After college scholarships and federal student loans, many families still need to access funds to pay the rest of their college bill. That\u2019s where private student loans tend to come in. Choosing the right company is an important financial decision, but it doesn’t have to be stressful.<\/p>\n
College Ave, which focuses exclusively on student loans, offers a wide array of loans and repayment terms, whether you\u2019re a parent looking for loans to help your undergraduate or an aspiring doctor shopping for med school loans. College Ave\u2019s quick approval process and customer service also contribute to making it one of our best student loan companies.<\/p>\n
Table of contents<\/h2>\n\n\nAds by Money. We may be compensated if you click this ad.<\/span>Ad<\/span>![\"Ads](\"https:\/\/s3.money.com\/prd\/image\/image\/15240\/163e573e-202a-466a-b8b8-93da65db2b13.png\"\/)
<\/span><\/div>\n<\/div>\n<\/div>\nCollege Ave student loan overview<\/h2>\n
College Ave<\/a> is a lender that specializes in student loans<\/a>. In fact, that\u2019s the only kind of loan the company has offered since it was founded in 2014. College Ave operates strictly online and has done a lot of work to streamline the loan application process, loan funding and loan repayment.<\/p>\n\n\n\n- Multiple repayment terms to choose from<\/li>\n
- Quick application and approval process<\/li>\n
- Parent loans available<\/li>\n<\/ul>\n<\/div>\n\n
\n- Cosigner release not offered until half the repayment term has passed
\n <\/li>\n
- Late payment fee of up to $25<\/li>\n<\/ul>\n<\/div>\n<\/div>\n
College Ave has a prequalification tool to allow borrowers to see the loan terms they\u2019re eligible for with only a soft credit check. If you do decide to apply for a loan, the process is quick and simple \u2014 taking just a few minutes.<\/p>\n
College Ave has loans specifically for parents (not all private lenders do), and unlike other lenders that may have just one or two available repayment terms, College Ave\u2019s customers can choose from between four or five repayment terms on most of its loans.<\/p>\n
The lender offers cosigner releases. But to apply, a borrower must have already paid through half of the original repayment term. So, for example, if your term was 10 years long, you cannot apply for cosigner release until you\u2019ve made five years of payments. That\u2019s much longer than other lenders, who typically allow borrowers to apply for cosigner releases after a year or two of on-time payments.<\/p>\n
While College Ave doesn\u2019t charge origination fees, you will be charged a fee for late payments.<\/p>\n
College Ave services<\/h2>\n
College Ave offers loans for undergraduate students and parents looking to borrow for their children\u2019s education. It also offers several types of loans for graduate students, including for MBA programs, medical school and law school. It offers student loan refinancing, too.<\/p>\n
What the lender offers: Private student loans<\/h3>\n\n\n\n\n\n\nIn-school Repayment Options<\/p>\n<\/p><\/div>\n<\/div>\n<\/div>\n
\n\n\n$1,000 to total cost of attendance<\/p>\n<\/p><\/div>\n
\nDeferred<\/p>\n
Interest-only<\/p>\n
Flat Monthly<\/p>\n<\/p><\/div>\n<\/div>\n
\n\n$1,000 to total cost of attendance<\/p>\n<\/p><\/div>\n
\nDeferred<\/p>\n
Interest-only<\/p>\n
Flat Monthly<\/p>\n<\/p><\/div>\n<\/div>\n
\n\n$1,000 to total cost of attendance<\/p>\n<\/p><\/div>\n
\nDeferred<\/p>\n
Interest-only<\/p>\n
Flat Monthly<\/p>\n<\/p><\/div>\n<\/div>\n
\n\n$1,000 to total cost of attendance<\/p>\n<\/p><\/div>\n
\nDeferred<\/p>\n
Interest-only<\/p>\n
Flat Monthly<\/p>\n<\/p><\/div>\n<\/div>\n
\n\n$1,000 to total cost of attendance<\/p>\n<\/p><\/div>\n
\nDeferred<\/p>\n
Interest-only<\/p>\n
Flat Monthly<\/p>\n<\/p><\/div>\n<\/div>\n
\n\n$1,000 to total cost of attendance<\/p>\n<\/p><\/div>\n
\nDeferred<\/p>\n
Interest-only<\/p>\n
Flat Monthly<\/p>\n<\/p><\/div>\n<\/div>\n
\n\n$1,000 to total cost of attendance<\/p>\n<\/p><\/div>\n
\nInterest-only<\/p>\n
Interest-plus partial principal<\/p>\n<\/p><\/div>\n<\/div>\n
\n\n$1,000 to total cost of attendance<\/p>\n<\/p><\/div>\n
\nDeferred<\/p>\n
Interest-only<\/p>\n
Flat Monthly<\/p>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n
Borrowers can choose among four repayment options, including making interest-only payments while in school or choosing to wait to make payments until after graduation. The company also allows students and parents to select from various loan terms, ranging from five years to 20 years, depending on your loan type. That\u2019s more choices than those offered by some well-known student loans lenders like Discover and Sallie Mae.<\/p>\n
For borrowers struggling financially when it comes time to pay back the loans, College Ave offers up to 12 months of hardship forbearance over the life of a loan. Individual forbearance periods are usually between three and six months, depending on the situation.<\/p>\n
The choices you make about your loan and repayment term will, of course, affect the lifelong cost of your loan and your monthly payments. Your loan amount is a major factor in determining the interest rates you\u2019ll be offered. You can borrow up to 100% of your educational expenses, but the less you borrow, the more likely you are to get a low rate from College Ave. Similarly, a ten-year repayment term will earn you a lower rate than a 20-year repayment period. The shorter your loan term, the lower your interest payments will be over the life of your loan.<\/p>\n
What the lender doesn\u2019t offer<\/h3>\n
College Ave is a private lender, so you cannot borrow federal student loans, including parent PLUS loans, through the company.<\/p>\n
College Ave does offer what it calls \u201ccareer loans,\u201d but these are more limited than other lenders’ career prep loans. To apply, you still must be enrolled at an eligible institution in an associate\u2019s, bachelor\u2019s or graduate degree program. So if you\u2019re in a certificate program or other trade school, you\u2019ll have to find another loan provider.<\/p>\n
College Ave\u2019s loan qualifications<\/h3>\n
College Ave\u2019s eligibility requirements are in line with most other student loan lenders. Your eligibility for College Ave private student loans depends on these primary criteria:<\/p>\n
\n- Attending an eligible school<\/li>\n
- Being a U.S. citizen\/permanent resident or an international student with a U.S. Social Security number and eligible co-signer<\/li>\n
- Having a credit score in the mid 600s or an eligible co-signer<\/li>\n<\/ul>\n
The company also has a standard range of credit factors it considers. These include certain income requirements you or your cosigner must meet, though College Ave doesn’t disclose income cutoffs. The company will also consider your annual income compared to the amount of debt you already carry, also known as your debt-to-income ratio.<\/p>\n
\n\nAds by Money. We may be compensated if you click this ad.<\/span>Ad<\/span><\/span><\/div>\n<\/div>\n<\/div>\nCollege Ave\u2019s credentials<\/h2>\n
Founded in 2014, College Ave is a relative newcomer to the student loan scene. But the company has quickly established itself as a competitive option for student borrowers \u2014 appearing on many lists of top student loan lenders. The company has attracted many rounds of venture capital funding over the years and has enjoyed steady growth since its inception.<\/p>\n
College Ave loan products are made available by Firstrust Bank, which is covered by the Federal Deposit Insurance Corporation (FDIC). After you take out your loans, you\u2019ll make your payments through College Ave, using the lender\u2019s interface. The company also provides a mobile app.<\/p>\n
Licenses and registrations<\/h3>\n
College Ave is licensed to do business and offers loans in all 50 states. The business has been accredited by the Better Business Bureau since 2015.<\/p>\n
Third-party ratings<\/h3>\n
College Ave earns an A- rating from S&P Global Ratings for its long-term credit outlook. Neither the company itself, nor the bank that funds its loans is rated by Moody\u2019s or Fitch.<\/p>\n
Regulatory and legal actions<\/h3>\n
Our search of the Consumer Financial Protection Bureau\u2019s database found 46 complaints against College Ave over the past three years. Among the complaints, 31 had to do with private student loans. Of those, 11 had to do with borrowers who said they weren\u2019t able to get flexible repayment options or their payments were properly handled, and two cited issues with the customer service College Ave provides.<\/p>\n
College Ave\u2019s accessibility<\/h2>\n
College Ave services are available online and, once you\u2019ve opened an account, via its mobile app. The College Ave mobile app earns 2 out of 5 stars from users on the Apple App Store. That review is based on 43 ratings. The app has a 4.9 rating, based on 13 reviews, on Google Play.<\/p>\n
Availability<\/h3>\n
College Ave offers a number of ways to get in touch. You can chat live with a company representative directly from the company\u2019s website. You can text message the company at 855-910-0510. The company offers separate phone lines for students who need help applying for a loan and those who already have one and need to discuss repayment or make payments by phone. Nowadays, most people don\u2019t want to take the time to mail a letter, but sometimes it\u2019s a good idea for documentation purposes. You can mail College Ave at its headquarters, located at 33 North King Street, Suite 400, Wilmington, DE 19801.<\/p>\n
Contact Information<\/h3>\n
<\/span><\/div>\n<\/div>\n<\/div>\nCollege Ave student loan overview<\/h2>\n
College Ave<\/a> is a lender that specializes in student loans<\/a>. In fact, that\u2019s the only kind of loan the company has offered since it was founded in 2014. College Ave operates strictly online and has done a lot of work to streamline the loan application process, loan funding and loan repayment.<\/p>\n College Ave has a prequalification tool to allow borrowers to see the loan terms they\u2019re eligible for with only a soft credit check. If you do decide to apply for a loan, the process is quick and simple \u2014 taking just a few minutes.<\/p>\n College Ave has loans specifically for parents (not all private lenders do), and unlike other lenders that may have just one or two available repayment terms, College Ave\u2019s customers can choose from between four or five repayment terms on most of its loans.<\/p>\n The lender offers cosigner releases. But to apply, a borrower must have already paid through half of the original repayment term. So, for example, if your term was 10 years long, you cannot apply for cosigner release until you\u2019ve made five years of payments. That\u2019s much longer than other lenders, who typically allow borrowers to apply for cosigner releases after a year or two of on-time payments.<\/p>\n While College Ave doesn\u2019t charge origination fees, you will be charged a fee for late payments.<\/p>\n College Ave offers loans for undergraduate students and parents looking to borrow for their children\u2019s education. It also offers several types of loans for graduate students, including for MBA programs, medical school and law school. It offers student loan refinancing, too.<\/p>\n In-school Repayment Options<\/p>\n<\/p><\/div>\n<\/div>\n<\/div>\n $1,000 to total cost of attendance<\/p>\n<\/p><\/div>\n Deferred<\/p>\n Interest-only<\/p>\n Flat Monthly<\/p>\n<\/p><\/div>\n<\/div>\n $1,000 to total cost of attendance<\/p>\n<\/p><\/div>\n Deferred<\/p>\n Interest-only<\/p>\n Flat Monthly<\/p>\n<\/p><\/div>\n<\/div>\n $1,000 to total cost of attendance<\/p>\n<\/p><\/div>\n Deferred<\/p>\n Interest-only<\/p>\n Flat Monthly<\/p>\n<\/p><\/div>\n<\/div>\n $1,000 to total cost of attendance<\/p>\n<\/p><\/div>\n Deferred<\/p>\n Interest-only<\/p>\n Flat Monthly<\/p>\n<\/p><\/div>\n<\/div>\n $1,000 to total cost of attendance<\/p>\n<\/p><\/div>\n Deferred<\/p>\n Interest-only<\/p>\n Flat Monthly<\/p>\n<\/p><\/div>\n<\/div>\n $1,000 to total cost of attendance<\/p>\n<\/p><\/div>\n Deferred<\/p>\n Interest-only<\/p>\n Flat Monthly<\/p>\n<\/p><\/div>\n<\/div>\n $1,000 to total cost of attendance<\/p>\n<\/p><\/div>\n Interest-only<\/p>\n Interest-plus partial principal<\/p>\n<\/p><\/div>\n<\/div>\n $1,000 to total cost of attendance<\/p>\n<\/p><\/div>\n Deferred<\/p>\n Interest-only<\/p>\n Flat Monthly<\/p>\n<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n Borrowers can choose among four repayment options, including making interest-only payments while in school or choosing to wait to make payments until after graduation. The company also allows students and parents to select from various loan terms, ranging from five years to 20 years, depending on your loan type. That\u2019s more choices than those offered by some well-known student loans lenders like Discover and Sallie Mae.<\/p>\n For borrowers struggling financially when it comes time to pay back the loans, College Ave offers up to 12 months of hardship forbearance over the life of a loan. Individual forbearance periods are usually between three and six months, depending on the situation.<\/p>\n The choices you make about your loan and repayment term will, of course, affect the lifelong cost of your loan and your monthly payments. Your loan amount is a major factor in determining the interest rates you\u2019ll be offered. You can borrow up to 100% of your educational expenses, but the less you borrow, the more likely you are to get a low rate from College Ave. Similarly, a ten-year repayment term will earn you a lower rate than a 20-year repayment period. The shorter your loan term, the lower your interest payments will be over the life of your loan.<\/p>\n College Ave is a private lender, so you cannot borrow federal student loans, including parent PLUS loans, through the company.<\/p>\n College Ave does offer what it calls \u201ccareer loans,\u201d but these are more limited than other lenders’ career prep loans. To apply, you still must be enrolled at an eligible institution in an associate\u2019s, bachelor\u2019s or graduate degree program. So if you\u2019re in a certificate program or other trade school, you\u2019ll have to find another loan provider.<\/p>\n College Ave\u2019s eligibility requirements are in line with most other student loan lenders. Your eligibility for College Ave private student loans depends on these primary criteria:<\/p>\n The company also has a standard range of credit factors it considers. These include certain income requirements you or your cosigner must meet, though College Ave doesn’t disclose income cutoffs. The company will also consider your annual income compared to the amount of debt you already carry, also known as your debt-to-income ratio.<\/p>\n Founded in 2014, College Ave is a relative newcomer to the student loan scene. But the company has quickly established itself as a competitive option for student borrowers \u2014 appearing on many lists of top student loan lenders. The company has attracted many rounds of venture capital funding over the years and has enjoyed steady growth since its inception.<\/p>\n College Ave loan products are made available by Firstrust Bank, which is covered by the Federal Deposit Insurance Corporation (FDIC). After you take out your loans, you\u2019ll make your payments through College Ave, using the lender\u2019s interface. The company also provides a mobile app.<\/p>\n College Ave is licensed to do business and offers loans in all 50 states. The business has been accredited by the Better Business Bureau since 2015.<\/p>\n College Ave earns an A- rating from S&P Global Ratings for its long-term credit outlook. Neither the company itself, nor the bank that funds its loans is rated by Moody\u2019s or Fitch.<\/p>\n Our search of the Consumer Financial Protection Bureau\u2019s database found 46 complaints against College Ave over the past three years. Among the complaints, 31 had to do with private student loans. Of those, 11 had to do with borrowers who said they weren\u2019t able to get flexible repayment options or their payments were properly handled, and two cited issues with the customer service College Ave provides.<\/p>\n College Ave services are available online and, once you\u2019ve opened an account, via its mobile app. The College Ave mobile app earns 2 out of 5 stars from users on the Apple App Store. That review is based on 43 ratings. The app has a 4.9 rating, based on 13 reviews, on Google Play.<\/p>\n College Ave offers a number of ways to get in touch. You can chat live with a company representative directly from the company\u2019s website. You can text message the company at 855-910-0510. The company offers separate phone lines for students who need help applying for a loan and those who already have one and need to discuss repayment or make payments by phone. Nowadays, most people don\u2019t want to take the time to mail a letter, but sometimes it\u2019s a good idea for documentation purposes. You can mail College Ave at its headquarters, located at 33 North King Street, Suite 400, Wilmington, DE 19801.<\/p>\n\n
\n
College Ave services<\/h2>\n
What the lender offers: Private student loans<\/h3>\n
What the lender doesn\u2019t offer<\/h3>\n
College Ave\u2019s loan qualifications<\/h3>\n
\n
<\/span><\/div>\n<\/div>\n<\/div>\nCollege Ave\u2019s credentials<\/h2>\n
Licenses and registrations<\/h3>\n
Third-party ratings<\/h3>\n
Regulatory and legal actions<\/h3>\n
College Ave\u2019s accessibility<\/h2>\n
Availability<\/h3>\n
Contact Information<\/h3>\n