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Our team of student loan experts has almost 50 years combined experience in student lending. We are pleased to present our Top Rated Private Student Loan for August 2021 from College Ave, which we award 4.9 stars (out of 5).

Check Rates with College Ave – PSL

The College Ave Private Student Loan for Undergraduate Students received our Top Rating for ranking high across 14 points of review, but especially stands out for these reasons:

  • Competitiveness of Rates
    The College Ave private student loan features variable rates ranging from 0.99% to 11.98% and fixed rates ranging from 2.99% to 12.99%. The low end of these rate ranges make the College Ave loan the most competitive in our analysis of 15 private student loans.
  • No Fees
    The College Ave private student loan does not charge any application or origination fees.
  • Repayment Options
    The College Ave private student loan features the widest array of in-school deferment options, as well as the flexibility to pick any repayment length up to 15 years.
  • Borrower Benefits
    College Ave offers an interest rate discount to borrowers who set up automatic payments.

Check Rates at College Ave – PSL

College Ave Undergraduate Private Student Loan

College Ave offers private undergraduate student loans that can cover up to 100% of the cost of attendance. You can use this loan to pay for tuition, student fees, housing, books, and more.

Variable and fixed interest rates are available, with variable rates ranging from 0.99% to 11.98% APR and fixed rates ranging from 2.99% to 12.99% APR. These rates account for an autopay discount applied if you set up automatic loan payments from your bank. (Learn more about how student loan interest rates work below.)

Loan terms (how long you have to repay the loan) range from five to 15 years. In general, the longer the repayment terms of a loan, the smaller the monthly payment you’ll have to make.

Flexible repayment options are available. When you pay back your student loan amount, you have to consider both the principal (the lump sum you borrow) and the interest. College Ave offers the following repayment options:

  • Deferred payment
    You wait to start making payments until after you finish studying. While this is easier in the present, it means you’ll have to pay more interest in the long run.
  • Flat payment
    Make monthly payments of a flat fee (approximately $25, although case-by-case details vary) while studying. Consistent payments will help keep accrued interest low.
  • Interest-only payment
    Start paying the interest while you’re still studying and save the principal repayment for later.
  • Full principal and interest payment
    Immediately repay your interest and principal. In the long run, this will save you the most money.

Getting a credit decision for a College Ave private student loan takes about three minutes in most cases. A successful application will almost always require a creditworthy cosigner; very few undergraduate students (like basically, none) will be approved without a cosigner. Either the borrower or the cosigner (usually the latter) will need to have a strong credit history and relatively high income relative to their other debt obligations. If you’re approved, the lender will send loan documents and terms to sign digitally. College Ave then sends the loan paperwork to your educational institution for certification, which can take a few days to weeks.

Once this is complete, the lender schedules the loan funds based on your school’s timeline. In general, College Ave estimates this entire process takes ten days.

We hope you found this information about the College Ave undergraduate private student loan helpful. You can see how the loan compares to other private student loans in this chart below.

Check Rates at College Ave – PSL

College Ave – PSL VS. Other Private Student Loan Lenders








1.19% - 11.98%2

3.49% - 12.99%2

3 minutes


5 to 15 years



5.49% - 15.83%1

4.50% - 14.83%1

15 minutes


5 to 15 years



1.29% - 10.59%*

3.99% - 11.59%*

15 minutes


15 years



College Ave Disclosure: College Ave Student Loans products are made available through either Firstrust Bank, member FDIC or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.

    1. As certified by your school and less any other financial aid you might receive. Minimum $1,000.
    2. Rates shown are for the College Ave Undergraduate Loan product and include autopay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.
    3. This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.

Information advertised valid as of 7/22/2021. Variable interest rates may increase after consummation. Approved interest rate will depend on the creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term.

Sallie Mae Disclosure: Borrow Responsibly. We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Students and families should evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan. This information is for undergraduate students attending participating degree-granting schools. Borrowers must be U.S. citizens or U.S. permanent residents if the school is located outside of the United States. Non-U.S. citizen borrowers who reside in the U.S. are eligible with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident) and are required to provide an unexpired government-issued photo ID to verify identity. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.

1. Interest is charged starting at disbursement, during school and the separation/grace period, and until the loan is paid in full. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. Payments may be required during the grace/separation period depending on the repayment option selected. Variable rates may increase over the life of the loan. Advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. Advertised APRs assume a $10,000 loan to a freshman with no other Sallie Mae loans. Borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. This benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month and may be suspended during periods of forbearance or deferment, if available for the loan.

2. This promotional benefit is provided at no cost to borrowers with new loans that disburse between May 1, 2021 and April 30, 2022. Borrowers are not eligible to activate the benefit until July 1, 2021. Borrowers who reside in, attend school in, or borrow for a student attending school in Maine are not eligible for this benefit. Chegg Study® offers expert Q&A where students can submit up to 20 questions per month. No cash value. Terms and Conditions apply. Please visit for complete details. This offer expires one year after issuance.

3. Based on a comparison of approval rates for Sallie Mae Smart Option Student Loans for Undergraduate Students who applied with a cosigner versus without a cosigner during a rolling 12 month period from October 1, 2018 through September 30, 2019.

SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. Information valid as of 5/25/2021. Smart Option Student Loans® are made by Sallie Mae Bank. Sallie Mae, the Sallie Mae logo, and other Sallie Mae names and logos are service marks or registered service marks of Sallie Mae Bank. All other names and logos used are the trademarks or service marks of their respective owners. ©2020 Sallie Mae Bank. All rights reserved. SLM Corporation and its subsidiaries, including Sallie Mae Bank, are not sponsored by or agencies of the United States of America.

Discover Disclosure: Lowest APRs shown for Discover Student Loans are available for the most creditworthy applicants for undergraduate loans, and include an interest-only ( repayment discount and a 0.25% interest rate reduction while enrolled in automatic payments. The interest rate ranges represent the lowest and highest interest rates offered on the Discover Undergraduate Loan. The fixed interest rate is set at the time of application and does not change during the life of the loan. The variable interest rate is calculated based on the 3-Month LIBOR index plus the applicable margin percentage. For variable interest rate loans, the 3-Month LIBOR is 0.250% as of January 1, 2021. Discover Student Loans may adjust the rate quarterly on each January 1, April 1, July 1 and October 1 (the “interest rate change date”), based on the 3-Month LIBOR Index, published in the Money Rates section of the Wall Street Journal 15 days prior to the interest rate change date, rounded up to the nearest one-eighth of one percent (0.125% or 0.00125). This may cause the monthly payments to increase, the number of payments to increase or both. Our lowest APR is only available to customers with the best credit and other factors. Your APR will be determined after you apply. It will be based on your credit history, which repayment option you choose and other factors, including your cosigner’s credit history (if applicable). Learn more about Discover Student Loans interest rates at