College Ave student loans: 2025 review

New vs. refinance student loans with College Ave

New undergraduate and graduate private student loans

College Ave provides students with an impressive variety of student loan options and some of the lowest rates in the private loan market. It is one of few private student lenders that doesn’t mark up the rate for parent loans, and there are no origination or application fees for its products.

College Ave also offers three in-school repayment options for undergraduate, graduate and career loans, and the option to defer. Those who borrow a parent loan must make in-school payments, either interest-only or full payments.

• Full payment: If you’re working during school or want to get a head start on repaying your loans, you can make full payments while in school.
• Interest only: With this choice you pay just the interest payments on the amount you’ve borrowed, which reduces the total amount you’ll pay after graduating.
• Flat payment: This option is $25 per month, giving you a small break on the amount you owe after graduation.
• Deferred payment: No payments are due in school, but interest still accrues on the total amount every month.

The grace period for repayment varies depending on the type of loan you apply for.

Refinance student loans

College Ave offers student loan refinance options for both undergrad and graduate student loans, which earn a Bankrate Score of 4.3 out of 5. Student loan refinance rates are significantly higher than the lender’s new loan APRs, but payments can be spread out over 20 years to reduce the effect of the pricier refinance rates.

Undergraduate, graduate and professional degree holders can refinance as much as $150,000. Those refinancing medical, dental, veterinary and pharmacy loans can refinance as much as $300,000. College Ave doesn’t charge application fees for its refinance loans.

Where College Ave stands out

• Low APRs: The lender’s APR minimums rival and even outpace federal student loan rates for borrowers who meet high credit standards.
• Quick application process: You’ll know in a matter of minutes what you qualify for with few steps to take on the way to a decision.
• Competitive rates for parents: If you need parent help getting a student loan, they’ll be eligible for the lowest rates College Ave offers, if they qualify.
• Multi-year loan approval: College Ave offers borrowers the confidence in knowing they will have funding for their entire college degree with its "Peace of Mind" policy, through which 95 percent of undergraduate applicants are preapproved for loans for the entire cost of their degree. 

Where College Ave falls short

• Higher refinance rates: Refinance rates at College Ave are nearly double what they offer for new private loans. You may be better off shopping for a refinance loan with a lower-rate lender.
• No income-driven repayment plans: You’ll need to make a full payment once your payment grace period expires.
• No grace period for parent loans: Parents must make at least interest-only payments while the student is in school.

College Ave customer service

Borrowers can reach the lender from 9 a.m. to 9 p.m. ET Monday through Friday. Weekend hours are not available. Chat, email, phone and text support are available.

College Ave also offers an app for making payments and one for its Ambition Card offering. Both apps have few ratings, and most are negative for the payment app.

How this lender compares

College Ave vs. Sallie Mae

If you’re stuck with high-interest-rate student loans you want to refinance, College Ave is the clear choice since Sallie Mae doesn’t offer refinance loans. Sallie Mae also offers more limited customer service hours compared to College Ave, where you can reach a representative 12 hours every weekday.

Sallie Mae offers more options if you face challenges repaying your loan, including modification, extensions and reduced payment plans. You can also take out loans even if you attend less than half time, a benefit College Ave doesn’t offer.

College Ave vs. Earnest

You can defer your payment as long as 36 months with a College Ave loan, while Earnest caps its longest deferment period to nine months. College Ave also offers a slightly lower APR than Earnest, which could make a big difference if you’re borrowing a significant amount for your education.

Earnest gives students unique repayment flexibility including rate reduction and extended repayment options College Ave can’t match. You can also choose a new private loan term as long as 20 years at Earnest, compared to the 15 year maximum at College Ave.

Do you qualify for a loan with College Ave?

College Ave doesn't provide information about income or credit score requirements. On its website it states that 97 percent of its undergraduate loans are cosigned. Typically, a credit score in the mid-600s is necessary to qualify for a loan.

To apply, you’ll need standard information, including:

• Contact information
• Date of birth
• Social Security number
• Income information
• Information about the school you’re attending
• When you think you’ll graduate
• The amount you want to borrow

How to apply for a loan with College Ave

The process for applying for a student loan with College Ave is fairly simple. You and your cosigner, if you have one, will fill out the online application and get an answer shortly after. Once you choose the rate and terms that best suit your needs, College Ave coordinates with your school to disburse funds when school starts.

You’ll need to pick one of the in-school repayment options or choose to defer. One note: If you withdraw or drop below full time status, your payment schedule will automatically begin with no grace period.

How Bankrate rates College Ave

College Ave receives two Bankrate Scores. One is for its new student loans, the other is for its student loan refinance products.

Methodology

Bankrate uses two methodologies to score lenders that have new student loans and refinance products.