Updated on May 7, 2019
By Jen Williamson
Now that you’ve started your search for a refinancing lender, you’ve probably noticed that there are many options to meet a wide range of borrowers’ needs.
Let’s take an in-depth look what you can can expect if you refinance your student loans through College Ave.
Known as a non-traditional lender that’s flexible in loan term options with an easy-to-navigate platform, College Ave is a popular lender for refinancing. But the question is, are they the right lender for you?
If you’re looking for extra flexibility in your payment options, College Ave may be an excellent option for you.
College Ave offers multiple options for borrowers looking to refinance their student loan debt, including the choice between making full payments or paying only interest for the first two years. This makes the lender a great option for borrowers who want to prioritize lower monthly payments.
If you’re not sure how you want to pay, or whether you want a fixed or variable rate, you can rely on College Ave’s portal to compare and decide which loan terms are best for you. The site allows you to see how different terms affect your monthly payments and loan totals.
In addition to the flexible payment options, College Ave offers low, competitive interest rates, plus the chance at an interest rate reduction when you sign up for automatic monthly payments.
There are many lenders with great refinancing options, so why College Ave?
In addition to flexibility and ease of use, College Ave has made it is mission to help borrowers understand the refinancing process. Cofounders Joe DePaulo and Tim Staley, former executives at Sallie Mae, felt that student loans and student loan refinancing needed a do-over.
Since launching in 2014, College Ave has become a top choice for personalized, easy refinancing. While a relative newcomer to the student loan market, the lender has garnered millions of dollars of investment backing from Comcast Ventures and has been able to compete alongside traditional lenders.
It’s also a lender you can trust, since all of its refinance loans are offered through FDIC-backed Nationwide Bank.
The folks at College Ave believe there’s no single best refinancing plan for everyone.
When refinancing your student loans College Ave, you can decide how long you want to take to repay your loans. Its flexible loan terms range from five years to 15 years, allowing you to decide how long you want to take to repay.
College Ave offers refinancing options for loan amounts as low as $5,000. Borrowers who complete undergraduate and graduate programs can refinance as much as $150,000, and graduates of medical, dental, veterinary or pharmacy programs as much as $250,000.
Graduates can choose between low fixed rates (between 3.25% and 8.00% APR) or variable rates (between 2.88% and 7.63% APR).
The lender also offers two ways to pay:
The choice between the two repayment plans allows you to budget at your own discretion, letting prioritize monthly bills or long-term savings.
The lender also offers a 0.25% interest rate reduction when you enroll in autopay and an additional 0.25% reduction when you link your autopay to a Nationwide Bank account.
If you want to see what refinancing through College Ave would look like before you apply, the lender’s refinancing calculator lets you estimate your savings.
College Ave will refinance and consolidate all qualified education loans. Borrowers must:
Applying online through College Ave is easy.
First, enter your personal information, including name, social security number and the school you attended.
Using your personal information, College Ave will give you a summary of possible rates and fees. This is not your specific loan offer, but it can be a good indicator of what to expect if and when the lender accepts your application for refinancing.
Take a look at the general terms the lender has compiled for you to determine whether College Ave is the right lender for you.
Once you’ve examined the terms, click the orange tab that says “Next” to move forward.
On the next page, the lender will ask how you would like to apply — either on your own or with a cosigner. While a cosigner is not required, it can give you a better chance of the lender accepting your application if your credit score is on the lower end. Having a cosigner can also help get you a better interest rate, even if you already have good credit.
This is where the lender asks for your permission to obtain your credit.
To complete the application, click the “Submit Application” button. The last page you’ll see will be a page that indicates whether or not your application was accepted.
Once you’re accepted, the lender will explain the next steps.
The process is that simple. When you apply, you’ll also need:
So, does College Ave meet your refinancing needs? With a technology-forward, easy-to-navigate portal that makes it easy to see which of the multiple flexible repayment and loan term options suit you best, College Ave is definitely a lender to consider.
To learn more about what the lender offers or apply for refinancing, visit College Ave Student Loans.
Earnest empowers people with the financial captial they need to live better lives.
Using technology, data, and design to build affordable products, Earnest's lending products are built for a new generation seeking to reach life's milestones. The company understands every applicant's unique financial story to offer the lowest possible rates and radically flexible loan options for living life.
Click here to apply with Earnest and to see how much you can save.
Operates in all 50 states; 2nd largest student loan refinancing lender
Laurel Road is a national online lender with customers in all 50 states, the District of Columbia, and Puerto Rico. Many of our non-bank competitors are not able to lend in all 50 states.Laurel Road has grown to be the second largest player in the student loan refinancing space in large part because of our reputation as the go-to low rate provider.
For every loan they fund, they contribute to the education of a child in need
CommonBond was founded in 2011 by three MBA graduates from the University of Pennsylvania’s Wharton School who wanted to help their peers escape from high-interest student loan debt. Its original focus was on grad students, but it has since expanded to cover undergrads as well.
Of all the companies we reviewed, CommonBond has some of the best customer service. The company prides itself on being easy to reach by email, phone, or live chat. It offers networking events, expert panels, insider newsletters, and even has a program help borrowers who lose their jobs to find new ones. CommonBond also makes you feel good about choosing to refinance with them by donating money to an education nonprofit for each loan they write.
Get a personalized review of your refinancing options with CommonBond today.
Offers unemployment protection and career/coaching/networking
SoFi, which stands for “Social Finance,” was created by a group of Stanford business students who found themselves with a mountain of debt after graduation. They set out to change the student loan industry and help borrowers like themselves to get lower interest rates. SoFi has some of the lowest interest rates and, unlike the other lenders we reviewed, it has no maximum amount you can finance. However, Nevada residents can’t currently refinance with SoFi. Minimum loan balances are higher in Arizona, Massachusetts and Pennsylvania due to state laws. Additional state restrictions may apply.
Works with 300+ community lenders for higher approval chances
Connecting student borrowers to a network of over 300 community lenders with low interest rates. By partnering with these lenders, LendKey is able to give consumers direct access to the best rates available from the most borrower friendly institutions. As the servicer of all loans obtained through its platform, you can rest easy knowing your personal information will be safe and that the best customer service team will be ready to answer your questions from application until your final payment.
Many ELFI customers save hundreds per month month and thousands over the length of the loan term.
Education Loan Finance is designed to assist borrowers through consolidating outstanding education loans into one single loan that effectively lowers your costs of education and/or makes repayment very simple. Education Loan Finance - backed by the strength of SouthEast Bank - combines the benefits of traditional education loan refinancing with the superior products, service, and support found in the private market.
Check out their low rates today to see how much you can save.
Attractive Bonus and Referral Programs:
Special offers for medical resident and fellow refinance products
Splash Financial is a leader in student loan refinancing with new rates as low as 3.25% fixed APR which can save you tens of thousands of dollars over the life of your loans. No application or origination fees and no prepayment penalties. Splash Financial is in all 50 states and is intensely focused on customer service. Splash Financial is also one of the few companies that offers a great medical resident and fellow refinance product. You can check your rate with Splash in just minutes.
Click here to see more of Splash's offerings and to see how you can save money.