Business Insider's personal finance team compared College Ave to the best private student loans and found it to be an industry leader.
Not only is College Ave known for having competitive interest rates, but this lender offers a multitude of student loan options without charging application fees, origination fees, or prepayment penalties. It also ranks among our top choices for the best student loan refinance companies for its flexible repayment terms.
College Ave Student Loan Overview
What are College Ave Student Loans?
College Ave is a private student loan lender offering a wide variety of undergraduate, graduate, career, and parent loans that can help finance your educational goals.
The lender boasts multiple repayment term lengths and competitive interest rates, as well as strong customer support. It's one of our picks for the best student loan refinance companies.
College Ave is best for borrowers who want a competitive APR and want to avoid origination fees. The company also has a variety of degrees it will finance.
You should think about your federal student loan options before applying for any private student loan, including one with College Ave, as you can usually get more favorable terms and protections through the government.
College Ave Student Loan Features
College Ave student loans come with many notable benefits. Here are a few to keep in mind as you consider this lender:
Autopay Discounts
Like many private student lenders, College Ave offers a 0.25% rate discount if you put your account on autopay. This discount can significantly reduce the amount of interest you pay monthly and over the long haul.
Customer Service and Support
You have several options to contact College Ave's customer support. You can call the company at (844) 422-7502 from 9 a.m. to 9 p.m. ET Monday through Friday. You have the option to text the lender at (726) 227-2275, as well. College Ave also has a live chat feature on its website where you can message a representative.
Financial Wellness Resources
The lender also has plenty of helpful resources for borrowers, including FAQs, guides, calculators, glossaries, and articles. College Ave offers a student credit card, too, which you can use to start building your credit.
College Ave Student Loan Options
College Ave's student loan options run the gamut and include loans for undergraduates, graduate students, students in certain degree programs, and parents of students. Options include:
- Undergraduate
- Graduate
- Law school
- Career training
- Dental school
- MBAs
- Health professions
- Parent loans
- Loan refinancing
College Ave Undergraduate Student Loans
College Aveoffers competitive fixed and variable APRs on its undergraduate student loans and doesn't charge any origination fees or prepayment fees. Additionally, you can pick from several term lengths, including five-, eight-, 10-, and 15-year periods.
You will pay a late payment fee with College Ave, and a credit check is required to take out a loan.
College Ave Graduate Student Loans
College Ave Graduate Student Loans also offer competitive APRs compared to its competitors, and the company offers many term lengths to choose from. There are no origination or prepayment fees, and there are options for dental, MBA, health professions, law, and medical students.
College Ave Parent Loans
College Ave also offers parent loans for those looking to support their child's educational goals. They come with three repayment options, and terms range from five to 15 years. Both variable- and fixed-rate loans are available.
College Ave Career Loans
While College Ave offers a number of graduate loans for students on certain career paths, students in associate's and bachelor's programs can qualify for many of them, too. These loans go up to $80,000 and come with four flexible repayment plans.
College Ave Student Loan Refinancing
College Ave is among our top picks for student loan refinance companies. This lender offers refinancing options for student loan amounts ranging from $5,000 up to $500,000, with competitive variable or fixed interest rates. You can check your rate without affecting your credit score with College Ave's free online pre-qualification tool. Additionally, College Ave does not charge application or origination fees, and you can get a 0.25% interest rate discount by setting up auto-pay.
College Ave student loan refinancing stands out from its competitors because it offers 16 repayment terms from five to 20 years, whereas most lenders only offer five term choices. Remember that the longer your loan term, the more you'll pay in interest.
4.54% - 14.49% variable and 3.47% - 14.49% fixed (with AutoPay discount, varies by program)
mid-600s for cosigners
- No prepayment or origination fees
- International students eligible with an eligible cosigner
- Multiple options for repayment term length
- Many ways to contact customer support
- Credit check required
- Late payment fee
- Apply through your computer or mobile device
- Customer service available via phone, text, email, and live chat
- Five, eight, 10, or 15 year repayment terms available
- Late payment of 5% of the amount due, capped at $25
- Loan minimum of $1,000, maximum up to 100% cost of attendance
- Loans made through Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC
How to Apply for a College Ave Student Loan
If you're considering a College Ave loan, here's what to expect when qualifying and applying for your loan.
Cosigner Options
If you're worried about qualifying for a loan or just want to ensure you get the best rate and terms, you can bring in a cosigner on your College Ave loan. In fact, the lender says that 97% of its loans are cosigned.
Credit Requirements
There's no minimum credit score for College Ave loans if you're applying with a cosigner. However, it is recommended you find a cosigner with a good credit score.
College Ave doesn't disclose the exact credit requirements you'll need to meet if you apply solo, though. You'll need to use the lender's pre-qualification tool to see if you're eligible.
Application and Approval Process
To get a student loan from College Ave, you must meet the following qualifications:
- Be at least 16 years old
- Be a U.S. citizen or permanent resident or an international student with a Social Security number and eligible cosigner
- Be enrolled in a degree-granting school half-time or more
- Be making satisfactory academic progress as defined by your school
- Pass a credit check
Here are the steps you'll take to apply once you know you're eligible:
- Get your information together. This includes your Social Security number, your school of enrollment, your enrollment status, the loan amount you need, your address, and other financial documents.
- Fill out your online application. You can complete the online application in about 3 minutes, and after doing so, you'll get your rates.
- Send the required supplementary documents. College Ave may require certain financial documents, including proof of income and residency.
- Accept your loan offer. After you get all your documents in order, College Ave will send you a formal loan agreement. It will fund your loan after you sign on the dotted line.
College Ave Student Loan Interest Rates and Fees
The rate you get on your student loan will play a big role in both your monthly and long-term costs, so it's important to get the best rate you can. Here's what to know about College Ave's rates:
Fixed vs. Variable Rates
College Ave offers both fixed and variable rates on its student loans. With a fixed rate, you'll enjoy the same rate and payment for your entire loan term, while rates on variable-rate loans can move up or down over time.
On undergrad loans, the lender's rates range from 4.69% to 17.99% variable and 3.47% to 17.99% fixed (with AutoPay discount).
Fee Structure
College Ave doesn't charge very many fees. There are no application or origination fees, and there are no prepayment penalties either. There are, however, late fees if you fail to make your payment within 15 days after the due date. This comes to 5% of the unpaid amount or $25, whichever is less.
College Ave Student Loan Repayment Options and Terms
You'll enjoy flexible repayment plans with College Ave and will have four potential options to choose from: deferred, flat, interest-only, and full payment. Each option has its advantages for different types of borrowers.
In-School Payment Options
If you're able to make payments while still attending school, you can choose flat, interest-only, or full payments. Here's how those compare:
Flat payment
- Pay $25 per month while in school and during your six-month grace period
- Unpaid interest accrues
- Low in-school payments
Interest-only payment
- Pay the loan's interest monthly while in school and during your six-month grace period
- Moderate in-school payments
Full payment
- Repay principal plus interest while in school and during your six-month grace period
- Lowest overall cost
- Highest in-school payments
Grace Periods and Deferment Options
You can also defer payments until you're out of school and for six months after you graduate. Just know that interest accrues on the balance during that time, so this will result in the highest long-term interest costs.
You can also request deferment or forbearance if you're experiencing financial hardship. All undergraduate loans come with a six-month post-graduation grace period, and most graduate loans have a nine-month grace period.
Repayment Term Lengths
The exact term lengths vary by the loan program, but undergraduate, graduate, and career loan terms generally include five-, eight-, 10, and 15 years, while parent loan terms include five and 15 years.
College Ave Pros and Cons
Before you apply for a loan with College Ave, make sure to consider both the advantages and drawbacks the lender comes with when compared to its competitors. These include:
College Ave Student Loan Pros
- Low APRs. College Ave's APRs are some of the best in the business.
- Multiple repayment term lengths. Five-, eight-, 10-, or 15-year repayment terms are available on College Ave's undergraduate loans.
- No origination fee. Origination fees are deducted from your overall loan proceeds and increase the cost of your borrowing. You'll save money with a College Ave student loan because you won't pay an origination fee.
College Ave Student Loan Cons
- Late payment penalty. College Ave will charge you a late payment of 5% of the amount due, capped at $25.
- No signup perks like competitors. Other lenders will entice you to take out a loan with them by offering perks like balance reductions or cashback rewards. College Ave doesn't offer any perks.
Alternatives to College Ave Student Loans
Learn more about how College Ave stacks up against top student loan providers.
College Ave vs. Sallie Mae Student Loans
Neither company will charge origination fees or prepayment penalties, but you will pay a 5% late payment fee, up to $25, with both lenders.
College Ave will give you your rate and tell you if you've been approved for a loan via a soft credit check, which will have no impact on your credit score. With Sallie Mae, the lender will perform a hard credit inquiry to determine your eligibility, which might negatively affect your credit score.
Sallie Mae Student Loans Review
College Ave vs. Earnest Student Loans
Both College Ave and Earnest Undergraduate Student Loans offer low interest rates. Your credit score and financial situation will ultimately determine the interest rate you can lock in, but College Ave is currently the frontrunner for low interest rates.
You won't run into origination fees or prepayment penalties with either lender, but Earnest will not charge a late payment fee, unlike College Ave.
College Ave Student Loan Customer Experience
College Ave's customers report an excellent experience with the lender. It rates 4.5 stars out of 5 on Trustpilot, though its mobile app — particularly the iOS app — is rated poorly. Users note its slow speed and penchant for crashing.
Is College Ave Trustworthy?
College Ave is considered a trustworthy company, currently boasting an A+ rating from the Better Business Bureau, indicating it responds to customer complaints quickly. There are currently no notable lawsuits against College Ave.
Why You Should Trust Us: How We Rated College Ave Student Loans
We rate all student loan products in our reviews and guides on a 1-5 scale. The overall rating for College Ave is a weighted average that takes into account seven different categories, some of which are weighted more heavily than others:
- Interest rate (20% of rating)
- Fees (20% of rating)
- Term lengths (15% of rating)
- Repayment options while in school (15% of rating)
- Borrower accessibility (15% of rating)
- Customer support (7.5% of rating)
- Ethics (7.5% of rating)
Each category's weighting is determined based on its importance to your borrowing experience. For instance, rates and fees have the most significant impact on the total cost of your student loan, so we weigh those the most heavily. Customer support and ethics are crucial parts of the borrowing experience, but do not directly tie to a student loan's terms, so they have less of an impact on the overall rating.
Read more about how we rate student loans »
College Ave Student Loan FAQs
College Ave offers a variety of student loans including undergraduate, graduate, parent, and career loans, catering to a wide range of educational financing needs.
You'll find very competitive interest rates on College Ave loans when compared with other private student loan lenders, though the exact rate you'll get depends on creditworthiness and other factors. The lender is known for offering lower rates for borrowers with excellent credit.
College Ave stands out for its flexible repayment options, including multiple in-school payment plans and varying repayment terms up to 15 years for undergraduates and 20 years for graduate loans.
College Ave prides itself on having no application fees, origination fees, or prepayment penalties, making it a cost-effective option for borrowers.
The advantages of College Ave undergraduate loans include competitive interest rates, flexible repayment options, minimal fees, and helpful customer support. However, as with any loan, it's essential to consider your personal financial situation and compare offers.
When evaluating College Ave for educational financing, think about qualifying requirements, interest rates, repayment options, term lengths, fees, and hardship options like deferment, forbearance, or grace periods. These will all factor into your long-term costs and experience as a borrower.
