College Ave Student Loans Review 2024: Fast Approval Process & Flexible Terms

Brenda Williams

College Ave provides private student loan financing with competitive interest rates and flexible repayment terms. Students enrolled for half-time or less than half-time studies are also eligible to take out a loan. With an online portal that makes it easy to apply within minutes, its fast approval process can accept loan applications and payout funds in as little as 10 days.

Overall rating


Summary: College Ave’s application process takes a few minutes to complete and you’ll receive a decision fairly quickly.

College Ave Student Loans

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Min. Credit Score

4.99% - 15.32%

Variable APR

4.44% - 15.32%

Fixed APR



Application Process


Loan Requirements


Loan Options


Loan Terms, Fees & Rates


Repayment Options


Forberance Options


Customer Service


Safe & Secure


  • Part-time students are eligible
  • Longer terms for medical, law, and dental students
  • Borrow up to 100% of the total cost of attendance


  • Shorter forbearance period
  • Late payment penalty

Best For

  • Fast approval process
  • Flexible repayment terms


HQWilmington, DE
Min. Loan Amount$1,000
Max. Loan AmountUp to 100% of the school-certified cost of attendance
Loan Terms5, 8 10, or 15 years
Interest Rate TypeFixed or Variable
Min. Credit ScoreNot disclosed
Auto-Pay Discount0.25%
Grace Period6 months with an extension available
CosignerNot required
International StudentsAccepted with US citizen or permanent resident cosigner
State RestrictionsAvailable in all states

In depth review on College Ave Student Loans 

College Ave’s student loan products are best for borrowers enrolled in a degree program. They have a fast approval process, provide flexible repayment options, and have longer repayment terms for students who need more flexibility. With no origination or application fees, its competitive rates make College Ave a strong contender in student loan financing.

College Ave is best for

  • Fast approval process: The application process only takes a few minutes and you’ll receive a decision instantly on whether your loan application has been accepted.
  • Flexible repayment terms: Loan terms range from 5, 8, 10, or 15 years and there are multiple repayment options available. 

College Ave benefits 

  • Part-time students are eligible: Most student loan providers require you to be enrolled in school for at least half-time. With College Ave, you can be eligible for a loan if you attend less than half-time, half-time, or full-time and are enrolled in a degree program. 
  • Longer terms for medical, law, and dental students: Medical, law, and dental students can get terms of up to 20 years and grace periods extended during clerkship and residency.
  • Borrow up to the total cost of attendance: With College Ave you can borrow up to 100% of the amount you need to pay for your cost of attendance. Some of these costs can include your tuition, transportation, books, food, and housing needs.

College Ave drawbacks

  • Shorter forbearance period: the forbearance period is up to 12 months during the life of the loan in increments of 3 or 6 months depending on the situation.
  • Late payment penalty: if you do not make your monthly payment within 15 days of the due date, you will be assessed a late charge equal to 5% of the unpaid amount of the monthly payment or $25, whichever is less.

Application process


College Ave has a fast approval process where you can apply online and receive your credit decision within 3 minutes. After approval, you’ll receive your terms and conditions which you will need to accept and sign to continue with the process.

Your school will need to certify your loan before disbursement which can take from a few days up to a few weeks depending on the timeline of your school. Expect to wait at least 10 business days from the start of your application, but it can take a few weeks depending on your school. 

You’ll need the following information to complete your application: 

  • Name
  • Address
  • Social security number
  • School information
  • Loan amount

If you require a co-signer, he or she will need to submit their application information separately.

Anyone can apply for a loan with College Ave, but some factors are more likely to help you get approved and potentially receive a lower rate, such as having a co-signer and a strong credit history.

If your loan application is not approved, it’s best to call College Ave and ask for the reasons why your loan application was turned down. This can help you understand what action you need to take, such as improving your credit score, decreasing your debt, or increasing your income.

Loan requirements


The application process is credit-based. College Ave does not disclose its exact minimum credit score but they do offer a free tool to see if you and your co-signer pre-qualify for a loan and the interest rate you can expect to receive.

As an applicant, you must be:

  • A U.S. citizen or permanent resident or non-US citizen with a social security number and a cosigner that is a US citizen or permanent resident
  • Enrolled in an eligible college or university
  • Have a good credit score
  • Ensure you are making satisfactory academic progress in your studies
  • Have a social security number 

International students can apply for a loan if they have a US citizen co-signer with a strong credit score and a valid social security number.

Loan options


There are several loan options available to help finance your education. These include:

  • Undergraduate student loans: There are variable rates and fixed rates available for undergraduate loans. You can borrow up to 100% of the cost of attendance and there are flexible repayment options available to help you find a loan that best fits your financial needs and budget.
  • Graduate student loans: If you’re pursuing an advanced degree, this loan can help you cover the costs of a postgraduate, master’s, doctoral, or professional degree.
  • Dental school loans: Repayment terms go up to 20 years for dental students and there is extended deferment for residency.
  • Law school loans: Repayment terms go up to 20 years for law students and there is extended deferment during clerkship.
  • Medical school loans: Repayment terms go up to 20 years for medical students and there is an extended grace period of up to 36 months.

Depending on the type of loan you take out, terms, rates, and repayment options will differ. Dental, law and medical school loans have extended repayment terms and grace periods.

There are also parent loans available where parents can help their children pay for school. There are fewer repayment options, and deferred repayment is not available.

Loan terms, fees, and rates


The loan interest rate will depend on the type of loan you borrow and the term. Loan terms can range from 5, 8, 10 to 15 years for undergraduate and graduate students. For dental, law, and medical students, terms go up to 20 years. There are no application, origination, or prepayment fees but there are penalties for late payments.

College Ave offers student loan refinancing. There are flexible terms between 5 to 15 years. Your actual rate will depend on your financial history and credit score.

To view your personalized quote, go to their website here.

Repayment options


College Ave offers flexible repayment options for its borrowers. There are four primary repayment options for undergraduate, graduate, law, medical and dental students.

  • Full principal and interest payment: Start making repayments in school. This option also provides the most savings.
  • Interest-only: You make repayments on the interest charges only while still in school.
  • Flat payment: If you opt for a flat payment, you pay $25 a month while in school. This reduces your accrued interest.
  • Deferred: These loans come with the highest interest over the lifetime of the loan. You don’t have to make any in-school payments.

For parent loans, the repayment options are full principal and interest payment, interest-only, and interest plus payment (where monthly payments are more flexible).

Forbearance options 


College Ave has a shorter forbearance period. If you face economic hardship or financial difficulties, you may qualify for a forbearance of up to 12 months during the life of your loan. This can usually be taken in 3 or 6 month increments and is assessed on a case-by-case basis. 

The loan is eligible for discharge if the borrower passes away or becomes permanently disabled. It is not eligible for discharge if the co-signer passes away or becomes permanently disabled.

Customer service


College Ave services its loans. You can get in touch with any questions via live chat, email, or phone throughout the week excluding weekends. The lender’s TrustPilot feedback has positive reviews that discuss how quick and simple the process is while the negative reviews complain about the interest rates being higher than advertised. The higher interest rate is primarily due to the product selected and your financial background, such as your credit score and credit history.

Safe and secure


The BBB gives College Ave an A+ rating for trust. Customer reviews are not used in the calculation of the BBB rating. 

Is College Ave right for you?

College Ave student loans are best for borrowers who require more flexibility on repayment options and competitive interest rates. It also appeals to students who are enrolled in school for less than half-time and would ordinarily be screened out by other student loan providers. With a fast and easy approval process, you can find a loan that best suits your needs and financial situation. 

College Ave offers a wider range of repayment terms than other lenders. When searching for the best student loan available, it is important to shop around and ask for quotes from multiple lenders. By comparing rates and terms and conditions from a wide range of providers, you can narrow down your options and get the best interest rate. This could also save you a sizable amount of money over the life of your loan.

1As certified by your school, less any other financial aid you may receive.  Minimum $1000.
2Variable rates may increase after consummation 
3Includes Auto-Pay discount of 0.25% as long as a valid bank account is designated.

College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.

All rates include the auto-pay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation. Approved interest rate will depend on the creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term. Information advertised valid as of 2/1/2023.