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College Ave Review

Reviews 769
College Ave
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College Ave
College Ave
Excellent
Reviews 769
Bestmoney Staff
Sep. 12, 2023
3 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, including career loans with $150 cash back upon graduation for selected associate, bachelors and graduate degrees. 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, including an option of having up to $2,500 sent directly to them so they can keep some control over spending.

  • Career loans: this product is offered to students in selected associate, bachelors, and graduate programs, and includes $150 cash back when you complete your studies.

  • 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
4.41% (with autopay)*
5.49% (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 09/13/2023. 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
College Ave
Excellent
Reviews 769
on
Excellent
78%
Great
9%
Average
4%
Poor
2%
Bad
7%
J
james
2 days ago
Easy
Updates are consistent
R
robert marks
2 days ago
Funding needs some work!
Application process is simple, however, we have had issues with funding delays to the university on both occasions. Both the university and College Avenue pointing fingers at one another. Very frustrating!
R
ron
2 days ago
Fast and efficient
Fast and no fuss
B
bruce lockett
3 days ago
Fast and accurate
Fast and accurate
C
christian
3 days ago
Customer service, very knowledgeable, and very helpful and very respectful to the customer
The agents are very knowledgeable very helpful and very respectful to the customer. I felt very welcome and very warm each time I interact with an agent they are very knowledgeable and willing to take the extra step and go beyond and above to help you and that’s what customer service should be.
J
julian
3 days ago
Ease of applying
Ease of applying
P
phil
3 days ago
Way too many e-mails
Way too many e-mails. I am only the co-sign person, not the college student.
P
paul
4 days ago
The process was quick and easy
The process was quick and easy. We were able to get what we needed to and take care of the payments for my daughter to receive her Bachelors degree!
j
jfnette
6 days ago
Difficult uploading and sending pics
Difficult uploading and sending pics
G
gladis
7 days ago
The waiting time is super long and…
The waiting time is super long and slow, I am still waiting to get my loan after more than two months.
G
ginger
7 days ago
We had an answer ASAP
We had an answer ASAP - because we need an answer right away.
C
colleen
7 days ago
I still never received confirmation…
I still never received confirmation that the second half was canceled. I was told i would get that email
A
andrei
7 days ago
Thank you for helping us out borrow…
Thank you for helping us out borrow money for my son’s college tuition. The process was easy and fast.
D
dawn
8 days ago
Easy online access
Easy online access
M
myisha
8 days ago
This process and lender was convient…
This process and lender was convient and supportive.
I
ida
9 days ago
Stress free
No hassle, no long wait.
A
allena
9 days ago
My Dreams Are Coming True!
This has helped me achieve my first semester and looking into my next semester!! Thank you so much! Coming from an unfortunate and very un-wealthy family this helps so much!!
P
philippe
9 days ago
Great Customer service
Great Customer service
D
deborah
9 days ago
Simple and reliable
Simple and reliable! Very thankful for College Ave loans - it was a big help!
S
stefanie
9 days ago
This was a fast and easy process.
This was a fast and easy process.
J
jeanne
10 days ago
Ease of the application
Received a quick response.
T
trent l combs
10 days ago
Great experience.
Great experience.
P
pedro
10 days ago
the ease of the application process
the ease of the application process
D
debora
10 days ago
The concern and how hastened they…
The concern and how hastened they process you application.
A
alexis
10 days ago
Fast and easy
Fast and easy. The app made the process smooth to get the funding needed for our daughter’s college needs.
J
janine
10 days ago
Very easy loan process especially …
Very easy loan process especially for college students who are unfamiliar with the whole process.
M
mark
10 days ago
Very easy straightforward easy to…
Very easy straightforward easy to understand process.
R
robert
10 days ago
Pleased with dealing with these people.
Pleased with dealing with these people.
B
bayflynn
10 days ago
Was very easy
Was very easy, Thank You
D
david
10 days ago
Ease of use
Ease of use, soft pull on my credit and rate converted our family from Discover.
P
p.d
11 days ago
Easy to apply
Easy to apply. Acceptable rate
S
srinivas gudur
13 days ago
Quick and professional service.
Quick and professional service.
C
chris
13 days ago
They inform us to be patient and…
They inform us to be patient and everything will be completed once the school verified all necessary documents and paperworks for the student is in. Smooth sailing journey
J
jennifer
13 days ago
Easy and phenomenal service!
The application process, the approval and response time is is so easy, quick and phenomenal! When my school made an error and I had to call customer service they were so friendly and helpful in getting me the information I needed to get it corrected.
M
michael
13 days ago
There was a lot of confusion
There was a lot of confusion around the amount to borrow. The website would not let us put in what we needed to borrow, we had to request an amount higher than what is needed. It took several phone calls to understand why we were unable to get the amount my son needs for school. The school would not verify the amount needed, now he does not have the equipment and funds needed to complete his studies. This was a mess and has caused lots of anxiety and stress. Not a good experience. Poor customer service and poor website design.
V
virginia
14 days ago
Considerate
Considerate, patience and knowledgeable
consumer-image
dominique walker
14 days ago
Best ever
It was a great experience so approval process was quick and the money transferred to my college with instant I would highly recommend this company
N
nikita
14 days ago
Instant approval with minimum paper work
Instant approval with minimum paper work
K
kerry
14 days ago
Rates were competitive and process was…
Rates were competitive and process was easy
A
ashley
15 days ago
So easy to apply and process applications.
Love the portal and how easy the process is. I wish the FAFSA process were just as simple and quick!!!!!!
K
kelly
15 days ago
Took too long to get funds
Took too long to get funds. Very little help from your company. We used sofi last year with no issues and great customer service
N
nuez/philip garrido
15 days ago
It was very easy and fast process
It was very easy and fast process. Great service.
D
darren
15 days ago
Applying was simple and the process was…
Applying was simple and the process was concise. We had previously applied to a different company and it was a nightmare. I would recommend College Ave to anyone asking about private student loans.
consumer-image
nellie gonzalez-wallace
16 days ago
I just made one call and they took care…The best
I just made one call and they took care of the rest, that is as honest as i can be, took care of everything else
L
lisa
16 days ago
Interest rate is appalling :(
Interest rate is appalling :(
C
chris
16 days ago
Just quick money to pay tuition
Just quick money to pay tuition. Easy process.
W
william
16 days ago
Pretty simple procedure
Pretty simple procedure. My daughters student loan was approved in seconds
K
kuchelmeister/juliet perez
16 days ago
Got the option we needed
No service is perfect, but they come really close. Really great that no pressure to apply for more than we feel we need at this time. Turn-around time was also quite fast, application to payout. Lots of options for students, almost to much to digest, but found what we needed, payment option that works for us and BAM, its done.
R
rachel s.
16 days ago
Easy to use
Easy to find, use and process.
B
ben
17 days ago
Still no money
I applied for a loan in august, I’ve been constantly receiving texts about my loan being sent to the school. My school certified it and I still have a hold on my student account and have no clue if my school ever received money from you guys. On top of that I can’t login to my account on your app to get more information
D
dolores
19 days ago
My student's college has not received the loan proceeds yet. 3 weeks after school started
The student loan was approved in early August. It is now 9/10/23 and the loan proceeds were not received yet. No communication from College Ave to notify us of the delay.
K
kelly
20 days ago
So easy
So easy. Excellent customer service (we had made a couple mistakes and it was easily corrected!!) Worked directly with the university. Will definitely use again next year!!
R
rm
20 days ago
Easy to use
Easy to use, quick turnaround, great communication updates
consumer-image
yolanda fuentes-romero
20 days ago
Super easy to go through
Super easy to go through. We loved it!
A
angiemc3
20 days ago
The best loan rates
The best loan rates, easy to get in contact throughout the process. Seamless!
J
jose
20 days ago
Very fast and easy !!
Very fast and easy !!
D
donna
20 days ago
Quick and easy to do
Quick and easy to do. It's great they also work with the school directly.
C
curtis
20 days ago
Great
So helpful! Really saved my bacon.
M
marijane
21 days ago
The process was fairly easy
The process was fairly easy. I just hate the super high interest rate! Rate is outrageous!
S
spencer y chow
21 days ago
Easy to apply for a new loan.
Easy to apply for a new loan.
I
isaac
21 days ago
Takes too long to send money to the…
Takes too long to send money to the school, by the time they receive it and process the disbursement it's already a month into the semester
A
ariel pereira
21 days ago
You’re asking me for a review?
You’re asking me for a review when the school certified the loan last week, and we’re not getting funds until next week. Your turn around time for releasing funds is a bit ridiculous, but yet you want a review on how you did. How about you finish first, then ask.
S
savannah
21 days ago
The loan process with College Ave was…
The loan process with College Ave was very easy and uncomplicated. My experience was completely stress free and seamless. I highly recommend College Ave!
M
matthew
21 days ago
Love it!
Good deal for a college loan!
D
dena
21 days ago
Easy to apply
Easy to apply. Lowest interest rate I could find.
R
ritta
21 days ago
An excellent company very convenient
Entire process was very quick !
c
customer
22 days ago
Great
It was fast and honest. Thank you.
M
mary
22 days ago
Great!
Efficient and excellent loan status updates
M
martine
22 days ago
So far I feel okay.
So far I feel okay. I don’t have no problem yet. I give 5 stars to the company for now.
L
lou
22 days ago
Process was fast with no issues
Process was fast with no issues
S
s.k.
22 days ago
The process went very smooth
The process went very smooth! We were kept informed on what was happening behind the scenes. It truly made things less stressful.
E
emmy rose
22 days ago
Don’t waste your time
Don’t waste your time, even having a fairly good credit score isn’t going to help. You really will need a co-signer
B
bijal
22 days ago
Simple
Simples and easy way to apply
J
joe armstrong
22 days ago
Feels like home
The loan application was very easy and they were so nice in answering my questions. It was like talking to my mom thank you so much for helping my son achieve his dreams.
H
hugo
22 days ago
Great customer service
Everything is steam lined. I like the professionalism with the process. Thank you.
P
pbn
22 days ago
Great and quick service 👍
Great and quick service 👍
J
janie k
22 days ago
Easy peasy
The application process was very easy and straight forward. Everything was explained well.
D
daniel
23 days ago
Applying made easy..
This company made it real easy to apply and keep track of the progress. So grateful.
D
dina newmark
23 days ago
All good 👍👍👍👍
All good 👍👍👍👍
J
joelle
23 days ago
Easy to apply
Easy to apply
S
sabrina
23 days ago
We were not happy with the rate
We were not happy with the rate. Too high for a first year student who will be in vet school for 7 years.
T
tammy
23 days ago
Easy n fast reliable
Easy n fast reliable
B
brandy
23 days ago
Process was easy and quick
Process was easy and quick. However, I decided not to use this lender because I received a better rate elsewhere.
J
ja
23 days ago
Great experience
Great experience, good technology, and fast response times.
W
washington roman
23 days ago
High interest rates for education
High interest rates for education
J
jose
23 days ago
My loan request expired and was not…
My loan request expired and was not notified
T
todd
23 days ago
Not As Described
This loan was supposed to be a direct to consumer loan and be one disbursement. Turned out to be direct to school and in two different disbursements over 4 months. Would not recommend.
P
patricia
23 days ago
OU Here he comes!
Very easy to get approved. Questions were addressed immediately.
K
kaylee
23 days ago
Quick…and easy isn’t cheap
I would give a 5star if the interest was not so high. Other then that they were fast and easy and helped out in a binde
S
sinea
23 days ago
easy to navigate site
easy to navigate site
T
torrence
23 days ago
The experience was very confusing
The experience was very confusing. I ended up applying for 3 loans when it was only supposed to be 1
S
sandy tallent
23 days ago
Easy and quick process with Colllege Ave
Easy and quick process with Colllege Ave
C
christina
23 days ago
Great service
Very easy and painless application. They communicate well, informing us of every part of the process from approval of the loan to contacting the college and certifying the loan. I have contacted them through chat on the website and the customer service rep was helpful and quick to respond.
B
blayde
23 days ago
Easy to apply
It was super easy to apply and go through the application process. I got accepted for a student loan right away.
D
dae
23 days ago
what made my experience great is that…everything went smoothly!
what made my experience great is that the agent was very knowledgeable and pleasant. Each time I called I managed to get the same two people and this was another plus for me! I was provided with additional concise information that was beneficial to my success of being able to get the loan in a timely manor. My son was able to start school on time and the loan covered exactly what he needed.
E
emmanuel
24 days ago
Extremely easy and straightforward
They made everything crystal clear to understand and to fill out the application.
J
javier
24 days ago
Pronto responde y da soluciones
Pronto responde y da soluciones
J
john
24 days ago
Still haven’t got funds released
Still haven’t got funds released. Had to pay out of pocket.
L
loretta
24 days ago
The experience was okay for the most…
The experience was okay for the most part. I understand the need to verify the co-signor but it took so long to get that done that now my son won’t see the funds til maybe the middle of the month.
E
elizabeth
24 days ago
Excellent
Super easy to apply, get approved, and disbursement is seamless. Highly recommend College Ave loans.