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College Ave Reviews

7.5

bestfor-icon Non-Standard Loan Terms

lauren
Written by Lauren Le-Hair

About College Ave | Read More

8

LS Score

8

Credibility

8

Support

6

Accessibility

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Opening Hours Opening Hours drop-down-btn
Mon-Fri 9am-9pm EST
Sat-Sun Closed
Contact Information Contact Information drop-down-btn
  • servicing@collegeave.com
  • (844) 422-7502
  • Headquarters: 233 North King Street, Suite 400, Wilmington, DE 19801
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College Ave Student Loans Review

As a direct lender, College Ave offers student loan refinancing alongside various flexible terms. The financial company handles everything from graduate student loans to parent loans, undergraduate loans, and career loans with a variable or fixed interest rate.

Many borrowers who refinance federal loans with private lenders often lose many of the benefits of obtaining government-backed loans. On the other hand, College Ave grants forbearance and alternative payment plans on a case-by-case basis.

College Ave Student Loans Highlight

650

Min Credit Score

4.59-16.99%

APR. Fixed Rate

5.49-16.99%

APR. Variable Rate

$1K-$300K

Loan Amount

5-20 years

Repayment terms

Yes

Soft Credit Pull

Direct

Lender Type

Yes

Other Fees

None

Origination Fee

None

Prepayment Fee

7 days

Funding Time

Student Loan Refinance

Min 5.99%

APR. Fixed Rate

5.99-11.99%

APR. Variable Rate

$5K-$300K

Loan Amount

Pros & Cons

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  • con-icon Flexible repayment options
  • con-icon Quick application review process
  • con-icon Good range of loan types
  • con-icon Competitive rates
  • con-icon Need to hit satisfactory academic progress
  • con-icon Late payment fee in place

Student Loan Type

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  • Private student loans
  • Student loan refinance
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College Ave Student Loans Terms & Requirements

For borrowers without a cosigner, the mid-600s are typical. If you are applying with a co-signer, there is no minimum credit score.

State Availability

- Available in all states

lauren
Written by Lauren Le-Hair linkedin-icon

As an experienced content writer, Lauren's passion for the finance sector is only exceeded by her love of writing. With years of experience writing for financial websites, she has honed her expertise and developed a deep understanding of the industry. Lauren specializes in delivering top-quality, specialized content with an expert tone of voice and a unique flair, leveraging her extensive knowledge and expertise. In addition, she holds a First Class Bachelor's degree from Staffordshire University.

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FAQ’s

Can I get a College Ave student loan in any state?

Yes, College Ave student loans are available in all 50 states.

Must I have a co-signer for a private student loan?

Not necessarily, but unless you can prove significant income levels as a college student, you will likely need a co-signer. College Ave has stated that 98% of student loans have a co-signer.

How well does my credit score need to be to get a College Ave loan?

College Ave states that you need a credit score in the mid-600s to be considered for a private student loan or student loan refinancing.

Customer Support

Since College Ave is a direct lender, all applicants will work directly with the financial company’s customer support team. Prospective borrowers will do this throughout the whole process of paying off their outstanding student loans with funds from a College Ave student refinance loan.

Call the company’s toll-free customer service number via phone to get in touch. Alternatively, you can chat with College Ave’s friendly and professional representatives via its website or email the support team if you have any concerns or questions.

Privacy & Security

College Ave stores and collects the personal information provided by borrowers and prospective borrowers. Yet, the student loans company uses this data only to suggest offers to applicants who imply they could be interested in pursuing in the long run. Therefore, when you visit the College Ave website, you’ll likely spot ads on other sites and pages for its financial services in the future.

Nonetheless, College Ave does not allow third-party advertisers to use your personal data to market to its applicants. To check out and determine whether you are entirely comfortable with College Ave’s privacy practices, you can read the company’s full customer privacy policy on its site.

In Conclusion

In conclusion, College Ave has created a sizeable market presence via its online student loan product. The speed with which decisions are made to approve or reject loans, coupled with the ease of application, has led to College Ave expanding rapidly since being incorporated in 2014. The flexibility of loans available also helps to separate them from their competitors.

Brand Disclaimer

College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or MY Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply. $5,000 is the minimum requirement to refinance. The maximum loan amount is $300,000 for those with medical, dental, pharmacy, or veterinary doctorate degrees and $150,000 for all other undergraduate or graduate degrees.
The information advertised is valid as of 01/27/2021. Variable interest rates may increase after consummation. The 0.25% auto-pay interest rate reduction applies as long as the borrower or co-signer, if applicable, enrolls in auto-pay and authorizes our loan servicer to automatically deduct your monthly payments from a valid bank account via Automated Clearing House (“ACH”).
The rate reduction applies for as long as the monthly payment amount is successfully deducted from the designated bank account and is suspended during periods of forbearance and certain deferments. Variable rates may increase after consummation.
College Ave payment example: This informational repayment example uses typical loan terms for a refi borrower with a Full Principal & Interest Repayment and a 10-year repayment term, has a $40,000 loan and a 5.5% Annual Percentage Rate (“APR”): 120 monthly payments of $434.11 while in the repayment period, for a total amount of payments of $52,092.61.
Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. We have two trigger terms present, “Loan Amount” and “terms 5-20 years,” which our legal team requires disclosures. $5,000 is the minimum requirement to refinance. The maximum loan amount is $300,000 for those with medical, dental, pharmacy, or veterinary doctorate degrees and $150,000 for all other undergraduate or graduate degrees.
The information advertised is valid as of 03/25/2021. Variable interest rates may increase after consummation. This informational repayment example uses typical loan terms for a refi borrower with a Full Principal & Interest Repayment and a 10-year repayment term, has a $40,000 loan and a 5.5% Annual Percentage Rate (“APR”): 120 monthly payments of $434.11 while in the repayment period, for a total amount of payments of $52,092.61. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. Loan Example: A $10,000 loan with a 5-year term at 13% Annual Percentage Rate (APR) would be repayable in 60 monthly installments of $228 each. The actual payment amount and year-end balance will vary based on the APR, loan amount, and term selected. In this case the total amount expected to pay by the borrower will be $13,680