College Ave is a partner lender from which we receive compensation. Edvisors® evaluates each lender we partner with and only recommend loan programs which we believe are a best fit for our audience.
What is College Ave Student Loans
College Ave Student Loans is a fintech lender that specializes in private student loans and student loan refinancing. The company, a private corporation based in Wilmington, DE, was started in 2014. They aim to make the student loan process simple. According to CEO Joe DePaulo, "We deliver in a way that's simple and clear because everyone deserves to understand what they're getting and how much it will cost."
College Ave Loans
College Ave offers a number of loan products ranging from undergraduate and graduate loans, to refinance loans. These loans can be used to fill in the gap when federal student aid falls short, or can be a smart alternative to other loan options. They offer competitive interest rates and fees, along with a variety of loan terms.
College Ave provides the following loan products:
- Undergraduate student loans
- Parent student loans
- Graduate student loans
- Career loans
- Refinance loans
Apply for a College Ave Private Student Loan
- Competitive fixed and variable APRs starting at 4.49%1
- Multiple repayment options including: full principal and interest, interest-only, deferred, and flat payment
- Flexible payment terms ranging from 5, 8, 10, and 15 years2
- Coverage up to 100% of your school-certified cost of attendance ($1,000 minimum)3
- No origination, application and processing fees, no fees for early repayment
- Apply online in 3 minutes and get an instant credit decision
- Applying with a cosigner can increase your chances of getting approved and could result in a lower interest rate
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.
1Rates 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.
2This 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.
3As certified by your school and less any other financial aid you might receive. Minimum $1,000.
Information advertised valid as of 12/01/2023. 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.
Loans for Students
College Ave Undergraduate Student Loans
The College Ave Undergraduate Student Loan is a private loan that can be used to help pay for education-related expenses, including tuition and fees. As the name implies, this loan is intended for individuals enrolled in undergraduate studies at an eligible degree-granting institution. Students are encouraged to apply with a creditworthy cosigner; especially if there is a lack of robust credit history or proof of income.
College Ave Career Loan with Success Rewards®
The College Ave Career Loan may be a good option if you need help financing your associate or bachelor’s degree. A benefit program tied to the College Ave Career Loan is Success Rewards, which is a $150 cash back program that gets awarded after degree completion.
College Ave Graduate Student Loans
Graduate student loans from College Ave can cover the expenses related to graduate study and professional degrees, including medical and dental school. The types of loans at the post-baccalaureate level include the following:
- Graduate Student Loan
- Medical Student Loan
- Law School Student Loan
- Dental School Student Loan
- MBA Loan
Student Loan Options for Parents
College Ave Parent Loan
As a parent, you may elect to borrow on behalf of your child instead of having them borrow, and possibly cosign for them. College Ave offers a private parent loan with an opportunity to receive up to $2,500 delivered straight to you to assist with extra educational expenses. The loan will still be certified by your son or daughter’s school, and the bulk (or all) of the loan funds will be sent to the college or university.
Apply for a College Ave Student Loan
Applying for a College Ave student loan is simple. Start by entering your college/university to see if it matches the list of schools College Ave provides loans for on our website. Then simply click on “Apply Now” to be taken to the application page.
You will be prompted to furnish personal information that College Ave will use to determine your eligibility based on creditworthiness. You are strongly encouraged to apply with a cosigner to improve the odds of getting approved, or to potentially qualify for a lower rate.
College Ave Student Loans Cosigner Release
Like many lenders, College Ave does have a cosigner release option available. As you begin to borrow private student loans, you may want to take early notes regarding the requirements your chosen lender has for its cosigner release program. College Ave’s program indicates that you need to get past the halfway mark of the repayment period in order to be considered. From there, you would need to meet certain other conditions to quality, including*:
- Successful on-time payments from the most recent 24-month period
- Ability to demonstrate your income
- Pass a formal credit check
*Other conditions may apply, or change over time
Pros and Cons of College Ave Student Loans
There are always pros and cons of any loan product, and doing your research is important. Here are some things to consider for College Ave Student Loans.
| Pros | Cons |
|---|---|
| Low interest rates and fees (for those with strong credit) | Lowest advertised rates may not be what you qualify for; your rate could be higher based on credit history. Cosigners are often needed. |
| A number of loan products for undergraduate and grad/professional students, as well as parents and refinancing | No federal subsidy (meaning there is no government assistance in paying for the loan) |
| Multiple repayment options, including interest-only while in school | Ineligible for income-driven repayment plans |
| Specialize in student loans | |
| Cosigner release is available |
College Ave Student Loan Refinance
A refinance loan from College Ave may be a great solution if you’re looking to quality for a lower interest rate or reduce your monthly payment. Or it could help if you’re simply trying to streamline your repayment and the number of parties you currently deal with. College Ave does not charge an origination or application fee for their refinance loan (called College Ave Student Loans Refi), and you can include both your federal and private loans. Or you can refinance a single loan. The minimum amount you can refinance is $5,000.
You can check out our other website to apply for the College Ave Student Loans Refi. You may also want to calculate the potential savings impact of refinancing by using our Student Loan Refinance Calculator.
How College Ave Gives Back
College Ave runs a $1,000 monthly scholarship giveaway, in addition to an opportunity to win college textbooks for a year. They have other period scholarship drawings, as well. Additionally, they are involved in community education through hosted workshops and webinars (such as Harlan Cohen’s College Success Night 2020) where they team up with notable guests who help students and families learn about the college planning process.
College Ave Customer Service
College Ave has customer service agents available to help during the application process and beyond. As a measure of improving service to users, the company attempts to make loan information clear up front, with personalization so borrowers can tailor loans to fit their individual needs.
College Ave has partnered with Nationwide Bank and University Accounting Service to help with loan servicing and payment processing. Depending on which stage your loan may be in, you could be provided either of their loan servicer’s contact information for assistance.
College Ave Headquarters
College Ave is a marketplace lender with corporate offices in Wilmington, Delaware. They have approximately 50 employees, but partner with other companies to help address the needs of their customers.