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College Ave Review

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Reviews 59

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BestMoney Staff
Bestmoney Staff
Jun. 18, 20214 min read

College Ave summary

College Ave offers private student loans and refinance loans. It is suitable for people looking for flexibility and ease of use, and offers loans with 5 to 20 year terms.

Pros

  • High maximum refinancing amounts, up to $300,000
  • No application or origination fees

Cons

  • Maximum loan terms is only 20 years
  • Little clear information about minimum credit scores and income

College Ave College Ave View Rates

College Ave at a Glance

College Ave offers flexible private undergraduate and graduate student loans, parent loans, and refinancing options for student loans. The terms are flexible with a choice of repayment terms, and fixed or variable interest rates. There are no origination or application fees, cosigners are accepted, and the application is fast, simple, and entirely online. You can cover up to $300,000 for graduates of medical, dental, veterinary, or pharmacy degrees.

  • Choose your repayment term between 5 and 20 years
  • Pay only the interest for up to 2 years
  • Fast, simple online application in 3 minutes
  • No application or origination fees

Suitable for?

The high loan refinancing amount for regular graduates, and even higher maximum loan amount for medical, dental, pharmaceutical and veterinary graduates, make it a good choice for anyone carrying a particularly high amount of student debt. It’s also an excellent choice for graduates who can’t afford to make large, regular payments immediately, but hope to land a well-paying job in the near future.

Loan Features

College Ave's biggest feature is its ease of use. The application process is simple, and approval comes quickly. It also offers a large amount of flexibility for refinancing student loans, since you can choose any term between 5 and 20 years. You can also choose fixed or variable interest rates. College Ave refinances both private and federal student loans and offers refinancing with or without loan consolidation. Finally, application is free with no application or origination fees to pay. 

  • No application or origination fees
  • Fast and simple application process
  • Fixed and variable rates
  • Save 0.25% on your interest rates using auto-pay
  • Refinance student loans

The Application Process

Applying for student loan refinancing with College Ave is fast and entirely online. You’ll just need to fill out a simple form to provide information about your current employment, the school you graduated from, and other basic personal information. It takes about 3 minutes to apply, and you'll get an instant response with a range of rates and fees for you to review and choose whether or not to proceed. 

College Ave accepts both federal and private student loans for consolidation and refinancing and permits you to apply with a cosigner for a better rate. Before applying to refinance federal loans, you should bear in mind that, like with all private refinancing options, you could be giving up federal loan benefits, such as public service forgiveness and economic hardship programs.

Loan Terms - Essentials

To apply for student loan refinancing, you need to have at least $5,000 of student loan debt and have studied at one of the eligible schools listed on the College Ave website. You also must be a US citizen, aged over 18, and have a valid social security number. College Ave does have a minimum credit requirement and accepts cosigners for borrowers who don’t meet those terms, but it’s difficult to discover what the specific credit rating and income requirements are. In general, you’ll need a credit rating of 680 or more to qualify for refinancing. College Ave doesn’t charge any application or origination fees and does offer no-commitment quotes, so you can apply and then consider your options.

  • You must be over 18 years of age
  • You must have graduated from an eligible school
  • You must have at least $5,000 of student loan debt
  • You need to meet minimum credit and income requirements or bring in a cosigner who does

Repayment Terms

Although some lenders have longer terms, College Ave lets you choose any term length between those maximum and minimum options. If you pay using auto-pay, you'll get a 0.25% discount on your rates.

How Safe is It?

College Ave uses a secure website with SSL technology protection and an HTTPS URL. It is committed to keeping your information secure and promises never to request sensitive personal or financial information via email. College Ave's privacy policy is transparent and clear, with full explanation about the ways in which it will use your personal and financial information. College Ave will share it with business partners and service providers, but it will never sell your details.

Help & Support

College Ave offers customer support via email and telephone. There is a range of email addresses and phone numbers to use, depending on whether you are applying for a student loan or a refinance loan, or are already repaying a student, graduate, or parent loan or a refinance loan. The email address for general inquiries is studentloans@collegeave.com. Phone lines are open from 9am to 8pm from Monday to Friday for student loans or student loan refinances.

Deep Dive into Pros and Cons

The overall quality of service College Ave provides is excellent, but certain areas of its offerings could be improved:

  • The company is still not affiliated with all learning institutions in the country, meaning that some schools may not meet funding requirements
  • The company does not service the loans it extends, meaning that support may vary
  • Loan repayment terms could be extended to cover longer durations

Even with some areas for improvement, many of the company’s characteristics put College Ave head and shoulders above the competition:

  • It's customization for loans is at the head of the industry
  • The application process takes only a few minutes
  • Repayment periods offer more flexibility to students and professionals
  • No prepayment penalties encourage and reward quicker loan repayment

Summary

Overall, College Ave offers an easy to use and flexible approach to student loan refinancing. The high maximum loan amounts and flexible repayment terms are attractive to every graduate, and the fast online application process and response time without any application or origination fees mean that you have nothing to lose by applying.

Physical Address

College Ave Student Loans

233 N. King St. 

Wilmington, De

19801

College Ave College Ave View Rates

Disclaimers

College Ave Student Loans products are made available through either Firstrust 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.The 0.25% auto-pay interest rate reduction applies as long as the borrower or cosigner, if applicable, enrolls in auto-pay and authorizes our loan servicer to automatically deduct your monthly payments from a valid bank account via Automated Clearing House (“ACH”). The rate reduction applies for as long as the monthly payment amount is successfully deducted from the designated bank account and is suspended during periods of forbearance and certain deferments. Variable rates may increase after consummation.$5,000 is the minimum requirement to refinance. The maximum loan amount is $300,000 for those with medical, dental, pharmacy or veterinary doctorate degrees, and $150,000 for all other undergraduate or graduate degrees.This informational repayment example uses typical loan terms for a refi borrower with a Full Principal & Interest Repayment and a 10-year repayment term, has a $40,000 loan and a 5.5% Annual Percentage Rate (“APR”): 120 monthly payments of $434.11 while in the repayment period, for a total amount of payments of $52,092.61. 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 1/27/2021. Variable interest rates may increase after consummation.

BestMoney Staff
Written byBestmoney 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.

College Ave
College Ave
AverageReviews 59
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Trustpilot reviews

See what some costumers are saying about College Ave
College Ave
AverageReviews 59
on
Excellent
73%
Great
15%
Average
5%
Poor
0%
Bad
7%
  • author
    cmbdiesel
    May 17, 2021
    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.

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  • author
    Mm
    Feb 13, 2021
    AVOID

    Their interest rates are CRAZZZYYYYY please save yourself a hardship credit check and go somewhere else.

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  • author
    Kari Lind-Tufte
    Aug 09, 2019
    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!

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  • author
    Zachary W
    Oct 01, 2018
    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.

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  • author
    CHRIS
    Aug 07, 2018
    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.

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  • author
    LISA
    Jul 24, 2018
    Online process is extremely easy

    Online process is extremely easy and customer service is readily available and amazing if needed.

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  • author
    RODNEY
    Jul 16, 2018
    College Ave Student Loans

    College Ave Student Loans was fairly easy to use. No complaints.

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  • author
    PAUL
    Jul 10, 2018
    Quick response to your loan application…

    Quick response to your loan application and very patient with your College

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  • author
    JOSE
    Jul 09, 2018
    Thank you

    Thank you, my experience was great.

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  • author
    Theresa S
    Jul 06, 2018
    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..

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  • author
    CHRIS
    Jul 06, 2018
    Easy process and great to work with.

    Easy process and great to work with.

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  • author
    WAYNE
    Jul 05, 2018
    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

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  • author
    Greg
    Jul 05, 2018
    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.

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  • author
    B.Anne
    Jul 05, 2018
    Process was simple and stress-free.

    Process was simple and stress-free.

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  • author
    jung
    Jul 05, 2018
    Easy step

    It was fast, easy

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  • author
    TAYLOR
    Jul 05, 2018
    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

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  • author
    GERALD
    Jul 05, 2018
    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

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  • author
    ROBERTO
    Jul 05, 2018
    I am completely satisfied.

    I am completely satisfied.

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  • author
    JOSENELLY
    Jul 02, 2018
    Their process is always very seamless…

    Their process is always very seamless and easy to contact them!

    ...

  • author
    ANDRE
    Jun 29, 2018
    I don't have any bad thing to say!

    I don't have any bad thing to say!

    ...

  • author
    MARINE
    Jun 28, 2018
    My experience with this company

    Definitely, I would recommend this company to my friends.

    ...

  • author
    Richard
    Jun 28, 2018
    Takes less than 10 minutes and you have…

    Takes less than 10 minutes and you have an answer right away.

    ...

  • author
    ANNA
    Jun 27, 2018
    Thank you for your prompt actions on…

    Thank you for your prompt actions on our loans, and for your customer service

    ...

  • author
    SAMANTHA
    Jun 27, 2018
    Very fast and easy to use application…

    Very fast and easy to use application system. Rates are decent. Would recommend.

    ...

  • author
    Caprice
    Jun 27, 2018
    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.

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  • author
    Amanda Barnes
    Jun 27, 2018
    EASY APPLICATION TO FILL OUT

    EASY APPLICATION TO FILL OUT. QUICK AND TIMELY RESPONSE. GREAT RATES!!

    ...

  • author
    ASHLEA
    Jun 15, 2018
    Everything was so easy from applyiing…

    Everything was so easy from applyiing to payments!

    ...

  • author
    JELISSA
    Jun 13, 2018
    Very Easy Process

    Found the process to be very smooth! As well their customer service has helped me at no cost ! I would recommend!

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  • author
    RONALD
    Jun 12, 2018
    Easy to process

    Easy to process. Borrowing is a difficult thing to do and they made it as painless as possible

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  • author
    JAY
    Jun 12, 2018
    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.

    ...

  • author
    JESSICA
    Jun 12, 2018
    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.

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  • author
    JJ. Babu
    Jun 12, 2018
    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!

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  • author
    Jimmy Mckelvy
    Jun 12, 2018
    Easy to apply

    I was kept in touch with progress. It was not a long progress

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  • author
    NOSHIN
    Jun 12, 2018
    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!

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  • author
    Naresh
    Jun 12, 2018
    Excellent

    I was apply student loan. I really appreciate done this my loan. Thanks

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  • author
    Jycj
    Jun 12, 2018
    Simple and easy!

    Simple and easy!

    ...

  • author
    TODD
    Jun 02, 2018
    Very convenient

    Very convenient, easy to navigate the process. Transparent on rate and total cost of loan.

    ...

  • author
    JEREMY
    May 29, 2018
    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.

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  • author
    GUADALUPE
    May 29, 2018
    Loan

    Quick,easy hassle free loan process.

    ...

  • author
    JOHN
    May 29, 2018
    Loan reviewEasy to apply

    Easy to apply , timely disbursement , and the statements are fairly simple to understand .

    ...

  • author
    Carissa
    May 29, 2018
    Still haven’t gotten my loan yet

    Still haven’t gotten my loan yet

    ...

  • author
    MARJORIE
    May 29, 2018
    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

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  • author
    MARTA
    May 29, 2018
    Very happy

    The whole process has been smooth and quickly. Very user-friendly system.

    ...

  • author
    Carter
    May 23, 2018
    Very easy to work with

    Very easy to work with. Always available to answer questions.

    ...

  • author
    SANDRA
    May 23, 2018
    Quick & easy

    Quick and straight forward process

    ...

  • author
    TERESA
    May 22, 2018
    Fast and amazing.

    Fast, easy, and no hassle. Wish I had known about college Avenue three years ago and five loans ago

    ...

  • author
    PHILLIP
    May 18, 2018
    Quick response

    Quick response! Easy to navigate!

    ...

  • author
    LOGAN
    May 18, 2018
    Enjoy the ease of access

    Enjoy the ease of access

    ...

  • author
    imed jemai
    May 18, 2018
    Excellent experience

    Excellent experience

    ...

  • author
    SILVIO
    May 18, 2018
    process very good and timely.

    process very good and timely.

    ...

  • author
    Mr. O.
    May 18, 2018
    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.

    ...

  • author
    Z. Par
    May 17, 2018
    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.

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  • author
    GINA
    May 12, 2018
    Best Decision Ever made my dreams of…

    Best Decision Ever made my dreams of the future come true.

    ...

  • author
    Lilianna
    Apr 30, 2018
    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.

    ...

  • author
    RAYMOND
    Apr 23, 2018
    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

    ...

  • author
    RZ
    Apr 23, 2018
    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!

    ...

  • author
    MELISSA
    Apr 11, 2018
    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.

    ...

  • author
    MOJGAN
    Mar 27, 2018
    rates are too high

    rates are too high

    ...

  • author
    Chad
    Mar 21, 2018
    Great Experience

    Great Experience. Exactly what I needed to go to school.

    ...

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