Get on the road to savings and start freeing yourself from student debt with College Ave.
You’ve got a lot to manage already. Why juggle two or three different student loans or deal with high interest rates? With College Ave, you can refinance and consolidate your student loans into something more manageable. Choose the repayment terms that suit you best and fit your financial needs.
|Product Name||College Ave Student Loan Refinancing|
|Min Loan Amount||$5,000|
|Max. Loan Amount||$250,000|
|Min APR||From 4.13%|
|Minimum Loan Term||5 years|
|Maximum Loan Term||15 years|
|Requirements||You're a graduate of an approved Title IV undergraduate or graduate program, at least 18 years old and an American citizen or a permanent resident of the US. You meet College Ave Refi’s underwriting requirements.|
- You're a graduate of an approved Title IV undergraduate or graduate program.
- You're at least 18 years old.
- You're an American citizen or a permanent resident of the US.
- You meet College Ave Refi’s underwriting requirements or have a creditworthy cosigner.
What makes College Ave student loan refinancing unique?
When you’re trying to sort through student loans, it can be difficult to piece together what you can and can’t refinance. Most private lenders can’t help you when it comes to consolidating your federal student loans — but College Ave can.
On top of being able to refinance more than just your private loans with College Ave, its minimum starts at just $5,000. If you’re looking to get a better rate on a small amount, you might be able to find it.
What is College Ave student loan refinancing?
What’s referred to as a College Ave Refi loan can help you refinance or consolidate your student loans. Consolidation involves combining multiple loans. Refinancing is taking out a new loan with different rates or terms than the one you currently have. When you consolidate your loans, you’re refinancing them — but you don’t have to consolidate to refinance. It’s a square–rectangle thing.
The College Ave Refi loan is unsecured, offers discounts for those who sign up for autopay and allows you to have a cosigner. You will find a few limitations, however. For one, you can’t refinance through College Ave if you’re still in school. Your maximum loan amount is also limited to $250,000 or $150,000, depending on your degree program.
What are the benefits of College Ave student loan refinancing?
- Rate discount. By enrolling in autopay, you can get a 0.25% discount on your interest rate. You’re not likely to find this kind of offer with every lender, and it can lower your monthly payments. Depending on your total cost, it could save you quite a bit of money down the line.
- Ease of access. Access your account anywhere through College Ave’s partner service, Navient. Through the iPhone or Android app, you can check your activity and balances, make payments and access any account tools or resources.
- Less fees. Pay no application, origination or prepayment fees when you refinance with a College Ave Refi loan. Given that origination fees are generally a percentage of the total loan amount, they can end up being a hefty chunk of change. Through College Ave, you won’t have to worry about shelling out for them.
- Choose your term. With terms available from 5 to 15 years, you have 11 different terms to choose from. Having more options can help you tailor the loan to your budget and financial goals. Most other providers only offer four or five term options.
- Referral program. Once you have your College Ave Refi loan, you can refer your friends or family members to get $250. As an added bonus, the person you refer gets a bonus of $100 too.
What to watch out for
Giving rate discounts and more options for terms can seem like a dream come true. But autopay can lead to insufficient funds if you aren’t careful. And while terms are flexible, they may have you paying more than you need to. Here are a few other factors to consider.
- Interest-only payments. On the surface, two years of interest-only payments can sound generous. The problem arises when you take it in a wider context. Interest-only payments means a longer period paying off the principal, which keeps you in debt longer and raises your overall cost.
- Possible overdrafts. Autopay can be convenient, and even provides an interest rate discount with College Ave. Overdrafts can come with quite a steep cost if your don’t have sufficient funds in your account, depending on the bank you’re working with. Keep a close eye on budgeting to avoid penalties.
- Loan term. You have several term lengths to choose from. Unfortunately, the options don’t go as high as other lenders. Typically you can find loan refinancing terms up to 20 years, but College Ave only offers up to 15 years.
- Potential loss of federal benefits. If you have federal loans, you could be eligible for additional programs. But you risk losing your military assistance, loan forgiveness and income-based repayment programs if you refinance in the private sector.
Am I eligible?
Sorting through loan requirements can be frustrating, especially when you’re doing it for several different providers. Here’s what you’ll need to meet when it comes to refinancing with College Ave:
- You’re a graduate of an approved Title IV undergraduate or graduate program.
- You’re at least 18 years old.
- You’re an American citizen or a permanent resident of the US.
- You meet College Ave Refi’s underwriting requirements.
To maximize your chances of approval, you’ll need a credit score in the good or excellent range. That generally means high 600s and up. Also, make sure your income is enough to support the debt obligations you have. Your debt-to-income ratio is a good indicator of how you’re doing in that area. If you don’t meet the underwriting requirements on your own, you have the option to apply with a cosigner.
How do I apply?
The application itself should take about three minutes to complete. First click Go to site button on this page and then complete the required fields on College Ave’s website. Have the amount you’re requesting on hand, as well as your income information.
From there you’ll get an instant approval/denial decision. If you import your other loan information, it can be prefilled by College Ave to make the process even faster.
After you accept the terms of the loan, you’ll need to wait for your funds to be disbursed. It typically takes three to four weeks for payments to post to your existing accounts.
Get a $100 welcome bonus with your refinancing for being a finder.com reader
I got the College Ave Refi loan. Now what?
It’s great feeling to be on top of something as seemingly insurmountable as student loan debt. Take steps to ensure that you can take to stay on top of it.
Until you see your balances paid off in your existing accounts, you’ll want to make any repayments that are due. Remember that it can take three to four weeks for the funds from your loan to post.
You’ll receive an email from College Ave after those funds post, which will let you know when your first payment is due and how to make your payment with Navient. Consider taking advantage of the discount and convenience that comes with autopay.
If you have shifting paydays and aren’t sure when you’ll have the money in your account, you might want to opt for a different method of payment. You can pay online, by mailing a check or by phone.
Don’t forget that you can refer people to College Ave for extra cash. Every approved and funded family member and friend who uses your unique link puts $250 in your pocket — and $100 in theirs.
Getting out into the world and sorting your finances is more than a little intimidating, but it doesn’t have to be hard. If you’re making enough money to fulfill your debt obligations, have good or excellent credit or can produce a cosigner, a College Ave Refi loan may meet your refinancing needs.
Before you jump on any one student loan solution, thoroughly compare your options.
Frequently asked questions about College Ave
Does College Ave offer tools to help me decide if refinancing is a good idea for me?
Yes. College Ave hosts a free calculator that can assist you with finding out if you can reduce your overall cost or monthly payments. You may want to account for any federal benefits that you could lose by going with a private funder like College Ave.
Can I consolidate or refinance more loans in the future?
Yes. You will need to submit a new application for each loan, and your loan’s terms ultimately may be different.
I can’t find my school listed. What should I do now?
Email College Ave customer service with the name of your school. From there, you may receive confirmation of eligibility.
Can I set up paperless statements?
Yes. You can change from paper statements to e-delivery by signing in to your College Ave account.