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College Ave Review

Reviews 1,055
College Ave
Visit Site
College Ave
College Ave
Excellent
Reviews 1,055
Bestmoney Staff
Nov. 15, 2023
4 min read
BestMoney Staff
College Ave Summary
College Ave Student Loans is a fintech company that provides private student loans and refinancing for undergraduate and graduate tuition fees. Its sleek online platform makes it easy to apply for and get approved for a student loan quickly and with minimum hassle. The website provides plenty of information about the various loan products, with full transparency on rates and fees.

Pros

  • Competitive, transparent rates and fees
  • Parent loan options
  • Scholarships, discounts, and rewards

Cons

  • No federal loans
  • Half of repayment term must be complete to release your cosigner

College Ave at a glance

9.6
Editorial score

Online experience

Has learning resources, access to rates, mobile app
10.0

Customer services and support

Multiple ways of reaching lender, wide range of hours
8.0

Repayment flexibility

Offers flexible repayment plans & the option for special repayment program
10.0

Eligibility

Loans available to all credit types, income levels, and students
10.0

Variety of Loan Types

Offers all loan types
10.0

Overview

College Ave is an online lender established in 2014 that specializes in private student loans. It offers undergrad loans, graduate loans, parent loans, and refinancing. All its loans are underwritten by 1 of 2 partnering FDIC compliant banks: Firstrust Bank and M.Y. Safra Bank. As seen in the average APRs listed above, College Ave’s rates are highly competitive. College Ave offers 4 flexible repayment options, accepts cosigners, and doesn’t charge any origination or application fees.

Suitable For?

College Ave is excellent for anyone who has a solid credit score or a reliable cosigner. It's also a good option for parents looking for a loan to help put their kids through school. College Ave offers a range of flexible options, allowing borrowers 4 different repayment terms and 4 repayment options, such as principal and interest payments, interest only, flat payments or differed payments. There are a range of loans available too. Even better: it offers scholarship drawings where each month one customers wins $1,000 towards school expenses. It takes only 3 minutes to apply.

Loan Features

College Ave offers a range of private student loans as well as some great tools and resources to help you make your decision.

  • Undergraduate student loans: These cover up to 100% of attendance, including tuition, fees, books, housing, and other college costs.

  • Graduate student loans: Covers the cost of a postgraduate, masters, doctoral, or professional degree.

  • Parent loans: Parents of students can take out customized loans for their child’s education.

  • Career loans: this product is offered to students in selected associate, bachelors, and graduate programs

  • Refinancing: Includes refinancing options for recipients of private and federal student loans.

  • Scholarships: All borrowers are given the opportunity to go into the draw for a scholarship, with one customer awarded $1,000 toward their studies each month.

  • Tools and resources: This service includes a stack of free tools and resources to help calculate the cost of your student loan.

The Application Process

It takes just 3 minutes to apply for a loan and get a decision. To pre-qualify, all you or your cosigner (if you have one) need do is fill out your name, address, date of birth, and email address. By filling out these details, College Ave will run a soft credit check and determine if you’re eligible for one of its loans. 

Full applications require you (and cosigner) to enter the following information:

  • Applicant’s info, including name, contact details, and home address

  • Personal info, including citizenship, Social Security number, date of birth, and total annual income

  • School and loan info, including school, state, year of studies, enrollment status, estimated graduation date, estimated cost of attendance, estimated financial assistance, and requested loan amount.

  • Once you’ve completed the form, simply read the disclosure agreement, review the terms, and press confirm to get a decision in seconds.

Eligibility Requirements

Like most private student loans, College Ave’s allows you to apply in your own name or bring in a cosigner. Credit score is only part of the picture. College Ave assesses applicants based on their overall financial history. Students must be enrolled in an eligible university or graduate school to qualify for a loan.

Loan Rates

College Ave’s interest rates and fees are highly competitive compared to the other major online lenders in the private student loans industry. All rates include a 0.25% auto-pay discount.

Repayment Terms

All undergrad, graduate, and parent loans come with 4 repayment options: 5, 8, 10, or 15 years. Refinancing can be spread over 5-20 years. 

Borrowers may choose from these 4 repayment options:

  • Full principal and interest payment from the start

  • Interest-only payment while you’re in school

  • Flat payments of $25 each month during school to reduce accrued interest

  • Deferred payments, so you only have to start paying once you graduate school

How Safe Is It?

College Ave’s website has all the proper security and encryption protocols in place, ensuring your private information is protected. All loans are underwritten by 1 of 2 partnering FDIC-compliant banks: Firstrust Bank and M. Y. Safra Bank. College Ave has the appropriate licenses in the roughly 30 states where such licenses are required.

Customer Service

College Ave Student Loans has an A+ rating from the Better Business Bureau and an 8.9/10 rating from Trustpilot reviews. Customer support staff are on hand to help with applying for a student loan during extended US business hours.

How College Ave Compares


College Ave

Credible

APR as low as
4.07% (with autopay)*
4.98% (with autopay)*
Minimum credit score
640Around 660
Loan amounts
$1,000 to full cost of degree$1,000 to full cost of tuition
Accepts cosigners
YesYes
Suitable for
Flexible repayment optionsHigh credit scores

Summary

College Ave is a good option as far as private student loans go. It offers options for all types of borrowers: undergraduates, graduates, and parents. It promises flexibility, with a choice of 4 repayment types and 4 repayment periods. It offers transparency on rates and fees, making your decision easier. And its underwriting system returns a decision in minutes.

Disclosures

*College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.

As certified by your school and less any other financial aid you might receive. Minimum $1,000.

Rates shown are for the College Ave Undergraduate Loan product and include autopay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. Variable rates may increase after consummation.

This informational repayment example uses typical loan terms for a freshman borrower who selects the Flat Repayment Option with an 8-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7.78% fixed Annual Percentage Rate (“APR”): 54 monthly payments of $25 while in school, followed by 96 monthly payments of $176.21 while in the repayment period, for a total amount of payments of $18,266.38. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.

This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.

Information advertised valid as of 03/15/2024. Variable interest rates may increase after consummation. Approved interest rate will depend on the creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term.

 

BestMoney Staff
Written by
Bestmoney Staff
Our editorial staff consists of writers who are knowledgeable about financial services. We specialize in simplifying the process of choosing the right provider for your needs.
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Trustpilot reviews
See what some customers are saying about College Ave
Excellent • Reviews 1,055
on
Excellent
77%
Great
9%
Average
4%
Poor
3%
Bad
8%
We upload 100 to 400 Trustpilot reviews to our website daily, displaying them by default from "best" to "worst". You have the option to adjust the sorting criteria. If you wish to see all reviews, you can visit Trustpilot's website here.
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Du
Dunnie
8 hours ago
College Ave experience and professional…
College Ave experience and professional attitude
Pa
Pattie
11 hours ago
EASY!
Easy, easy, easy and when I had a question it was easy to get through to an actual live human being quickly and they answered my questions fast and simply. I’m not at all surprised College Ave is rated number loan provider for 2024.
Ca
Calvin
3 days ago
Quick Approval
Great experience. Timely filing. Quick approval!!
Br
Bryan
3 days ago
Kept in the loop
Kept me updated on where we were in the process the entire time.
Ri
Richard
2 months ago
Excellent customer service,
Excellent customer service,
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