Updated: December 21, 2022

College Ave Student Loan Refinance Review

Student Loan Refinance

Advertising disclosure
Student Loan Rating
4 of 5
Fixed APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.99% - 8.99% 1
Variable APR i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.44% - 8.99% 1
Repayment Terms
5, 10, 15 years 2
Important Information

Rewards: 0.25% interest rate reduction with autopay

Eligibility: Degree required to refinance

Overall Limits: $5,000 (minimum)

The bottom line:

College Ave is an all-around good student loan refinancing lender with more repayment flexibility than most. This lender is unique because it allows qualified borrowers to make interest-only payments on their loan for the first two years of their repayment term, which may be anywhere from 5 to 15 years in length. What College Ave does well is offering plenty of choices to its customers, but be aware that its interest rates aren’t as competitive as they could be.


  • 0.25% interest rate reduction with autopay discount
  • Cosigner release available
  • Wide range of repayment terms and other repayment options
  • No origination, application or prepayment fees


  • Late fees
  • Refinance loans not available in Maine
  • Long cosigner release period required
  • Cannot transfer parent loans to child
College Ave SoFi LendKey
Rates from (APR) i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time.
4.99% - 8.99% 1
4.44% - 8.99% 1
4.49% - 8.99%
4.99% - 8.24%
4.49% - 10.68%
4.38% - 7.98%
Loan repayment terms (Years) 5, 10, 15 years 2 5, 7, 10, 15, 20 years 5, 7, 10, 15, 20 years
Cosigner release? Yes, after 24 months on-time payments None Yes, after 12 months on-time payments

College Ave requires loan amounts of at least $5,000, and you can refinance student loan balances up to $150,000 for undergraduate student loans or $300,000 for medical, dental, pharmacy or veterinary loans. You must be a college graduate with at least a Bachelor’s degree to qualify for refinancing with College Ave. 

Choose from 5, 8, 10 and 15-year loan repayment terms. College Ave allows borrowers to make interest-only loan payments for the first two years of their loan rather than fixed payments on both the principal and interest. This is especially helpful to borrowers unable to make high payments initially who want to take advantage of good refinance rates now.

College Ave offers refinance rates in just one minute with a soft credit pull and get your credit decision — whether or not you pre-qualify — in three minutes. Eligibility requirements include a minimum credit score of 650. 

If you don’t qualify for refinancing, you can get a cosigner and release them. Unfortunately, however, College Ave requires that you wait until more than half of your scheduled repayment period is up before you can apply for cosigner release, and then you need to make 24 consecutive on-time payments on top of that. This is much more time than the private lenders typically require borrowers to be stuck with a cosigner. However, the majority of College Ave refinance borrowers do need to apply with a cosigner.

Forbearance of up to 12 months is available to those experiencing temporary financial hardship. If you are experiencing difficulty making payments due to unemployment or something else, call College Ave — their call center is available from 8 AM to 6 PM ET Monday through Friday and through 7 PM on Tuesday. You may also or instead qualify for a grace period extension of up to six months. Death or disability discharge are available through this lender as well.

College Ave - Private Student Loan Details

Interest Rates, Fees and Terms
  • Credit Check: Soft for Rate Check, Hard for Application
  • Repayment Terms: 5, 10, 15 years
  • Minimum Borrowing Limit: $5,000
  • Application Fee: None
  • Origination Fee: None
  • Prepayment Penalty: None
  • Late Fee: Yes
Requirements to Qualify
  • Minimum Credit Score: 650
  • Minimum Annual Income: $65,000
  • Maximum Debt-to-Income Ratio: 0.5
  • Citizenship Restriction: Available to Citizens, Permanent Residents, DACA students, and International Students with a credit-worthy Citizen or Permanent Resident cosigner
  • List of States where Loan is Not Available: ME
  • Approved Schools Include: Title IV
Repayment Details
  • Maximum Deferment Period: Not specified by lender
  • Maximum Forbearance Period: Not specified by lender
  • Cosigner Release Option: Yes, after 24 months on-time payments
  • Death Discharge: Yes
  • Disability Discharge: Yes
Customer Service
  • US-Based Call Center: Yes
  • Hours of Operation (in addition to weekdays): Evenings
  • Application Timeline: 3 minutes for credit decision, 10 business days for disbursement
  • Scholarship Search Tool: None
  • Sponsors a Scholarship: Yes
  • Job and Career Assistance: None
  • Financial Literacy Training: Yes
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