College Ave Student Loans: 2022 Review | Bankrate

· Affordability, 4.6, While College Ave offers lower APRs than most lenders for qualifying borrowers, it does charge a late payment fee. ; Customer 

Founded in 2014, College Ave is an online lender specializing in private student loans and student loan refinancing. Along with its loan options, borrowers will find tools, resources and scholarship opportunities on its site, which makes it a great choice for borrowers new to student loans or those entering college for the first time.

College Ave features

College Ave offers undergraduate, graduate, dental, law, medical, MBA, health professions, parent and career student loans, in addition to student loan refinancing. Low rates, flexible repayment options and dedicated borrower resources make it a heavy competitor in the space.

One of the highlights of College Ave is the fact that international students are eligible for loans — they just need to have a valid U.S. Social Security number and a qualified co-signer. Most other lenders restrict their loans to U.S. citizens or permanent residents.

College Ave also sets the borrowing threshold low compared to other lenders. For its private student loans, you can borrow as little as $1,000, and you can refinance as little as $5,000, making the lender a great choice if you need to fill in the gaps left by federal student loans or your college savings.

College Ave student loan snapshot

Loan types Loan amounts Interest rates Repayment terms Grace period Co-signer required?

Pros and cons of College Ave student loans

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College Ave student loans are versatile and can help you fund your college education. Before you apply, it’s important to be aware of the pros and the cons.


  • Flexible repayment: For most of its loans, College Ave offers four different repayment terms and four different methods of repayment — helping you better fit student loans into your budget.
  • Good online resources: College Ave aims to meet students at all stages of their student loan journey, with student loan calculators, scholarships and plenty of educational content.
  • Co-signer release: Not all lenders will allow you to release your co-signer. College Ave makes the option available after half of the repayment period has elapsed if you meet certain payment and income requirements.


  • Limited information on eligibility: College Ave doesn’t disclose its income or credit requirements, even for its refinancing loans, meaning you’ll have to get a quote in order to determine if you’re eligible.
  • Short forbearance: College Ave’s forbearance program is limited to three- or six-month increments, up to a total of 12 months.

College Ave student loan requirements

In order to apply for a private student loan with College Ave, you must:

  • Be a student at an eligible U.S. college or university.
  • Be a U.S. citizen or international student with a valid U.S. Social Security number.
  • Make satisfactory academic progress while in school.

In order to apply for a refinancing loan, you must:

  • Be at least 18 years old.
  • Be a U.S. citizen or permanent resident.
  • Have graduated from a selection of Title IV eligible undergraduate or graduate programs.
  • Meet College Ave’s underwriting requirements.

Who is this loan good for?

Student loans from College Ave are a good option for borrowers who are looking for a variety of repayment options and those who prefer a comprehensive online experience. Borrowers have the chance to win additional aid for college expenses through the lender’s scholarships, sweepstakes and contests.

Interest rates and terms

College Ave has one discount: You can save 0.25 percent by setting up autopay. The rates below include this discount.

Loan product Variable rate Fixed rate Undergraduate student loans 1.69% to 12.99% APR 3.22% to 13.95% APR Graduate student loans 1.76% to 10.97% APR 3.99% to 11.98% APR Dental school loans 1.76% to 10.45% APR 3.99% to 11.46% APR Law school loans 1.76% to 10.45% APR 3.99% to 11.46% APR Medical school loans 1.76% to 10.45% APR 3.99% to 11.46% APR MBA loans 1.76% to 10.45% APR 3.99% to 11.46% APR Health professions loans 1.76% to 10.45% APR 3.99% to 11.46% APR Parent loans 1.69% to 12.99% APR 3.22% to 13.95% APR Career loans 1.69% to 13.95% APR 3.22% to 14.96% APR Student loan refinancing 3.44% to 7.99% APR 3.99% to 7.99% APR

Fees and penalties

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College Ave does not charge an origination fee. It may charge you a late fee, but it doesn’t specify the amount.

Repayment terms and grace period

Each of College Ave’s products feature different term options. Undergraduate, graduate, MBA and career loans have the option of five, eight, 10 or 15 years. Dental, law and medical school loans have an additional 20-year option. Parents can choose any term between five and 15 years, and people looking to refinance can choose any term between five and 15 years.

College Ave’s grace period is six to 36 months, depending on the type of loan you take out. Repayment options include:

  • Deferred: Make no principal or interest payments while in school.
  • Interest-only: Pay only monthly interest charges while in school.
  • Flat: Pay a set $25 per month while in school.
  • Full principal and interest: Make full principal and interest payments as soon as school starts.

Customer service

College Ave gets an “A+” score from the Better Business Bureau. The score considers complaint history and the institution’s response to those complaints.

Read more: What Does it Mean to Default on a Loan? What Happens When You Default? – ValuePenguin

Customer service for new student loans can be reached at 844-422-7502 Monday through Friday 9 a.m. to 8 p.m. ET. Customer service for help with servicing or repaying a loan can be reached at 844-803-0736 Monday through Friday 8 a.m. to 8 p.m. ET. Representatives are also available via chat, text or email.

How to apply for a loan with College Ave

College Ave’s application process is completely online. It allows you to apply from any device and find out if your loan is approved in just three minutes, according to the lender. The entire process, from application to sending money, typically takes 10 business days or longer.

In order to apply, you’ll need to gather information like your Social Security number, your estimated annual income, your school name and the amount you’d like to borrow. You’ll see your interest rate once you’re approved.

Here’s what the process looks like when applying for a student loan through College Ave:

  1. Start the application process on College Ave’s site and see if you’re approved. You’ll get an instant decision.
  2. Accept the terms and e-sign loan documents, which can be completed on the site.
  3. Wait for College Ave to send the loan application and information to your school for certification. College Ave will schedule funds to be sent according to the school’s requested timeline.

How Bankrate rates College Ave

Overall Score 4.5 Repayment Options 5.0 College Ave has a wide range of repayment options and loan types, as well as competitive minimum and maximum borrowing amounts. Affordability 4.6 While College Ave offers lower APRs than most lenders for qualifying borrowers, it does charge a late payment fee. Customer Experience 4.0 College Ave doesn’t have a mobile app and its customer service isn’t available on the weekends. However, it does have a good online platform.

Editorial disclosure: All reviews are prepared by staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.

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