments | $0 | ~$199 | ~$12,414 |
Remember that these numbers are illustrative examples. 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.
Notably, parent loans have fewer repayment options to choose from and no grace period. Here are the full details:
| Feature | Details |
| Fixed rates (APR) | 4.44% – 15.99% |
| Variable rates (APR) | 5.29% – 15.99% |
| Rate discounts | 0.25% for autopay |
| Loan amounts | $1,000 – 100% school-certified cost of attendance |
| In-school repayment plans | Interest-only, interest-plus (cover at least the interest, but you can set your own monthly payment), interest + principal |
| Repayment terms | 5 – 15 years |
| Grace period | No grace period |
| Repayment assistance | Not disclosed |
| Cosigner release criteria | N/A |
| Fees | Late fee of 5% of the unpaid amount or $25, whichever is less |
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.
| Requirement | Details |
| Citizenship | U.S. citizen or permanent resident |
| State of residence | All 50 states |
| Enrolled school | The student must be an undergraduate or graduate student enrolled in an eligible school. You’ll see the list of schools in College Ave’s application |
| Enrollment status | At least half time, all students must meet their school’s SAP guidelines |
| Minimum credit score | Not disclosed |
| Minimum income | Not disclosed |
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 plan | Monthly payment at 5% APR |
| Interest only | $41.67 |
| Interest-plus (parent sets $60) | $60 |
| Payment 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.
It’s important to know, however, that 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 and best program completion reward for career-training student loans
Editorial rating: 5 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.
College Ave is the only private student loan lender that offers a program completion reward. This comes in the form of a $150 statement credit applied to the principal balance of your loan. This unique incentive provides borrowers with a sense of accomplishment as they successfully finish their courses.
Rates, terms, and fees
College Ave’s career-training student loan competes favorably in the market with appealing rates, terms, and fees, and it offers an exclusive cash back reward. Here are the key details:
| Feature | Details |
| Fixed rates (APR) | 4.44 – 16.39 |
| Variable rates (APR) | 5.29 – 16.39 |
| Rate discounts | 0.25% for autopay |
| Loan amounts | $1,000 – 100% school-certified cost of attendance |
| In-school repayment plans | Principal + interest, interest only, flat $25, deferred |
| Repayment terms | 5, 8, 10, or 15 years |
| Grace period | 6 months after graduating or dropping below half time |
| Repayment assistance | Not disclosed |
| Cosigner release criteria | 1. Be U.S. citizen or permanent resident 2. Half the original repayment term has elapsed 3. Documented annual income is at least twice the balance of outstanding loan(s) 4. Pass a credit review with specific conditions |
| Fees | Late fee of 5% of the unpaid amount or $25, whichever is less |
| Unique features | Earn $150 cash back when you complete your program of study (granted as statement credit to the principal balance) |
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.
| Feature | Details |
| Variable rates (APR) | 5.29% – 14.47% with autopay |
| Fixed rates (APR) | 4.44% – 14.47% with autopay |
| In-school repayment plans | Principal + interest, interest only, flat $25, deferred |
| Repayment terms | 5, 8, 10, 15, or 20 years |
| Grace period | Defer repayment for up to 48 months during residency or fellowship |
What are the eligibility requirements?
Here’s a more detailed look at what College Ave considers when you apply for a career-training student loan. A cosigner isn’t required, but it can increase your chances of approval and possibly a lower rate.
| Requirement | Details |
| Citizenship | U.S. citizen or permanent resident or international student with a social security number and eligible cosigner |
| State of residence | All 50 states |
| Minimum age | 16 years old |
| Enrolled school | Eligible accredited institution (you’ll see the list of eligible schools in the application) |
| Enrollment status | At least half time, must meet school’s SAP guidelines |
| Minimum credit score | Not disclosed |
| Minimum income | Not disclosed |
While College Ave doesn’t disclose a minimum credit score or income requirement, these are standard factors in any credit decision. Having 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 interest
- Interest only
- Flat $25
- Deferment
For most borrowers, repayment terms are another area where College Ave stands out. They can choose from terms of five, eight, 10, or 15 years. 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 some 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 timeframe and fewer requirements can be desirable for cosigners looking to be free of obligation on the loan as quickly 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. Discover provides more clarity around these requirements.
- 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 1:1 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 its offerings 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:
| College Ave | Sallie Mae | SoFi | Earnest | |
| Our rating | 4.8/5 | 4.7/5 | 4.6/5 | 4.7/5 |
| Best for | Best overall | Best for cosigners | Career services | Best rate match guarantee Best for skipping a payment Best for no fees |
| All rates (APR) | 4.44% – 15.99% | 4.50% – 16.20% | 5.00% – 12.82% | 4.43% – 16.20% |
| Loan amount | $1,000 – 100% of school-certified cost of attendance | $1,000 – 100% of the school-certified cost of attendance | $5,000 – certified cost of attendance, less any financial aid you get from the school | $1,000 – 100% of the school-certified cost of attendance |
| Repayment terms | 5, 8, 10, or 15 years | 10 – 15 years | 5, 7, 10, or 15 years | 5, 7, 10, 12, or 15 years |
| Grace period | 6 months | 6 months | 6 months | 9 months |
| View Rates | View Rates | View Rates | View Rates |
Comparison of undergraduate student loans.
Looking at the table, a few noteworthy differences emerge:
- 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
Beyond its private student loan offerings, 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.
| Feature | Details |
| Fixed rates (APR) | 5.99% – 11.99% |
| Variable rates (APR) | 5.99% – 11.99% |
| Rate discounts | 0.25% for autopay |
| Loan amounts | $5,000 – $300,000 for medical, dental, pharmacy or veterinary doctorate degrees $150,000 for all other undergraduate or graduate degrees |
| Repayment terms | 5 – 15 years |
| Repayment assistance | Not disclosed |
| Cosigner release | Be U.S. citizen or permanent residentHalf of the original repayment term must have elapsed Documented annual income is at least twice the balance of outstanding loan(s) Pass a credit review |
| Fees | Late fee of 5% of the unpaid amount or $25, whichever is less |
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.
| 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 |
| Minimum credit score | Not disclosed |
| Minimum income | Not disclosed |
| Other requirements | The 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 2023, 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, Citizens Bank, and Splash.
| College Ave | Earnest | Citizens Bank | Splash | |
| Our rating | Not rated | 5/5 | 4.5/5 | 4.7/5 |
| Best for | No designation | Best overall | Large bank | Those in residency or fellowship |
| All rates (APR) | 5.99% – 11.99% | 4.96% – 8.99% | 5.09% – 11.88% | 4.96%+ |
| Loan amount | $5,000 – $300,000 for medical, dental, pharmacy or veterinary doctorate degrees $150,000 for all other undergraduate or graduate degrees | $5,000 – $500,000 | $10,000 – $500,000 | $5,000+ |
| Repayment terms | 5 – 15 years | 5 – 20 years | 5, 7, 10, 15, or 20 years | 5, 7, 8, 10, 12, 15, 20, or 25 years |
| View Rates | View Rates | View Rates | View Rates |
College Ave has less flexible repayment terms, with a maximum of 15 years. Its loan amount cap is also lower, except for those in specific doctorate programs.
Splash rates highly and has the most flexible repayment terms. We recommend you consider your individual needs and circumstances before making a decision.
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 the Better Business Bureau (BBB).
Trustpilot is a widely recognized online review platform that aggregates customer feedback on businesses, while the BBB is a non-profit 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:
| Source | Customer rating | Number of reviews |
| Trustpilot | 4.3/5 | 118 reviews |
| 2.9/5 | 71 reviews | |
| Better Business Bureau (BBB) | 2.69/5 | 36 reviews |
College Ave holds a solid 4.3 out of 5 stars on Trustpilot, with 74% of reviewers awarding it the maximum rating. Customers praise its quick and easy application process. On the other hand, some express dissatisfaction with issues related to autopay and customer service.
On Google, College Ave’s rating drops to 2.9 out of five stars. 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 lower rating of 2.69 out of 5 based on 36 customer reviews. The BBB report notes 34 complaints closed in the last three years, with seven closed in the last 12 months.
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 website
- Text 726-227-2275
- 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. Eastern.
- 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
Compared to other lenders, College Ave’s application process is straightforward and can be completed quickly if you have all necessary information ready. While the total time can vary, 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 relatively swift 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?
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:
How we rated College Ave student loans
We compared College Ave to 18 student loan lenders offering undergraduate, graduate, parent, career, and refinance student loans. Its editorial rating for each student loan reflects how it compared to similar products.
We considered more than several factors when reviewing each student loan, including rates, repayment terms, fees, unique benefits, and more. In the end, these were our picks for College Ave:
- Best overall for undergraduate, graduate, and parent loans
- Best program completion reward and best overall for career loans
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.
Recap of our College Ave student loans review
| Student loan | Best for | Our rating | |
| Undergraduate | Overall | 4.8/5 | View Rates |
| Graduate | Overall | 4.8/5 | View Rates |
| Parent | Overall | 4.8/5 | View Rates |
| Career | Overall, Program Completion Reward | 5/5 | View Rates |
| Refinance | No designation | No rating | View Rates |