College Ave student loans review: Lender with low APRs and a variety of repayment term lengths

College Ave offers some of the best rates on undergraduate student loans and has repayment term lengths of five, eight, 10, and 15 years. ...
College Ave student loans logo on Personal Finance pattern background

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Pros and cons

Pros Cons
  • Low APRs
  • Multiple repayment term lengths
  • No origination fee
  • No prepayment penalty
  • Several customer support options
  • Late payment penalty
  • No signup perks like competitors

College Ave undergraduate student loans

College Ave Undergraduate Student Loans

College Ave Undergraduate Student Loans offers competitive fixed and variable APRs on its undergraduate student loans and doesn't charge any origination or prepayment fees. Additionally, you have a variety of term lengths you can pick, including five, eight, 10, and 15-year periods.

You will pay a late payment fee with College Ave, and a credit check is required to take out a loan.

College Ave graduate student loans

College Ave Graduate Student Loans's graduate student loans aren't quite as good of an offering as its undergraduate students loans, as the lender has middle-of-the-pack APRs compared to competitors and comes with no extra perks. On the plus side, the company offers many term lengths and doesn't come with any origination or prepayment fees.

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How College Ave student loans work

College Ave Undergraduate Student Loans offers student loans for a variety of degree types, including undergraduate, graduate, career training, dental, law school, MBAs, and health professions.

To get a loan, you must meet the following qualifications:

  • Be a US citizen or permanent resident or an international student with a Social Security number and eligible cosigner
  • Be enrolled in a degree-granting school half-time or more
  • Be making satisfactory academic progress as defined by your school
  • Pass a credit check

You should think about your federal student loan options before applying for any private student loan, including one with College Ave, as you can usually get more favorable terms and protections through the government.

You can apply for a loan in as little as three minutes, and you'll need to provide the following information:

  • Contact information
  • Date of birth
  • Social Security number
  • Household income
  • School of attendance and your cost of attendance
  • Expected graduation date
  • Loan amount

There are several options you can choose to contact College Ave's customer support. You can call the company from 9 a.m. to 10 p.m. ET Monday through Friday, or on Saturday from 9 a.m. to 3 p.m. ET. You have the option to text the lender as well. College Ave also has a live chat feature on its website where you can message a representative. Additionally, you can email the company.

What options do I have to repay my College Ave student loans?

You have four options to repay your student loan after you've taken it out: deferred, flat, interest-only, and full payment. Each option has its advantages for different types of borrowers.

Deferred Fixed Interest-only Full payment
  • No payments while in school and during six-month grace period
  • Unpaid interest accrues
  • Highest overall cost
  • Pay $25 per month while in school and during six-month grace period
  • Unpaid interest accrues
  • Low in-school payments
  • Pay loan's interest monthly while in school and during six-month grace period
  • Moderate in-school payments
  • Repay principal plus interest while in school and during six-month grace period
  • Lowest overall cost
  • Highest in-school payments

Is College Ave trustworthy?

College Ave Undergraduate Student Loans is a Better Business Bureau-accredited company that has an A+ in trustworthiness from the BBB. The BBB evaluates trustworthiness by looking at business' replies to consumer complaints, honesty in advertising, and clarity about business practices.

That said, you won't necessarily have a great relationship with College Ave just because the business has a top-notch BBB rating. You should check in with your friends and family and ask them about their experiences with the lender and read customer reviews online.

College Ave doesn't have any recent public controversies, so you might decide you're comfortable taking out a student loan with the company.

How College Ave student loans compares to similar lenders

College Ave Undergraduate Student Loans rates are lower than those offered by comparable lenders – though rates are contingent on your creditworthiness and other financial factors. Here's how College Ave compares to the competition:

CASL logo

sallie mae logo

discover bank logo

Undergraduate APR

Fixed: 3.34% – 12.99%

Variable: 1.04% – 11.98%

Undergraduate APR

Fixed: 4.25% – 12.60%

Variable: 1.13% – 11.23%

Undergraduate APR

Fixed: 4.24% – 11.99%

Variable: 1.24% – 10.34%


Late fee of 5% of the amount due, capped at $25


Late fee of 5% of the amount due, capped at $25



College Ave Undergraduate Student Loans Sallie Mae Undergraduate Student Loans

Discover Undergraduate Student Loans

College Ave review vs. Sallie Mae review

If you have good credit, you'll likely get a better APR with College Ave than with Sallie Mae, as College Ave has a lower minimum rate.

Neither company will charge origination fees or prepayment penalties, but you will pay a 5% late payment fee, up to $25, with both lenders.

College Ave will give you your rate and tell you if you've been approved for a loan via a soft credit check, which will have no impact on your credit score. With Sallie Mae, the lender will perform a hard credit inquiry to determine your eligibility, which might negatively affect your credit score.

College Ave review vs. Discover review

College Ave has a lower minimum APR to Discover, and both have similar maximum APRs. College Ave may be the better choice if you have an excellent credit history.

Discover has only one standard term available on its undergraduate student loans, 15 years, while you can choose from term lengths of five, eight, 10, and 15 years with College Ave.

Related Content Module: More on Loans

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