College Ave Reviews: Private Student Loans and Student Loan Refinancing

Full Review

College Ave’s undergraduate private student loans are best for those who want to make payments while in school; borrowers can opt for immediate, interest-only and fixed $25 payment plans. You can also defer payments until after graduation.

Borrowers who elect to make payments while in school and select shorter repayment terms can qualify for lower interest rates than they otherwise would.

Eighty-eight percent of College Ave undergraduate loans have a co-signer. You must be at least halfway through your repayment term to release the co-signer from the loan, as well as meet additional criteria. For a standard 10-year repayment term, that would mean making at least 5 years of payments, which may be longer than other lenders require to release a co-signer.

You could refinance the loan earlier in your repayment term instead. But that would change the terms of the existing loan and require meeting the refinance lender's qualifications.

College Ave private student loans at a glance

• Offers personalized rate estimates via a soft credit check.

• International students are eligible if they apply with a co-signer who is a U.S. citizen or permanent resident.

• Six-month grace period extension is available.

How College Ave could improve

College Ave could improve by offering additional programs such as:

• Letting borrowers qualify for co-signer release faster.

• Allowing borrowers who have previously filed for bankruptcy to qualify.

College Ave private student loan details

• Interest rates, fees and termsInterest rates, fees and terms

  • Soft credit check to qualify and see what rate you’ll get: Yes.

  • Loan terms: 5, 8, 12, or 15 years.

  • Loan amounts: $1,000 up to cost of attendance.

  • Application or origination fee: No.

  • Prepayment penalty: No.

  • Late fees: If a borrower hasn't made the minimum payment, a late fee may be applied 15 days after the payment due date. The late fee would be 5% of the unpaid amount of the monthly payment or $25, whichever is less.

  Compare College Ave's range of interest rates with other private student loan lenders. Your actual rate will depend on factors including your — or your co-signer's — credit history and financial situation. To see what rate College Ave will offer you, apply on its website.

• RequirementsRequirements

  Financial

  • Minimum credit score: Mid-600s for borrowers without a co-signer. No minimum credit score if applying with a co-signer. Mid-600s for co-signers.

  • Minimum income: $35,000 per year for borrowers without a co-signer. No minimum income requirement for co-signers or borrowers applying with a co-signer.

  • Typical credit score of approved borrowers or co-signers: 769.

  • Typical income of approved borrowers: $45,000 per year for borrowers without a co-signer, and $5,500 annually for borrowers with a co-signer.

  • Typical income of approved co-signers: $131,000 per year.

  • Maximum debt-to-income ratio: College Ave’s maximum DTI ratio for borrowers is 45%. Median debt-to-income ratio for borrowers without a co-signer is 22%. Borrowers with a co-signer have a median of 8%, while co-signers have a median of 25%.

  • Can qualify if you’ve filed for bankruptcy: No.

  Other

  • Citizenship: Must be a U.S. citizen or permanent resident.

  • DACA borrowers: International and DACA students are eligible if they apply with a co-signer who is a U.S. citizen or permanent resident.

  • Location: Available in all 50 states, and Washington, D.C.

  • Must be enrolled half-time or more: No.

  • Loan can be used for past due tuition: Yes.

  • Types of schools served: Borrowers must attend an eligible, degree-granting school, but can be enrolled in a non-degree program (like a certificate program).

  • Percentage of borrowers who have a co-signer: 88%.

• Repayment optionsRepayment options

  In-school repayment options:

  • Immediate: Make full payments as soon as the loan is disbursed, while you’re still in school.

  • Fixed: Pay $25 every month while enrolled in school.

  • Interest-only: Pay interest every month you’re in school.

  • Full in-school deferment: Yes.

  Post-school repayment options

  • Grace period: Six months including the option to extend the grace period by six additional months.

  • Income-based repayment option: No.

  • In-school deferment: Yes, borrowers can request to defer payments when returning to school.

  • Military deferment: Yes.

  • Forbearance: Borrowers can request forbearance for their student loans for up to 12 months in three-month increments.

  • Natural disaster forbearance: Borrowers can postpone payments if they're involved in a natural disaster, as determined by FEMA.

  • Residency deferment: Yes, borrowers who have obtained a medical loan from College Ave have the option to select a 20 year repayment term, have a 36 month grace period, and can defer up to an additional 48 months during fellowship after their grace period.

  • Other deferment options: Yes, custom programs are available based on the borrower's situation and supporting documentation

  • Co-signer release: Yes, if the borrower has finished more than half of the scheduled repayment period and meets additional eligibility criteria.

  • Death or disability discharge: Yes, if the primary borrower dies or suffers a permanent disability.

  • Loan discharge if co-signer dies or becomes disabled: No.

  Repayment preferences

  • Allows greater-than-minimum payments via autopay: Yes.

  • Allows biweekly payments via autopay: Yes.

• Customer serviceCustomer service

  • Loan servicer: University Accounting Service.

  • In-house customer service team: Yes.

  • Process for escalating concerns: Yes.

  • Borrowers get assigned a dedicated banker, advisor or representative: No.

  • Average time from application to approval: Immediately. The earliest that loan funds can typically be disbursed is seven days due to certification processes.

• ExtrasExtras

  • College Ave offers various promotions throughout the year for college students. These have included a $1,000 monthly scholarship giveaway, and funds for college-related expenses. Currently offering a $5,000 Scholarship Sweepstakes ending June 30, 2025. Visit the College Ave website for a list of current opportunities.

Before applying for a College Ave student loan

Before taking out a College Ave student loan or any other private student loan, exhaust your federal student loan options first. Submit the Free Application for Federal Student Aid, known as the FAFSA, to apply.

» MORE: NerdWallet’s FAFSA Guide

Compare your private student loan options to make sure you’re getting the best rate you qualify for. In addition to interest rates, look at lenders’ repayment alternatives and the flexibility they offer to borrowers who struggle to make payments.

STUDENT LOAN RATINGS METHODOLOGY

Our survey of more than 29 banks, credit unions and online lenders offering student loans and student loan refinancing includes the top 10 lenders by market share and top 10 lenders by online search volume, as well as lenders that serve specialty or nontraditional markets.

We consider 40 features and data points for each financial institution. Depending on the category, these include the availability of biweekly payments through autopay, minimum credit score and income requirement disclosures, availability to borrowers in all states, extended grace periods and in-house customer service.

The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.

Full Review

College Ave parent loans are best if your child needs extra money for college. Parents can take out loans up to the school's cost of attendance.

You cannot defer a College Ave parent loan while your child is in school, but flexible payment options are available. You can pay just the monthly interest, monthly interest plus a fixed amount (in increments of $20) or full payments. You can also choose any payment term between 5 and 15 years.

In instances of total and permanent disability, undergraduate and graduate loans are discharged if the borrower becomes totally and permanently disabled. Parent loans are discharged only if the child benefitting from the loans becomes totally and permanently disabled.

To protect themselves, parents looking at College Ave loans should consider co-signing an undergraduate loan instead of taking out a parent loan. The College Ave loan is a better option only if the parent doesn’t want the child’s name on the loan.

College Ave parent student loans at a glance

• Offers personalized rate estimates via a soft credit check.

• Payments are due immediately.

How College Ave could improve

College Ave could improve by offering additional programs such as:

• Discharging student loans if the parent borrower dies or becomes disabled.

• Allowing co-signers on parent loans.

• Allowing borrowers who have previously filed for bankruptcy to qualify.

College Ave parent student loan details

• Interest rates, fees and termsInterest rates, fees and terms

  • Soft credit check to qualify and see what rate you’ll get: Yes.

  • Loan terms: 5 to 15 years, or any year in between.

  • Loan amounts: $1,000 up to cost of attendance.

  • Application or origination fee: No.

  • Prepayment penalty: No.

  • Late fees: If a borrower hasn't made the minimum payment, a late fee may be applied 15 days after the payment due date. The late fee would be 5% of the unpaid amount of the monthly payment or $25, whichever is less.

  Compare College Ave's range of interest rates with other private student loan lenders. Your actual rate will depend on factors including your — or your co-signer's — credit history and financial situation. To see what rate College Ave will offer you, apply on its website.

• RequirementsRequirements

  Financial

  • Minimum credit score: Mid-600s.

  • Minimum income: $70,000 per year.

  • Typical credit score of approved borrowers or co-signers: 775.

  • Typical income of approved borrowers: Greater than $195,000 per year.

  • Maximum debt-to-income ratio: 50% debt-to-income ratio.

  • Can qualify if you’ve filed for bankruptcy: No.

  Other

  • Citizenship: Must be a U.S. citizen or permanent resident.

  • Location: Available in all 50 states, including Washington, D.C.

  • Student must be enrolled half-time or more: No.

  • Types of schools served: Students must be enrolled in a degree-granting program at an eligible school.

  • Percentage of borrowers who have a co-signer: College Ave parent loans cannot have cosigners.

• Repayment optionsRepayment options

  In-school repayment options:

  • Immediate: Make full payments as soon as the loan is disbursed.

  • Interest-only: Pay interest every month your child is in school.

  • Flat: Pay interest plus a fixed amount of your choosing (in increments of $20) while your child is enrolled in school.

  Post-school repayment options

  • Grace period: There is no grace period.

  • In-school deferment: There are no pre-determined deferment options. College Ave will work with borrowers on a case-by-case basis.

  • Military deferment: Yes. They offer deferment for Armed Forces and National Guard members called to active duty for more than 30 days.

  • Forbearance: Up to 12 months of hardship forbearance, in three-month increments, is available over the life of the loan.

  • Natural disaster forbearance: Yes. They provide forbearance for customers affected by federal disasters, as determined by FEMA.

  • Death or disability discharge: Yes, if the child benefitting from the loan dies or suffers a permanent disability. The estate is held responsible if the parent borrower dies.

  • Loan discharge if co-signer dies or becomes disabled: N/A.

  Repayment preferences

  • Allows greater-than-minimum payments via autopay: Yes.

  • Allows biweekly payments via autopay: Yes.

• Customer serviceCustomer service

  • Loan servicer: College Ave.

  • In-house customer service team: Yes; call center staffed by third-party company.

  • Process for escalating concerns: Yes.

  • Borrowers get assigned a dedicated banker, advisor or representative: No.

  • Average time from application to approval: Credit decision in three minutes or less.

• ExtrasExtras

  • College Ave offers various promotions throughout the year for college students. These have included a $1,000 monthly scholarship giveaway, and funds for college-related expenses. Visit the College Ave website for a list of current opportunities.

Before applying for a College Ave parent loan

Before taking out a College Ave parent loan or any other parent student loan, your child should submit the Free Application for Federal Student Aid, known as the FAFSA, and max out their federal loan options. And make sure the loan payments won't stop you from reaching other financial goals, like saving for retirement.

» MORE: NerdWallet’s FAFSA Guide

Compare your private student loan options to make sure you’re getting the best rate you qualify for. In addition to interest rates, look at lenders’ repayment alternatives and the flexibility they offer to borrowers who struggle to make payments.

If you aren’t eligible for a College Ave parent loan

If College Ave denies your student loan application, the lender will let you know why. Depending on the reason, you may want to consider other parent loan options or, if you haven’t already, try applying with a co-signer.

Full Review

College Ave offers a student loan for graduate students, as well as specific lending products for medical school, dental school, law school and business school.

The underlying terms of all College Ave graduate student loans are similar. But the individual loans have different interest rate ranges, and the following features also vary:

• How long you have to repay. All graduate students can choose a repayment term of 5, 8, 12, or 15 years. But if you're in medical, dental or law school, you also have access to a 20-year repayment term.

• When payments start. College Ave graduate, business and law school loans receive a 9-month grace period before payments are due. Dental school loans have a 12-month grace period, and medical school loans get 36 months before payments start.

All graduate students can also receive a 6-month grace period extension after leaving school, while longer deferments are available for law students during clerkships (12 months) and dental and medical students during residency (12 months and 48 months, respectively).

These grace periods are longer than many lenders offer — especially the 9 months for non-health professional students. That makes College Ave a good option if you're a graduate student who'll need extra time before starting repayment.

College Ave graduate student loans at a glance

• Offers personalized rate estimates via a soft credit check.

• Interest rates vary by graduate school product.

• International students are eligible if they apply with a co-signer who is a U.S. citizen or permanent resident.

How College Ave could improve

College Ave could improve by offering additional programs such as:

• Letting borrowers qualify for co-signer release faster.

• Allowing borrowers who have previously filed for bankruptcy to qualify.

College Ave graduate student loan details

• Interest rates, fees and termsInterest rates, fees and terms

  • Soft credit check to qualify and see what rate you’ll get: Yes.

  • Loan terms: 5, 8, 12 or 15 years.

  • Loan amounts: $1,000 up to cost of attendance.

  • Application or origination fee: No.

  • Prepayment penalty: No.

  • Late fees: If a borrower hasn't made the minimum payment, a late fee may be applied 15 days after the payment due date. The late fee would be 5% of the unpaid amount of the monthly payment or $25, whichever is less.

  Compare College Ave's range of interest rates with other graduate student loan lenders. Your actual rate will depend on factors including your — or your co-signer's — credit history and financial situation. To see what rate College Ave will offer you, apply on its website.

• RequirementsRequirements

  Financial

  • Minimum credit score: Mid-600s for borrowers without a co-signer. There’s no credit score minimum for borrowers with a co-signer, while the minimum for co-signers is in the Mid-600s.

  • Minimum income: $35,000 per year for borrowers with no co-signer. There is no minimum for borrowers with a co-signer or for co-signers.

  • Typical credit score of approved borrowers or co-signers: Mid-700s.

  • Typical income of approved borrowers: Borrowers without a co-signer have a median income of $45,000. Borrowers with a co-signer have a median income of $6,000, while the co-signer’s median is $130,000.

  • Maximum debt-to-income ratio: 50% debt-to-income ratio.

  • Can qualify if you’ve filed for bankruptcy: No.

  Other

  • Citizenship: Must be a U.S. citizen or permanent resident.

  • DACA: International and DACA students are eligible if they apply with a co-signer who is a U.S. citizen or permanent resident.

  • Location: Available in all 50 states, including Washington, D.C.

  • Must be enrolled half-time or more: No.

  • Types of schools served: Borrowers must be enrolled in a degree-granting program at an eligible school.

  • Percentage of borrowers who have a co-signer: Roughly 60%.

• Repayment optionsRepayment options

  In-school repayment options:

  • Immediate: Make full payments as soon as the loan is disbursed, while you’re still in school.

  • Deferred: Don’t make any payments while you’re in school.

  • Fixed: Pay $25 every month while enrolled in school.

  • Interest-only: Pay interest every month you’re in school.

  Post-school repayment options

  • Grace period: 9 months for graduate, law and MBA students; 12 months for dental students; 36 months for medical students.

  • In-school deferment: Yes, borrowers can request to defer payments when returning to school.

  • Military deferment: Yes.

  • Clerkship deferment: Yes, law students can request to defer payments up to 12 months during a clerkship.

  • Residency deferment: Yes. During residency, dental students can request to defer payments for an additional 12 months. Medical students, including veterinary, pharmacy, and nursing students, can defer payments for up to 48 months.

  • Grace period extension: Yes, up to an additional 6 months.

  • Forbearance: Up to 12 months of forbearance is available, in 3-month increments.

  • Natural disaster forbearance: Borrowers can postpone payments if they're involved in a natural disaster, as determined by FEMA.

  • Co-signer release: Yes, if the borrower has finished more than half of the scheduled repayment period and meets additional eligibility criteria.

  • Death or disability discharge: Yes, if the primary borrower dies or suffers a permanent disability.

  • Loan discharge if co-signer dies or becomes disabled: No.

  Repayment preferences

  • Allows greater-than-minimum payments via autopay: Yes.

  • Allows biweekly payments via autopay: Yes.

• Customer serviceCustomer service

  • Loan servicer: College Ave.

  • In-house customer service team: Yes; call center staffed by third-party company.

  • Process for escalating concerns: Yes.

  • Borrowers get assigned a dedicated banker, advisor or representative: No.

  • Average time from application to approval: Credit decision in three minutes.

• ExtrasExtras

  • College Ave offers various promotions throughout the year for college students. These have included a $1,000 monthly scholarship giveaway, and funds for college-related expenses. Visit the College Ave website for a list of current opportunities.

Before applying for a College Ave graduate loan

Before taking out a College Ave graduate student loan or any other private student loan, you'll generally want to exhaust your federal student loan options first. Submit the Free Application for Federal Student Aid, known as the FAFSA, to apply.

» MORE: NerdWallet’s FAFSA Guide

Compare your graduate student loan options to make sure you’re getting the best rate you qualify for. In addition to interest rates, look at lenders’ repayment alternatives and the flexibility they offer to borrowers who struggle to make payments.

If you aren’t eligible for a College Ave graduate student loan

If College Ave denies your student loan application, the lender will let you know why. Depending on the reason, you may want to consider other graduate loan options or, if you haven’t already, try applying with a co-signer.