College Ave review: Private student loans and refinancing

College Ave launched in 2014 to provide private student loans to parents and students. The company offers a wide variety of education loan products through Firstrust Bank, First Citizens Community Bank, and M.Y. Safra Bank, FSB. 

College Ave private student loans review

Best for: Graduate students 

College Ave is ideal for students pursuing graduate degrees. Loan offers go beyond graduate loans, with specialized options for MBAs, dental and medical professionals, and law students.

To help manage repayment, College Ave offers graduate students extended grace periods, while many other lenders allow only six months after graduation before payments begin: 

• Graduate, MBA, law, and health profession loans: 9-month grace period
• Dental student loans: 12-month grace period
• Medical student loans: 36-month grace period

These extended grace periods give graduate students the flexibility to settle into their careers before starting repayment. Just remember that interest accumulates during the grace period, which may cause your loan balance to grow. 

Eligibility requirements 

To qualify for a College Ave student loan, you must:

• Be a U.S. citizen or permanent resident (international students with a U.S. Social Security number and a qualified cosigner are also eligible).
• Be at least 16 years old.
• Be enrolled at an eligible academic institution.
• Make satisfactory academic progress based on your school's guidelines.
• Meet financial requirements, including a credit score in the mid-600s or higher for cosigners.

Students who don’t meet College Ave’s credit requirements can apply with a cosigner. However, you can only apply for cosigner release after half your loan repayment term has passed. To qualify for release, the student borrower must:

• Have an annual income at least twice the loan balance. 
• Pass a credit review, with no delinquencies in the past year.
• Have no bankruptcies, foreclosures, or repossessions in the last 2 years.

These are much stricter requirements for cosigner release than many competitors impose. 

Notable benefits 

Here are some of the biggest benefits of taking out a private student loan with College Ave: 

• Extended grace periods for graduate loans: Take advantage of a longer grace period of 9 to 36 months, depending on your degree, compared to the 6 months offered by many other lenders. 
• Specialized loan options: Loans are tailored for different degree programs, including dental, law, medical, MBA, and health professionals.
• Member perks: College Ave offers educational support for borrowers and periodic scholarships and giveaways to provide extra financial help to those in need.
• Multiple repayment options: Choose between 5-, 8-, 10-, and 15-year repayment terms. Law and health profession loan borrowers can opt for a 20-year repayment term. 

What to consider before applying

While College Ave offers more flexibility in repayment, including a longer grace period for graduate students than some competitors, cosigner release is very difficult to qualify for. To release a cosigner, students must earn at least twice the outstanding loan amount and wait until half the repayment term has passed before applying.

Borrowers who would prefer to have their cosigner freed from responsibility for the debt in a shorter period of time may need to consider a different lender, such as Sallie Mae, which offers cosigner release after just 12 on-time payments.

Compare student loan rates

How to apply

To apply for a College Ave student loan:

1. Click "Apply" on the College Ave website.
2. Select the type of loan you're interested in (undergraduate, parent, graduate, or career loan).
3. Gather your required information, including your Social Security number, proof of annual income, school name, and the amount you're interested in borrowing. 
4. Complete your application. If you’re applying with a cosigner, you’ll see instructions on how they can log in to their own account and provide financial details.
5. Receive an instant decision upon submitting your application. 
6. If approved, submit required documentation and sign your loan agreement. 

College Ave student loan refinance review

Best for: Flexible repayment options

Unlike many lenders that offer limited repayment term options, College Ave lets you pick any term between five and 20 years. This makes it easy to find a plan that fits your monthly budget. A shorter term, like five years, can help you save on interest, but means higher monthly payments. A longer term, like 18 years, lowers your monthly payments, but it means you’ll pay more interest over time and be in debt for longer. 

As of June 27, 2024, variable and fixed rates on College Ave refinance loans range from 6.99% to 13.99% APR.

Eligibility requirements 

Here are the requirements to be eligible for a refinance loan with College Ave:

• You must be at least 18 years old.
• You must be a U.S. citizen or permanent resident.
• You must be named on the loan that you are refinancing (parent loans do not qualify).
• You must have graduated from an eligible school and program. Current students can’t refinance their loans.
• You must meet the underwriting requirements that take income and credit score into account. These specific requirements are not disclosed. 

While you do not have to apply with a cosigner for refinance loans, you have the option to do so. However, cosigner release is much more difficult to qualify for with College Ave, as half your payment term must be completed, and you must earn an annual income that’s at least double the outstanding loan amount. 

Notable benefits 

• Flexible repayment terms: Choose from a wide range of different repayment terms, giving you more control over your finances.
• No fees: You won’t be charged any application, origination, or prepayment penalty fees. However, note that the lender does charge late fees. 
• Prequalify without impacting your credit: You can prequalify without a hard credit check, so you can explore your options without affecting your credit score. 

What to consider before applying

The minimum loan amount you can refinance with College Ave is $5,000, and the maximum is $300,000, or $500,000 for those borrowers with medical, dental, pharmacy, or veterinary doctorate degrees. Borrowers with very low or high loan balances may find that College Ave isn't the best choice. You also must have earned a degree to be eligible to refinance, while some lenders do not have this requirement. 

How to apply 

Follow these steps to apply for a College Ave refinance loan: 

1. Select "Apply Now" on the website.
2. Complete a simple form to find out your personalized rate. The form requires your name, email, contact details, and Social Security number.
3. Get your rate within 1 minute and choose whether to move forward to the full application. 
4. Gather your documents. You'll need proof of citizenship, a valid government ID, proof of income (such as pay stubs), and statements for the loans you're refinancing.
5. Complete the application, upload your documentation, and sign your loan forms. 

Be aware that a hard credit check will be performed during the application process, which may temporarily lower your credit score. 

Find your student loan

• Best private student loans
• Best student loans without a cosigner
• Best student loans for bad credit
• Best graduate student loans 
• Best medical school loans
• Best parent student loans 

FAQ 

Is College Ave a trusted lending provider? 

College Ave is a trusted lending provider. The company has been in business since 2014, and it has an A+ rating from the Better Business Bureau. It also earned 3.38 out of a possible 5 stars among reviewers on the Better Business Bureau website, while some financial service providers receive lower customer ratings.

Is it hard to get approved for a student loan with College Ave? 

College Ave requires you to pass their underwriting process, including meeting income and credit score requirements. While the exact credit data is not disclosed, the lender indicates scores in the mid-600s or above are needed for cosigners. Borrowers who cannot qualify on their own can apply with a cosigner. 

What credit score do you need for a College Ave student loan? 

College Ave does not disclose a specific minimum credit score, but if you have a cosigner with a score in the mid-600s or higher, you don’t have to meet a minimum credit score requirement. 

How long does it take to get approved for a College Ave student loan?

You can get approved for a College Ave student loan within three minutes with the company's simple online application.