College Ave

College Ave Logo

College Ave

thumb_up Fast Application Process
thumb_up Repayment Options
thumb_up Helpful Website Tools

College Ave is a student loan company founded by former Sallie Mae executives Joe Depaulo and Tim Staley in 2014. According to their website, the founders of College Ave"learned from other complicated lending companies and decided to make getting a private student loan for college better." College Ave strives to provide loan options for undergraduate and graduate students as well as parents.

The Good

  • Fast Application Process 
  • Repayment Options  
  • Helpful Website Tools 

Fast Application Process

College Ave claims to provide a fast and simple application process. The application process takes approximately three minutes to complete and can be done on a mobile device or tablet. College Ave also does not charge a fee for applications and claims to give potential borrowers an instant decision on credit.

Repayment Options

When it comes to repayment, College Ave strays away from the "one size fits all" policy. Instead, they focus on borrowers choosing how they wish to repay. College Ave provides four different repayment options that borrowers may choose:

  • Full Principle and Interest Payment: highest payment while in school, but lowest overall cost
  • Interest Only Payment: moderate interest payments that are paid each month during school
  • Flat Payment: lowest in-school payment where borrowers pay $25 each month they are in school to reduce interest
  • Deferred Payment: no in-school payment and is the highest overall cost which means high interest

College Ave also allows borrowers to choose how many years they would like to take to repay the loan. The four options here include 8 years, 10 years, 12 years, or 15 years. According to their website, borrowers could likely save more if they choose 8-year terms and will get smaller monthly payments with a higher overall cost if they choose 15 years.

Helpful Website Tools

The College Ave website has a helpful undergraduate loan calculator to help borrowers figure out which student loan will work best for them. The calculator shows specific numbers and give borrowers an idea of how much they will receive and repay. Another tool that College Ave provides is the "how we compare" chart. This chart shows potential borrowers how College Ave compares to other student loan companies in number of repayment options, choice of loan terms, fees to apply, and selection of fixed or variable rates.

Check Rates

The Bad

  • Lengthy Money Transfer
  • Time in Business


Lengthy Money Transfer

Although College Ave claims that borrowers can apply for a loan in three minutes, the entire process of actually getting the loan can be lengthy. According to their website, the process after the application to when the money gets sent to the borrower’s school can take up to 10 business days or longer. Another downside is that people cannot apply for a loan over the phone.

Time in Business

Because College Ave began in 2014, it lacks experience and reliability that comes with time. Therefore, College Ave is relatively inexperienced in comparison to many of their competitors. Though this lack of experience is something for borrowers should be aware of, it should not be the only factor determining what company they borrow from.

The Bottom Line

Overall, College Ave provides many good features such as a free and relatively quick online application, a variety of four repayment options, and they offer multiple tools to help borrowers find the right loan for them. However, the high fixed APR rates, the time it takes to actually obtain the loan, and the lack of experience the business has could have a negative effect on borrowers' experiences with student loans.


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User Reviews


3 Reviews

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Veronica Rodriguez
June 8th, 2017

The loan department staff were courteous and knowledgeable. Whenever I had a question they knew just where to direct me if they couldn't answer my questions

Ryan Van Houten
June 8th, 2017 Corvallis, OR

After dealing with a few different customer service reps. I found that most of them put their best effort forward. Working on student loans when there is a nearing deadline can be very stressful but these representatives helped immensely in handling any issues that arose. I thought they were very professional and knowledgeable.

Alyssa king
June 8th, 2017

Great service, they helped me with my school tuition