If you’re comparing College Ave vs. SoFi student loans, you’ll find that both lenders offer competitive rates, flexible repayment options, and refinancing. But the better option depends on what you need.
Below, we compare rates, eligibility requirements, repayment features, and borrower benefits to help you decide which lender is the better fit.
Quick answer:
College Ave is generally better for private student loans, while SoFi is stronger for refinancing and borrower benefits. Both lenders offer competitive rates, flexible repayment options, and soft credit checks to preview rates.
fixed apr
4.07% – 16.49%
4.44% – 14.88%ⓘ
w/ autopayvariable apr
5.59% – 16.85%
5.99% – 14.88%ⓘ
w/ autopayloan amounts
$1K – 100% of costs
$1K – 100% of costs
terms (yrs.)
5, 8, 10, or 15
5, 7, 10, or 15
cosigner release
After half the term
After 12 on-time payments
late fees
Yes
None
best for
Best Overall
Member Benefits
Table of Contents
- College Ave vs. SoFi (student loans)
- Rates, loan terms, and repayment
- Eligibility requirements
- Borrower benefits
- Customer reviews
- Scenarios
- Final verdict: College Ave vs. SoFi for private student loans
- SoFi vs. College Ave (refinance)
- Refinance rates and terms
- Eligibility
- Refinance scenarios
- Final verdict: College Ave vs. SoFi for student loan refinancing
- FAQ
College Ave vs. SoFi student loans: Which lender is better?
Both lenders offer private student loans for undergraduate, graduate, and private school education costs, including tuition, housing, and books. We’ll get into many factors below, but here are our quick big-picture findings:
- Best for flexible repayment → College Ave
- Best for refinancing → SoFi
- Best for member perks → SoFi
- Best for customizable terms → College Ave
Rates, loan terms, and repayment comparison
After several hours of research, we think College Ave’s private student loan terms are better than SoFi’s. College Ave stands out by offering more repayment terms, the ability to choose your term, and the ability to request a longer grace period.
| College Ave | SoFi | |
|---|---|---|
| Discounts | Autopay: 0.25% | Autopay: 0.25% |
| Fees | Late payment | None |
| Terms (years) | 5, 8, 10, or 15 | 5, 7, 10, or 15 years |
| In-school repayment options | 4 | 4 |
| Choose your term? | Yes | No |
| In-school and military deferment? | Yes | Yes |
| Deferment available? | Yes | Yes |
| Death discharge? | Yes | Yes |
| Disability discharge? | Yes | Yes |
| Grace period | Apply for an additional 6 months | Standard 6 months |
| Cosigner release | After half of repayment term | After 12 consecutive on-time monthly payments |
Eligibility requirements comparison
College Ave and SoFi have similar eligibility requirements but differ in a few ways.
| College Ave | SoFi | |
|---|---|---|
| Min. age | 16 | State age of majority (or cosigner who is the age of majority) |
| Academic requirements | Must meet school’s satisfactory academic progress (SAP) guidelines | None |
| Citizenship | Requires international students to have a Social Security number | Proof of permanent residency or valid non-permanent residency doc. |
| Allows students earning associate degree? | No (unless in final semester) | No |
Borrower benefits comparison
Both lenders have in-house customer service teams that can assist you with setting up your loan, but that’s where College Ave’s extra benefits end and SoFi’s begin.
SoFi has built a platform that aims to create a community for its members. This includes community events, such as workshops and social events.
| College Ave | SoFi | |
|---|---|---|
| In-house customer service team? | Yes | Yes |
| Financial planning? | No | Yes |
| Estate planning discounts? | No | Yes |
| Travel discounts? | No | Yes |
| Military benefits while on active duty? | No | Yes |
| Community events? | No | Yes |
| Members-only Facebook group? | No | Yes |
College Ave vs. SoFi customer reviews
We looked at College Ave’s and SoFi’s customer reviews on third-party sites.
Common complaints about College Ave
Borrowers most often mention billing issues and unsolicited mailings. Some reviewers also say customer service responses can be slow when resolving account or payment issues.
Common complaints about SoFi
Common complaints about SoFi include strict credit and income requirements, which can make approval difficult for those with limited finances. Some borrowers also report delays in customer support responses, particularly during high-volume periods.
Scenarios
We know you have plenty of information to digest and compare between these two lenders, so we’ve highlighted several scenarios in which one lender might be better than the other to help you decide.
| Scenario | Winner |
|---|---|
| You want to work with a lender that solely focuses on student loans | College Ave |
| You’re worried about missing a payment | SoFi |
| You value member benefits | SoFi |
| You want to choose your repayment term | College Ave |
If you want to work with a lender that solely focuses on student loans
College Ave specializes in student loans, offering a range of options tailored to student borrowers. Its expertise and focus in this area may provide a more targeted and comprehensive borrowing experience for those seeking student loan financing.
Winner
If you’re worried about missing a payment
SoFi is flexible compared to many other lenders. It doesn’t require borrowers to pay any additional fees, including late fees.
Winner
If you value member benefits
SoFi provides a range of member benefits beyond lending and banking. It has built a community of in-person and at-home social activities, plus several resources, including webinars, guides, and educational videos, to help you make better financial decisions and prepare for the future.
Winner
If you want to choose your repayment term
College Ave offers borrowers the flexibility to choose from multiple repayment term options, allowing them to tailor their loan repayment plan to better suit their financial situation and goals.
Winner
Final verdict: College Ave vs. SoFi for private student loans
After comparing both lenders’ private student loans, we view College Ave as the best option. In an analysis of several popular student loan lenders, we found that College Ave was the best overall.
If you’re ready to check your rates with College Ave, you can visit its website to get a quote now.
SoFi vs. College Ave student loan refinance comparison
fixed apr
5.24 – 9.99ⓘ
w/ autopay6.99% – 13.99%
variable apr
6.24 – 9.99ⓘ
w/ autopay6.99% – 13.99%
loan amounts
$5K+
$5K+
Great for
Cosigner Release
Best Direct Refinancing Lender
Refinance rates and terms comparison
SoFi is our choice as the lender with better refinance student loan rates and terms.
| College Ave | SoFi | |
|---|---|---|
| Fees | Late fee (after 15 days or more) | None |
| Allows parent loan transfers? | No | Yes |
| Repayment terms (yrs.) | 5 – 20 | 5, 7, 10, 15, or 20 |
| Forbearance | Up to 12 months | Up to 12 months |
| Residency benefit | None | $100 monthly payments |
| Cosigner release? | Yes | No |
| Death discharge? | Yes | Yes |
| Disability discharge? | Yes | Yes |
For the average borrower, having more repayment terms to choose from gives you more control over the total cost of your loan. Plus, releasing your cosigner can remove the financial risk they’ve taken to help you get a loan.
However, if you think you may go back to school, are worried about a future disability, or are a medical or dental student who wants a reduced payment during residency, SoFi could be the better option.
Eligibility comparison
Based on available information, SoFi seems to be less strict with its eligibility requirements than College Ave.
| College Ave | SoFi | |
|---|---|---|
| Eligible states | All except Maine | All |
| International students eligible? | No | With eligible cosigner |
| Must have graduated? | Yes, associate degree or higher | Yes, associate degree or higher |
| See rates with a soft credit check? | Yes | Yes |
Neither lender discloses a minimum required credit score or income.
Refinance scenarios
If you’re still having trouble deciding which lender is best for you, check out the scenarios below to help with your decision.
If you want to choose your repayment term
College Ave offers borrowers the flexibility to select from a wide range of repayment terms, allowing them to tailor their loan repayment plan to suit their financial goals and circumstances.
Winner
If you have a balance of more than $300,000
SoFi stands out for borrowers with loan balances of more than $300,000. You can refinance the entire amount of your original loan, providing a better solution for your specific financial needs.
Winner
If you want to transfer a parent loan to a child
SoFi offers the unique option for parents to transfer the loan to their student and pass on financial responsibility.
Winner
If you want to release your cosigner from the loan
College Ave allows borrowers to release their cosigner from the loan. When they can assume full responsibility, they can relieve their cosigner of any future obligation.
Winner
If you value member benefits
SoFi’s community-building efforts for its members include in-person and at-home social activities and resources to empower them to learn the right information to help them make better financial decisions.
Winner
Final verdict: College Ave vs. SoFi for student loan refinancing
Considering all the information above, our choice between these two lenders for refinancing your student loans is SoFi.
SoFi has competitive rates and repayment terms, fair eligibility requirements, and several additional member benefits.
To check your rate with SoFi, visit its website now.
FAQ
Is College Ave or SoFi better for student loans?
College Ave is often the better choice for undergraduate borrowers who want flexible repayment terms. SoFi may be the better option if you plan to refinance later or want access to member benefits.
Is College Ave a good student loan lender?
Yes! In our view, College Ave is the best overall private student loan lender because of its customizable repayment terms, competitive rates, and straightforward application process.
How we rated College Ave and SoFi
We designed LendEDU’s editorial rating system to help readers find companies that offer the best student loans and student loan refinancing. Our system awards higher ratings to companies with affordable solutions, positive customer reviews, and online transparency of benefits and terms.
We compared College Ave and SoFi to several student loan lenders and refinance companies, using hundreds of data points from company websites, public disclosures, customer reviews, and direct communication with company representatives. We weighted, scored, and combined each factor to produce a final editorial rating. This rating is expressed on a scale from 1 to 5, with 5 being the highest possible score. Our take on each company is recapped below.
fixed apr
4.07% – 16.49%
4.44% – 14.88%ⓘ
w/ autopayvariable apr
5.59% – 16.85%
5.99% – 14.88%ⓘ
w/ autopayloan amounts
$1K – 100% of costs
$1K – 100% of costs
terms (yrs.)
5, 8, 10, or 15
5, 7, 10, or 15
cosigner release
After half the term
After 12 on-time payments
late fees
Yes
None
best for
Best Overall
Member Benefits
Related articles
About our contributors
-
Written by Melody Stampley, CEPF®Melody Stampley is a personal finance writer and Certified Educator in Personal Finance® with 10-plus years of combined experience in writing, editing, and finance. She specializes in credit, loans, budgeting, saving, and insurance. Melody is a mother who enjoys helping others become free and empowered to show younger generations good stewardship practices.
-
Edited by Kristen Barrett, MATKristen Barrett is a managing editor at LendEDU. She lives in Cincinnati, Ohio, with her wife and their pack of senior rescue dogs. She has edited and written personal finance content since 2015.