College Ave Student Loan Refinancing Snapshot
College Ave offers both private student loans and student loan refinancing with competitive rates, flexible repayment terms, and strong customer service. College Ave’s student loan refinance offering is best if you are seeking a more flexible repayment term that allows you to find a loan that matches your budget.
Pros
Strong customer experience- Competitive rates
- Choose any loan term between five and 15 years including nonstandard terms such as 6 or 9 years
Cons
Limited eligibility criteria- Unclear forbearance policy
- Not available to borrowers without a degree, visa holders, or those with parent PLUS loans
- Doesn’t allow spousal consolidation loans
Best Features of Refinancing with College Ave
Strong customer experience
From loan application to loan disbursement and beyond, College Ave’s borrowing experience is done entirely online. The lender also offers excellent customer service that is available through email, chat, and phone. If you’re comfortable with an entirely virtual experience, College Ave’s seamless online borrowing process is a huge benefit.
Competitive interest rates and zero fees for qualified borrowers
When looking to refinance existing student loans, finding a low interest rate is typically a top priority. If you qualify for a refinance loan through College Ave, you will have access to some of the best rates in the industry. College Ave’s variable and fixed interest rates are typically lower than competing student lenders. In addition, you won’t have to pay origination fees, application fees, prepayment penalties, late fees, or insufficient funds fees.
You can choose any loan term between 5 and 15 years*
College Ave prides itself on allowing you to choose from a wide range of loan terms (up to 11 options) to make repayment as easy as possible. If you are looking for a lender that offers flexibility to match your monthly payments to your budget, College Ave is an excellent option for you.
The latest rates from Sparrow’s partners
If you want to skip pre-qualification and apply directly with a lender, you can do so by clicking Apply below.
Drawbacks of Refinancing with College Ave
Limited eligibility criteria
In order to refinance with College Ave, you will need to be a U.S. citizen or permanent resident who has graduated from a participating school. You will also need to have a credit score around 680 and $50,000 of annual income.
Not a U.S. citizen or permanent resident? SoFi allows you to apply to refinance your student loan if you do not have a U.S. citizen as a cosigner.
Didn’t graduate? EDvestinU allows you to refinance your student loans without a degree.
Complete the Sparrow application to see if you qualify and at what rate with over 15 different lenders. It’s quick, easy, and does not impact your credit score.
Unclear forbearance policy
While College Ave does offer up to 18 months of forbearance (a pause on your repayment due to financial hardship, unemployment, or a disability), it is unclear who qualifies and under what circumstances. Although many borrowers don’t end up needing forbearance, it can be a helpful safety net if you were to fall into financial hardship.
Not available to borrowers without a degree, visa holders, or those with parent PLUS loans
While College Ave offers some of the best rates in the industry, its refinance loans are not available to everyone. Borrowers without a degree or those who are visa holders will have to look elsewhere to refinance their student debt.
If you are a student looking to take over your parent’s PLUS loans under your name, you will need to consider another private student lender.
With that said, if you are a parent with parent PLUS loans, you can refinance your loans under your name with College Ave.
No spousal consolidation loans
College Ave does not provide people who are married with the opportunity to combine student loan debt which many see as a simpler route to paying off their debt.
College Ave Eligibility Criteria, Repayment Options & More
Fees and Terms
Loan Terms
Choose a term between 5 and 15 years.*
Loan Amounts
$5,000 – $150,000, or up to $300,000* for borrowers with medical, dental, pharmacy, or veterinary degrees.
Ability to transfer a parent loan to the student
No.
Application or Origination Fee
No.
Prepayment Penalty
No.
Late Fees
Yes (If payment isn’t made within 15 days of the due date, the fee is either 5% of the unpaid amount or $25, depending on whichever is less).
Eligibility Requirements (Financial)
Minimum Credit Score
Upper 600s.
Minimum Income
$50,000 per year.
Typical Credit Score of Approved Borrowers or Cosigners
Mid 700s.
Typical Income of Approved Borrower
$100,000k+ per year.
Maximum Debt-to-Income Ratio
50% (in other words, this means that the total monthly debt payments must not exceed 50% of income).
Ability to qualify if you’ve filed for bankruptcy
No.
Eligibility Requirements (Personal)
Citizenship
Must be a U.S. citizen or permanent resident.
Must have graduated
Yes, with an associate degree or higher.
Must have attended a school authorized to receive federal aid
Yes.
Repayment Options
Military Deferment
Yes.
Disability Deferment
Yes.
Forbearance
Up to 18 months available, in either 3 or 6-month increments.
Death or Disability Discharge
Yes, if the primary borrower dies or becomes totally and permanently disabled.
Loan discharge if cosigner dies or becomes disabled
No.
Autopay
Allows for surplus payments via autopay: Yes.
Allows for biweekly payments via autopay: Yes.
Customer Service
Loan Servicer
College Ave.
In-house Customer Service Team
Yes (call center staffed by a third-party company).
Process for Escalating Concerns
Yes.
Borrowers get assigned a personal customer service representative
No.
Average time from approval to payoff
Two to three weeks.
Student loan rates from our partners
Ascent
Ascent’s undergraduate and graduate student loans are funded by Bank of Lake Mills, or DR Bank, each Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: www.AscentFunding.com/Ts&Cs. Rates are effective as of 11/1/2024 and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 1.00% (for undergraduate outcomes-based loans). Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent rates and repayment examples please visit: AscentFunding.com/Rates. 1% Cash Back Graduation Reward subject to terms and conditions. Cosigned Credit-Based Loan student must meet certain minimum credit criteria. The minimum score required is subject to change and may depend on the credit score of your cosigner. Lowest rates require full
principal and interest payments, the shortest loan term, a cosigner, and are only available for our most creditworthy applicants and cosigners with the highest average credit scores. Actual APR offered may be higher or lower than the repayment examples above, based on the amount of time you spend in school and any grace period you have before repayment begins.
Ascent’s undergraduate and graduate student loans are funded by Bank of Lake Mills, or DR Bank, each Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: www.AscentFunding.com/Ts&Cs. Rates are effective as of 11/1/2024 and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 1.00% (for undergraduate outcomes-based loans). Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent rates and repayment examples please visit: AscentFunding.com/Rates. 1% Cash Back Graduation Reward subject to terms and conditions. Cosigned Credit-Based Loan student must meet certain minimum credit criteria. The minimum score required is subject to change and may depend on the credit score of your cosigner. Lowest rates require full
principal and interest payments, the shortest loan term, a cosigner, and are only available for our most creditworthy applicants and cosigners with the highest average credit scores. Actual APR offered may be higher or lower than the repayment examples above, based on the amount of time you spend in school and any grace period you have before repayment begins.
LendKey
1 – Terms and Conditions Apply
Loan products, terms, and benefits may be modified or discontinued by participating lenders at any time without notice. Rates displayed are reserved for the most creditworthy consumers who enroll to make automatic monthly payments. Your initial rate will be determined after a review of your application and credit profile. Variable rates may increase after consummation. You must be either a U.S. citizen or Permanent Resident in an eligible state and from an eligible school, and meet the lender’s credit and income requirements to qualify for a loan. Certain membership requirements (including the opening of a share account, a minimum share account deposit, and the payment of any applicable association fees in connection with membership) may apply in the event that an applicant wishes to apply with, and accept a loan offered from, a credit union lender. If you are not a member of the credit union lender, you may apply and become a member during the loan application process if you meet the lender’s eligibility criteria. Applying with a creditworthy cosigner may result in a better chance of loan approval and/or lower interest rate. Loans for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not available via LendKey.com.
2 – Cosigner Release
Some lenders participating on LendKey.com may offer the benefit of cosigner release. Cosigner release is subject to lender approval. In order to qualify, the borrower, alone, must meet the following requirements: (1) Make the required number of consecutive, on-time full principal and interest payments as indicated in the borrower’s credit agreement during the repayment period (excluding interest-only payments) immediately prior to the request. Any period of forbearance will reset the repayment clock; (2) The account cannot be in delinquent status; (3) The borrower must provide proof of income indicating that he/she meets the income requirements and pass a credit review demonstrating that he/she has a satisfactory credit history and the ability to assume full responsibility of loan repayment; (4) No bankruptcies or foreclosures in the last sixty months; and (5) No loan defaults.
3 – Autopay Rate Reduction
Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments.
4 – AutoPay Discount & Lowest Interest Rate
Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments. The lowest advertised APR is only available for loan terms of 10 years and is reserved for the highest qualified applicants, taking into consideration the applicant’s credit and other factors.
1 – Terms and Conditions Apply
Loan products, terms, and benefits may be modified or discontinued by participating lenders at any time without notice. Rates displayed are reserved for the most creditworthy consumers who enroll to make automatic monthly payments. Your initial rate will be determined after a review of your application and credit profile. Variable rates may increase after consummation. You must be either a U.S. citizen or Permanent Resident in an eligible state and from an eligible school, and meet the lender’s credit and income requirements to qualify for a loan. Certain membership requirements (including the opening of a share account, a minimum share account deposit, and the payment of any applicable association fees in connection with membership) may apply in the event that an applicant wishes to apply with, and accept a loan offered from, a credit union lender. If you are not a member of the credit union lender, you may apply and become a member during the loan application process if you meet the lender’s eligibility criteria. Applying with a creditworthy cosigner may result in a better chance of loan approval and/or lower interest rate. Loans for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not available via LendKey.com.
2 – Cosigner Release
Some lenders participating on LendKey.com may offer the benefit of cosigner release. Cosigner release is subject to lender approval. In order to qualify, the borrower, alone, must meet the following requirements: (1) Make the required number of consecutive, on-time full principal and interest payments as indicated in the borrower’s credit agreement during the repayment period (excluding interest-only payments) immediately prior to the request. Any period of forbearance will reset the repayment clock; (2) The account cannot be in delinquent status; (3) The borrower must provide proof of income indicating that he/she meets the income requirements and pass a credit review demonstrating that he/she has a satisfactory credit history and the ability to assume full responsibility of loan repayment; (4) No bankruptcies or foreclosures in the last sixty months; and (5) No loan defaults.
3 – Autopay Rate Reduction
Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments.
4 – AutoPay Discount & Lowest Interest Rate
Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments. The lowest advertised APR is only available for loan terms of 10 years and is reserved for the highest qualified applicants, taking into consideration the applicant’s credit and other factors.
Earnest
Student Loan Origination (Private Student Loan) Interest Rate Disclosure:
Student Loan Origination (Private Student Loan) Interest Rate Disclosure:
College Ave
College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
(1) All rates include the auto-pay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. Variable rates may increase after consummation.
(2) As certified by your school and less any other financial aid you might receive. Minimum $1,000.
(3) This informational repayment example uses typical loan terms for a freshman borrower who selects the Flat Repayment Option with an 8-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7.78% fixed Annual Percentage Rate (“APR”): 54 monthly payments of $25 while in school, followed by 96 monthly payments of $176.21 while in the repayment period, for a total amount of payments of $18,266.38. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
Information advertised valid as of 11/1/2024. Variable interest rates may increase after consummation. Approved interest rate will depend on creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of the Flat Repayment Option with the shortest available loan term.
College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
(1) All rates include the auto-pay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. Variable rates may increase after consummation.
(2) As certified by your school and less any other financial aid you might receive. Minimum $1,000.
(3) This informational repayment example uses typical loan terms for a freshman borrower who selects the Flat Repayment Option with an 8-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7.78% fixed Annual Percentage Rate (“APR”): 54 monthly payments of $25 while in school, followed by 96 monthly payments of $176.21 while in the repayment period, for a total amount of payments of $18,266.38. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
Information advertised valid as of 11/1/2024. Variable interest rates may increase after consummation. Approved interest rate will depend on creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of the Flat Repayment Option with the shortest available loan term.
College Ave FAQs
Is College Ave a legitimate lender?
Yes, College Ave is a legitimate lender that has been providing student loans since 2014. The company offers private student loans to undergraduates, graduate students, and parents, as well as student loan refinancing.
How long does it take to get a College Ave student loan?
Submitting an application through College Ave takes a few minutes. Once you’ve submitted your loan application, College Ave will instantaneously return a decision about your eligibility. If you qualify, you will receive the rate and terms of your loan.
It may take some time to actually receive your loan. You can speed up the process by requesting debt payoff letters from your existing lenders and loan servicers.
What happens if I don’t qualify for a College Ave student loan?
If you don’t qualify for a College Ave student loan, the company will inform you why. Depending on the reason, you may consider reapplying later on or applying with a different lender altogether. To check your rates across multiple lenders at once, try using Sparrow’s free search engine. In just two minutes, you can receive real, personalized offers from over 15 different lenders ready to help you get the best rates. And best of all, it won’t impact your credit score.
Are College Ave student loans federal or private?
College Ave loans are private loans. Before you take out a private student loan, we recommend that you exhaust your federal funding options, including grants and scholarships.
Does applying for a loan through College Ave hurt my credit score?
In order to estimate what rate you qualify for, College Ave conducts a “soft credit check” — this does not affect your credit score. If you choose to accept the College Ave loan, the company will conduct a hard credit check to verify your information. A hard credit check may temporarily impact your credit score.