student loan refinancing

College Ave Student Loan Refinancing [Review]

Student loans are all College Ave does. Its student loan product comes with great interest rates, and a variety of terms and repayment options, so you can find the right fit for you. College Ave’s student loan process has been simplified so you can focus on the things that matter most: preparing for a bright future. With College Ave, you can reduce the total cost of your existing student loans, your current monthly payment or both by refinancing or consolidating existing federal, private, and Parent PLUS loans.

Ease and flexibility are hallmarks of College Ave. Perhaps the nicest perk is the fact you are able to choose how long you’ll take to pay off your loan. College Ave affords you the choice between 5-, 7-, 10-, 12-, and 15-year loan terms. College Ave offers borrowers a number of different and flexible repayment options. College Ave borrowers can choose between interest only payments, flat payment, and full principal and interest payments, or defer their payments if they need more time to get the money together. Remember, borrowers who choose a shorter repayment term will pay less in interest overall, but must make higher monthly payments. There are no origination fees, prepayment fees, or fees for paying more than the minimum amount due each month.

College Ave’s qualification requirements are quite high compared with some lenders, and not all creditworthy borrowers meet them on their own. Applying with a co-signer is a good way to ensure you’re able to get the best rate if you don’t qualify on your own. It’s worth noting, however, that your co-borrower will be responsible for the loan balance if, for whatever reason, you are unable to repay it.

College Ave pulls most of the pertinent financial information it needs from your credit report, easing the burden of locating required loan documents. You can fill out our short form to see if you prequalify to refinance with College Ave, among others.

If you do qualify, College Ave provides an interest-only payment option for the first two years of your term. It’s a nice option to have if you absolutely must use it, but we recommend paying your full monthly payment if you’re able to, as that will help pay down your student debt faster. College Ave allows borrowers to set up Recurring payments (or auto pay), which will deduct your payment from the bank account of the borrower’s choice automatically. Borrowers who opt for auto pay also receive a 0.25 percent discount on their interest rate.

Choosing a lender isn’t a decision you should enter into lightly, nor quickly. While College Ave provides very competitive interest rates for creditworthy borrowers, even lower rates may be available through other lenders.

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