Borrowing or Refinancing Private Student Loans from College Ave Student Loans

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By Kristen Kuchar

January 9, 2020

College Ave offers undergraduate loans, graduate student loans, parent loans and career loans and will also refinance  student loans.

Key Things to Know about College Ave

  • Better Business Bureau Rating: A+

  • There are no fees for loan application, origination or disbursement. 

  • If you sign up for auto pay, receive a 0.25% reduction on your interest rate.

  • College Ave offers flexible terms for repayment, where you can choose your repayment term.

  • For refinancing a student loan, you are required to have earned a degree. 

  • Parent loans offer control over spending. For parent cosigners, there is an option for cosigner release.

  • The late fee is $25 or 5% of the unpaid balance, whichever amount is lower.


Private Student Loans
Before you borrow private loans, consider other options including scholarships, grants, and choosing an affordable school. Federal loans are often preferred over private loans since they offer many benefits, including payments based on your income, potential forgiveness programs, generous deferment periods, and more.

Application Process: It takes just three minutes to apply for a private student loan, and you’ll get an instant credit decision. 

Interest Rates: There is a choice of variable and fixed interest rates.

Loan Terms: The loan repayment terms include 5 years, 8 years, 10 years or 15 years.

Loan Amount: $1,000 up to the full cost of attendance, as certified by the college

In-School Payment Options: There are several in-school payment options available, including:

  • Full interest and principal payments

  • Interest-only payments

  • Fixed payments of $25 per loan per month 

  • No in-school payments (full deferment)

Enrollment Status: Undergraduate students must be enrolled at least half-time to qualify. Graduate students can be less than half time.

Grace Period: College Ave offers a six-month grace period for undergraduate loans and a 9 month grace period for graduate school loans after you leave school before you need to start making payments. Law school graduate loans have a grace period of 9 months, dental school graduate loans have 24 months and medical school graduate loans can have up to 36 months.  

International Students: International students with a valid U.S. Social Security Number are eligible to apply for a student loan. International students will need to apply with a cosigner who is a creditworthy U.S. citizen or permanent resident. 

Cosigner Release: Cosigner release is available after more than half of the scheduled repayment period has elapsed. The borrower must also satisfy the lender’s credit criteria. So, you can have someone cosign your loan initially to help but then be released later on. 

Deferments and Forbearance: In general, College Ave may offer an extension of the grace period for up to an additional six months following separation from school, and up to 12 months of hardship forbearance over the life of the loan. When needed, forbearance is usually applied in 3 or 6 month increments, before re-evaluating with the borrower to determine on-going need. College Ave also offers deferment for members of the Armed Forces and National Guard who are called to active duty for more than 30 days, and natural disaster forbearance for customers affected by federal disasters, as determined by FEMA.

Refinancing Student Loans

Keep in mind refinancing federal student loans means a loss in many benefits, including income-driven repayment, any federal forgiveness programs, generous deferment options, and more.

Application Process: For refinancing, get your new interest rate in one minute. You can refinance your student loans – both federal student loans as well as private student loans. 

Loan Terms: There are 16 different options for loan terms, ranging from 5 to 20 years.

Loan Amount: $5,000 to $300,000 – up to $150,000 for those who have earned an undergraduate or graduate degree and up to $300,000 for those who have earned a medical, dental, pharmacy or veterinary degrees

College Ave doesn’t offer student loan refinancing if you did not earn a degree. 

Cosigner Release: There is no cosigner release for refinance loans. 

Keep in mind that refinancing federal student loans means a loss in many benefits that only federal loans offer. These include an option for potential loan forgiveness, income-driven repayment plans, generous deferment options if you become unemployed or have an economic hardship, and an option to discharge loans for death or disability.

Parent Loans

Application Process: The same as with private student loans, it takes just three minutes to apply for a parent loan, and you’ll get an instant credit decision. 

Interest Rates: There is a choice of variable and fixed interest rates.

Loan Terms: The loan terms range from 5 to 15 years. 

In-School Payment Options: Unlike regular private loans, parent loans require at least interest-only payments during the in-school period. Full deferment is not available. 

Loan Amount: $1,000 to the full cost of attendance, as certified by the college

Get up to $2,500 of the loan sent to the parent so they can control the spending on extra education expenses. 

You can’t transfer a parent loan to a child with College Ave.

At, our goal is to help you make smart decisions about saving and paying for education. Some of the products featured in this article are from our partners, but this doesn’t influence our evaluations. Our opinions are our own.

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