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College Ave Student Loans Review

College Ave offers flexible loan terms so your monthly payments can stay within budget.

Matt Carter Matt Carter Updated December 18, 2019

Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as "Credible."

College Ave is a fintech lender that offers both private student loans and student loan refinancing. Whether you’re taking out or refinancing student loans, College Ave promises competitive rates, a range of repayment terms, and a customer-friendly experience from application through repayment.

In this post:

  • College Ave student loan refinancing
  • College Ave private student loans

College Ave student loan refinancing

Best if:

  • You earned your degree
  • You need flexible loan terms to match monthly payments to your budget
  • You’re comfortable working with an online lender that doesn’t have branch offices

College Ave refinancing interest rates and loan details

Although College Ave doesn’t offer student loan refinancing to those without degrees, it does offer a wide selection of loan terms ranging from 5 to 20 years. That makes it one of the best companies to refinance with, because it’s easier to select a loan with a monthly payment that matches your budget.

Rates from (APR)Fixed: 3.34%+2
Variable: 3.24%+2
Loan amounts$5,000 to $300,000
(depending on degree type)
Loan terms5 to 20 years
Loan typesRefinance federal loans and private loans
ResidencyU.S. citizen or permanent resident
Cosigner releaseNot offered for refinancing
Transfer parent loan to child?No
FeesNo application, origination, or disbursement fees
Prepayment penaltyNone
Key benefits0.25% autopay discount
EducationUndergraduate or graduate degree required
Loan servicerCollege Ave Servicing LLC
Best if
  • You completed your degree

  • You want to match your monthly payment to your budget

  • You're comfortable dealing with an online lender with no branch offices

All APRs reflect autopay and loyalty discounts where available | 2College Ave Disclosures

College Ave student loan refinancing review

As a fintech lender, College Ave doesn’t have branch offices where you can discuss your loan options in person. Everything’s done online, with representatives also available through email, chat, and phone. But the company says that by specializing in student loans, it’s developed the technology and expertise to provide loans that are personalized to your needs.

Whether you’re paying back private or federal student loans, you may qualify to refinance up to $150,000 in undergraduate and graduate school debt with College Ave. Students who have earned medical, dental, pharmacy, or veterinary degrees may qualify to refinance as much as $300,000.

How to qualify

To qualify to refinance student loans with College Ave, you must have earned your degree and established a history of earnings and credit. College Ave does not disclose minimum credit score and income requirements.

Repayment

When you refinance student loans with College Ave, you’ll have a choice of up to 16 loan terms ranging from five to 20 years. Generally speaking, the shorter the loan term, the lower the interest rate and total repayment cost. While spreading out your payments over a longer period of time may cost you additional interest in the long run, it can make your monthly payments more manageable.

Like many lenders, College Ave offers a 0.25% rate reduction if you agree to have your monthly payments withdrawn automatically from your bank account.

How College Ave refinancing compares to other lenders

 collegeavepenfed purefy student loan consolidationcitizens bank student loans
Rates from (APR)Fixed:
3.34%+2

Variable:
3.24%+2
Fixed:
2.99%+

Variable:
2.19%+
Fixed:
2.97%+¹

Variable:
1.99%+¹
Loan repayment terms (Years)5 to 20 years5, 8, 12, 155, 7, 10, 15, 20
Loan amount$5,000 to $300,000$7,500 to $300,000$10,000 to $350,000
(depending on level of education)
Cosigner release?Not offered for refinancingYes, applications accepted after 12 consecutive paymentsYes, applications accepted after 36 months of consecutive payments
Transfer parent loan to child?NoYesYes
Loan servicerCollege Ave Servicing LLCPentagon Federal Credit Union (PenFed)Firstmark Services
Best forGraduates seeking flexible loan termsThose applying with a cosignerThose who want to lower their monthly payment

All APRs reflect autopay and loyalty discounts where available | 1Citizens Bank Disclosures | 2College Ave Disclosures | 3 ELFI Disclosures | 4INvestEd Disclosures | 5SoFi Disclosures

How to refinance student loans with College Ave

With an easy application process and wide selection of loan terms, College Avenue Student Loans can be a good choice for refinancing student loans. The rates you’ll be offered will depend largely on your credit score, so it’s wise to request rates from multiple lenders.

Credible makes it easy to request rates from College Ave and other lenders offering student loan refinancing without affecting your credit score. Take 2 minutes to fill out our form, and our integrations with credit bureaus and lenders lets you compare loans you’re prequalified for. Your personal information is not shared with lenders unless you see an option you’d like to proceed with.

Find out if refinancing is right for you

  • Compare actual rates, not ballpark estimates – Unlock rates from multiple lenders with no impact on your credit score
  • Won’t impact credit score – Checking rates on Credible takes about 2 minutes and won’t impact your credit score
  • Data privacy – We don’t sell your information, so you won’t get calls or emails from multiple lenders

See Your Refinancing Options
Credible is 100% free!

Trustpilot

College Ave private student loans

Best for:

  • Parents who want control over funds
  • Choice of repayment terms
  • Multiple plans for in-school repayment

College Ave interest rates and loan details

College Ave offers a wide range of loan terms and repayment plans. Rates can be competitive, particularly if you (or your cosigner) has a strong credit score.

Rates from (APR)Fixed: 3.49%+2,3
Variable: 1.04%+2,3
Loan amounts
  • $1,000 minimum
  • Up to 100% of school-certified cost of attendance
    (minus other aid received)
Loan terms5 to 20 years
(depending on degree type)
Residency
  • Borrower or cosigner must be U.S. citizen or permanent resident
  • International students may apply with a U.S. citizen or permanent resident cosigner
FeesNo application, origination, or disbursement fees
Prepayment penaltyNone
Cosigner releaseApplications for cosigner release accepted once more than half of the scheduled repayment period has elapsed
Repayment plansYou can defer payments on most College Ave loans until after leaving school, or:
  • Pay $25 a month while still in school

  • Pay interest only while in school

  • Begin full repayment while in school
Key benefits
  • 0.25% autopay discount

  • $150 cash back on Career Loan with Success Rewards for completing course of study
Loan servicerCollege Ave Servicing LLC
Best for
  • Parents who want control over funds

  • Choice of repayment terms

  • Multiple plans for in-school repayment

Lowest APRs reflect autopay, loyalty, and interest-only repayment discounts where available | 2,3College Ave Disclosures

Check Out: Lenders That Offer the Best Private Student Loans

College Ave private student loans review

College Ave offers several student loans tailored for undergraduates, graduate students, and parents. The wide selection of loan terms and repayment plans makes it easier to choose a loan with a monthly payment you can manage.

If you’re taking out a parent loan, you can receive up to $2,500 of the loan directly, allowing you to control your child’s spending on expenses like books, computers, or dorm supplies.

Like many private lenders, College Ave offers a 0.25% interest rate discount if you sign up to have payments automatically withdrawn from your bank account. You can also get a $150 statement credit on the College Ave Career Loan with Success Rewards for completing your degree.

How to qualify

College Ave does not publish minimum credit score and income requirements, but most private student loans do require a cosigner. That’s because students usually don’t have a history of credit and earnings that would qualify them for a loan on their own. Even if you don’t need one, using a cosigner can help you get a lower rate.

According to a recent analysis of a large pool of private student loans made by College Ave, the average borrower or cosigner’s FICO score was 759. Only 13% had FICO scores below 700, and none had FICO scores lower than 660.

If you do take out a College Ave student loan with a cosigner, you can request that they be released from their obligation after more than half of your repayment term has elapsed. In other words, if your repayment term was 10 years, you can apply for cosigner release after 5 years.

To be approved for cosigner release, your 24 most recent payments must have been on time, and your income for the last two years must be more than twice of your outstanding loan balance.

Learn More: How to Apply for a Student Loan

Repayment

Unless you’re taking out a parent loan, you can defer payments on College Ave private student loans until after leaving school. The length of your “grace period” depends on the degree you’re pursuing:

  • Undergraduate and graduate students: 6 months
  • College Ave Law School Loan: 9 months, with option to add up to 12 months deferment for clerkship
  • College Ave Dental School Loan: 12 months, with option to add up to 24 months deferment for residency
  • College Ave Medical School Loan: 36 months, with option to add up to 48 months of deferment for residency

If you defer payments while you’re in school, that will add to the cost of the loan. Even if you just pay some or all of the interest that accrues each month, that can save you money. Making full payments of principal and interest from the start saves the most.

Repayment of parent loans begins immediately, and you must at least cover the interest owed while the student is enrolled.

How College Ave compares to other lenders

 collegeavediscoverascent
Rates from (APR)Fixed:
3.49%+2,3

Variable:
1.04%+2,3
Fixed:
4.84% - 12.39%6

Variable:
1.59% - 11.37%6
Fixed:
3.34%+

Variable:
2.46%+
Loan repayment terms (Years)5, 8, 10, 15, 2015, 205, 7, 10, 12, 15, 20
(depends on having a cosigner or not)
Loan amount$1,000 up to 100% of cost of attendance$1,000 up to 100% of certified cost of attendance
(aggregate loan limits apply)
$1,000 minimum, up to school's cost of attendance within $200,000 cap
Cosigner release?Yes, applications for after more than half of the scheduled repayment period has elapsedNo option for cosigner releaseYes, applications accepted after 24 on-time payments
Loan servicerCollege Ave Servicing LLCDiscover BankUniversity Account Service (UAS)
Best forStudents and parents seeking flexible loan termsStudents who can claim rewards for good gradesStudents who don't have a cosigner

Lowest APRs reflect autopay, loyalty, and interest-only repayment discounts where available | 1Citizens Bank Disclosures | 2,3College Ave Disclosures | 7EDvestinU Disclosures | 8INvestEd Disclosures | 9Sallie Mae Disclosures

How to take out private student loans with College Ave

Before applying for a student loan, you should first take advantage of college grants and scholarships available to you. Also know your federal student aid options when researching how to pay for college. If you still need money to pay for college expenses, compare student loans from multiple lenders to ensure you’re getting the best rates and terms for your situation.

You can use Credible to request rates from a range of lenders (including College Ave) who offer student loans. It takes less than three minutes to fill out the single form needed, and lenders don’t see your personal information unless you choose an option you want to proceed with.

Compare student loan rates from top lenders

  • Multiple lenders compete to get you the best rate
  • Get actual rates, not estimated ones
  • Finance almost any degree

See Your Rates
Checking rates will not affect your credit

Trustpilot

How College Ave can improve

With competitive rates and a range of repayment terms, College Ave is a leading provider of private student loans and student loan refinancing. But College Ave could improve by:

  • Providing more transparency into minimum income and credit score requirements
  • Offering refinancing to qualified borrowers who didn’t earn their degree
  • Providing more options for borrowers who experience financial hardship
 
The company above is one of Credible’s approved partner lenders. Because they compete for your business through Credible, you can request rates from them by filling out a single form. Then, you can compare your available options side-by-side. Requesting rates is free, doesn’t affect your credit score, and your personal information is not shared with our partner lenders unless you see an option you like. Credible receives compensation if you close a loan with one of our partner lenders. The rates you receive and the fees you pay (if any) are not impacted by this compensation.
About the author
Matt Carter
Matt Carter

Matt Carter is a Credible expert on student loans. Analysis pieces he’s contributed to have been featured by CNBC, CNN Money, USA Today, The New York Times, The Wall Street Journal and The Washington Post.

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Discover Student Loans Disclosure

The interest rates depicted on Credible represent the APR. The fixed interest rate is set at the time of application and does not change during the life of the loan. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable Margin percentage. The margin is based on your credit evaluation at the time of application and does not change. For variable interest rate loans, the 3-Month LIBOR is 2.375% as of July 1, 2018. Discover Student Loans will adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the “interest rate change date”), based on the 3-Month LIBOR Index, published in the Money Rates section of The Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). This may cause the monthly payments to increase, the number of payments to increase or both. Please visit http://www.discover.com/student-loans/interest-rates.html for more information about interest rates.

Citizens Bank Disclosures

Student Loan Rate Disclosure

Variable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of July 1, 2018, the one-month LIBOR rate is 2.10%. Variable interest rates range from 4.07%-12.04% (4.07%-11.94% APR) and will fluctuate over the term of the loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a cosigner. Fixed interest rates range from 5.25%-12.19% (5.25% – 12.09% APR) based on applicable terms, level of degree earned and presence of a cosigner. Lowest rates shown requires application with a cosigner, are for eligible applicants, require a 5-year repayment term, borrower making scheduled payments while in school and include our Loyalty and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of the loan.

Citizens Bank - Refi - Disclosures

Education Refinance Loan Rate Disclosure:

Variable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of July 1, 2018, the one-month LIBOR rate is 2.10%. Variable interest rates range from 2.75%-8.20% (2.75%-8.20% APR) and will fluctuate over the term of the borrower’s loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a cosigner. Fixed interest rates range from 3.50%-8.69% (3.50% – 8.69% APR) based on applicable terms, level of degree earned and presence of a cosigner. Lowest rates shown require application with a cosigner, are for eligible, creditworthy applicants with a graduate level degree, require a 5-year repayment term and include our Loyalty discount and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty and Automatic Payment Discount disclosures. The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of their loan.