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College Ave vs LendKey: Student Loan Comparison

If you were comparing College Ave and LendKey to get a private student loan to pay for your education or refinance them for better terms.

Let’s examine the benefits and term alternatives for each lender so you can choose the best one for you with more knowledge.

LendKey vs College Ave: Student Loan Refinancing Comparison

LendKeyCollege Ave
Fixed APR2.99-9.93%3.99% to 7.99%
Variable APR4.13-7.39%3.44% to 7.99%
Loan Amounts$5,000 to $125,000 for undergraduate degrees; up to $250,000 for graduate degrees$300,0003.22% to 13.95%
Minimum Credit Score660Mid 600s
Loan Term5, 7, 10, 15, or 20 years.5 to 20 years
Financeive’s rating4.9/54/5

LendKey vs College Ave: Private Student Loan Comparison

LendKeyCollege Ave
Fixed APR3.99-8.49%3.22% to 13.95%
Variable APR3.62-9.59%2.49% to 13.85%
Loan Amounts$1,000 up to the total cost of attendance.$1,000 minimum. 
Minimum Credit Score660Mid 600s
Loan Term5, 10, or 15 years.5, 8, 10, or 15 years
Financeive’s rating4.6/53.9/5

College Ave Advantages

Student loans are the only product available from College Ave. College Ave, which was established in 2014 and is headquartered in Wilmington, Delaware, provides parent loans, undergraduate loans, and graduate loans to students enrolled in College Ave-affiliated institutions across all 50 states and the District of Columbia.

The benefit of College Ave is its quick processing of applications and decision-making, which takes only a few minutes. When it comes to making payments while still enrolled in school, College Ave is the finest option.

Co-signers may be used. After submitting an online application, prospective student loan borrowers can check their preapproval status and get immediate loan decisions.

Although College Ave doesn’t accept applications over the phone, you can reach customer care to get assistance with the online application.

College Ave advises submitting your loan application at least 30 days before the start of the academic year. College Ave will then work closely with your school to approve the loan.

LendKey Advantages

LendKey makes it simple to evaluate a wide range of offers from hundreds of smaller lenders that provide competitive rates and top-notch customer service.

Unlike some lenders, LendKey does not charge application, origination, or prepayment fees.

Borrowers should submit a loan application at least one month before they need it in order to give enough time for approval, processing, certification, and distribution.

Checking your rate with LendKey will have no effect on your credit score. They won’t perform a thorough credit check; just a quick one.

LendKey will give a full justification if it decides to decline your request for a refinance. A six-month grace period for repayment will eventually be offered by LendKey.

Check out our in-depth evaluation of LendKey, LendKey vs Earnest, LendKey vs Discover, and LendKey vs Commonbond.

How Do LendKey and College Ave Differ in Their Eligibility Requirements?

LendKey Requirements

LendKey has standardized procedures for student loan applications, even if the eligibility conditions for loans vary based on the lender. Those who borrow must:

  • To take part, you must be a citizen of the United States or a recognized permanent resident. In West Virginia, North Dakota, Maine, Nevada, or North Dakota, loans are not available. Minimum requirements call for an associate’s degree after two years.
  • A student must have attended a school that is supported by the federal government. Although it’s not necessary, 37% of borrowers employ a co-signer.

But the majority of LendKey lenders require the following:

  • The co-annual signer’s yearly income must be at least $12,000, or $24,000 in absence of any income.
  • Cosigners and approved borrowers often have a credit score of 751, or good.
  • Minimum credit scores are 660.
  • The average yearly income of eligible borrowers is $65,000.
  • Refinancing cannot be done with a debt-to-income ratio higher than 50%.

College Ave Requirements

Undergraduates must be citizens or legal residents of the United States who are enrolled at least half-time at an authorized school.

Students from other countries are also qualified as long as they have a Social Security number and an acceptable co-signer.

According to their schools’ standards, all students must make adequate academic development. Annual loan limitations are up to 100% of the cost of attendance as determined by the institution, and lifetime debt limits are determined by the borrower’s degree of choice and credit standing.

How Should You Decide Between LendKey and College Ave?

College Ave is not ideal for borrowers who need a co-signer to qualify, as there’s no co-signer release program. Student loans must also be in your name to refinance with College Ave, so you’ll need to look elsewhere if you want to take over your parent’s PLUS loans.

Borrowers who might require some payment flexibility or those who failed to graduate could use its refinancing loan. Students who might require wriggle space on payments could use its private loan.

For users who want to cut out on some of the difficulties associated with loan comparison, LendKey is a great alternative. You may quickly evaluate numerous offers from hundreds of smaller lenders through the network that provide competitive rates and first-rate customer service.

Our Methodology

Financeive is dedicated to providing objective, comprehensive reviews of student loan companies to students.

We gathered over 30 data points from different lenders to ensure that our information supports borrowers in choosing the optimal educational loan choices for their circumstances.

Frequently Asked Questions