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BestMoney.com
College Ave Review
Reviews 62
College Ave LT
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College Ave LT
College Ave LT
Poor
Reviews 62
Bestmoney Staff
Dec. 25, 2022
3 min read
BestMoney Staff
College Ave LT 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 LT at a glance

4.8
Editorial score

Online experience

Has learning resources, access to rates, mobile app
5.0

Customer services and support

Multiple ways of reaching lender, wide range of hours
4.0

Repayment flexibility

Offers flexible repayment plans & the option for special repayment programs
5.0

Eligibility

Loans available to all credit types, income levels, and students
5.0

Variety of Loan Types

Offers all loan types
5.0

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
4.49% (with autopay)*
4.49% (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. 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 02/01/2022. 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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See what some costumers are saying about College Ave LT
College Ave LT
Poor
Reviews 62
on
Excellent
68%
Great
15%
Average
5%
Poor
2%
Bad
10%
J
jenna t
5 days ago
I regret trusting CollegeAve. Reconsider who you loan from
I took out a student loan with CollegeAve 3 years ago. I’m a big fan of automatic payments and have never missed one. That was until a week ago. In December I changed my payment method on my student loan to a credit card instead of an ACH transfer. I have email confirmation of this, however CollegeAve withdrew the money from my old bank account which saddled me with overdraft fees from both parties. Usually I transfer money to that account to cover that payment, but since I wanted to earn credit card points, I didn’t this time around. Despite having emails with CollegeAve confirming their mistake, I was told by their servicing department that they cannot take the emails they sent me into consideration. Their electronic records also reflect that I only made my credit card the default payment method on the 28th which is totally incorrect as I had checked my recurring payment method on the 25th when I was first notified of the overdraft. The woman I spoke with on the phone even confirmed that people have had issues in the past with changing their recurring payment method. Another woman called me to collect the missed payment and said services would be able to look at the emails and make things right… but services is who I spoke to already! They won’t take responsibility for their mistakes, even technical ones like this. Their website and app are both terribly slow. How disappointing. I’m refinancing and getting out of this immediately.
L
lauren bergmann
2 months ago
Horrendous
Horrendous. Apr is nauseating…already 5000 interest in 3 years of 31,000 and you cant even refinance without graduating. Refinanced to a fantastic company with early cosigner release and awesome apr….I was literally at over 12 with them lmao
T
tam
4 months ago
0 stars is more accurate
0 stars is more accurate. Horrible experience over the past 8 months with the application process for refinancing. Forced to use this horrid company due to an equally horrid school. No updates provided, inaccurate and inconsistent information provided on each call, documents missing although uploaded, no calls or emails to report information is required, links that do not work. They provide apologies, but make no attempt to prevent the same problems from happening again. How can a simple application be so tedious and cumbersome.
D
deidra bourland
4 months ago
BEWARE OF INTEREST!
While getting the loan was easy - BEWARE - your fixed rate is charge at a daily rate so basically you are charged interest EVERY DAY on your balance. Took me quite a few online chats to finally get them to explain how I'm getting charged interest basically every week and this is why. I was charged interest 3 times in August and 4 times in July calculated on the daily balance. It will be near impossible to pay off without lump sums. Go to a bank if you have to, do not do this.
c
cmbdiesel
2 years ago
Misrepresentation of actual interest rates.
Bait and switch. They advertise great rates, but when a person with a 800+ credit score and exceptional debt to income ratio gets the highest of posted rates, it's a scam. I would recommend Big Tony down at the track before College Ave.
M
mm
2 years ago
AVOID
Their interest rates are CRAZZZYYYYY please save yourself a hardship credit check and go somewhere else.
K
kari lind-tufte
3 years ago
Don't Trust This Company
We had a horrible experience with College Ave. We were approved for a student loan at a fixed interest rate when the college determined we didn't need as big of a loan as we first applied for. We were told by College Ave that we needed to cancel and reapply but the original interest rate would still be honored. After reapplying, we were approved for a much higher interest rate. After two weeks of calling and talking to a different representative each time who verified that we could get the original rate we were approved for, we were then told it had been too long since our original loan approval to receive the original rate! I'm convinced the whole thing was a scam, and they were banking on the fact that we would just accept the new, higher rate. Their customer service is awful. They NEVER returned my calls, and I'm truly convinced we were deliberately lied to by their customer service reps. Even when we asked to speak to a supervisor, we got nowhere. Needless to say, we did not get a loan with College Ave. We chose one of their competitors whose representatives returned our calls promptly, were able to actually answer our questions, and ended up giving us a better interest rate than College Ave. I would not recommend getting a loan from this company. I would not trust them!
Z
zachary w
4 years ago
Horrible Customer Service
I'm not sure if this review should go to College Ave or Nationwide Bank, the loan servicer. I was able to easily apply to receive funding for my student debt. As I was actively making payments to reduce the balance of my loan, there were several situations where I wanted to make overpayments to try and reduce my balance as quick as possible. I was told these overpayments would go to "future payments" and not to the principal balance. This means that I would still continue to accrue interest as though I made no overpayment. (Be aware to anyone trying to save on interest!) Thankfully, though, I was able to pay off my student loan relatively quickly. But this was just the beginning. It only got worse from here. When I made a large payment to pay off the loan, I inadvertently overpaid my remaining balance bringing my balance into the negative. I was told I would receive a refund in 45 days. That seemed a little ridiculous that it would take so long but I accepted it. 55 days after paying off my loan I called in to check on the status of my refund. Customer Service was unable to help me and said they needed to wait on Accounting to confirm it was sent. I waited another week before hearing my check was sent. It is now a month later, I still haven't received the check they said was mailed to me. I have called Customer Service several times but they keep telling me they are waiting on Accounting. The Customer Service reps have never returned any of my calls as they said they would nor have I heard anything about the status of my refund. I would recommend NOT doing business with this company.
C
chris
4 years ago
Opinion of CASL
Good customer service the few times I called, but it was confusing on whether or not I had secured my loan for the fall. My mother and co signer was receiving emails saying that she need to send in a picture of her SSN and I was getting ones that said I was all good for the loan. So I was unsure if I was all set with the loan or not.
L
lisa
5 years ago
Online process is extremely easy
Online process is extremely easy and customer service is readily available and amazing if needed.
R
rodney
5 years ago
College Ave Student Loans
College Ave Student Loans was fairly easy to use. No complaints.
P
paul
5 years ago
Quick response to your loan application…
Quick response to your loan application and very patient with your College
J
jose
5 years ago
Thank you
Thank you, my experience was great.
T
theresa s
5 years ago
SO FAR APPLICATION AND PROCESS WAS…
SO FAR APPLICATION AND PROCESS WAS EASY, IT'S JUST THE BEGINNING SO HOPEFULLY IT WILL BE JUST AS EASY GOING FORWARD DURING THE COLLEGE YEARS..
C
chris
5 years ago
Easy process and great to work with.
Easy process and great to work with.
W
wayne
5 years ago
easy to work with.no problems at…
easy to work with.no problems at all.they were always on top of things.i will do business again next year.thank you ever so much
G
greg
5 years ago
The process was very easy and everyone…
The process was very easy and everyone was helpful. In the end I was very unhappy with the final interest rates. I now have the feeling our relationship will not be improving.
B
b.anne
5 years ago
Process was simple and stress-free.
Process was simple and stress-free.
j
jung
5 years ago
Easy step
It was fast, easy
T
taylor
5 years ago
This was a super efficient way to get…
This was a super efficient way to get my loans! It was fast, efficient, easy to use, and was approved in 3 days. I was always informed on what was going on with my loan. Would recommend to anyone
G
gerald
5 years ago
Great site to apply for student loans
Great site to apply for student loans. I was able to apply and get approved for the loan my Son needed in just a few minutes. Very easy to follow
R
roberto
5 years ago
I am completely satisfied.
I am completely satisfied.
J
josenelly
5 years ago
Their process is always very seamless…
Their process is always very seamless and easy to contact them!
A
andre
5 years ago
I don't have any bad thing to say!
I don't have any bad thing to say!
M
marine
5 years ago
My experience with this company
Definitely, I would recommend this company to my friends.
R
richard
5 years ago
Takes less than 10 minutes and you have…
Takes less than 10 minutes and you have an answer right away.
A
anna
5 years ago
Thank you for your prompt actions on…
Thank you for your prompt actions on our loans, and for your customer service
S
samantha
5 years ago
Very fast and easy to use application…
Very fast and easy to use application system. Rates are decent. Would recommend.
C
caprice
5 years ago
Finished the last course will wait on…
Finished the last course will wait on my diploma. Without this money I wouldn’t be able to get it thank you.
A
amanda barnes
5 years ago
EASY APPLICATION TO FILL OUT
EASY APPLICATION TO FILL OUT. QUICK AND TIMELY RESPONSE. GREAT RATES!!
A
ashlea
5 years ago
Everything was so easy from applyiing…
Everything was so easy from applyiing to payments!
J
jelissa
5 years ago
Very Easy Process
Found the process to be very smooth! As well their customer service has helped me at no cost ! I would recommend!
R
ronald
5 years ago
Easy to process
Easy to process. Borrowing is a difficult thing to do and they made it as painless as possible
J
jay
5 years ago
CollegeAve, Simply easy
CollegeAve. This is the simplest way to apply for a college loan. Other sites require much more work. It's fast and convenient.
J
jessica
5 years ago
This was the easiest loan application I…
This was the easiest loan application I have ever done. Payment is sent directly to my college, and I haven’t had any worries. The repayment schedules are flexible to work with my budget, too.
J
jj. babu
5 years ago
idk they helped me in a time of need i…
idk they helped me in a time of need i suppose, so i am truly grateful to receive funding for school this way!
J
jimmy mckelvy
5 years ago
Easy to apply
I was kept in touch with progress. It was not a long progress
N
noshin
5 years ago
They have great customer service and…
They have great customer service and despite a few minor miscommunications with my university, everything got worked out and now I’m able to get ahead in my degree with my summer classes!
N
naresh
5 years ago
Excellent
I was apply student loan. I really appreciate done this my loan. Thanks
J
jycj
5 years ago
Simple and easy!
Simple and easy!
T
todd
5 years ago
Very convenient
Very convenient, easy to navigate the process. Transparent on rate and total cost of loan.
J
jeremy
5 years ago
The only issues I have had seem to be…
The only issues I have had seem to be on my schools end. Customer service on College Ave's end has been great so far.
G
guadalupe
5 years ago
Loan
Quick,easy hassle free loan process.
J
john
5 years ago
Loan reviewEasy to apply
Easy to apply , timely disbursement , and the statements are fairly simple to understand .
C
carissa
5 years ago
Still haven’t gotten my loan yet
Still haven’t gotten my loan yet
M
marjorie
5 years ago
They were prompt and helpful
They were prompt and helpful. Their loan interest rates are too high and the students ends up paying more than double the amount they borrowed. Their service was good and when we cancelled the loan they were prompt otherwise way to pricey
M
marta
5 years ago
Very happy
The whole process has been smooth and quickly. Very user-friendly system.
S
sandra
5 years ago
Quick & easy
Quick and straight forward process
T
teresa
5 years ago
Fast and amazing.
Fast, easy, and no hassle. Wish I had known about college Avenue three years ago and five loans ago
P
phillip
5 years ago
Quick response
Quick response! Easy to navigate!
L
logan
5 years ago
Enjoy the ease of access
Enjoy the ease of access
i
imed jemai
5 years ago
Excellent experience
Excellent experience
S
silvio
5 years ago
process very good and timely.
process very good and timely.
M
mr. o.
5 years ago
Great Place for a Loan(s)
When I cosign for my son's loans they ask me to fill out the terms and sign the loan. Then they say my son has to sign the loan. A few days later my son says what terms should I use? I tell him I already set the terms when I signed it. So he enters the same info I already put in. It's kind of confusing. Additionally, I have received an email saying all signatures have been received but they actually weren't. Both my son and I thought the loan went through when it had not. The college kept on posting the balance due for months. I finally called and they said the College Ave loan had not been finalized by my son. I'm appreciative they keep giving us loans but they need some kind of checklist to show the status of the loan. It all might be user error on my part but that was my experience. They also should put the loan terms in the documents online. I make copies when I sign them but it would be easier to click documents than look through my files. Setting up recurring payments and viewing balances online are super easy.
Z
z. par
5 years ago
The customer service is pretty good
The customer service is pretty good. I was able to speak to an agent regarding my questions immediately. The application process was pretty easy and decisions are made quick.
G
gina
5 years ago
Best Decision Ever made my dreams of…
Best Decision Ever made my dreams of the future come true.
L
lilianna
5 years ago
Easy, Quick, Convenient
I’ve just taken my second loan. I like the flexibility in the terms. Also that I’m continuously updated throughout the process.
R
raymond
5 years ago
I happy with this company
I happy with this company. It is the first time I apply for a private loan and you have given me the opportunity to continue my education to obtain my degree. Yes, I would recommend this company to families, friends and neighbors. Sincerely, Raymond Banuelos
R
rz
5 years ago
I would recommend
I've cosigned several times for my grandchildren, it's quick and easy. They send email reminders and keep you up to date so everything goes smoothly. I only wish the interest rate was lower!
M
melissa
5 years ago
College Ave,
College Ave, was extremely helpful and quick. The steps were quick and easy to understand. I had to call a few times to inquire some information and all of the customer service representatives were so kind and well informed.
M
mojgan
5 years ago
rates are too high
rates are too high
C
chad
5 years ago
Great Experience
Great Experience. Exactly what I needed to go to school.