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Last update: January 18, 2024

4 minutes read

College Ave: Student Loans Refinance Review

Explore our comprehensive College Ave student loans refinance review, where we examine interest rates, repayment options, eligibility criteria, and additional benefits.

By Yerain Abreu, M.S.

Edited by Brian Flaherty, B.A. Economics

CollegeAve Review Snapshot

CollegeAve logo

BEST FOR:

Graduates with a steady income

Check rate

VARIABLE APR

5.99% - 11.99%¹

FIXED APR

5.99% - 11.99%¹

Considering College Ave for refinancing your student loan? Our review will dissect essential elements such as competitive refinancing interest rates, specific eligibility requirements for refinancing, varied repayment plans tailored for loan consolidation, and exclusive advantages that set College Ave apart.

Our final verdict

    About CollegeAve

    Established in 2014 and headquartered in Wilmington, Delaware, College Ave has quickly risen to prominence in the private student loan market. Specializing solely in student loans and student loan refinancing, the company has designed a user-friendly platform that includes not only loan options but also valuable tools, resources, and scholarship opportunities. This makes it an ideal lender for first-time borrowers or college students.

    The company serves students enrolled in affiliated schools across all 50 states and the District of Columbia. With an application process that only takes a few minutes and offers instant decisions, College Ave combines speed and convenience.

    Refinancing options are also available to potentially lower your interest rate or monthly payments.

    In terms of loan options, College Ave offers a wide range, from as little as $1,000 up to the full cost of your education. Additionally, the company presents multiple repayment plans, appealing to those who appreciate flexibility. There are no origination or prepayment fees, although you may incur late fees if you miss a payment deadline.

    TuitionHero tip

    Remember to borrow wisely and always explore federal loans, grants, scholarships, and work-study options before taking out a private student loan. Our user-friendly platform lets you explore and compare college financing options personalized to your unique situation.

    Undergraduate loan details

    CollegeAve provides loans that range from $5,000 up to $300,000 (aggregate) for undergraduate students. They offer fixed rates from 5.99% to 11.99% or variable rates from 5.99% to 11.99% (including the autopay discount!).

    Borrowers can rest easy knowing that there are:

    • No application fees

    • No origination fees

    • No prepayment penalties

    Adding a cosigner to your loan, such as a friend or relative with strong credit, may also be an attractive option because you may likely get a lower rate and a higher chance of approval.

    Repayment options

    CollegeAve offers various hardship and other repayment options that provide borrowers with relief during times of financial stress. Some choices include deferring payments until after graduation, making interest-only payments while in school, or temporarily making partial payments.

      CollegeAve

      Best for: Graduates with a steady income

      CollegeAve

      Check My Rate
      VARIABLE APR

      5.99% - 11.99%¹

      FIXED APR

      5.99% - 11.99%¹

      LOAN AMOUNT

      $5,000 - $300,000

      TERMS LENGTH

      5 to 15-year

      MIN CREDIT SCORE

      Not disclosed

      VARIABLE APR

      5.99% - 11.99%¹

      FIXED APR

      5.99% - 11.99%¹

      LOAN AMOUNT

      $5,000 - $300,000


      TERMS LENGTH

      5 to 15-year

      MIN CREDIT SCORE

      Not disclosed

      WHAT WE LIKE

      • Offers a 0.25% discount for setting up autopay

      • Cosigner release is available

      • No pre-payment penalties

      • No origination fees

      • Many repayment options available

      WHAT WE DON'T LIKE

      • Degree required to refinance

      • Late fees apply

      • Refinancing is not available in the state of Maine

      • Long wait for cosigner release eligibility

      • Autopay discount: 0.25% interest rate reduction when you make required payments by automatic debit.

      Eligibility

      Who can benefit from CollegeAve's loan options? Here are the core eligibility requirements for their private student loans:

      1. Age: You must be at least 18 years old

      2. Location: If you meet the other eligibility requirements, you can apply for refinancing no matter where you live in the United States

      3. School attended: You must have graduated from an eligible school and program

      TuitionHero tip

      If you're not eligible, try applying with a cosigner! Adding a cosigner to your loan application may help you get a lower interest rate and increase your chances of being approved.

      Compare CollegeAve to other lenders

      Unsure if CollegeAve is the right lender for you? Take a moment to check out some of their biggest competitors to see which lender works best for you.

      Our top pick

      CollegeAve

      CollegeAve

      Disclosures

      Variable APR

      5.99% - 11.99%¹

      Fixed APR

      5.99% - 11.99%¹

      Repayment Options
      • Forbearance
      Fees
      • No application fees
      • No prepayment penalties
      • No origination fees
      Discounts & Benefits
      Autopay discount: 0.25%
      Loan Details
      Loan amount: $5,000 - $300,000
      Term lengths: 5 to 15-year

      CollegeAve

      CollegeAve

      Disclosures

      Variable APR

      5.99% - 11.99%¹

      Fixed APR

      5.99% - 11.99%¹

      Repayment Options
      • Forbearance
      Fees
      • No application fees
      • No prepayment penalties
      • No origination fees
      Discounts & Benefits
      Autopay discount: 0.25%
      Loan Details
      Loan amount: $5,000 - $300,000
      Term lengths: 5 to 15-year

      CollegeAve

      CollegeAve

      Disclosures

      Variable APR

      5.99% - 11.99%¹

      Fixed APR

      5.99% - 11.99%¹

      Repayment Options
      • Forbearance
      Fees
      • No application fees
      • No prepayment penalties
      • No origination fees
      Discounts & Benefits
      Autopay discount: 0.25%
      Loan Details
      Loan amount: $5,000 - $300,000
      Term lengths: 5 to 15-year

      Citizens

      Citizens

      Disclosures

      Variable APR

      7.05% - 12.40%*

      Fixed APR

      6.79% - 10.99%*

      Citizens

      Citizens

      Disclosures

      Variable APR

      7.05% - 12.40%*

      Fixed APR

      6.79% - 10.99%*

      Citizens

      Citizens

      Disclosures

      Variable APR

      7.05% - 12.40%*

      Fixed APR

      6.79% - 10.99%*

      Discover

      Discover

      Disclosures

      Variable APR

      1.87% - 5.87%

      Fixed APR

      3.49% - 6.99%

      Discover

      Discover

      Disclosures

      Variable APR

      1.87% - 5.87%

      Fixed APR

      3.49% - 6.99%

      Discover

      Discover

      Disclosures

      Variable APR

      1.87% - 5.87%

      Fixed APR

      3.49% - 6.99%

      Ready to get started?

      Compare student loan rates from all the top lenders with zero impact on your credit score.

      Customer service

      College Ave has an A+ rating from the Better Business Bureau and has received a 3.15 out of 5 based on repayment options, affordability, and customer service quality (as of December 2023).

      CollegeAve offers multiple ways to contact them.

      • Website: www.collegeave.com

      • Email: servicing@collegeave.com

      • Phone: 844-803-0736

      • Hours: Mon - Fri: 9 am to 9 pm ET

      Frequently asked questions (FAQ

      Here are some of the most common questions we get asked about CollegeAve.

      No, College Ave is a private student loan provider, and their loans do not offer the same federal benefits as income-driven repayment plans or loan forgiveness programs.

      While College Ave doesn't publicly disclose specific credit score requirements, it's generally advised to have a high credit score, ideally in the high 600s or above. Their prequalification tool allows you to check your eligibility without affecting your credit score.

      Loan denial could be due to various reasons, such as not meeting credit or income requirements or if the school is not eligible for their loans.

      If you don't qualify alone, consider applying with a co-signer with a strong credit history. Doing so may not only increase your chances of approval but may also secure you a more favorable interest rate.

      For specifics, it's best to contact College Ave directly.

      College Ave allows borrowers to take out loans up to the total cost of attendance, covering all academic expenses, including tuition, housing, and books.

      Yes, College Ave offers a six-month grace period for undergraduate loans and a nine-month grace period for most graduate loans, providing some financial breathing room post-graduation.

      You can prequalify for a loan with College Ave through a soft credit inquiry, which will not impact your credit score. However, the formal application process involves a hard credit inquiry, which may affect your credit score slightly.

      College Ave allows you to refinance your existing student loans. They offer various loan terms and the choice between fixed or variable interest rates.

      Final thoughts

      College Ave offers students competitive private student loans with various payment options. Whether you're an undergrad pursuing advanced degrees or a parent seeking to support your child's education, College Ave likely has a loan option that suits you.

      At TuitionHero, we're dedicated to helping you find your way through the maze of student loans. We offer guidance on private loans, refinancing options, scholarships, FAFSA assistance, and even credit cards. Begin your quest for affordable education with TuitionHero and College Ave today.

      Sources


      Author

      Yerain Abreu avatar

      Yerain Abreu is a Content Strategist with over 7 years of experience. He earned a Master's degree in digital marketing from Zicklin School of Business. He focuses on college finance, a niche carved out of his journey through the complexities of academic finance. These firsthand experiences provide him with a unique perspective, enabling him to create content that's informative and relatable to students and their families grappling with the intricacies of college financing.

      Editor

      Brian Flaherty avatar

      Brian is a graduate of the University of Virginia where he earned a B.A. in Economics. After graduation, Brian spent four years working working at a wealth management firm advising high-net-worth investors and institutions. During his time there, he passed the rigorous Series 65 exam and rose to a high-level strategy position.

      At TuitionHero, we're not just passionate about our work - we take immense pride in it. Our dedicated team of writers diligently follows strict editorial standards, ensuring that every piece of content we publish is accurate, current, and highly valuable. We don't just strive for quality; we aim for excellence.


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