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College Ave is a relatively new company in the student loan market, but they’re already one of the best student loan lenders. What sets College Ave apart from the competition is their range of loan terms – anywhere from 5 to 20 years – so you can find the closest match to your budget and payment goals.
In this review, we’ll go over everything you need to know about refinancing your student loans with College Ave, so you can decide if they’re the right lender for you.
See the $300 bonus offer for student loan refinancing from Splash Financial here.
College Ave Student Loan Refinance In A Nutshell
| Loan Terms | 5 to 20 years |
| Loan Amounts | $5,000 to $150,000 Up to $300,000 for those with medical, dental, pharmacy or veterinary degrees |
| Loan Types | Variable, fixed |
| Cosigner | Yes |
| Autopay Discount | 0.25% |
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College Ave Student Loan Refinance Features
College Ave provides 16 repayment terms spanning 5 to 20 years, so they’re a good option if you want an atypical term, like six or nine years. This flexibility allows you to design a loan that fits your timeline and avoid paying more overall by extending your term. Other features include:
Prequalification
Gauge your qualifications for refinancing with College Ave without having to go through a hard credit pull. It requires your Social Security number, estimated annual income and borrowing amount, and it only takes one minute.
Customer Service
If you have any questions, you can contact College Ave via live chat, text, phone or email.
College Ave Student Loan Refinance Fees
| Application Fee | None |
| Origination Fee | None |
| Prepayment Penalty | None |
| Late Fee | 5% of the unpaid amount or $25 |
College Ave does not charge an application fee nor origination fee for consolidating your student loans. There’s also no penalty charge for prepayment. However, if your payment is more than 15 days late, College Ave will charge you 5% of the unpaid amount or $25, whichever is greater.
College Ave Student Loan Refinance Requirements
To qualify for student loan refinancing with College Ave, you need to meet certain financial requirements:
- Minimum credit score in the upper 600s
- Minimum income of $38,000 annually
- Maximum debt-to-income ratio of 50%
Typical approved borrowers and cosigners have a credit score in the mid-700s with an income of over $100,000 per year. You will not qualify if you have filed for bankruptcy.
Applicants must be a United States citizen or permanent resident and must have an associate degree or higher.
College Ave Student Loan Refinance Limitations
Before applying to refinance your student loans with College Ave, you should consider the following:
- No cosigner release available
- You cannot refinance a loan if you don’t have a degree
- You cannot refinance your parent’s PLUS loan in your name
- Loans are not available if you live in Maine
- No academic deferment if you return to school
Bottom Line
College Ave offers student loan refinancing with multiple repayment options, anywhere from five to twenty years. It’s easy to prequalify without a hard credit inquiry or any commitment, but College Ave is less generous when it comes to cosigner release and forbearance.
Looking for more borrower protections? Discover student loan refinance is one of the best when it comes to repayment assistance options.
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Editorial Disclaimer: Opinions expressed here are author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.
Disclaimer: These responses are not provided or commissioned by the bank advertiser, credit card issuer, hotel, airline or other entity. Responses have not been reviewed, approved or otherwise endorsed by any of the entities included within the post. It is not the bank advertiser's or any other entity's responsibility to ensure all posts and/or questions are answered.