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| Rates (APR) | 4.17% – 16.85% | 3.99% – 13.75% |
| Rates (APR) | Rates (APR) | |
| 4.17% – 16.85% | 3.99% – 13.75% | |
| Loan amounts | $1,000 – 100% of certified costs | $2,000 – 100% of certified costs |
| Loan amounts | Loan amounts | |
| $1,000 – 100% of certified costs | $2,000 – 100% of certified costs | |
| Repayment terms | 5, 8, 10, or 15 years | 10 years |
| Repayment terms | Repayment terms | |
| 5, 8, 10, or 15 years | 10 years | |
| Repayment plans | Full, interest-only, $25 flat, or deferred | Full, interest-only, or $25 flat |
| Repayment plans | Repayment plans | |
| Full, interest-only, $25 flat, or deferred | Full, interest-only, or $25 flat | |
| See the best private student loans. | ||
About College Ave and LendKey
College Ave and LendKey both help students cover college tuition. Each lender does so in different ways, however.
College Ave lends to students directly. Its private student loans are designed for learners at all levels, from undergraduate to graduate school. College Ave offers loans for students enrolled in specific programs, too. These include:
- Students pursuing career or technical training
- Future doctors, nurses, dentists, and lawyers
- MBA students
College Ave even has parent loans, making it one of the most versatile lenders around.
LendKey, on the other hand, isn’t a lender in and of itself. Instead, LendKey is a student loan marketplace, connecting borrowers with community banks and credit unions nationwide, giving students expanded access to student loan options.
While your loan is technically funded by one of LendKey’s partners, LendKey acts as your loan servicer. You’ll apply and make payments directly on the LendKey platform. This lets you explore multiple offers, compare multiple lenders, and manage your loan in one central place.
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College Ave vs. LendKey student loans
Student loans may seem like a standardized financing tool, but no two lenders feature the exact same loan product. LendKey, for example, doesn’t offer parent loans, while College Ave does. It also doesn’t provide as many repayment options, like in-school deferment.
Of course, you’ll find similarities between lenders, as well. You can refinance student loans with both College Ave and LendKey and choose between fixed and variable rates.
Rates are comparable between each lender, though LendKey’s rate ceiling is several percentage points below that of College Ave. Take a look at each lender’s rates, as well as other key loan details, in the table below.
| College Ave | LendKey | |
| Fixed rates (APR) | 4.29% – 16.69% | 3.99% – 12.61% |
| Variable rates (APR) | 5.59% – 16.85% | 5.99% – 13.75% |
| Loan amounts | $1,000 – 100% of certified costs | $2,000 – 100% of certified costs |
| Term lengths | 5, 8, 10, or 15 years | 10 years |
| Fees | Late fees | Late fees, insufficient funds fees |
While LendKey’s lower APR ranges may be appealing, College Ave offers greater loan flexibility.
College Ave’s minimum loan amount is half that of LendKey’s, better enabling students to only borrow what they need. College Ave also lets you choose between several term lengths, giving you more control over your loan repayment structure.
LendKey vs. College Ave eligibility requirements
As you research private student loans, you’ll notice that lenders don’t always publish their underwriting criteria in detail. Neither LendKey nor College Ave disclose a minimum credit score for student borrowers, but we were able to compile each lender’s initial eligibility criteria.
To apply for either LendKey or College Ave loan, you must be a U.S. citizen or permanent resident. LendKey also requires students to be enrolled at least half-time.
While both lenders work with hundreds of schools nationwide, LendKey isn’t available in every state. Check out the table below to learn more.
| Requirement | College Ave | LendKey |
| Citizenship | U.S. citizen or permanent resident | U.S. citizen or permanent resident |
| State of residence | All 50 states | All states except Maine, Nevada, North Dakota, Rhode Island, and West Virginia |
| Minimum age | 16 | Age of majority in your state of residence |
| School | Eligible undergraduate, graduate, law, business, medical, and technical schools | Eligible undergraduate and graduate schools |
| Enrollment status | No minimum requirement | At least half-time |
| Credit score | Undisclosed | Undisclosed |
| Income | Undisclosed | $24,000 |
Because College Ave is a standalone lender and LendKey is a lending marketplace, underwriting works differently at each company.
If you apply with College Ave, you’ll only be subject to College Ave’s eligibility requirements. With LendKey, you’ll need to meet LendKey’s criteria and any additional parameters set by its lending partners.
Concerned you may not qualify? College Ave and LendKey both allow cosigners. Your cosigner won’t be on the hook indefinitely, either. LendKey lets you apply for cosigner release after 24 on-time payments. With College Ave, you’ll need to wait until you’re halfway through your loan term.
College Ave vs. LendKey customer reviews
Both College Ave and LendKey are accredited by the Better Business Bureau. To become BBB accredited, companies must protect customers’ data, promptly resolve customer complaints, and fulfill their contractual obligations.
That accreditation may give you peace of mind, but it’s still helpful to research other borrowers’ experiences. Here’s a quick overview of each lender’s average customer rating:
| Review source | College Ave | LendKey |
| Trustpilot | 4.4/5 out of 1,149 reviews | 4.3/5 out of 436 reviews |
| Better Business Bureau (BBB) | 3.29/5 out of 45 reviews | 1/5 out of 4 reviews |
| 3/5 out of 134 reviews | 3.2/5 out of 10 reviews |
Compared to LendKey, College Ave has a higher number of reviews and overall ratings.
Positive College Ave reviews celebrate the company’s responsive customer service, seamless application, and clear repayment details. Dissatisfied borrowers describe confusion and breakdowns in communication during the loan disbursement process.
Similarly, some LendKey customers lament the cosigner release and forbearance request processes. Favorable reviewers, however, report competitive rates and being able to refinance their loans without hassle.
Is College Ave or LendKey better?
Whether College Ave or LendKey is the better lender depends on what you need in a student loan. Both companies offer distinct benefits and drawbacks. But which of those benefits you value most—and which of those drawbacks is a dealbreaker—is situation-specific.
Read through the following scenarios to help you evaluate when one lender may be a wiser choice than the other.
If you are a parent
Borrowing on behalf of your child? Since LendKey doesn’t finance parent loans, College Ave is the clear choice. Besides, College Ave’s parent loans come with many of the same benefits as its student loans, like customizable repayment terms and minimal fees.
Winner
If you have a lower income
You only need to bring in $24,000 annually to match with lenders on the LendKey marketplace. This relatively low income threshold makes LendKey’s loans more accessible to students who aren’t yet established in their careers or who can’t work full-time during the academic year.
Winner
If you live outside of LendKey’s service area
Depending on where you call home, College Ave may be your best option by default. LendKey won’t be available to you if you reside or plan to attend school in Maine, Nevada, North Dakota, Rhode Island, or West Virginia.
Winner
If you want more repayment options
LendKey only offers one repayment term. College Ave’s borrowers, however, can choose term lengths as short as five years or as long as 15.
College Ave also lets you defer your payments while you’re in school. You don’t have to, though. If you want to get a head start on your loan balance, you can elect to make interest-only payments, flat $25 payments, or full payments toward principal and interest.
Winner
If you need a quicker cosigner release
While both LendKey and College Ave offer cosigner release, you could wait years to be eligible with College Ave. For example, if you selected College Ave’s 15-year loan term, you can’t request cosigner release until 7.5 years later.
LendKey’s cosigner release timeline is much shorter. If you’ve made your payments on time and meet credit and income requirements, you could be eligible in as little as two years.
Winner
If you’re enrolled at least half-time
College Ave doesn’t set minimum enrollment requirements, unlike many student loan lenders. Whether you’re taking three credit hours or twelve, you can qualify for a College Ave loan (provided you meet its underwriting criteria, of course).
Winner
How we rated College Ave and LendKey
LendEDU’s editorial rating system is designed to help readers find companies that offer the best student loans. Our system awards higher ratings to companies with affordable solutions, positive customer reviews, and online transparency of benefits and terms.
College Ave and LendKey were compared to several student loan lenders, using hundreds of data points from company websites, public disclosures, customer reviews, and direct communication with company representatives. We weighted, scored, and combined each factor to produce a final editorial rating. This rating is expressed on a scale from 1 to 5, with 5 being the highest possible score. Our take on each company is represented in our ratings and best-for designations, recapped below.
