College Ave Student Loans Review: Our Top Pick for Rates and Repayment

Best Student Loans

5.0 _/5

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Private Student Loans

• Student loans for undergraduates, graduates, parents, and career training
• No minimum enrollment requirements
• Quick 3-minute online application
• Covers up to 100% of your cost of attendance
• Choose your repayment terms, including in-school repayment or deferred
• Multi-Year Peace of Mind® lets you receive future loans at better approval odds
• Can apply for an additional 6-month grace period

• Can’t prequalify with a soft credit check
• Cosigner release isn’t available until at least halfway through repayment

Rates (APR)	3.87% – 17.99%1
Loan amounts	$1,000 – 100% of certified costs
Repayment terms	5, 8, 10, or 15 years

Refinance Student LoansView Rates

• You choose your repayment term
• Check your rate without impacting your credit score

• Cosigner release isn’t available until at least halfway through repayment

Rates (APR)	6.99% – 13.99%1
Loan amounts	$5,000 – $300,000
Repayment terms	5 – 20 years

College Ave is our top choice for student loans, offering flexible repayment options, competitive rates, and minimal fees. With private loans for students and parents plus refinancing options,

College Ave combines convenience with helpful perks like autopay discounts and quick prequalification. Though cosigner release takes time, its overall value makes College Ave a standout among student loan lenders.

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. 

After completing all the application steps, College Ave will pay off your existing loans in seven to 14 days. All types of student loans—federal and private—are eligible for refinancing with College Ave.

College Ave private student loans

Best Overall

5.0 _/5

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Why College Ave is best overall

We deem College Ave the best overall private student loan lender due to its flexible loan terms, competitive rates, and minimal fees. Borrowers can customize their repayment plan, benefit from a rate discount with autopay, and take advantage of prequalification to check rates without affecting their credit.

While most of its undergraduate loans require a cosigner, this flexibility and transparency make College Ave an excellent choice for students looking to manage education costs effectively.

Rates, borrowing limits, and fees

College Ave offers a range of loan amounts and competitive rates for its private student loans. You can borrow anywhere from $1,000 up to 100% of your school-certified cost of attendance, covering what’s needed without going overboard.

Factors like your school’s certification, credit score, and degree type can influence the loan amount you’re eligible for, with strong credit profiles or a cosigner often qualifying for higher amounts.

Interest rates are similarly influenced by credit history, loan terms, and repayment choices. Borrowers with excellent credit and those choosing shorter repayment terms often see lower rates. You’ll also have the choice between fixed and variable APRs, each with different risk levels, and a 0.25% rate discount is available if you enroll in automatic payments.

Type of loan	Rates (APR)
Undergraduate	4.07% – 16.69%
Graduate	4.07% – 14.49%
Career-training	4.07% – 16.69%
Parent	4.07% – 16.69%

Fees are minimal with College Ave, which only charges a late payment fee. Overall, College Ave combines flexible loan amounts and a range of rate options with a minimal-fee structure, making it a competitive choice for those looking to manage education costs.

What are the eligibility requirements?

College Ave’s private student loans are available to U.S. citizens, permanent residents, or international students with a Social Security number and a qualifying cosigner. The lender notes that 97% of its undergraduate student loans are cosigned, which can help applicants with limited credit histories qualify and potentially access better rates.

While College Ave doesn’t disclose specific eligibility requirements, such as a minimum credit score or income threshold, its prequalification tool allows you to check potential rates and eligibility with no impact on your credit score. This feature is especially useful for those who want to explore loan options before committing to a full application.

Here’s a closer look at the eligibility requirements.

Requirement	Details
Citizenship	U.S. citizen or permanent resident (international w/ cosigner)
State of residence	50 states
Minimum age	16
Enrollment status	No minimum
Minimum credit score	Mid-600s
Minimum income	$35,000

How does repayment work?

Terms	Details
Repayment options	In-school (full, interest-only, $25 flat) or deferred
Repayment terms	5, 8, 10, or 15 years
Grace period	6 – 36 months, depending on the type of loan
Cosigner release?	Yes

When applying for a loan with College Ave, you’ll choose a repayment term of five, eight, 10, or 15 years. You’ll also select one of four in-school payment options:

1. 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.
2. 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.
3. Flat payments of $25 per month—you make small fixed payments of $25 during school. This can help reduce the loan cost compared to the deferred plan because it reduces the amount of interest that accrues.
4. Deferred payments—allow 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 reduce your total interest cost.

Repayment examples

Imagine you have a $10,000 loan with a fixed 5% APR. You can see how the repayment option and term you choose affect the amount you pay in interest.

	5-year term (total interest cost)	15-year term (total interest cost)
Principal + interest	$1,322.60	$4,235.40
Interest-only	$1,500.04	$4,704.44
Flat $25	$1,748.20	$5,728.00
Deferment	$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	$79.08
Interest-only	$41.67 in school, then $212.13	$41.67 in school, then $82.47
Flat $25	$25 in school, then $212.47	$25 in school, then $82.57
Deferment	$0 in school, then $213.89	$0 in school, then $83.29

Unlike some lenders, College Ave does not provide details on the hardship relief it offers, such as deferment or forbearance. This lack of transparency could be a potential drawback for borrowers concerned about financial struggles during the loan repayment period.

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:

• Cosigner release policy: College Ave has several requirements before a cosigner can be released, including being 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 and students seeking financial freedom.
• Lack of transparency on requirements: College Ave does not disclose income and credit requirements. LendKey’s $24,000 annual income requirement is both clear and relatively accessible for borrowers. This lack of transparency can make it challenging for potential borrowers to know if they are eligible before applying.
• 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.

How College Ave compares to other private student loans

Choosing a private student loan is about finding the best fit for your needs, whether that’s flexible repayment options, competitive rates, or added benefits. College Ave, known for its strong overall performance, is rated alongside other top lenders, each with distinct strengths.

The table below highlights some of the top-rated lenders and their standout feature to help you quickly identify the best match. For a deeper dive, visit our best student loans page to see a full comparison.

College Ave’s refinance student loan

4.2 _/5

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Our take on College Ave student loan refinancing

College Ave’s student loan refinance option offers customization for borrowers looking to adjust their repayment terms. You can choose a repayment term that suits your budget and check your rate within one minute with no impact on your credit score.

However, for those using a cosigner, release is only available once you’re at least halfway through repayment, so it may not be ideal if early release is a priority.

Rates, borrowing limits, and fees

College Ave’s student loan refinance lets borrowers choose between fixed or variable rates and sets the maximum refinance amount based on the borrower’s degree.

Details	Details
Fixed rates (APR)	5.99% – 11.99%
Variable rates (APR)	5.99% – 11.99%
Loan amounts	$5,000 – $300,000, depending on your degree
Repayment terms	5 – 20 years
Cosigner release?	Yes

What are the eligibility requirements?

College Ave accepts cosigners on refinanced student loans which could help borrowers secure a lower rate and increase the chances of approval.

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

How does repayment work?

Borrowers choose a repayment term between five and 15 years, a typical range offered by student loan refinance lenders. Some of the details behind its repayment assistance programs are not clear or available on its website.

How can College Ave improve its refinance student loans?

College Ave could enhance its student loan refinancing in several areas:

• Cosigner release: Cosigners can’t be released until at least half of the original loan has been repaid.
• Payment assistance options: Earnest offers more assistance options than College Ave, which does not disclose specifics about its assistance programs.

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, here’s how to matches up with some of our top-rated student loan refinance lenders. Check out our best student loan refinance page for more details.

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). 

Here’s how College Ave fares on these platforms:

Source	Customer rating	Number of reviews
Trustpilot	4.5/5	1,806
Better Business Bureau (BBB)	3.63/5	54

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 the BBB site, College Ave is accredited—meaning it meets standards for honesty and transparency and is committed to resolving customer complaints promptly.

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 can assist.

It partners with University Accounting Services to service loans, adding a layer of expertise to its servicing operations.

Here’s how you can reach out:

• Chat on its website
• 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.
• 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.

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 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.

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?

College Ave should indicate why your application was denied. Review the reason for denial before deciding on the next steps. Applying again or reaching out to its customer support team is possible if you believe their was an error.

You can also 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 loans
• Best student loan refinance companies  
• Best no-cosigner student 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. 

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.

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 loan	Best for	Our Rating
Private student loan	Best overall	5/5
Refinance student loan	–	4.2/5