College Ave Student Loans Review for 2025

by Alex Hillsberg , MA

Student Finance & Loan Expert

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In the first quarter of 2024, only around 9% of student loans in the United States were from private lenders. One of the main reasons is the high interest rates, making private loans one of the riskiest ways to finance a college education. But because resorting to private lending companies can’t be helped sometimes, it's crucial to determine which private lender to trust. In this article, we’ll introduce you to College Ave, a prominent private lending company, as well as provide important information about College Ave student loans.

Key Things You Should Know About College Ave Student Loans for 2025

• College Ave’s undergraduate loans cover up to 100% of the cost of attendance.
• College Ave offers more repayment options and a nine-month grace period, longer than most private lenders.
• In 2024, College Ave's student loan rates start at 3.89% for fixed rates and 5.59% for variable rates.

Table of Contents

1. What types of student loans does College Ave offer?
2. What do College Ave student loans cover?
3. What are the repayment options for College Ave student loans?
4. Can I refinance my existing student loans with College Ave?
5. What are the current interest rates for College Ave student loans?
6. Does College Ave offer any rewards or incentives for borrowers?
7. Is loan forgiveness available for College Ave student loans?
8. What additional expenses can College Ave loans support?
9. How do I apply for a College Ave student loan?
10. What are the potential risks and drawbacks of College Ave student loans?
11. Is selecting an easier doctoral degree a financially strategic decision?
12. Can alternative career paths minimize your reliance on student loans?
13. Can College Ave student loans fund non-traditional and online education programs?
14. When is cosigner release available for College Ave student loans?
15. Which tax benefits or considerations apply to College Ave student loans?
16. What are the eligibility and documentation requirements for College Ave student loans?
17. How do I contact College Ave student loans customer service?
18. How do College Ave student loans compare to other private lenders?
19. What borrower protections and dispute resolution options exist?
20. Can College Ave student loans support specialized education programs, including aviation?
21. What options do parents with bad credit have for funding education?
22. Other Things You Should Know About College Ave Student Loans

What types of student loans does College Ave offer?

Around 7.3% of students use student loans from a private source like College Ave, which offers various types of loans, including the following:

Undergraduate Loans

Designed for students pursuing associate or bachelor's degrees, College Ave’s undergraduate loans cover up to 100% of the cost of attendance with flexible repayment options that fit various budgets. Repayment options include full principal and interest, interest-only, or a flat $25 monthly payment during school. No payments are required while in school, and a cosigner can be included. Interest rates start at 5.59% for variable and 3.89% for fixed with loan term options of 5, 8, 10, or 15 years.

Graduate Loans

College Ave's Graduate Loans are available for students pursuing master's, doctoral, and professional degrees. These loans offer flexible repayment options with no origination fees. They are designed for U.S. citizens, permanent residents enrolled in eligible institutions, and international students with a U.S. Social Security number and a qualified U.S. citizen cosigner. This flexibility and inclusivity make College Ave a convenient option for a diverse range of graduate students.

Career Loans

College Ave's career loans are designed for students in associate, bachelor’s, and graduate programs at select institutions. These loans cover up to 100% of the cost of attendance, with a maximum of $80,000 per loan for undergraduate and non-health graduate programs. Meanwhile, graduate health professions like medicine, nursing, and pharmacy can get a student loan of up to $150,000. Students can choose their specific program of study in the application, including options for dental, health professions, and medical fields. This ensures tailored financial support for various career paths.

Graduate-specific Loans

College Ave also offers graduate loans for specific degrees, such as the following:

• Dental School Loans: Designed for students enrolled in Doctor of Dental Surgery (DDS) or Doctor of Medicine in Dentistry (DMD) programs at eligible schools. These loans cover 100% of the costs for a professional dental degree with loan terms ranging from 5 to 20 years. There are four repayment options, a 12-month grace period, and a residency deferment option that allows students to postpone payments during residency programs. This comprehensive financial support is tailored specifically for dental students.
• MBA Student Loans: College Ave's MBA Student Loans can cover up to 100% of your MBA degree costs, excluding any federal aid, grants, or scholarships. The loan terms range from 5 to 15 years, and you can defer repayment until after completing your MBA, providing flexibility to fit your financial situation.
• Law School Student Loans: College Ave's Law School Student Loans cover up to 100% of the costs for a law degree, minus any federal loans, grants, scholarships, or other aid. They offer loan terms ranging from 5 to 20 years, with four repayment options and a nine-month grace period. For additional financial support, they also provide a Bar Study Loan, which covers bar exam fees, test prep fees, and living expenses for recent graduates.
• Medical School Loan: This is designed for students in doctoral programs such as Doctor of Medicine, osteopathic medicine, veterinary medicine, or podiatric medicine. These loans cover all medical school costs, with options to defer repayment during residency and fellowship. Loan terms range from 5 to 20 years, with a 36-month grace period to defer repayment start during residency. There is no penalty for early payments, and any payments made during residency can reduce accrued interest, offering flexibility and financial relief during training.
• Graduate Health Professions Student Loans: College Ave's Graduate Health Professions Student Loans are tailored for students pursuing graduate or doctoral degrees in fields like nursing, physician's assistant, occupational therapy, and physical therapy. These loans can cover up to 100% of the cost of attendance. They offer a grace period of nine months and allow deferment of full payments for up to 48 months during a fellowship or residency. Loan terms can extend up to 20 years, providing flexibility for repayment.

College Ave's Parent Loans

Available to parents, grandparents, guardians, or other family members financing a student’s education. They offer flexible repayment options with no origination fees and loan terms ranging from 5 to 15 years. Loan approval depends on the applicant's credit history and income review.

What do College Ave student loans cover?

College Ave student loans cover essential educational expenses such as tuition and fees, food and housing, rent, bills, utilities, meal plans, groceries, books, supplies, and necessary equipment like computers or printers. Additionally, transportation costs are included, ensuring students have comprehensive financial support for their academic needs.

However, these loans do not cover personal expenses such as paying off existing debt, spring break trips, or buying new clothes. The primary focus is on supporting educational and living costs directly related to students' studies. To manage non-educational expenses, some students may consider taking out a different loan. According to the National Center for Education Statistics, the majority of undergraduate students with student loans are from private for-profit institutions.

Percentage of First-time, Full-time Degree Seeking Undergraduate Students with Student Loans, 2020–21

Source: NCES, 2023

Designed by

What are the repayment options for College Ave student loans?

College Ave student loans offer several repayment options, including:

• Full principal and interest payments: Pay both principal and interest while in school.
• Interest-only payments: Pay only the interest while in school.
• Flat $25 payments: Make small, fixed payments while in school.
• Deferred payments: Begin full payments after a grace period following graduation.

Below are the available repayment terms for each type of student loan:

• Undergraduate/career loans: Terms of 5, 8, 10, or 15 years with no prepayment penalties.
• Graduate loans: Terms of 5, 8, 10, or 15 years. Health professions, medical, dental, and law school loans can extend up to 20 years with no prepayment penalties.
• Parent loans: Terms range from 5 to 15 years, with no prepayment penalties.

Over the past decade, student debt in the U.S. has steadily increased. However, in 2022, there was a slight shift as the national student loan debt decreased compared to the previous year.

Can I refinance my existing student loans with College Ave?

Yes, you can refinance your existing student loans with College Ave. Refinancing is available to U.S. citizens or permanent residents who have graduated from an eligible school and program. You can refinance loan amounts starting at $5,000, with a maximum of $500,000 for medical, dental, pharmacy, or veterinary doctorates, $300,000 for other graduate or professional degrees, and $150,000 for all other undergraduate or graduate degrees.

About 43% of students in the U.S. who have student loans are on a standard 10-year or shorter repayment plan with fixed payments. College Ave offers flexible refinancing terms ranging from 5 to 20 years, accommodating various financial situations. By consolidating multiple loans, you can potentially lower your interest rate and monthly payments, tailoring your repayment plan to your needs. With no prepayment penalties, you can pay off your loan faster if possible, providing added flexibility in managing your finances.

What are the current interest rates for College Ave student loans?

Below are the interest rates for College Ave’s student loans as of 2024:

Does College Ave offer any rewards or incentives for borrowers?

College Ave provides several rewards and incentives for borrowers. They offer a monthly scholarship sweepstakes where students can win $1,000 to assist with educational costs. Additionally, borrowers can receive a cash back reward of up to $250 upon completing the loan process. The scholarship sweepstakes is open to any current high school student, college student, or their parent or legal guardian who is a U.S. citizen or permanent resident.

With the U.S. having the highest average cost of college by country, these incentives are aimed at reducing the financial strain on students and offering additional support throughout their academic journey.

Is loan forgiveness available for College Ave student loans?

Unfortunately, College Ave student loans do not qualify for loan forgiveness. However, options like deferment and forbearance can provide temporary relief. Here are some situations where you might be able to defer your loans:

• School deferment: If you return to school and are enrolled at least half-time, you can defer your loan payments until you finish your studies.
• Internship, fellowship, or residency deferment: Students participating in internships, fellowships, clerkships, or residencies may qualify for deferment.
• Service deferment: For members of the Armed Forces and National Guard, College Ave provides deferment if they are called to active duty for over 30 days. Documentation of service and active duty status may be necessary.
• Unemployment deferment: If you’ve become unemployed, you may qualify for deferment. This can provide financial relief while you search for a new job.
• Temporary financial difficulties: If you're experiencing financial hardship, such as large medical expenses, you might be eligible for deferment. Documentation of your financial situation may be necessary.

As of mid-July 2023, data on the Public Service Loan Forgiveness (PSLF) program shows that approximately 662,000 borrowers have qualified for forgiveness under the limited PSLF waiver. The majority of these borrowers are located in California and New York.

What additional expenses can College Ave loans support?

While College Ave primarily focuses on covering essential educational costs, many borrowers question the broader scope of expenses these loans can address. Beyond tuition and required school fees, borrowers can use College Ave loans for necessary living expenses such as rent, utilities, groceries, and transportation. This allows students to manage their day-to-day costs effectively while pursuing academic goals. Students often inquire whether these funds can be stretched to support personal or non-educational expenses. Although these loans are not designed for purposes like repaying existing debts, funding leisure activities, or indulging in non-essential purchases, they adeptly handle student loan living costs necessary for sustaining academic and professional progress effectively.

How do I apply for a College Ave student loan?

Below are the steps to apply for a College Ave student loan:

1. Go to the official College Ave student loans website.
2. Select the type of loan you need (undergraduate, graduate, parent loan, etc.).
3. Use the prequalification tool to check your rates without affecting your credit score.
4. Fill out the online application with your personal, financial, and school information. Include details such as your Social Security number, income, and the school you will be attending.
5. Choose your preferred loan terms, such as repayment plans and interest rates (fixed or variable).
6. If your credit history or income is insufficient, you may need a cosigner. Provide their information during the application process.
7. Review your application for accuracy and submit it online.
8. College Ave will review your application and perform a credit check. This process may take a few days.
9. If approved, you will receive conditional approval, outlining the terms of your loan.
10. Review and accept the loan terms to proceed.
11. College Ave will contact your school to verify your enrollment and the loan amount requested.
12. Once your school certifies the loan, College Ave will finalize the approval and disburse the funds to your school.
13. Follow the repayment plan you selected. Payments typically begin after graduation, but this can vary based on the terms chosen.

For specific details and to start your application, visit the College Ave website.

What are the potential risks and drawbacks of College Ave student loans?

When considering College Ave student loans, it is essential to evaluate the potential challenges that may affect long-term financial planning. Although the lender offers competitive rates and flexible repayment options, variable interest rates can lead to greater repayment amounts over time compared to fixed alternatives. Additionally, the absence of borrower protections such as loan forgiveness and income-driven repayment plans may present additional financial risks. Credit requirements and the need for a cosigner further complicate the approval process, making it crucial for applicants to thoroughly assess their personal financial stability and long-term repayment capacity. For insights into alternative funding approaches in specialized fields, consider whether can you get financial aid for cosmetology school might better meet your needs.

Is selecting an easier doctoral degree a financially strategic decision?

For borrowers pursuing advanced degrees with private loans, a critical consideration is how academic program rigor and duration impact overall debt management. Evaluating graduate programs based on affordability, time-to-completion, and future earnings potential can help mitigate repayment risks. In this context, researching options like the easiest doctoral degree may offer insight into alternative pathways that reduce both academic pressure and long-term financial burden without compromising career objectives.

Can alternative career paths minimize your reliance on student loans?

Exploring alternative career paths may offer competitive financial outcomes without incurring significant debt. For example, some sectors provide viable career options that require vocational training or certifications rather than a traditional college degree. These alternatives can be particularly appealing for individuals seeking to bypass the extensive borrowing often associated with higher education. Opportunities in fields such as healthcare, which sometimes offer a no-degree healthcare job salary, as well as technical trades and certification-driven vocations, can provide a more immediate return on investment and facilitate faster entry into the workforce. Assessing these options may help prospective borrowers align their career choices with long-term financial stability and reduced reliance on private student loans.

Can College Ave student loans fund non-traditional and online education programs?

Students pursuing flexible or accelerated learning paths may question whether College Ave student loans extend to non-traditional education models. Borrowers considering online programs or alternative degree formats should verify that their chosen school meets College Ave’s eligibility criteria. For instance, if you are exploring accelerated options such as a 6 months degree course, it is essential to confirm that the program and institution comply with the lender’s standards. Consulting directly with College Ave can provide clarity on documentation requirements and ensure that your educational pathway is supported.

What borrower protections and dispute resolution options exist?

College Ave student loans follow industry-standard dispute resolution procedures as detailed in their loan agreements. Borrowers should review these documents to understand the specific channels for reporting errors, seeking clarification on terms, or addressing billing concerns. If internal resolution through designated customer service contacts does not resolve an issue, formal complaint processes outlined in the agreement can be initiated. Maintaining accurate records of all communications and transactions is recommended to support any claim. For individuals considering alternative education paths with clearer regulatory safeguards, exploring online trade schools may offer a compelling option.

Can College Ave student loans support specialized education programs, including aviation?

College Ave student loans can extend beyond conventional academic expenses to support unique educational endeavors. Borrowers seeking to fund specialized programs should confirm the lender’s eligibility requirements for non-traditional courses. In some instances, these loans have been used to cover costs associated with sector-specific certifications and vocational training. For example, students evaluating financial support for aviation-related studies may find tailored options—explore how to pay for flight school to assess this alternative funding approach.

When is cosigner release available for College Ave student loans?

Borrowers often seek cosigner release once they have established a consistent repayment history and improved credit standing. College Ave evaluates each application based on the borrower’s timely payments and current credit profile to determine if releasing the cosigner is appropriate. This process is typically initiated after meeting specific milestones outlined in the loan agreement. For a comprehensive comparison of lenders with expedited cosigner release criteria, see cosigner release student loans.

Which tax benefits or considerations apply to College Ave student loans?

Borrowers may be eligible to deduct interest paid on College Ave student loans, subject to IRS guidelines and income limitations. Typically, up to $2,500 of student loan interest can be deducted as an adjustment to income, provided the funds are used for qualified education expenses and other requirements are met. Since tax benefits for private student loans differ based on filing status and overall income, consulting a tax professional is advisable to determine eligibility. Additionally, evaluating alternative funding solutions—such as those available from online accredited colleges that accept financial aid—may offer further financial advantages.

What are the eligibility and documentation requirements for College Ave student loans?

Applicants must provide verified personal identification, proof of enrollment, and evidence of income or a qualified cosigner. College Ave’s evaluation process also requires submission of comprehensive documentation such as transcripts and residency status confirmations. For prospective students considering diverse academic pathways—including options like a short bachelor degree—reviewing each institution’s accreditation as well as College Ave’s specific lending criteria is essential. Moreover, preparing financial records and any supplementary documentation related to grants or scholarships can support a more streamlined assessment.

How do I contact College Ave student loans customer service?

To contact College Ave Student Loans customer service, you can use the following methods:

• Phone: Call their customer service line at 844-422-7502. They are available Monday to Friday from 9 AM to 8 PM ET.
• SMS: You can send a text message to +17262272275 for inquiries related to student loans.
• Email: Send an email to their customer support team at customercare@collegeave.com.
• Live chat: Visit the College Ave website and use the live chat feature for real-time assistance.

For more detailed information or other inquiries, visit the College Ave Student Loans website and navigate to the "Contact Us" section.

How do College Ave student loans compare to other private lenders?

When comparing College Ave student loans to other private lenders, several factors stand out:

• Interest rates: College Ave offers competitive fixed and variable interest rates. They often provide lower starting rates compared to some other private lenders.
• Repayment options: College Ave offers flexible repayment options, including deferred, interest-only, flat payment, and immediate repayment plans. Other private lenders also provide various repayment plans, but the flexibility and terms can vary, with some offering fewer options or stricter terms.
• Loan amounts: College Ave provides loan amounts that can cover up to 100% of the school-certified cost of attendance, with a minimum loan amount typically starting around $1,000, which covers a broad range of tuition rates including the average community college tuition.
• Fees: College Ave does not charge application or origination fees. Many private lenders also do not charge these fees, but it's important to check for any hidden fees.
• Customer service: College Ave offers multiple channels for customer support, such as phone, email, live chat, and SMS.
• Promotions and Incentives: College Ave offers promotions like cash back rewards and scholarship sweepstakes. Other lenders may provide incentives such as interest rate reductions for automatic payments, loyalty discounts, or other promotional offers.

What options do parents with bad credit have for funding education?

Parents with bad credit often face unique challenges when financing their child's education, particularly when traditional lending institutions impose stringent credit score requirements. College Ave and other private lenders evaluate loan applications based on creditworthiness, which can limit access for parents with less-than-perfect credit histories. While College Ave provides flexible financial solutions, exploring alternative options may be essential for such families.

For parents navigating credit difficulties, federal parent PLUS loans can be an alternative, given their eligibility requirements based on general credit criteria, not credit score thresholds. Additionally, co-signing with a creditworthy individual may improve loan approval chances and reduce interest rates. Families should also investigate grants, scholarships, or work-study programs to minimize reliance on loans.

For comprehensive insight into potential solutions, including private and alternative funding methods, you can explore this guide to the best student loans for parents with bad credit. This resource delves deeper into available options, providing actionable advice for parents needing financial support tailored to their credit profiles.

Here’s what graduates have to say about their College Ave student loans

• College Ave student loans made financing my education seamless and stress-free. The flexible repayment options allowed me to tailor my plan to my career path, easing my financial burden. Their customer service is top-notch, always ready to assist. Yllona
• Thanks to College Ave student loans, I was able to focus on my studies without constantly worrying about finances. The interest rates were competitive, and the application process was straightforward and quick. I truly felt supported throughout my entire college journey. Tyler
• College Ave student loans provided the financial support I needed to pursue my degree. The user-friendly online portal made managing my loan simple and convenient. I appreciate the personalized approach they take with their borrowers. Stephenie

Key Findings

• In the first quarter of 2024, only about 9% of student loans in the United States were from private lenders.
• As of 2024, College Ave's student loan rates start at 3.89% for fixed rates and 5.59% for variable rates.
• College Ave offers a nine-month grace period, which is longer than most private lenders.
• College Ave offers repayment terms of 5, 8, 10, and 20 years.
• As of mid-July 2023, approximately 662,000 borrowers qualified for forgiveness under the limited PSLF waiver program.

Other Things You Should Know About College Ave Student Loans

Is College Ave student loan credible?

Yes, College Ave is a credible lender in the student loan industry. They are well-regarded for their competitive rates, flexible repayment options, and strong customer service. Numerous positive reviews from borrowers attest to their reliability and support throughout the loan process. Additionally, College Ave offers a range of loan products tailored to different educational needs, further establishing their credibility.

Do you have to pay college ave student loans while in school?

No, you do not have to make full payments on College Ave student loans while in school. College Ave offers several in-school repayment options, including deferred payments where you can delay payments until after graduation, interest-only payments, and flat $25 monthly payments. These options provide flexibility to help manage your finances during your studies, especially taking into account how much tuition increases each year.

What credit score is needed for a College Ave student loan?

To qualify for a College Ave student loan, a good credit score is typically required, generally around mid-600 or higher. However, having a cosigner with a strong credit history can significantly improve your chances of approval and potentially secure a lower interest rate. College Ave uses credit scores to assess the likelihood of loan repayment, so maintaining good credit is important.

How does College Ave compare to federal student loans?

College Ave offers competitive private student loans, but there are significant differences compared to federal student loans. Federal loans typically have lower fixed interest rates, more flexible repayment options, and benefits such as income-driven repayment plans and potential loan forgiveness. In contrast, College Ave provides a broader range of loan products, higher borrowing limits, and various incentives, but lacks the borrower protections and benefits associated with federal loans. It is crucial to exhaust other options, such as grants and scholarships, before considering student loans. 

Are there any hidden fees associated with College Ave student loans?

No, College Ave student loans do not have hidden fees, which is ideal considering the current trends in college pricing. They do not charge application or origination fees, and there are no prepayment penalties. However, it's always a good practice to carefully review the loan terms and conditions to ensure you fully understand any potential costs associated with your loan.

References:

1. College Ave. (2024). Student loans. CollegeAve.com. Retrieved August 1, 2024.
2. Hanson, M. (2023, September 25). Average time to pay off student loans [2023]: Data analysis. Education Data Initiative. Retrieved August 1, 2024.
3. Hanson, M. (2023, September 25). Average time to pay off student loans [2023]: Data analysis. Education Data Initiative. Retrieved August 1, 2024.
4. Ma, J., & Pender, M. (2023). Trends in college pricing and student aid 2023. College Board. Retrieved August 1, 2024.
5. NCES. (2023, August). Sources of financial aid. National Center for Education Statistics. Retrieved August 1, 2024.