College Ave 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 offering is available for undergraduates, graduate students, professional school students, career school students, and parents of students. It’s best if you are seeking a more flexible repayment term that allows you to find a loan that matches your budget.
Fixed APR Range: 5.05% to 16.99%*
Variable APR Range: 5.59% to 16.99%*
Loan Amounts: $1,000 up to the total cost of attendance*
Minimum Credit Score: Mid 600s
| Best Features | Drawbacks |
| • Strong customer experience • Competitive interest rates • Offers flexible repayment plans to match monthly payments to your budget • Choose your loan term • Allows a six-month grace period on undergraduate loans • Available to international, community college, and part-time students | • Strict cosigner release policy • Unclear forbearance policy |
What’s Inside
- Interest Rates, Fees, and Terms
- Eligibility Requirements – Financial
- Eligibility Requirements – Personal
- Repayment Options
- Customer Service
- FAQ
Best Features of College Ave Student Loans
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 for a student loan, finding a low interest rate is typically a top priority. If you qualify for a College Ave student loan, you’ll 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.
| Undergraduate | Graduate | MBA | Law | Medical/Dental | Parent | |
| Fixed APR | 5.05% to 16.99%* | 5.05% to 14.49%* | 5.05% to 14.49%* | 5.05% to 14.47%* | 5.05% to 14.47%* | 5.05% to 16.99%* |
| Variable APR | 5.59% to 16.99%* | 5.59% to 14.49%* | 5.59% to 14.49%* | 5.59% to 14.47%* | 5.59% to 14.47%* | 5.59% to 16.99%* |
Offers flexible repayment plans to match monthly payments to your budget
While still in school, College Ave offers you four repayment options for your student loans, with terms ranging from 5, 8, 10, or 15 years for undergraduate loans, and up to 20 years on some graduate loans. If possible, it’s beneficial to make in-school loan payments in order to reduce the amount of interest you pay over time.
| Repayment Option | Terms | Pros | Cons |
| Immediate Repayment | Make full payments as soon as the loan is disbursed, while you’re still in school. | You will minimize the interest you pay, resulting in the greatest savings. Because you’re paying down both interest and principal while you’re still in school, you’ll already have made a good start on repaying your loan by the time you graduate. | For many students, it’s not realistic to make full monthly payments while still enrolled in college. |
| Interest-Only Repayment | Pay only interest while you’re in school | Your monthly payments will be more manageable, and your loan balance won’t grow while you’re in school. | You won’t make any progress paying down your loan balance while you’re a student. But at least you won’t owe more than you borrowed when it’s time to start making full payments. |
| Partial Repayment | Pay $25 per month while you’re in school to reduce accrued interest. | You can keep your loan balance in check, and reduce the total amount repaid. | You’ll still owe more than you borrowed when you graduate, but your loan balance won’t grow as quickly. |
| Deferred Repayment | Don’t make any payments while you’re in school. Begin repayment after your grace period ends. | You won’t have to make payments while you’re in school. | You will likely pay the highest overall cost since unpaid interest will be added to your principal amount at the end of your grace period. |
You can choose your loan term
College Ave prides itself on allowing you to choose from a wide range of loan terms (5, 8, 10, or 15 years on undergraduate loans; up to 20 years on some graduate loans) 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.
Allows a six-month grace period
After you are no longer in school at least half-time – because you’ve graduated, left school, or dropped below half-time enrollment – you have a grace period before you begin making full principal and interest monthly payments. The grace period is six months for College Ave undergraduate loans.
Available to international, community college, and part-time students
Beyond offering loans to undergraduate, graduate, professional, and career school students, and parents of students, College Ave also offers student loans to international, community college, and part-time students.
International students: As long as you have a Social Security number and a U.S. citizen or permanent resident cosigner, you’re eligible to apply for a student loan through College Ave. (If you don’t have a Social Security number and/or a cosigner, consider MPOWER or Prodigy Finance, which do not require a cosigner on student loans for international students.)
Community college students: Unlike some other private lenders, College Ave offers student loans to borrowers pursuing a career program.
Part-time students: While most private lenders require borrowers to be enrolled at least half-time, College Ave makes its loans available to part-time students seeking a degree at eligible schools.
Drawbacks of College Ave Student Loans
Strict cosigner release policy
According to College Ave, 93% of all student loans are cosigned. This means that the cosigner (often a parent) will be responsible for repaying the loan in the event that you cannot. Given the prevalence of cosigned loans, it would be nice to see College Ave offer more flexibility with cosigner release (i.e. taking the cosigner’s name off the loan and removing the cosigner’s responsibility to pay). As of now, College Ave has a strict cosigner release policy that is only available for borrowers who meet the following criteria:
- The borrower must be a U.S. citizen
- More than half of the repayment period has elapsed
- The most recent 24 consecutive payments were made on-time
- The borrower has earned income for the previous two years that is more than twice the outstanding balance
- The borrower’s credit report shows no late payments on any other obligations for the past 24 months
This means that for a standard 10-year repayment term, the borrower would need to make at least 5 years of payments before the cosigner is released — this is a longer term than other lenders require to release a cosigner. Given that many borrowers benefit by including a cosigner on their loan, it’s important that you and your cosigner are well-aware of College Ave’s strict cosigner release policy.
Need a loan that offers more flexible cosigner release policies? 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 12 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.
If you find yourself in need of forbearance, call College Ave’s loan servicer, University Accounting Services (UAS), to check your eligibility. UAS awards this forbearance on a case-by-case basis, unlike other lenders with more definitive and transparent practices.
College Ave: The Nuts and Bolts
Interest Rates, Fees, and Terms
| Fixed APR Range | 5.05% – 16.99%* |
| Variable APR Range | 5.59% – 16.99%* |
| Loan Terms | 5, 8, 10, or 15 years for undergraduate loans; up to 20 years on some graduate loans* |
| Loan Amounts | $1,000 up to cost of attendance |
| Application or Origination Fee | No |
| Prepayment Penalty | No |
| Late Fees | Yes (If payment is not made within 15 days of the due date, the late fee is either 5% of the unpaid amount of the monthly payment or $25.) |
Eligibility Requirements – Financial
| Minimum Credit Score | Mid 600s. |
| Minimum Income | Did not disclose. |
| Typical Credit Score of Approved Borrowers or Cosigners | Mid 700s. |
| Typical Income of Approved Borrower | About $65,000 per year. |
| Typical Income of Approved Cosigner | About $120,000 per year. |
| Maximum Debt-to-Income Ratio | Can be up to 80% in some cases, but depends on credit characteristics. |
| Ability to qualify if you’ve filed for bankruptcy | No. |
Eligibility Requirements – Personal
| Citizenship | Must be a U.S. citizen or permanent resident. International students are eligible if applying with a cosigner who is a U.S. citizen or permanent resident. DACA borrowers are eligible with a valid social security number. |
| Location | Available to borrowers in all 50 states. |
| Must be enrolled half-time or more | No. |
| School requirements | Borrowers must be enrolled in a degree-granting program at an eligible school. |
| Percentage of borrowers who have a cosigner | Did not disclose. |
Repayment Options
| Immediate Repayment | Make full payments as soon as the loan is disbursed, while you’re in school. |
| Interest-only Repayment | Only pay interest while you’re in school. |
| Partial Repayment | Pay $25 a month during school. |
| Deferred Repayment | Wait to make payments until you’re out of school. |
| Grace period | 6 months for undergraduates, 9 months for graduate students. |
| Grace period extension | Yes, up to 6 additional months. |
| In-school Deferment | Yes. |
| Military Deferment | Yes. |
| Forbearance | Up to 18 months available, in 3 or 6-month increments. |
| Natural disaster forbearance | Borrowers can postpone payments if they’re involved in a natural disaster, as determined by FEMA. |
| Cosigner Release | Yes (requires timely repayments of at least half of the loan term). |
| Death or Disability Discharge | Yes, if the borrower dies or suffers a permanent disability. |
| 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 | University Accounting Services (UAS). |
| 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 application to approval | 3 minutes. |
Before you take out a loan from College Ave…
Complete the Sparrow application to compare real rates from more than 15 different lenders to make sure you’re getting the best rate possible.
See real rates, not rate ranges or estimates: Sparrow’s rates mimic those of our lenders so you know what rate you’re getting from each lender.
No impact on your credit score: Checking your rates on Sparrow won’t impact your credit score.
Data Privacy: Sparrow doesn’t sell your information, so don’t worry about getting calls from that random number that won’t leave you alone.
FAQ
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.
Is College Ave available in all 50 states?
Yes.
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. College Ave estimates that the certification process takes around ten days.
Your school must approve the loan which may take between four to six weeks.
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 applying with a qualified cosigner or trying with a different lender. 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. 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 on a private loan, we recommend that you exhaust your federal loan options.
Does applying for a loan through College Ave hurt my credit score?
College Ave offers a prequalification tool which utilizes “a soft credit check” – this does not affect your credit score – which can help you understand if your credit qualifies and what interest rates you can expect. If you choose to apply for a student loan with College Ave, the company will conduct a hard credit check to verify your information. A hard credit check may temporarily impact your credit score.
*See College Ave’s Disclosures here.