College Ave Student Loan Refinancing Review
Matt is a Certified Financial Planner® and investment advisor based in Columbia, South Carolina. He writes personal finance and investment advice, and in 2017 he received the SABEW Best in Business Award.
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College Ave, a private student lender, offers student loans for both new borrowers and refinancers. In this review, we’ll dive into College Ave’s refinancing loans, which are available to college graduates who have federal and/or private student loans.
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College Ave Student Loan Refinancing
Rating image, 3.5 out of 5 stars.
3.5 starsWe want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.
Rates & Terms:
Fixed Rates: 3.24 - 7.99%
Variable Rates: 2.49 - 7.24%
Terms: 5-20 years
There’s no such thing as a perfect lender, and if there is, I’m yet to find it. However, there are a lot of things to like about College Ave’s refinancing loans, including:
- Low APRs -- College Ave’s student loan refinancing rates are among the best around depending on the borrower’s credit and other qualifications. On the lower end, for borrowers with excellent credit, these are some of the lowest advertised interest rates in the private student loan industry.
- Extremely flexible terms -- College Ave lets refinancers choose a repayment term between five and 20 years in one-year intervals, so refinancers have more control over the monthly payment amount, repayment length, and overall interest expense. This gives borrowers 16 possible term length choices -- one of the best in the business.
- High maximums -- College Ave will refinance as much as $150,000 in student loans for graduates with undergraduate or graduate degrees, or up to $250,000 for borrowers who have graduated from medical, dental, veterinary, or pharmacy programs.
- Auto pay discount -- College Ave offers a 0.25% interest rate reduction when borrowers enroll in autopay (Note: This is reflected in the interest rates listed in this review). This is a common perk but is still worth mentioning.
- No fees -- College Ave charges no origination or application fees for their loans, nor are there any prepayment fees if you choose to pay your loan back early.
- Can apply with a cosigner -- Even if you don’t have an established credit history, you may still be able to take advantage of a College Ave refinancing loan by having a creditworthy cosigner.
What could be improved
As I mentioned, there’s no such thing as a perfect lender. Here are a couple of situations where, if they’re important to you, it may be a good idea to look elsewhere for your refinancing needs.
- Deferment option built in -- While it’s a more well-known feature of federal student loans, it’s worth pointing out that several private lenders offer provisions where a borrower can defer their student loan payments during times of economic hardship. If you want the peace of mind that comes with knowing you can choose to suspend payment of your loans, you may want to look elsewhere.
- Must have a degree -- College Ave refinancing loans are only available to borrowers who have completed their degrees. In other words, if you borrowed money to pay for school, but left school without graduating, you aren’t eligible to refinance with a College Ave student loan.
How to refinance with College Ave
Refinancing your student loans with College Ave is easy. The online application takes just a few minutes to complete, and you’ll get a credit decision right away. If you’re just shopping around, you can fill out the short pre-approval form and check your APR offer without any effect to your credit score.
When to refinance with College Ave
College Ave’s student loan refinancing is a good fit for borrowers who have strong credit histories (or their cosigners do), and who want a quick and easy loan process. College Ave is also a good fit for people who want to be able to select a tailor-fit term length, and with its high borrowing limits, it makes good sense for people with lots of student loans to refinance.