College Ave offers student loan refinance options that can reduce your monthly payments and even the total cost of your loan. With fixed or variable interest rates, no application or origination fees, and lower interest rates when you sign up for auto-pay, we have student loan refinance options designed to reduce your costs and your stress level.
Here's our current refinancing interest rates:
Variable rates
6.99%
to 13.99% APR
Fixed rates
6.99%
to 13.99% APR
(all rates shown include auto-pay discount)1
Checking your rate won’t affect your credit score.
Benefits of Student Loan Refinancing
-
Lower Your Monthly Payment
Lower Your Monthly Payment
When you refinance your student loans with College Ave, you can choose a brand new loan term between 5 and 20 years. A longer loan term can help to lower your monthly payments, but it may increase the total amount of interest you'll pay on the loan overall. This can give you a little extra money each month to put toward other expenses.
-
Simplify Your Payments
Simplify Your Payments
If you have multiple loans from college, they are likely on different repayment schedules. Keeping track of multiple different loans, payment schedules, interest accruals, and due dates can be daunting. Refinancing your student loans allows you to combine all your loans into one new loan.
-
Save Money
Save Money
Depending on what loans you have, when you took them out, and what your interest rates are, you may have a high interest rate. If you have good credit and a stable income, you may qualify for a lower interest rate. A lower interest rate can help you save hundreds or even thousands of dollars over the duration of your loan repayment.
-
Pay Off Your Loans Faster
Pay Off Your Loans Faster
Refinancing your student loans gives you the option to choose a shorter loan term. This change can help you pay off your student loans earlier than your original repayment plan. Chipping away at your loans faster will allow you to be free from student loan debt faster.
Make Your Payments Work for You
Is anyone ever happy with "one-size-fits-all"? We don't think so. Everyone has their own personal budget and goals. With us, you can explore our student loan refinance rates without impacting your credit score. Then, you choose the student loan refinancing term that works best for you. Refinance student loan amounts as low as $5,000.2
Rate Options
Variable Rate
6.99%
to 13.99% APR
Interest rate changes based on changes to a market index (e.g., SOFR)
Fixed Rate
6.99%
to 13.99% APR
Interest rate does not change for the life of the loan
*all rates shown include auto pay discount1
Flexible Term Options
We’ll help you choose how many years you take to pay back your refi loan so you can be confident that your loan is working for you. We offer 5 year to 20 year repayment term options3. You can save more overall by choosing a shorter loan term (like the 5 year option), but you’ll be making bigger monthly payments. On the other hand, you can make smaller monthly payments by choosing the 20 year option, but may pay more in interest overall.
See How We Compare to Other Refi Lenders
| College Ave | SoFi | Citizens Bank | |
|---|---|---|---|
| Fixed and Variable Interest Rates |
|
|
|
| Application Fees |
|
|
|
| Choice of Loan Terms (How long you take to repay) |
16 |
5 |
5 |
*Comparisons based on information obtained on lenders’ websites as of September 3, 2024.
Student Loan Refinancing FAQs
-
Which student loans should I refinance?
A good rule of thumb is to refinance high-interest student loans. Federal student loans have unique benefits that only apply to federal loans. You will forfeit all of those exclusive federal benefits if you refinance your federal student loans with a private lender. Both your federal and private student loans are eligible to be refinanced into one simple, monthly payment.
-
Is it cheaper to refinance student loans?
Generally speaking, the more student debt you have, the more money you can potentially save by refinancing your student loans. Student loan refinancing will only save you money if you qualify for a lower interest rate or choose a shorter repayment term.
-
Does refinancing student loans hurt your credit?
Refinancing is taking out a new loan to pay off your existing student loans. During the application process, the lender will assess your credit with a "hard inquiry" which may temporarily lower your credit score. Your credit score should rebound. In the long-run continuing to make on-time payments will help improve your credit score.
-
Should I refinance my student loans?
Refinancing your student loans may be a good option for you if you’re looking to pay off your student loans early, potentially get a lower interest rate, or consolidate your loans into one monthly payment. Refinancing can help you save interest and may make your monthly payments more manageable. Do your research for the best interest rates and use pre-qualification tools where available to see if you’d be approved for a loan.
Carefully consider if you want to refinance your federal student loans. You will forfeit any benefits, like income-based repayment and loan forgiveness, that are unique to federal student loans should you refinance any of your loans with a private lender, like College Ave.
Footnotes
1
Variable rates may increase after consummation. The 0.25% auto-pay interest rate reduction applies as long as the borrower or cosigner, if applicable, enrolls in auto-pay and authorizes our loan servicer to automatically deduct your monthly payments from a valid bank account via Automated Clearing House ("ACH"). The rate reduction applies for as long as the monthly payment amount is successfully deducted from the designated bank account and is suspended during periods of forbearance and certain deferments. If a payment is returned, you will lose this benefit.
2
$5,000 is the minimum requirement to refinance. The maximum loan amount is $500,000 for those with medical, dental, pharmacy or veterinary doctorate degrees, $300,000 for other graduate or professional degrees, and $150,000 for all other undergraduate or graduate degrees. Information advertised valid as of 11/01/2023.
3
This informational repayment example uses typical loan terms for a refi borrower with a Full Principal & Interest Repayment and a 10-year repayment term, has a $40,000 loan and a 6.5% Annual Percentage Rate ("APR"): 120 monthly payments of $454.19 while in the repayment period, for a total amount of payments of $54,503.03. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.