College Ave is a key lender for students, parents, and graduates to consider. Whether you’re taking out new loans or refinancing, College Ave has a variety of flexible options. In this College Ave review, we’ll provide a comprehensive look at the lender and the services it offers.
Who is College Ave?
College Ave is an online lender and “fintech” company, established in 2014. College Ave provides industry-standard rates alongside multiple repayment options that focus on getting you out of debt faster. College Ave is unique in that it offers several useful options for making payments while you’re still in school.
Who Qualifies for a College Ave Student Loan or Refinance Loan?
Refinancing Student Loans
College Ave refinance loans are available to borrowers who want to refinance or consolidate their existing student loans.
You can refinance both federal and private loans. However, keep in mind that refinancing your federal student loans will disqualify them from federal programs like Income-Driven Repayment and PSLF.
College Ave doesn’t list a specific minimum credit score to qualify for a loan, but you have a better chance if you or your cosigner have a score in the high-600s or higher.
Student borrowers generally have a better chance of qualifying for a loan with a cosigner, but many students and graduates can qualify for refinance loans on their own.
Private Student Loans
College Ave private student loans are available to undergraduate students, graduate students, and parent borrowers in the United States. International borrowers can qualify if they have a U.S. citizen or permanent resident cosigner.
To be eligible for a College Ave loan, you must be a student (or the parent of a student) at a qualified school, attending at least half-time.
Most undergraduate students will not qualify for a private loan on their own due to the credit requirements (this is true of all private lenders). Applying with a cosigner will improve your chances. Even if you don’t need a cosigner to qualify, using one could help you attain a lower interest rate.
College Ave Review: Student Loan Refinancing
Here, we’ll review College Ave’s refinance loans. To read a review of College Ave’s private loan options, see College Ave Review: Private Student Loans, above.
To review student loan refinancing, as well as the difference between federal loan consolidation and private loan refinancing, click here:
Can You Refinance Student Loans? A Guide to Student Loan Refinancing
Key Pros and Cons
Pros:
- Refinance between $5,000 and $150,000 (or $300,000 for borrowers with certain doctorate degrees).
- Nonstandard repayment terms between 5 and 20 years.
- Qualify with a cosigner if you have low or no credit.
- Quickly see if you qualify, without a hard check on your credit.
- Fixed and variable interest rate options.
- No prepayment penalty.
- No application or origination fees.
Cons:
- No cosigner release for refinance loans.
- Not available in the state of Maine.
- No specific forbearance option.
- As a student, you cannot refinance Parent PLUS loans in your name.
Overview
In addition to originating brand-new student loans, College Ave also offers refinance loans. College Ave Refi Education loans are designed for students who have earned their degree and want more flexible monthly payments and potentially lower interest rates.
With College Ave, you can refinance any amount between $5,000 and $150,000 (or $300,000 for borrowers with certain doctorate degrees) in student loan debt.
As mentioned above, College Ave doesn’t have a specific forbearance policy. Borrowers who foresee a need to postpone their loan payments entirely will need to consider that potential drawback.
However, College Ave does approve forbearance on a case-by-case basis, and choosing more flexible terms can help you avoid forbearance entirely.
College Ave Refinance Loan Repayment
Refinancing with College Ave offers the significant benefit of highly-flexible repayment terms. You have a choice of up to 16 repayment terms, ranging from 5 years to 20 years.
This means you can pay your loan off over seven years, for example, creating a monthly payment that’s more tailored to your needs than a standard five-year term.
Choosing a shorter term will allow you to pay a lower repayment amount over all, but will require you to make larger monthly payments. Choosing a longer term will allow you to make smaller monthly payments but will generally result in your paying more overall.Requirements
Refinancing your student loans is often a wise decision. However, not everyone will qualify for a refinance loan with College Ave or other lenders.
To qualify for College Ave Refi Education loan, you must meet the following requirements:
- Be a U.S. citizen or permanent resident and/or have a cosigner who is.
- Not live in the state of
- Have graduated from college with at least an associate degree.
- Have attended a school that is authorized to receive federal financial aid.
- Meet the credit and income requirements and/or have a cosigner who does.
College Ave Review: Private Student Loans
Here, we’ll review College Ave’s private student loans. To read a review of College Ave’s refinance loan options, see College Ave Review: Refinance Loans, below.
Key Pros and Cons
Pros:
- Borrow as little as $1,000 or up to 100% of your school expenses.
- Repayment terms of 5, 8, 10, or 15 years and four repayment types.
- Available to undergraduate and graduate students, as well as parents.
- Qualify with a cosigner.
- Cosigner release available.
- Quickly see if you qualify, without a hard check on your credit.
- International students can qualify with a cosigner.
- Fixed and variable interest rate options.
- No fees to apply.
Cons:
- No formal forbearance option.
Overview
College Ave private loans are a great option for credit-worthy students, as well as students with credit-worthy cosigners. With a high credit score, you can qualify for a low variable or fixed interest rate and take advantage of College Ave’s multiple repayment options.
College Ave offers private loans as low as $1,000 and as high as 100% of your school-certified expenses.
If you choose a College Ave student loan, you’ll have multiple unique options to start repaying your loan while you’re still in school. Alternatively, you could begin paying immediately after graduation or take advantage of College Ave’s six-month grace period.
Another advantage of College Ave is that it allows you to release your cosigner after 24 qualified, monthly loan payments. You must also demonstrate an income for the last two years that is twice your outstanding loan balance.
One thing to keep in mind is that College Ave does not have a formal forbearance option like many lenders do. Instead, College Ave approves or denies forbearance requests on a case-by-case basis.
If you find yourself struggling to make your payments, you’ll need to contact College Ave’s student loan servicing department to discuss the possibility of forbearance.
College Ave Private Student Loan Repayment
The way you repay your student loans makes a big difference when it comes to the amount of debt you end up with. It also affects how much stress you feel about your student debt on a monthly basis. With College Ave, you can choose a repayment term of 5, 8, 10, or 15 years.
College Ave is somewhat unique in that it also offers four different types of repayment for its student loans:
- Full Principal and Interest
With this option, you start making payments on the principal and interest of your loan right away. It allows you to make the most progress on your debt while you’re still in school, which results in your paying less over the term of your loan over all.
- Interest Only
While you’re in school, College Ave gives you the option to pay only the interest on your loan as it accrues each month. This will result in a much smaller monthly payment. However, it will extend the amount of time it takes to pay off your loan and increase the amount you pay over all.
- Flat
Flat repayment is an option that’s not offered by many lenders. With flat repayment, borrowers pay a fixed amount (about $25) each month. This repayment type is helpful to students who want to start paying off their debt while still in school but can’t afford either full or interest-only payments.
- Deferred Repayment
Student borrowers can also take advantage of College Ave’s deferment option. This option allows you to defer payments while you’re still in school, and for a six-month grace period after graduation.
This grace-period may be even longer If you take out a College Ave Law School Loan (9 months), a College Ave Dental School Loan (12 months), or a College Ave Medical School Loan (36 months or more).
Requirements
To qualify for a private student loan from College Ave, you must meet the following requirements:
- Be a U.S. citizen or permanent resident and/or have a cosigner who is.
- Be enrolled at least half-time in a degree-granting program at an eligible school.
- Meet the credit and income requirements and/or have a cosigner who does.
How to Apply for a College Ave Student Loan
If College Ave sounds like it might be the right lender for you, visit College Ave to learn more.
You can fill out an application for a new loan or for student loan refinancing in just a few minutes, without a hard credit check, and receive a loan offer with detailed rates and terms. If you have a cosigner, they’ll have to fill out their information as part of the application, too.
As with any private student loan, College Ave loans are best used once you’ve already applied for federal loans using the FAFSA.
College Ave Review: Summing Up
College Ave is a valuable option for undergraduate students, graduate students, parents, and college graduates alike.
Whether you’re seeking a new student loan to pay for college, or you want to refinance your student loans with more flexible rates and terms, College Ave has options to fit your situation.
With everything discussed in this College Ave review, you have the key points needed to evaluate whether College Ave is the right lender for you.
College Ave FAQs
-
Does College Ave have cosigner release?
College Ave offers a cosigner release option for its student loans after 24 qualified, monthly payments.
However, the lender does not offer cosigner release for its refinance loans.
-
Can I get a College Ave loan without a cosigner?
You can get a College Ave loan without a cosigner if your credit is high enough. Most undergraduate students don’t have a credit score that will qualify them for private student loans without a cosigner.
While the lender does not disclose its minimum credit score requirement, borrowers should expect to need a score that’s at least in the high-600s.
In the case of refinance loans, you may also need to verify your employment and meet certain income requirements.
-
Who can get a College Ave loan?
College Ave private student loans are available to undergraduate students, graduate students, and parent borrowers.
College Ave Refi loans are only available to borrowers who have graduated with at least an associate’s degree.
-
Who is College Ave’s loan servicer?
College Ave is a private lender that uses a third-party servicer to process payments and manage accounts. That servicer us University Accounting Service (UAS).
