Advertiser Disclosure
This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website (though we may also review brands we are not engaged with). These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer's finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table, or according to other formula in the event specifically detailed by us. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guaranties or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.

College Ave Refinance Personal Loans Review

Rachel Morey Rachel Morey Last update:
Est. APR
2.74-6.24%
Max loan
$100,000
Term
60-240

College Ave Student Loans is a US-based company that specializes in private student loans, including undergraduate and graduate school loans, parent loans, and student loan refinancing.

College Ave offers flexible options, including repayment terms designed to fit into the borrower’s monthly budget as well as fixed or variable interest rates. According to their website, 84% of their customers choose terms that include a ten year or smaller repayment timeline. 98% of their borrowers are currently making payments on time, which could be an indication that their flexible repayment terms help borrowers design a loan that’s right for them.

They offer a discounted interest rate for refinanced student loans with autopay from a bank account. Their interest rates are competitive.

College Ave is a loan servicer with loans originated by M.Y. Safra Bank or Firstrust Bank.

College Ave Loan Types and Terms

Loan type Student loan refinancing
Loan amount $5,000 – $300,000
Repayment terms 5 – 20 years
APR
  • Variable: 2.74% – 6. 24% APR
  • Fixed: 3.54% – 6.24% APR
Minimum credit score Unknown
Lender type Private Student Loan and Student Loan Refinance
Good for: Former students

Get my rate

Who is College Ave Good for?

College Ave is an option for parents of students and former students who want to consolidate their student loans, so they make only one payment each month.

Those with multiple outstanding student loans or a single loan totaling more than $5,000 can go through a quick pre-qualification process to determine whether they’ll get a better interest rate through College Ave.

It may also be good for people who struggle to make their loan payment if they can qualify for a lower interest rate and better terms through student loan refinancing.

College Ave Pros

  • Loan repayment terms are flexible, with 16 choices
  • Customers who choose to have their loan payments automatically deducted from their bank account get a .25% discount on their interest rate
  • Multiple ways to contact customer support for help with the application process

College Ave Cons

  • Company isn’t forthcoming about their credit and income requirements, so it’s necessary to go through the pre-qualification process
  • Residents of Maine cannot use a College Ave Refi Education loan
  • Must have a minimum outstanding student loan balance of $5,000 to qualify for a College Ave Refi Education loan

Get my rate

Application Process

The pre-qualification form does not ask for permission to conduct a hard credit inquiry. Submitting this request will not affect the applicant’s credit. The simple form asks for full legal name, date of birth, current physical address, email address, and yearly income. The company looks at the applicant’s credit file with Experian.

Applicants who are not pre-qualified on their own can re-submit the pre-qualification form with a cosigner who has good credit and a verifiable income source. If the cosigner is pre-qualified with College Ave, the estimated interest rate range offered is based on the cosigner’s credit score and income. Cosigners can go through the same pre-qualification process without impacting their credit score. If approved for a loan, they’ll be equally responsible for loan repayment.

If the estimated interest rate and terms are satisfactory, the applicant can submit an application for student loan refinancing through College Ave. This application asks for full name, physical address, date of birth, social security number, annual income, highest degree obtained, citizenship status, state of the last school attended, and name of last school attended. The company then conducts a hard credit pull, which will show as an inquiry on an applicant’s credit report.

Terms & Requirements

College Ave’s requirements for loan qualification don’t stand out in any way from their competitors. Like SoFi, Citizens Bank, and CommonBond, College Ave offers student loan refinancing with fixed and variable rates. None of these lenders charge an application fee.

However, while SoFi and CommonBond offer five different repayment term choices and Citizens Bank offers four, College Ave has 16 different loan terms available for qualified applicants.

Loan Requirements

Credit score requirements, income, and debt-to-income ratio information is not readily available on the College Ave website. Applicants must be 18 years old and citizens of the United States.

We spoke with a customer support agent, Jessalyn, and she gave us the following information:

“Exact credit criteria is proprietary, but we offer a pre-qualification tool to tell borrowers and cosigners if their credit scores qualify, and what interest rates they can personally expect from us before they apply. Plus, using the tool won’t impact your credit score. Pre-qualification isn’t a full review or guarantee, but it may help you decide if you want to submit a full application.”

Loan Terms

Applicants approved for student loan refinancing through College Ave can choose a loan term between five and 20 years. Interest rates are currently as low as 2.74% APR for a variable loan and 3.54% APR for a fixed loan. Interest rate maximums for fixed and variable loans is 6.24%.

Privacy & Security

College Ave publishes their privacy policy on their website. Site visitors can choose to share their personal information with College Ave, but it isn’t required if potential loan applicants are just reading the website to gather information.

The company collects usage data from College Ave app users. They may also gather information from a user’s device that includes address book information, photographs, audio, and video clips. While a user has the app open, third parties with permission to access device information may collect information about how a user interacts with the College Avenue app.

College Ave does not share or sell personally identifiable information with third parties without the user’s permission.

Here are a few ways College Ave helps to protect the security of loan applicants and customers:

  • No sharing of information for joint marketing
  • No sharing of information with other financial companies
  • No sharing of information about an applicant’s creditworthiness
  • No sharing of information that allows affiliates or non-affiliates to market to loan applicants and College Ave customers

Customer Support

Anyone can access College Ave’s online chat service by clicking the “Chat” button located in the lower right corner of each page of the company’s website. Applicants can call (844) 422 – 7502 to get live help applying for a loan Monday through Friday between 9 am and 8 pm Eastern Time.

There’s also a contact form available on the College Ave website for help via email.

Final Thoughts

College Ave has an A+ rating with the Better Business Bureau (BBB) and 4.3 stars out of 5 from 57 reviews on TrustPilot. The company seems to work hard to keep their customers happy with flexible loan terms and low interest rates.

Their lack of information about qualification criteria means that anyone interested in refinancing their student loans through College Ave must go through the pre-qualification process, which includes offering some potentially sensitive personal information via their pre-qualification form.

Low interest rates for well-qualified applicants make this a viable option for those with multiple student loans who want to consolidate with a private student loan or who want to refinance their student loan to potentially save money on interest.

Address

233 N. King Street, Suite 400

Wilmington, DE 19801

Get my rate

 

Disclosure
This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website (though we may also review brands we are not engaged with). These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer's finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table, or according to other formula in the event specifically detailed by us. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guaranties or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.
Rachel Morey Rachel Morey
Rachel Morey is a journalist specializing in finance content. She has written for some of the major lenders in the online personal and business finance industry. She has been writing professionally for nearly a decade and has projects in print and broadcasting. A native Iowan, Rachel has a special fondness for the open roads of rural America.
This review is based on the writer's personal opinion.