College Ave vs. Sallie Mae Student Loan Comparison

When you’re taking out private student loans, you have many lenders to choose from. Student loan options can vary a lot among lenders, so always compare rates, loan options, and repayment options to find the best financial aid for your situation.

College Ave and Sallie Mae are two popular private student loan lenders. This comparison will help you decide which of these two is best for you.

In this comparison:

• College Ave vs. Sallie Mae Overview
• What Loans Does Each Lender Offer?
• Sallie Mae vs. College Ave: Which Is Right for You?

College Ave vs. Sallie Mae Overview

Interest rates (APR)	1.49% – 12.99%	1.50% – 11.85%
Loan amounts	$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 – 15 years
Best for	Best overall	Flexible repayment
	View Rates	View Rates

The information above is for each lender’s undergraduate student loan.

What Loans Does Each Lender Offer?

Both College Ave and Sallie Mae are well-known student loan lenders with a strong reputation for offering education financing to creditworthy borrowers. Both offer a wide variety of loans, so qualified applicants have a good chance to find a fitting loan with either lender.

Each lender’s loan options are listed below. You can learn more about them in our full Sallie Mae student loan review and our full College Ave student loan review. 

College Ave Student Loan Options

Sallie Mae Student Loan Options

Sallie Mae vs. College Ave: Which Is Right for You?

The table above shows how Sallie Mae and College Ave compare in some important areas, but sometimes it can be difficult to see where one lender is better than the other.

Here are a few scenarios where one lender may make more sense for you.

• If you want a little more time before repayment
• If you want the shortest possible period for cosigner release
• If you want to prequalify with a soft credit check
• If you want to refinance existing educational debt
• If you want free educational assistance

If you want a little more time before repayment: College Ave

Both lenders offer an option for deferment of payments while you’re in school and a six-month grace period in which you don’t have to make payments once you graduate or leave school.

College Ave, however, allows borrowers to apply for an additional six months of grace period if you need a little more time.

Just be aware that interest will continue to accrue during periods of deferment with both lenders.

If you want the shortest possible period for cosigner release: Sallie Mae

You may require a cosigner with good credit to help you get the loan amount you need with competitive rates. Cosigner release allows a cosigner to be absolved of the legal responsibility for loan repayment when the primary borrower has proved to be able to repay on their own.

Sallie Mae allows cosigner release after 12 months of on-time payments. College Ave makes cosigner release an option only after half the repayment period has lapsed.

If you want to prequalify with a soft credit check: College Ave

College Ave allows prospective borrowers to prequalify for a loan in just a few minutes. This prequalification will tell you whether your credit prequalifies for a loan, and what interest rates you can expect before you apply. To prequalify with College Ave, click here.

Sallie Mae does not offer the ability to prequalify with a soft credit check.

If you want to refinance existing educational debt: College Ave

College Ave offers student loan refinance loans, and Sallie Mae does not. Refinancing your student loans can help you lower the interest rate and monthly payment on existing debt, making the repayment process cheaper and easier for the remaining life of the loan.

If you want free educational assistance: Sallie Mae

Sallie Mae offers undergraduate borrowers four months of access to free Chegg (valued at $100). College Ave doesn’t provide a comparable benefit. 

Chegg Study offers discounted textbooks, solutions to homework problems, free flashcards, and support from skilled tutors available 24/7. 

Bottom Line: Sallie Mae vs. College Ave

College Ave’s student loans are best for those looking to prequalify with a soft credit check and receive typically lower rates than Sallie Mae’s student loans. Lower rates and a soft credit check are important factors, making College Ave the better option for most students. If you value a short cosigner release period or free access to Chegg, then Sallie Mae may be a better choice.

How These Two Lenders Compare to Other Lenders

Make sure you exhaust your options for federal student loans before looking at private lenders. Federal loans could save you money and give you more flexible repayment, such as income-driven repayment plans and student loan forgiveness, in the future.

However, if your cost of attendance is above what you can receive in federal student aid, private loans can fill in the gaps.

Compare several lenders to find the lowest rates and best repayment terms. You can see our top picks for private student loans on our Best Private Student Loans page.

In addition, see how Sallie Mae stacks up against other private student loan lenders in our Sallie Mae vs. Discover review and our Sallie Mae vs. Wells Fargo comparison.