College Ave Student Loans: 2025 Review

Founded in 2014, fintech College  Ave has student loans for parents, undergraduates and graduate students, with a range of repayment terms, from full principal and interest while studying to no in-school payments.

In addition to its lower rates and no co-signing requirement, College Ave is known for its speedy application process: Borrowers can apply and get a decision in as little as three minutes.

We also like that refinancing is available for as much as $500,000 and that, if you’re in financial straits, College Ave offers up to a year of forbearance.

College Ave offers undergraduate, graduate and parent loans, as well as financing for dental school, medical school, health profession degrees, laws school, MBA and career training programs

Refinancing is available from $5,000 up to $500,000, depending on the degree

To be eligible for a College Ave student loan, you must:

• Be 16 or older
• Be a U.S. citizen, permanent resident or DCA recipient, or have a citizen or permanent resident co-sign
• Have a FICO credit score in the mid-600s or apply with a co-signer
• Enrolled at least part-time at a qualifying institution
• Meet the satisfactory academic progress (SAP) requirements set by your school, including a minimum GPA.

Parent loan borrowers must be U.S. citizens or permanent residents and must have a good income and a strong credit history.

The rates and terms of your College Ave loan will vary based on your academic performance, year in school, credit history and other factors

• APR range: 2.95% to 17.99% fixed; 4.24% to 17.99% variable (including autopay discount)
  Loan terms: 5,8,10 or 15-year terms for undergraduate, graduate and professional loans. Up to 20 years for law, dental, medical and health profession loans.
• Loan amounts: $1,000 up to 100% of the cost of attendance. Refinancing available from $5,000 up to $500,000, depending on program
• Refinance terms: 5 to 20 years, both fixed and variable rates range from 6.99% to 13.99% APR (autopay discount included)
• Application or origination fee: No
• Prepayment penalty: No
• Late Fee: After 15 days late, a 5% fee or $25 is charged (whichever is less).

College Ave offers several repayment options for undergraduate and graduate loans:

• Deferred repayment: No payments until after graduation and grace period. Borrowers pay more over the life of the loan if interest is accruing during the grace period.
• Interest repayment: Interest-only payments while the student is enrolled in school. 
• Flat repayment: Fixed $25 monthly payment while the student is enrolled in school.
• Full principal and interest repayment: Full payments begin immediately after the loan is disbursed.

Monthly interest payments on parent loans are required while a student is in school.

College Ave offers several benefits to borrowers

Hardship relief

Grace periods range from 6 to 36 months, depending on the program. Student loans can be deferred while enrolled at least half-time. (Interest payments on parent loans are required while the student is in school.)  Loan forgiveness or discharge is available if the borrower dies or experiences a permanent disability.

Multi-year approval

College Ave’s Multi-Year Peace of Mind® feature allows undergraduates to be approved for loans to cover their entire degree at once. Borrowers must maintain satisfactory academic progress and undergo a soft credit check each term.

Some 90% of undergraduates with a co-signer are approved, according to College Ave

Ambition Student Mastercard®

With College Ave’s Ambition Student Mastercard, on-time payments can build your credit history and cardholders get cash back on all purchases. No credit check or interest or late fees.

Monthly sweepstakes

College Ave offers monthly giveaways to borrowers that can range from $1,000 in gift cards to tech bundles to $5,000 scholarships.

College Ave received an A+ rating from the Better Business Bureau for its transparency, honest advertising and communication with customers.

You can reach out via email at servicing@collegeave.com, use the automated chat feature or chat with a live agent at 844-422-7502, Monday to Friday, 9 a.m. to 9 p.m. ET.

Here’s how College Ave stacks up against two other major lenders in the student loan space.

College Ave vs. SoFi

College Ave and SoFi have comparable rates and terms but SoFi doesn’t have late payment fees and international students aren’t required to have a co-signer.

In addition, SoFi allows parent loans to be transferred, which College Ave doesn’t.

If you want to work with a lender that focuses specifically on student loans, College Ave is the better option. But if you like the idea of keeping all your finances together, SoFi has deposit accounts, mortgages personal loans and investment options.

College Ave vs. Sallie Mae

College Ave has slightly better average rates than but, perhaps more importantly, it offers private parent loans and student loan refinancing options, neither of which Sallie Mae does.

College Ave also gives borrowers the option to make scheduled loan payments while in school.

If you’re having trouble meeting your payments, however, Sallie Mae does offer loan modification, payment extensions and reduced payment plans. 

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every student loan review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of student loan products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties and we pride ourselves on our journalistic standards and ethics.

Catch up on CNBC Select’s in-depth coverage of credit cards, banking and money and follow us on TikTok, Facebook, Instagram and Twitter to stay up to date.