College Ave Student Loans Review

College Ave launched in 2014 to provide private student loans to parents and students. The company offers a wide variety of education loan products through Firstrust Bank, First Citizens Community Bank, and M.Y. Safra Bank, FSB. 

College Ave is ideal for students pursuing graduate degrees. Loan offers go beyond graduate loans, with specialized options for MBAs, dental and medical professionals, and law students.

To help manage repayment, College Ave offers graduate students extended grace periods, while many other lenders allow only six months after graduation before payments begin: 

• Graduate, MBA, law, and health profession loans: 9-month grace period
• Dental student loans: 12-month grace period
• Medical student loans: 36-month grace period

These extended grace periods give graduate students the flexibility to settle into their careers before starting repayment. Just remember that interest accumulates during the grace period, which may cause your loan balance to grow. 

Extended Grace Periods

College Ave

Fox Money rating

Min. Credit Score

Does not disclose

Fixed APR

3.74 - 17.99%

Variable APR

5.59 - 17.99%

Loan Amount

$1,000 up to 100% of the school-certified cost of attendance

Term

5, 8, 10, 15 (20 for health professionals)

Pros and cons

Autopay discount of 0.25 percentage points

No application or origination fees

Multiyear approval available

Graduate, MBA, law, dental, and medical school loans have grace periods between 9 and 36 months

Parent borrowers must make at least interest-only payments while student is in school

Must complete half your repayment term before you’re eligible for cosigner release

More details

Overview

College Ave offers a wide range of in-school loans for nearly every type of degree. There are a number of repayment options, and borrowers can choose a unique eight-year repayment term. Plus, graduate, dental, and medical students receive extended grace periods.

You may get easy funding for multiple years — 90% of undergraduates are approved for additional student loans when they apply with a cosigner. However, it can be difficult to remove a cosigner for your loan later on, as you must complete at least half of your repayment term before becoming eligible. That’s significantly longer than some lenders, which may only require one to two years of payments before releasing a cosigner.

Interest rates

Fixed or variable

Minimum credit score

Does not disclose

Minimum income

Does not disclose

Loan terms

5, 8, 10, or 15 years for most borrowers (law, dental, medical, and other health profession students have up to 20 years)

Loan amounts

$1,000 minimum up to your school’s annual cost of attendance; lifetime limits depend on your degree and credit profile

Cosigner release

Available after more than half of the scheduled repayment period has elapsed and other requirements are met

Eligibility

Must be a U.S. citizen or permanent resident at an eligible institution. International students with a Social Security number and a qualified cosigner may also qualify. Applicants who can’t meet financial, credit, or other requirements may qualify with a cosigner.

To qualify for a College Ave student loan, you must:

• Be a U.S. citizen or permanent resident (international students with a U.S. Social Security number and a qualified cosigner are also eligible).
• Be at least 16 years old.
• Be enrolled at an eligible academic institution.
• Make satisfactory academic progress based on your school's guidelines.
• Meet financial requirements, including a credit score in the mid-600s or higher for cosigners.

Students who don’t meet College Ave’s credit requirements can apply with a cosigner. However, you can only apply for cosigner release after half your loan repayment term has passed. To qualify for release, the student borrower must:

• Have an annual income at least twice the loan balance. 
• Pass a credit review, with no delinquencies in the past year.
• Have no bankruptcies, foreclosures, or repossessions in the last 2 years.

These are much stricter requirements for cosigner release than many competitors impose. 

Here are some of the biggest benefits of taking out a private student loan with College Ave: 

• Extended grace periods for graduate loans: Take advantage of a longer grace period of 9 to 36 months, depending on your degree, compared to the 6 months offered by many other lenders. 
• Specialized loan options: Loans are tailored for different degree programs, including dental, law, medical, MBA, and health professionals.
• Member perks: College Ave offers educational support for borrowers and periodic scholarships and giveaways to provide extra financial help to those in need.
• Multiple repayment options: Choose between 5-, 8-, 10-, and 15-year repayment terms. Law and health profession loan borrowers can opt for a 20-year repayment term. 

While College Ave offers more flexibility in repayment, including a longer grace period for graduate students than some competitors, cosigner release is very difficult to qualify for. To release a cosigner, students must earn at least twice the outstanding loan amount and wait until half the repayment term has passed before applying.

Borrowers who would prefer to have their cosigner freed from responsibility for the debt in a shorter period of time may need to consider a different lender, such as Sallie Mae, which offers cosigner release after just 12 on-time payments.

To apply for a College Ave student loan:

Unlike many lenders that offer limited repayment term options, College Ave lets you pick any term between five and 20 years. This makes it easy to find a plan that fits your monthly budget. A shorter term, like five years, can help you save on interest, but means higher monthly payments. A longer term, like 18 years, lowers your monthly payments, but it means you’ll pay more interest over time and be in debt for longer. 

As of June 27, 2024, variable and fixed rates on College Ave refinance loans range from 6.99% to 13.99% APR.

Pros

• Choose any repayment term between 5 and 20 years.
• Prequalify without impacting your credit.
• Get free financial resources for borrowers.

Cons

• Only borrowers who have graduated can refinance.
• Parent loans can’t be refinanced.
• The minimum credit score requirement is not disclosed.

Here are the requirements to be eligible for a refinance loan with College Ave:

• You must be at least 18 years old.
• You must be a U.S. citizen or permanent resident.
• You must be named on the loan that you are refinancing (parent loans do not qualify).
• You must have graduated from an eligible school and program. Current students can’t refinance their loans.
• You must meet the underwriting requirements that take income and credit score into account. These specific requirements are not disclosed. 

While you do not have to apply with a cosigner for refinance loans, you have the option to do so. However, cosigner release is much more difficult to qualify for with College Ave, as half your payment term must be completed, and you must earn an annual income that’s at least double the outstanding loan amount. 

• Flexible repayment terms: Choose from a wide range of different repayment terms, giving you more control over your finances.
• No fees: You won’t be charged any application, origination, or prepayment penalty fees. However, note that the lender does charge late fees. 
• Prequalify without impacting your credit: You can prequalify without a hard credit check, so you can explore your options without affecting your credit score. 

The minimum loan amount you can refinance with College Ave is $5,000, and the maximum is $300,000, or $500,000 for those borrowers with medical, dental, pharmacy, or veterinary doctorate degrees. Borrowers with very low or high loan balances may find that College Ave isn't the best choice. You also must have earned a degree to be eligible to refinance, while some lenders do not have this requirement. 

Follow these steps to apply for a College Ave refinance loan: 

Be aware that a hard credit check will be performed during the application process, which may temporarily lower your credit score. 

College Ave is a trusted lending provider. The company has been in business since 2014, and it has an A+ rating from the Better Business Bureau. It also earned 3.38 out of a possible 5 stars among reviewers on the Better Business Bureau website, while some financial service providers receive lower customer ratings.

College Ave requires you to pass their underwriting process, including meeting income and credit score requirements. While the exact credit data is not disclosed, the lender indicates scores in the mid-600s or above are needed for cosigners. Borrowers who cannot qualify on their own can apply with a cosigner. 

College Ave does not disclose a specific minimum credit score, but if you have a cosigner with a score in the mid-600s or higher, you don’t have to meet a minimum credit score requirement. 

You can get approved for a College Ave student loan within three minutes with the company's simple online application. 

Christy Bieber

Christy Bieber has been working full-time as a freelance writer since 2008. She has written blogs, news articles, textbooks, and online courses on the topics of law, finance, and history. She lives with her husband, two children, and beagle.

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