FAQs for Borrowers
Who is College Ave Refi?
College Ave Refi was created to help graduates refinance existing student loans so they can repay their loans easily while reducing the total cost and/or monthly payment.
What does "refinancing" a student loan mean?
Refinancing is the process of getting a new loan to replace your existing loan(s), usually to get a lower interest rate and/or different loan terms.
What is the difference between refinancing and consolidating?
Consolidation is a type of refinancing. Consolidation combines two or more loans into a single loan, and in doing so, the rate and/or terms typically change. You don’t have to consolidate in order to refinance though; you can refinance a single loan to lower the interest rate or change the term of that one loan. With College Ave Refi, you can choose to refinance a single loan or consolidate and refinance multiple loans.
What are the benefits of refinancing student loan(s)?
Ultimately, refinancing is intended to save you money – monthly or over time – and give you budget flexibility. We know that everyone’s situation is unique, so our interactive calculator helps you understand the cost of your current loan(s) and the estimated savings benefit, so you can decide if refinancing is right for you.
Who should consider refinancing their student loans?
Refinancing can be a great option for working graduates who have one or more federal Direct Loans, Graduate PLUS loans, and/or private loans.
What’s the best way to determine if refinancing is the right decision?
Use our interactive calculator to help you decide if refinancing is right for your situation. While you may be able to reduce your total loan cost or your monthly payment by refinancing your loan(s), it’s important to consider whether any other benefits of your current loan(s) would be lost by refinancing.
Are both federal and private student loans eligible for refinancing?
Yes, College Ave Refi will refinance and consolidate all qualified education loans.
What’s at risk when refinancing or consolidating student loans?
When you refinance your loan(s)–either federal or private–you forfeit the benefits of those loan(s). In turn, you receive the benefits of your new loan. Federal loans offer unique benefits such as income-based repayment (IBR) and loan forgiveness programs. You should carefully consider if and how these benefits impact your personal situation.
Are you currently serving active duty in the military?
As a member of the military, your current federal and private loans may qualify for Servicemembers Civil Relief Act (SCRA) benefits. However, if you refinance or consolidate your loan(s), then you may lose these benefits for the new loan. If you’re serving on active duty when applying, please call 844-422-7502 for more information.
How does student loan refinancing work?
Once you apply, we’ll determine if you qualify for a College Ave Refi loan. You’ll need to confirm details about your existing student loans that you’d like to refinance. If you are approved for a College Ave Refi loan, we will use the money from your new loan to directly pay off your existing loans.
What are the eligibility requirements for a College Ave Refi loan?
To qualify, a borrower must be at least 18 years old, be a U.S. citizen or permanent resident, have graduated from a selection of Title IV eligible undergraduate or graduate programs, and meet College Ave Refi’s underwriting requirements.
What information about the loan(s) being refinanced is needed to apply?
For each loan, you’ll need to confirm:
- The name of your servicer
- Your servicer account number
- The amount you wish to refinance
What is the minimum and maximum amount that can be refinanced?
$5,000 is the minimum requirement to refinance with us. The maximum loan amount is $150,000 for graduates of undergraduate or graduate programs and $250,000 for graduates of medical, dental, veterinary, or pharmacy programs.
Is a cosigner required to refinance?
A cosigner is not required as long as you qualify for the loan on your own.
How long does it take to get approved for a College Ave Refi loan?
Most people will get an instant decision upon submitting a completed application.
What repayment terms are available?
You can pick your repayment term with options ranging from 5 to 15 years – whatever works best for you.
What is the auto-pay rate reduction?
You’ll get a 0.25% interest rate reduction by enrolling in automatic payment deduction. To enroll, you’ll need an active checking or savings account.
What is the difference between interest rate and APR?
The interest rate is the proportion of a loan that is charged by the lender for the borrower’s use of the loan proceeds. The APR (annual percentage rate) includes the interest rate and certain other fees charged by the lender, and the APR represents the total cost of borrowing.
Are there origination or prepayment fees?
No, there are no origination or prepayment fees on College Ave Refi loans.
Do all student loans need to be refinanced/consolidated at one time?
No, you don’t have to refinance or consolidate all of your student loans. During the application process, you will be asked to confirm the details for any loan(s) you would like to refinance/consolidate, and when the loan closes, College Ave Refi will pay off the loan(s) you indicated.
If you want to refinance or consolidate additional student loans in the future though, you’ll need to submit a new application, and your new loan terms would be based on offers that are available at that time.
Can a student loan be refinanced if it has previously been refinanced?
Yes. Whether you have previously consolidated federal loans through the Direct Consolidation Loan program or the FFEL Consolidation Loan program, or you have refinanced loans with a private student loan lender, you are still eligible for the College Ave Refi product. However, if the student loan was refinanced through a personal loan, the personal loan is not eligible.
Can spouses refinance and consolidate all student loans into one College Ave Refi loan?
Not at this time. However, you and your spouse can apply separately for refinancing.
Can College Ave Refi be used to refinance student loans for anyone who hasn’t graduated?
No, borrowers must have graduated from a selection of Title IV accredited universities or graduate programs.
Who is Navient?
Navient is a Fortune 500 company and one of our 3rd-party servicers we selected to service the College Ave Refi loans. Navient services 12 million loan customers in the government, higher education, and business sectors. You can manage your student loans conveniently and securely with Navient’s loan management app for iPhone® or Android®. Just sign in with your existing account login information and use the app to:
- Check activity and balances
- Make payments
- Access account tools and resources
I tried to apply, and I can’t find my school in the application. What do I do?
It’s possible that your school isn’t currently on our eligible list for refinancing. You can send us an email with your school name, and we’d be happy to confirm eligibility: firstname.lastname@example.org.
What's the timing for paying off my loan(s)?
Generally, you should see the payoff post with your servicer approximately 3-4 weeks after you receive your final disclosure.
However, in some cases, we’ll need additional information from you about your existing loans to make sure the payoffs are sent to the right place. In those cases, we’ll call you to get the right account number and payment address so your payoff isn’t delayed.
What should I do while I'm waiting for my existing loans to be paid off?
Keep an eye out for calls from College Ave Student Loans. If we need information from you before sending the payoff, we’ll give you a call. Please call us back so your payoff is processed on time.
3-4 weeks after you receive your final disclosure, check to make sure your payoffs have posted to your existing servicers. If you don’t hear from us, your payoffs should process automatically, and you should see them post to your old accounts in 3-4 weeks. If the payoff hasn’t posted, please give us a call at 844-422-7502, and we’ll work with your existing servicers to make sure it’s processed correctly.
Continue making payments to current servicers until you’ve confirmed our payoffs have posted. If your loans have any payments due in the few weeks after you apply, you should continue making them as scheduled until our payoff posts to avoid any negative impact to your accounts.
Who will be servicing my refi loan?
Navient is the company that College Ave Student Loans partners with to service your Refi loan. Navient is a leading student loan servicing company. They’re responsible for sending statements, processing payments and providing general account guidance. College Ave and Navient have a strong partnership focused on providing clear information and excellent service.
You should receive a welcome letter from Navient. At that time, you’ll be able to access your online account at www.navient.com.
When will I receive my first statement from Navient? When will my first payment be due?
You won’t receive a statement until we’ve sent your payoff(s). We’ll send you an email with the estimated timing of your first statement and payment.
When can I sign up for auto-pay to get my 0.25% interest discount?
Once you receive your welcome letter, you’ll be able to access your Navient account online and sign up for auto-pay. We’ll send you an email with instructions for how to sign up for auto-pay.
Please note that Navient’s service representatives will not see the 0.25% auto-pay interest discount reflected in your account until your first statement is sent by Navient.
College Ave Student Loans products are made available through either Firstrust Bank, member FDIC, or Liberty Bank, N.A., member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
Information advertised valid as of 10/3/2016. Variable interest rates may increase after consummation.
WE RESERVE THE RIGHT TO MODIFY OR DISCONTINUE (IN WHOLE OR IN PART) THIS LOAN PROGRAM AND ITS ASSOCIATED SERVICES AND BENEFITS AT ANY TIME WITHOUT NOTICE. CHECK WWW.COLLEGEAVESTUDENTLOANS.COM FOR THE MOST UP-TO-DATE INFORMATION.