College Ave at a Glance
Here are the key facts about College Ave private student loans for the 2025-2026 school year:
- Fixed rates: 3.23% to 15.99% APR (with autopay)
- Variable rates: 5.14% to 16.49% APR (with autopay)
- Variable rate cap: 17.95%
- Fees: No application, origination, or prepayment fees. Late fee of 5% of past due amount or $25 (whichever is less) after 15 days late.
- Loan terms: 5, 8, 10, or 15 years
- Cosigner release: Available after payments for half the repayment term
- Autopay discount: 0.25% rate reduction
- Standout feature: 36-month grace period for medical school graduates (longest in the industry)
Before applying for any private student loan, make sure you have exhausted your federal student loan options first. For the 2025-2026 school year, federal Direct Subsidized and Unsubsidized Loans carry a fixed rate of 6.39% for undergraduates and 7.94% for graduate students. Federal PLUS Loans carry a rate of 8.94%. Federal loans also offer income-driven repayment plans and potential loan forgiveness that private loans do not.
That said, the landscape is changing. The One Big Beautiful Bill Act (OBBBA) introduces caps on PLUS Loan borrowing and phases out Grad PLUS Loans entirely. These changes make private lenders like College Ave increasingly relevant for students who need to fill larger funding gaps.
Loan Types Offered
College Ave offers one of the broadest lineups of private student loan products on the market. The lender covers nearly every type of postsecondary program, from undergraduate degrees to career training certificates.
Undergraduate Student Loan
The College Ave undergraduate student loan is designed for students pursuing a bachelor's degree at an eligible U.S. institution. Borrowers must be enrolled at least half-time and be a U.S. citizen or permanent resident (or have a cosigner who is). The loan covers up to 100% of school-certified educational costs, including tuition, room and board, books, and other expenses.
Graduate Student Loan
College Ave offers a general graduate student loan for students enrolled in master's or doctoral programs. This loan covers tuition and related costs for a wide range of graduate fields. The same rate structure and repayment options apply as the undergraduate product.
MBA Loan
College Ave offers a dedicated loan for students pursuing a Master of Business Administration. MBA programs often come with higher tuition and living costs, and this loan is tailored to meet those needs. MBA borrowers receive a 9-month grace period after leaving school before full payments begin.
Law School Loan
College Ave offers a specialized loan for students pursuing a Juris Doctor (JD) degree. Like the MBA loan, the law school product comes with a 9-month grace period after graduation. The loan covers up to 100% of school-certified costs.
Medical School Loan
The College Ave medical school loan is designed for students in MD, DO, and other medical degree programs. Medical students face some of the highest education costs, and this loan helps bridge the gap after federal aid is used. The standout feature for medical borrowers is the 36-month grace period after graduation, which is the longest grace period offered by any major private student loan lender. This extended grace period gives medical graduates time to complete residency before loan payments begin.
Dental School Loan
College Ave offers a dedicated dental school loan for students pursuing a DDS or DMD degree. Dental borrowers receive a 12-month grace period after leaving school. The loan covers up to 100% of school-certified costs.
Health Professions Loan
For students in other health-related programs such as nursing, pharmacy, physical therapy, or veterinary medicine, College Ave offers a health professions student loan. These borrowers receive a 9-month grace period after leaving school.
Parent Loan
The College Ave parent loan allows parents to borrow for their child's education. Unlike the student-focused products, the parent loan does not include a grace period. Parents must begin making interest payments while the student is still in school. This loan is in the parent's name and does not require the student to be a coborrower.
Career Training Loan
College Ave offers a career training loan for students enrolled in certificate programs, coding bootcamps, trade schools, and other non-degree programs at eligible institutions. This product makes College Ave one of the few major private lenders to serve students outside of traditional degree programs.
Student Loan Refinancing
College Ave student loan refinancing allows borrowers to combine and refinance existing federal or private student loans into a single new loan with a potentially lower rate. Keep in mind that refinancing federal loans into a private loan means you lose access to federal benefits like income-driven repayment and Public Service Loan Forgiveness.
Current Interest Rates
College Ave offers both fixed and variable interest rates. Your rate depends on your creditworthiness, loan term, repayment option, and whether you enroll in autopay.
Fixed Rates
College Ave fixed rates range from 3.23% to 15.99% APR with the 0.25% autopay discount. Without autopay, fixed rates range from 3.48% to 16.24% APR. A fixed rate stays the same for the entire life of your loan, which means your monthly payment will never change. This makes budgeting predictable and protects you if interest rates rise in the future.
Variable Rates
College Ave variable rates range from 5.14% to 16.49% APR with the 0.25% autopay discount. Without autopay, variable rates range from 5.39% to 16.74% APR. Variable rates are tied to an index and can go up or down over time. College Ave caps variable rates at 17.95%, which limits how high your rate can climb. Variable rates often start lower than fixed rates, but they carry the risk of increasing over the life of your loan.
How Rates Are Determined
Your individual rate depends on several factors, including your credit score, credit history, income, debt-to-income ratio, and chosen loan term. If you apply with a cosigner who has strong credit, you are more likely to qualify for a lower rate. Shorter loan terms also tend to come with lower rates because the lender's risk is reduced.
Autopay Discount
College Ave offers a 0.25% interest rate reduction when you enroll in automatic payments from a checking or savings account. This discount applies for as long as autopay is active. If you cancel autopay, your rate returns to its original level.
Fees and Costs
College Ave does not charge application fees, origination fees, or prepayment penalties. You will never pay a fee to apply, and you will not have a percentage of your loan deducted before you receive it. You can also pay off your loan early at any time without penalty.
The one fee College Ave does charge is a late payment fee. If your payment is more than 15 days past due, you will be charged either 5% of the past due amount or $25, whichever is less. This is a relatively modest late fee compared to some other lenders, and the 15-day buffer before the fee kicks in gives you some breathing room if you miss your due date by a few days.
Compared to federal student loans, which charge origination fees of up to 4.228% on PLUS Loans, College Ave's lack of origination fees is a meaningful advantage. On a $50,000 loan, a 4.228% origination fee would cost you $2,114 upfront. With College Ave, you receive the full amount you are approved for.
Eligibility and Application
To apply for a College Ave student loan, you must meet the following requirements:
- Be at least 16 years old
- Be enrolled at an eligible U.S. school (or accepted for enrollment)
- Have a valid Social Security number
- Be a U.S. citizen or permanent resident, or have a cosigner who is
College Ave offers a simple online application that takes about 3 minutes to complete. You can check your rate with a soft credit pull, which does not affect your credit score. A hard credit inquiry only occurs when you formally submit your application.
One notable feature is multi-year approval. College Ave allows borrowers to get approved for loans covering multiple academic years in a single application. This saves time and simplifies the borrowing process for students who know they will need funding for several years.
College Ave covers up to 100% of school-certified costs. There is no set minimum or maximum loan amount beyond what your school certifies as the total cost of attendance minus other financial aid received.
Cosigner Release
College Ave offers cosigner release, but the waiting period is longer than most competitors. To release a cosigner, you must make on-time payments for half the total repayment term. For example, on a 10-year loan, the cosigner can apply for release after 5 years of payments. On a 15-year loan, that wait extends to 7.5 years.
In addition to the payment history requirement, the primary borrower must demonstrate income that is at least 2 times the outstanding loan balance at the time of the cosigner release request. This income requirement is a high bar and may make it difficult for some borrowers to qualify for cosigner release even after meeting the payment threshold.
For context, here is how College Ave's cosigner release compares to other major lenders:
- Sallie Mae: Cosigner release after 12 consecutive on-time payments
- SoFi: Cosigner release after 24 consecutive on-time payments
- Earnest: No cosigner release available
- College Ave: Cosigner release after payments for half the repayment term (e.g., 5 years on a 10-year loan)
College Ave's cosigner release timeline is significantly longer than Sallie Mae or SoFi. If quick cosigner release is a priority for you or your cosigner, this is an important factor to weigh. On the other hand, College Ave at least offers the option, which is more than Earnest provides.
Repayment Options
College Ave offers several in-school repayment options and a range of repayment terms. The lender also stands out for its program-specific grace periods, which vary based on what type of degree you are pursuing.
Deferred Repayment
With deferred repayment, you make no payments while you are enrolled in school. Interest still accrues during this time and is added to your loan balance. After you graduate or leave school, your grace period begins (length depends on your program). This option keeps your costs lowest while in school but results in a higher total loan cost over time.
$25 Flat Monthly Payment
With this option, you pay a flat $25 per month while you are in school. This is more than zero but less than the full interest amount. It helps reduce the total interest you will pay over the life of the loan without requiring a large monthly commitment. Your grace period still applies after leaving school.
Interest-Only Repayment
With interest-only repayment, you pay only the accruing interest each month while in school. This prevents interest from capitalizing and keeps your total loan balance from growing. After your grace period ends, you begin making full principal and interest payments.
Full Repayment
With full repayment, you begin making full principal and interest payments right away while still in school. This option results in the lowest total loan cost because interest does not capitalize and you start paying down your principal immediately.
Repayment Terms
College Ave offers repayment terms of 5, 8, 10, and 15 years. Shorter terms mean higher monthly payments but lower total interest costs. Longer terms reduce your monthly payment but increase the total amount you pay over the life of the loan. The 8-year option is less common among private lenders and provides a middle ground between the standard 5-year and 10-year terms.
Grace Periods by Program
One of College Ave's most distinctive features is its program-specific grace periods. Instead of a one-size-fits-all grace period, College Ave tailors the post-graduation buffer based on the type of degree you are pursuing:
- Undergraduate: 6 months
- MBA: 9 months
- Law: 9 months
- Health Professions: 9 months
- Dental: 12 months
- Medical: 36 months
- Parent loans: No grace period (interest payments required while in school)
The 36-month medical school grace period is the longest offered by any major private student loan lender. It gives medical graduates time to complete their residency before loan payments begin. This is a major benefit for medical students, who often have large loan balances but limited income during residency.
By comparison, most private lenders offer a flat 6-month grace period regardless of the degree type. College Ave's approach recognizes that different programs have different timelines for transitioning from school to full-time employment.
Borrower Benefits
College Ave offers a solid set of borrower benefits focused on coverage and convenience.
- 100% coverage of school-certified costs: College Ave covers the full cost of attendance as certified by your school, minus other financial aid. You will not need to look for a second private loan to fill a gap.
- Multi-year approval: Get approved for loans covering multiple academic years in one application. This saves time and reduces the stress of reapplying each year.
- Program-specific grace periods: Grace periods range from 6 months for undergraduates to 36 months for medical students, tailored to your program's timeline for entering the workforce.
- No application or origination fees: You receive the full amount you are approved for, with nothing deducted upfront.
- No prepayment penalty: Pay off your loan early at any time without incurring any fees.
- 0.25% autopay discount: Enroll in automatic payments and your interest rate drops by 0.25%.
- Wide range of loan products: With 10 distinct loan types, College Ave covers nearly every kind of postsecondary student, from undergraduates to career training students to parents.
- Variable rate cap: Variable rates are capped at 17.95%, which limits your downside risk if interest rates rise significantly.
How College Ave Compares
College Ave is one of several major private student loan lenders. Here is how it stacks up against a few well-known competitors.
College Ave vs. Sallie Mae: Sallie Mae offers a similarly broad range of loan products and is one of the most recognized names in student lending. Sallie Mae's biggest advantage over College Ave is its cosigner release policy: just 12 consecutive on-time payments compared to College Ave's requirement of payments for half the loan term. Both lenders charge late fees, though College Ave's fee structure (5% of past due or $25, whichever is less) is straightforward. College Ave's program-specific grace periods, especially the 36-month medical school grace period, give it a clear edge for borrowers in professional health programs.
College Ave vs. SoFi: SoFi targets borrowers with strong credit profiles and offers career coaching, unemployment protection, and a member community. SoFi also offers cosigner release after 24 consecutive payments, which is much faster than College Ave's half-the-term requirement. SoFi charges zero fees of any kind, while College Ave does charge a late fee. However, College Ave offers a broader range of loan products (including parent loans, career training loans, and program-specific professional loans) and its program-specific grace periods are a significant differentiator.
College Ave vs. Earnest: Earnest charges zero fees and offers a 9-month grace period and a skip-a-payment feature, none of which College Ave matches directly. Earnest also offers a 12-year loan term that College Ave does not. However, Earnest does not offer cosigner release at all, while College Ave does (though it takes longer than other lenders). College Ave also offers a wider range of loan products, including career training and parent loans, and its program-specific grace periods are unique in the industry.
Pros and Cons
Pros
- Industry-leading 36-month grace period for medical school graduates
- Covers 100% of school-certified educational costs
- Multi-year approval simplifies the borrowing process for multi-year programs
- No application, origination, or prepayment fees
- One of the widest ranges of loan products among private lenders (10 types)
- Program-specific grace periods tailored to different degree timelines
- Variable rate cap of 17.95% limits upside risk on variable loans
- Four in-school repayment options (deferred, $25 flat, interest-only, full repayment)
- Cosigner release is available (unlike some competitors)
- Career training loans available for non-degree programs
Cons
- Cosigner release requires payments for half the loan term, much longer than Sallie Mae (12 payments) or SoFi (24 payments)
- Cosigner release also requires borrower income of 2x the outstanding balance, a high bar
- Late fee of 5% of past due or $25 (whichever is less) after 15 days, unlike zero-fee lenders like SoFi and Earnest
- No skip-a-payment or forbearance feature for borrowers facing temporary financial difficulty
- Parent loans have no grace period and require interest payments while the student is in school
- Variable rates can increase over time based on index changes, up to the 17.95% cap
- No career coaching, unemployment protection, or member community benefits (unlike SoFi)
- Refinancing federal loans means losing access to federal protections like income-driven repayment and Public Service Loan Forgiveness
Frequently Asked Questions
Does College Ave charge any fees?
College Ave does not charge application fees, origination fees, or prepayment penalties. The only fee College Ave charges is a late payment fee: 5% of the past due amount or $25 (whichever is less), applied if your payment is more than 15 days late. This is a relatively modest late fee, and the 15-day buffer gives you some breathing room compared to lenders that charge late fees immediately.
How long is College Ave's grace period?
College Ave's grace period depends on your degree program. Undergraduate borrowers get 6 months. MBA, law, and health professions borrowers get 9 months. Dental borrowers get 12 months. Medical school borrowers get 36 months, which is the longest grace period offered by any major private student loan lender. Parent loans have no grace period and require interest payments while the student is in school.
Does College Ave offer cosigner release?
Yes. College Ave offers cosigner release after the primary borrower makes on-time payments for half the repayment term. For a 10-year loan, that means 5 years of payments. The borrower must also demonstrate income of at least 2 times the outstanding loan balance. This is a longer wait than Sallie Mae (12 payments) or SoFi (24 payments), but it is still an option, unlike Earnest, which does not offer cosigner release at all.
What repayment options does College Ave offer while in school?
College Ave offers four in-school repayment options: deferred (no payments while in school), $25 flat monthly payment, interest-only payments, and full principal and interest payments. Choosing a more aggressive in-school repayment option reduces the total interest you will pay over the life of the loan.
Can I borrow the full cost of attendance with College Ave?
Yes. College Ave covers up to 100% of school-certified costs, which includes tuition, room and board, books, and other educational expenses. The maximum you can borrow is the total cost of attendance minus any other financial aid you receive, as certified by your school.
Does College Ave offer multi-year approval?
Yes. College Ave allows borrowers to get approved for loans covering multiple academic years in a single application. This is a convenient feature for students who know they will need private loan funding for several years. You do not have to reapply each year, which saves time and reduces paperwork.
What credit score do I need for a College Ave student loan?
College Ave does not publish a minimum credit score. Your rate and approval depend on your overall credit profile, including credit history, income, and debt-to-income ratio. If you apply with a cosigner who has strong credit, you are more likely to qualify and receive a lower rate.
How do College Ave variable rates work?
College Ave variable rates are tied to an index and can go up or down over time. The rates range from 5.14% to 16.49% APR with autopay. College Ave caps variable rates at 17.95%, which limits how high your rate can go. If you prefer predictable payments, choose a fixed rate instead.
The Bottom Line
College Ave is a versatile private student loan option for borrowers in 2026 who want broad program coverage and tailored post-graduation flexibility. Its 10 loan types cover nearly every kind of postsecondary student, from undergraduates to parents to career training students. The program-specific grace periods are a standout feature, especially the 36-month medical school grace period, which gives medical graduates a full three years to complete residency before payments begin.
The biggest drawback is the cosigner release policy. While College Ave does offer cosigner release, the requirement to make payments for half the loan term is much longer than what Sallie Mae (12 payments) or SoFi (24 payments) require. The additional income requirement of 2x the outstanding balance adds another hurdle. If fast cosigner release is a priority, you may want to consider those alternatives. If cosigner release is not a factor, Earnest offers a zero-fee structure with a 9-month grace period and skip-a-payment feature that College Ave does not match.
Remember: always exhaust your federal student loan options before turning to private loans. Federal loans offer fixed rates, income-driven repayment plans, and forgiveness programs that private loans cannot match. But if you have used up your federal aid and still need funds, College Ave is a strong option to consider, especially if you are a medical, dental, or other health professions student who will benefit from the extended grace periods.
With the OBBBA changes limiting PLUS Loan availability and eliminating Grad PLUS Loans, more students will need to explore private lending. College Ave's combination of broad product coverage, competitive rates, and program-specific grace periods makes it well-positioned to meet that demand.
Ready to plan your student loan strategy? Create your free CollegeLens plan to compare your options and build a personalized funding roadmap.
-- Sravani at CollegeLens