How do I get my 0.25% auto-pay interest rate reduction?
You can set up recurring payments (aka auto-pay) two ways:
1. On our Loan Servicing website, www.collegeaveservicing.com.
Follow the steps below for each to set up auto-pay to make paying back your College Ave student loan even easier.
Setting Up Auto-Pay on our Loan Servicing Website
Step 1 In order to set up a recurring payment you’ll need to have an online account. If you don’t have an account you’ll need to create one.
Step 2 From the Home screen, go to the Useful Links section to the right of the loan you want to set-up a recurring payment for and select “Manage Recurring Payments.”
Step 3 Click the “Create Recurring Payment” button in the bottom-right corner of your screen.
Note: If you already have a bank account established as a payment method, skip Step 4 and go to Step 5.
Step 4 Select “Add Payment Method” at the bottom of your screen and fill out the required information. You’ll need to fill out your routing and account number, which you can find on your checks or online via your bank’s online account management system. Click the “Save” button when you have completed the form. If you are adding more than one bank account selecting a nickname that will help you distinguish between the accounts is helpful (e.g. First Bank of Delaware).
Step 5 Select the loan you’d like to make payments toward, select which payment method should be used, enter the amount you’d like to pay on a recurring basis, choose your payment frequency, and select when you want the recurring payment to start.
Step 6 Click on the “Create Recurring Payment” button to finish setting up recurring payments.
Note: If you have more than one loan, each loan must be individually enrolled in Recurring Payments.
Setting Up Auto-Pay on the College Ave Mobile App
Step 1 In order to set up auto-pay on the College Ave mobile app, you will need an online account. If you don’t have an account, you’ll need to create one. If you have one, log in to your account on the Log In screen of our app.
Step 2 You will land on our home screen upon logging into your account. From there, tap “Make a Payment”.
Step 3 In the payment section, tap “Set Up Auto-Pay”.
Step 4 Choose if you want to make the minimum payment amount or a fixed amount. Then select your payment method, frequency at which you want to make automatic payments, and when you want payments to start.
If you don’t have a payment method already set up, select “Add Payment Method” from the Payment Method dropdown.
You will be redirected to our payment portal to set up your payment method details. It may take a moment to completely load the secure site.
To set up a payment method, you’ll need to fill out your bank routing and account number, which you can find on your checks or online via your bank’s online account management system. Tap “Save”, then double check there are no error messages. Once your payment method is added, you’ll be brought back to the “Set Up AutoPay” page in the app where you can make the rest of your selections.
Step 5 Be sure to carefully review all of your details, then hit the green “Set Up” button to finalize everything. You should see a message after setting up your auto-pay to confirm that we’ve received your selections.
Note: If you need to change or delete your AutoPay settings at any time, just go back to the Home screen on the app, go to the Scheduled Payment section, tap on the Auto-Payment you’d like to change. You’ll be able to Edit the next payment amount, Edit your AutoPay settings going forward, or Delete Auto-Pay altogether.
And that’s it!
Remember to continue to monitor your account online and/or your billing statements to make sure your selections are up-to-date.
Frequently Asked Questions
What are the benefits of setting up Recurring Payments (aka automatic debit or auto-pay) for my loan payment(s)?
- Your payments will be made on time each month.
- If you set up automatic payments, you will receive a 0.25% interest rate reduction that is effective from the day you establish the recurring payment.
- You’ll build good credit with on-time payments.
How do I know if my 0.25% rate reduction for setting up automatic deductions has been processed?
The interest rate on your statement displays the active rate on the loan. You can compare the interest rate on the first statement you received after setting up Recurring Payments to the previous one to confirm the rate of reduction.
Can I cancel recurring payments once I’ve set it up?
Yes, but you will lose your 0.25% interest rate reduction when it is canceled.