Intro

Founded in 2014, College Ave is a private lender specializing in student loan refinancing for federal, private, and Graduate PLUS loans. College Ave offers competitive fixed and variable rates on all its refinance products. With flexible repayment terms (you can choose any number of years between five and 20), College Ave is targeted at anyone looking for a customizable student loan refinance.

College Ave at a Glance

Loan types: Refinance federal, private or Graduate PLUS loans

APRs: Variable rates start from 3.44%, fixed rates start from 3.49%

Repayment terms: 5-15 years

Refi amount: Up to $300,000 (for medical, dental, pharmacy or veterinary doctorate degrees) or $150,000 for all other degrees.

Origination fees: No

Refinance Rates and Fees

College Ave has among the lowest fixed and variable APRs for student loan refinancing. Like other lenders, it reserves the best rates for borrowers with excellent credit. An automatic 0.25% rate discount applies when using autopay to make monthly payments.

Here are the current rates (with autopay discount included):

Fixed: 3.49% - 6.74% APR

Variable: 3.44% - 6.64% APR

Repayment Options

College Ave offers a choice of 11 repayment terms from 5-15 years. In other words, you can pick any number between five and fifteen (e.g. 7, 11, 14) and College Ave will allow it.

Unfortunately, the College Ave website doesn’t provide any information on deferment or forbearance options.

Discounts and Rewards

College Ave runs numerous promotions each year, although most of these are aimed at new student borrowers and aren’t applicable to refinancing. To find out about new contests and giveaways relevant to you, go to the “Promotions” page on the College Ave website and enter your email address into the online form.

Application Process

You can see a prequalified rate within one minute of filling out the short online form on the College Ave website and get an instant decision upon submitting a full application. Generally, you should see the payoff confirmed with your old loan servicer(s) approximately three to four weeks after you receive your final disclosure from College Ave.

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

• Be at least 18 years old;
• Be a U.S. citizen or permanent resident;
• Have graduated from an eligible Title IV accredited undergraduate or graduate program; and
• Meet College Ave’s underwriting requirements (which are not stated on the College Ave website, but appear to be stricter than the average lender).

Cosigner Options

Unfortunately, College Ave doesn’t provide any information about cosigners, except to say that “a cosigner is not required as long as you qualify for the loan on your own.” Given the very low interest rates and limited information provided about the application process, it’s safe to say that only borrowers with excellent credit (i.e. 680-700+) stand a chance of qualifying for College Ave without a cosigner.

Contact College Ave

While College Ave only takes applications online, it does offer customer service over the phone. For help with your student loan, just hit the live chat button on the College Ave website, send a tex, or call customer service. Business hours are Mon – Fri, 9 am – 8 pm ET. See their website for contact info and social media.

College Ave has its headquarters in Wilmington, Delaware. Loan products are made available through either Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC.

Summary

If you’re one of the fortunate borrowers capable of meeting College Ave’s strict lending requirements, then you stand to benefit from low interest rates and extremely flexible repayment terms.