Neither College Ave nor Sallie Mae is universally better; the best choice depends on your needs, with College Ave often preferred for repayment flexibility (shorter terms, in-school payments) and potentially lower rates, while Sallie Mae excels with its wide range of specialized loans for niche fields (law, medical) and quicker cosigner release options. Compare interest rates, fees (both lack origination fees but have late fees), repayment terms, and perks like cosigner release to decide which aligns best with your financial situation and educational path.
Full review
Their interest rates are below average, and we have found them to be some of the best rates available. They allow you to borrow up to the full cost of attendance at your school, and they offer a range of student loan repayment periods, including 5-year and 8-year repayment terms.
Parent PLUS Loans offer fixed interest rates and federal protections, while Sallie Mae may offer lower rates (depending on credit) but lacks income-driven repayment and forgiveness options.
Here's a quick breakdown to help you decide which might be the right choice for your needs. In addition, you're more likely to get approved for a Sallie Mae student loan without a cosigner: 97% of undergraduate borrowers approved by College Ave had a cosigner versus 87% by Sallie Mae.
College Ave is a private student loan company that offers a variety of loan options. There are loans for undergraduate students, graduate students, parents of students and specific career paths. In the latter category, College Ave offers MBA, medical school, dental school, law school and health profession loans.
But they usually look at credit history, credit score, income, debt-to-income ratio, and enrollment status. One of the most common reasons is not meeting the lender's FICO®Credit Score requirements. Your FICO® Credit Score is a three-digit number that helps lenders decide if you're likely to repay a loan.
Eligibility requirements
Noncitizens can qualify by applying with a cosigner who is a U.S. citizen or permanent resident. Credit requirements: Sallie Mae doesn't disclose a minimum credit score for approval but reports an average approval, but private lenders generally look for a minimum FICO credit score of 670.
College Ave offers short terms if you want to pay your balance off quickly. Sallie Mae provides more specialized education financing products than College Ave. The best choice depends on your career and educational goals and how quickly you want to pay off your balance once you graduate.
College Ave offers student loan refinancing options for both undergrad and graduate student loans, which earn a Bankrate Score of 4.3 out of 5.
The "7-year rule" for student loans generally refers to when negative marks, like defaults, are removed from your credit report (around 7 years after the first missed payment or default date for federal loans, 7.5 years for private loans), but the debt itself doesn't disappear and must be paid off; it's also a benchmark in bankruptcy proceedings where federal loans can become dischargeable after 7 years from when payments were due, though proving "undue hardship" is required and difficult.
Sallie Mae provides flexible repayment options, no origination fees, and borrower perks, though its rates can be higher without a co-signer, and it offers fewer protections compared to federal loans.
Checking your rate with College Ave will not affect your credit score. They will conduct a soft, not hard, credit inquiry (learn the difference). Variable rates are determined using a margin with the 30-day SOFR (3.77% as of this writing) as published by the Federal Reserve Bank of New York on the 5th day of the month.
There are no penalties for early repayment, so you can make extra payments anytime to reduce your balance.
It may be easier to secure a loan for a new car than it is for a used car, and new car loans often come with lower interest rates. Used cars can be a good fit if you're on a budget and they generally cost less to insure; however, interest rates for used car loans are often higher than for new car loans.