Best Student Loan Companies 2023
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We’ve spent countless hours on research to find the best student loan lenders for borrowers. We thoroughly vet and review them to ensure our readers have the research they need to make the best decision.
In this month’s feature we look at College Ave – who offers borrowers both private student loans and student loan refinancing. Read our review and see why College Ave ranks at the top for the best student loan lenders.
on College Ave's website
College Ave is an online student loan lender that was founded in 2014 by former executives of Sallie Mae. The company is based out of Wilmington, Delaware and offers undergraduate, graduate, parent loans, and student loan refinancing.
Geeky OVERVIEW:
- College Ave offers private student loans and student loan refinancing.
- Save money with no fees and low interest rates for private student loans, student loan refinancing, and parent loans.
- The cosigner release period of 24 months is common and within the same period as other private lenders.
- Find out the rate you’d qualify for in 3 minutes without hurting your credit score.
Our ratings factor in multiple data points including interest rates, repayment terms, forbearance options, fees, discounts and borrower experience.
At DollarGeek, our team goes through various college student loan refinancing and private student loan providers before recommending anything to its readers.
College Ave is a clear winner that helps students with the best student loans. No fees, low interest rates, customized repayment plans and a cosigner release period of 24 months gives borrowers great flexibility. These perks make College Ave one of the best student loan lenders available in the market.
About College Ave Student Loans
College Ave is one of the few specialized student loan lenders that offer a completely online lending experience.
The platform takes a definitive approach towards simplifying student loans with its three-minutes online loan application and great user-experience.
One of the key factors that make College Ave one of the best student loan lenders is their ability to match the right kind of loan and repayment terms with the ideal borrower.
Private Student Loan Review
- College Ave’s private student loan can be used for both undergraduate or graduate schools.
- Best for borrowers seeking flexible repayment options.
- Ideal for applicants with a co-signer.
College Ave is a specialized student loan provider. The lender takes pride in its simple and transparent lending process.
One of the rare features of College Ave is its personalized visualization tool – See Your Loan in Action – that allows potential borrowers to see the entire loan schedule and cost before borrowing anything.
College Ave also runs a monthly scholarship of $1,000, another reason why we consider it the best place to get student loans. You can sign up for the offer and wait for the monthly draw.
Loan Amounts
$1,000 – 100% of school-certified cost of attendance1
$1,000 – 100% of school-certified cost of attendance1
Term Lengths
5, 8, 10, or 15 years3
5, 8, 10, or 15 years3
In-School Repayment Options
Full principal & interest, Interest only, Flat payment, Defer to after graduation
Full principal & interest, Interest only, Flat payment, Defer to after graduation
Fees
None
None
Discounts
0.25% autopay discount
0.25% autopay discount
Rate Check Hurt Credit Score?
No
No
Co-signer Release Option
Yes, if you’re halfway through your repayment term, have made your previous 24 payments on time and meet additional criteria.
Yes, if you’re halfway through your repayment term, have made your previous 24 payments on time and meet additional criteria.
*rates shown with autopay discount
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College Ave undergraduate student loans offer 100% funding for your cost of attendance, which includes tuition, housing, books, fees, and additional college expenses.
Before applying for a college loan, you can check your eligibility with a soft credit check. College Ave offers loans with or without co-signers, although 95% of its borrowers apply with a co-signer.
- You can apply for loans starting at $1,000 and up to the cost of attendance.
- You can choose between multiple loan durations, including 5, 8, 10, or 15 years.
- College Ave doesn’t charge an application fee, origination fee, or prepayment penalty. You’ll have to pay a late fee of $25 or 5% of the unpaid amount, whichever is lower.
One of the key parameters that put College Ave in the best student loan companies list includes its repayment options.
- Deferred payment: You can start making payments after six months of completion of your college.
- Flat payment: You can make a flat $25 payment every month while in school.
- Interest-only payment: You can make interest payments every month.
- Full principal and interest payment: You can start making payments as soon as the loan is disbursed.
Co-signer release is available if you’re halfway through your repayment term, have made your previous 24 payments on time and meet additional criteria.
College Ave provides graduate student loans for different programs, along with specific loan products for dental, medical, MBA, and law school.
You can find some of the lowest student loan rates with College Ave graduate student loans. Also, the interest rates and payment schedule varies for specialized loan products (dental, medical, MBA, law school).
- The minimum borrowing amount for a College Ave graduate student loan is $1,000.
- The loan terms for graduate student loans are 5, 8, 10, 15 years, and 20 years for specialized loan products.
- College Ave doesn’t charge origination fees, application fees, or prepayment penalties.
The repayment options for standard graduate loans are similar to undergraduate loans.
- Deferred payment: You can start making payments after six months of completion of your college.
- Flat payment: You can make a flat $25 payment every month while in school.
- Interest-only payment: You can make interest payments every month.
- Full principal and interest payment: You can start making payments as soon as the loan is disbursed.
Note: Grace period varies for specialized lending products.
Co-signer release is available if you’re halfway through your repayment term, have made your previous 24 payments on time and meet additional criteria.
Find some of the lowest student loan rates with College Ave for specialized loan products (dental, medical, MBA, law school) below.
Dental Student Loan Review
College Ave dental student loan is ideal for candidates seeking the lowest interest rate student loans, although it depends on the credit profile of the applicant or the co-signer.
- 12 months after the completion of college
- 5, 8, 10, 15, and 20 years
Co-signer release is available if you’re halfway through your repayment term, have made your previous 24 payments on time and meet additional criteria.
Medical Student Loan Review
Medical student loans from College Ave comes with some of the best student loan rates you can find in the industry and a grace period above average.
- 36 months after the completion of college
- 5, 8, 10, 15, and 20 years
Co-signer release is available if you’re halfway through your repayment term, have made your previous 24 payments on time and meet additional criteria.
MBA Student Loan Review
If you’re searching for student loans low interest rates for an MBA degree, College Ave is probably the best place to look at.
- 9 months after the completion of college
- 5, 8, 10, 15, and 20 years
Co-signer release is available if you’re halfway through your repayment term, have made your previous 24 payments on time and meet additional criteria.
Law School Student Loan Review
If you’re on the lookout for personal loans for students for a law degree, College Ave has a specialized loan for law degrees.
- 12 months after the completion of college
- 5, 8, 10, 15, and 20 years
Co-signer release is available if you’re halfway through your repayment term, have made your previous 24 payments on time and meet additional criteria.
Reduce or Pause Loan Payments
College Ave has a case-wise forbearance policy, which means if you are seeking forbearance, College Ave will look into your request and approve it if certain conditions are met.
How To Qualify
We had a look at the general eligibility requirements for a College Ave private student loan. In order to qualify for a College Ave student loan, you should:
- Be a student at an eligible college or university.
- Be a US citizen or international student with a co-signer who is a permanent resident or US citizen.
- Be enrolled at least half-time in college.
- Be 16 years or older.
How to apply
College Ave takes the entire student loan process to the next level, with its 3-minute application process.
- Fill a college loan application on College Ave’s website. You’ll receive a decision instantly.
- Review loan terms and proceed forward with the e-signing of loan documents.
- Once signed, College Ave will transfer funds directly to your school in accordance with the school’s fee schedule.
Bottom line
At DollarGeek, our team goes through various college student loan refinancing and private student loan providers before recommending anything to its readers.
College Ave is a clear winner in our books. It ticks all the parameters on our list, making it one of the best student loans available in the market.
You can find out more about College Ave’s student loans by visiting this link.
FAQs
No. There are no early repayment penalty fees, no origination, disbursement, or application fees.
Having a co-signer on your student loan can help you get a low interest rate.
College Ave Servicing LLC
Checking your rate takes about 3 minutes and it won’t hurt your credit score.
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.
(1)As certified by your school and less any other financial aid you might receive. Minimum $1,000.
(2)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.
(3)This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
Information advertised valid as of 7/15/2022. Variable interest 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.
