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.

Ninety-two 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: 761.

  • Typical income of approved borrowers: $40,000 per year for borrowers without a co-signer, and $5,900 annually for borrowers with a co-signer.

  • Typical income of approved co-signers: $120,000 per year.

  • Maximum debt-to-income ratio: College Ave’s maximum DTI ratio for borrowers is 50%. Median debt-to-income ratio for borrowers without a co-signer is 21% — meaning debt takes up, on average, 21% of the borrower's monthly payments. Borrowers with a co-signer have a median of 7%, while co-signers have a median of 22%.

  • 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: 92%.

• 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 can defer up to 48 months after the grace period during their fellowship.

  • 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 Account 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: Credit decision in three minutes or less. 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. 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.