College Ave Student Loans Review
College Ave Student Loans offers both private student loans and student loan refinancing. The lender has a wide variety of loan options and offers competitive rates and benefits.
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Key Points
- College Ave’s student loans were rated as the #1 best private student loan by LendEDU’s Editorial Team
- There is a cosigner release period of 24 months, which is common amongst private lenders
- You can find out the rate you would qualify for with a soft credit pull
Founded in 2014 by former executives of Sallie Mae, College Ave is a student loan lender based out of Wilmington, Delaware. The company offers undergraduate, graduate, and parent loans for prospective students, as well as a student loan refinancing option.
Whether you need some extra help paying for college or are simply looking to save on your current student loans, College Ave is a reputable lender worth considering.
In this review:
- College Ave Student Loans for College
- College Ave Student Loan Refinancing
- Alternatives to College Ave Student Loans
College Ave Student Loans
College Ave Undergraduate Student Loan
What we like:
Short and easy application
| Fixed Rates | 4.72% – 12.94% |
| Variable Rates | 3.96% – 11.98% |
| Loan Terms | 5, 8, 10, or 15 years |
| Loan Amounts | $1,000 – Cost of attendance |
College Ave Student Loan Details
As mentioned earlier, College Ave currently offers multiple student loans that serve different purposes. Whether you are an undergraduate, graduate, or parent, it is important that you understand the details surrounding the loan before applying.
| Undergraduate | Graduate | Parent | |
| Fixed Interest Rate | 4.72% – 12.94% | 5.97% – 11.68% | 5.96% – 12.27% |
| Variable Interest Rate | 3.96% – 11.98% | 5.22% – 10.92% | 5.23%– 11.76% |
| Loan Amounts | $1,000 – 100% of school-certified cost of attendance | $1,000 – 100% of school-certified cost of attendance | $1,000 – 100% of school-certified cost of attendance |
| Term Lengths | 5, 8, 10, or 15 years | 5, 8, 10, or 15 years | 5 – 15 years |
| Repayment Options | Full principal & interest payment Interest only payment Flat payment Deferred payment | Full principal & interest payment Interest only payment Flat payment Deferred payment | Interest only payment Interest plus payment Full principal & interest payment |
| Fees | None | None | None |
Pros and Cons of College Ave Student Loans
Pros
- Students can take out loans up to the total school-certified cost of attendance
- College Ave clearly outlines the cost impact of the repayment options you choose on their website
- Cosigner release is available after 24 on-time payments
Cons
- Forbearance is offered on a case-by-case basis
- Deferment options are limited when compared to other companies
Eligibility Requirements
To be eligible you need to be a student at a U.S. college or university and must be either a U.S. citizen or an international student with a valid U.S. Social Security Number.
Unlike federal student loans which almost all students can be approved for, eligibility for College Ave’s student loans is based on creditworthiness.
They understand, however, that many students may not have an established credit rating or payment history, and so most undergrads will need a qualified cosigner. If your cosigner has a good credit history, however, you could end up with the cheapest rates and best repayment terms.
If you don’t have a good credit score or creditworthy cosigner, you may want to consider student loans without a cosigner or bad credit student loans.
College Ave Student Loan Refinancing
What we like:
N/A
| Fixed Rates | 3.25% – 7.99% |
| Variable Rates | 3.38% – 8.13% |
| Loan Terms | 5 – 20 years |
| Loan Amounts | $5,000 – $150,0001 |
¹College Ave’s maximum loan amount is $250,000 for medical, dental, pharmacy, and veterinary degrees
College Ave Student Loan Refinancing Details
College Ave offers student loan refinancing for both federal and private student loans. Here are the details behind the refinance product.
| Information | Refinance Loan for Students |
| Variable Interest Rate | 2.49% – 7.24% |
| Fixed Interest Rate | 3.24% – 7.99% |
| Loan Amounts | $5,000 – $300,000 |
| Term Lengths | 5 – 20 years |
| Fees | None |
Pros and Cons of College Ave Student Loan Refinancing
Pros
- College Ave clearly outlines the cost impact of borrowers repayment decisions on their website
- You can choose between 16 different repayment terms
- Refinance up to $300,000
Cons
- Some other companies offer additional rate discounts on top of the automatic payment discount
Eligibility Requirements
College Ave will refinance both federal and private loans ranging from $5,000 to $300,000, depending on your degree.
In order to be eligible for refinancing with College Ave, you will need a good credit score and repayment history. However, the company doesn’t display a minimum credit score on its website.
Alternatives to College Ave Student Loans
Before choosing any lender, it’s best to do some comparison shopping across multiple loans and companies to find the right fit for your personal situation, budget, and financial goals.
If you are unsure if a student loan from College Ave is your best option, check out some of the resources below for more options:
- Compare Private Student Loans
- Student Loan Refinance Companies
- Graduate Student Loans
- Parent Student Loans
- College Ave vs. Sallie Mae
Bottom Line
College Ave’s loans have competitive interest rates and no fees, putting the lender in the top tier of private student loan and refinance lenders.
It also seems to care about customer service; all complaints made to the Better Business Bureau were answered, with all but one customer satisfied with the resolution.
*See important College Ave disclosures
8 Comments
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I would NOT recommend College Ave to anyone! So many problems from loosing my money, saying money’s due when it’s not, promise to call you back and do not.Way to much time on phone trying to straighten things out. Save yourself a headache and get a loan elsewhere!
My experience with College Ave has been poor at best. We’ve only made two payments and had issues with both. It took them almost 3 weeks to cash the check for the first one. Now they claim that they never received the second payment, even though my bank confirms that they did cash the check, again almost three weeks later. They are calling almost daily. I have talked to them several times, and they do not listen. So far, my experience with them has been frustrating to say the least. And we are only three payments in. Just sent the third payment in. Can’t wait to see what issues they are going to give me with that one.
Thank you for this helpful information. I am on my 3rd and 4th college educations, out of four children. Needless to say, I have co signed some Sallie Mae and Navient loans for my 1st 2 college kids. We have paid what we were able towards tuition , equally, for each child and they have maximized their loan options with Federal loans ( Stafford’s). The question is, where do we go from here in borrowing for the remaining 2 students and also in considering re-financing what we now have in loans for the 1st two. I feel we are maxed out already, and we are a lower middle class income family, self employed, with assets needed for our retirement someday.
Hey Paul!
Thank you for sharing your personal experience with Sallie Mae! Below is a blog post with more information on refinancing student loans:
https://lendedu.com/blog/refinance-student-loans/
Need to contact College Ave, is there a phone number I can reach?
Hey JD,
Here is the College Ave Customer Support phone number: 844-422-7502!
Would applying impact my credit score?
Hey James,
Yes, applying directly to College Ave would result in a hard credit pull. However, you can check your school eligibility and product information in our marketplace that without a credit pull. Click below:
Click Here to Compare Private Student Loan Lenders With Our Free Application