SoFi vs College Ave: A quick overview

Know about SoFi and College Ave. Have a look at the comparison made between Sofi and College Ave and also understand the pros and cons of SoFi and College Ave.

Updated by Kanishkar P on 17th April 2020

A federal student loan is the first pick when you are planning to borrow for your college expenses. But if you have already taken a maximum of federal student loans and still are in requirement of monetary support then you will be left with the option of private student loans. There are a number of private lenders who offer private student loans and student loan refinancing. Choosing one among them is a crucial task. So we are here to help you out. In this article, we take you through the comparison made between SoFi and College Ave.

Table of Contents


SoFi vs CollegeAve

Here is a table indicating the various terms of College Ave and SoFi- how they differ from each other and what similarities they hold together.

 

Basis of Comparison CollegeAve SoFi
Minimum Amount $5,000 $5,000
Maximum Amount $300,000 No maximum
Terms of loan? 5 to 20 years 5 to 20 years
State Residency All states eligible All states eligible
Degree required? Bachelor's or higher
Associates or higher
Employment Requirements Must be employed or have an offer
Employed or hold an offer to commence in 90 days
Interest-Only Payments No No
Origination Fees and Prepayment Penalties? None None
Option for Cosigner? Yes Yes
Option to release a Cosigner? No No
Interest rate deduction on Auto-Pay? Yes Yes
Credit check required? Yes Yes
Unemployment Protection Yes Yes

As you have noted that the services are so similar yet different in terms of the important requirements like the maximum amount of loan that they refinance, condition of release of a cosigner, their eligibility in the states and few more.


About SoFi

SoFi was founded in 2011 at SanFransisco.Its founders came up with this institution to help the students who were in need. Over time SoFi has not only restricted its services to students but has widened them for other borrowers also. Sofi by far being the leading lending firm, provides personal loans, student loans, mortgage refinancing, student loan refinancing and more. To keep up its primary motto to serve students in need, it offers students with various benefits on their loans. Knowing more about SoFi Student Loans might be useful for you to decide on the lender options.


About College Ave

College Ave is a private student loan lender that offers student loans for both new borrowers and refinancers. The loans are available to graduates who have federal or private student loans. College Ave is considered to be the best for the students who want low variable rates and are financially confident in repaying their loans after graduation. College Ave’s student loan refinancing is a good option, fit for borrowers having a strong credit score.

College Ave provides student loan refinancing with lower interest rates and huge flexibility and is also a great option for creditworthy borrowers or students with a good cosigner that can qualify for its low variable rates. Check out the details of College Ave Student loans if you are willing to borrow student loans from them.


Pros and Cons of SoFi

In order to know more about SoFi, the following are the pros and cons which can help you make a decision about refinancing with it-

Pros

  • Its quick pre-application form will help you get the various details of refinancing without affecting your credit score

  • Option for deferment is available if you are facing a financial problem, your interest will accrue for that time but your amount of the loan will be re-amortized to make adjustments

  • Services for job placements, mock interview sessions are the plus that SoFi offers when you go for refinancing options with it

  • It offers services for wealth planning also, in case you are refinancing the loans of your child, SoFi will help you in planning for your wealth as well

  • An invitation to the community events that SoFi conducts like dinners, yoga sessions, workshops, etc.

  • It also provides career coaching in case you have involuntarily lost your job or looking for a change, assistance regarding how you can improve in getting a better opportunity

Cons

  • No cosigner release option is available, the cosigner will be there for the life of your loan

  • Even if you have attended school or college but do not hold a degree, you cannot qualify for refinancing your loan with SoFi

  • The minimum credit score that you hold should be more than 650, otherwise, it will not consider your loan refinancing application


Pros and Cons of College Ave

Pros

  • College Ave Provides you with multiple choices of loan repayment terms between 5 and 20 years, among which you can choose the best one that suits you.

  • A soft credit check facility is available at the College Ave. So, you can see if you’ll qualify and what rate you’ll get without a hard credit check.

Cons

  • Students cannot refinance a parent PLUS loan in their name.

  • Co-signer release is not available.

  • College Ave student Loans are not available in Maine.

  • The borrower will be charged a 5% of the unpaid amount or $25 for late payments.


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Concluding Thoughts

SoFi and College Ave are being well-known lenders as both of them have good offers on student loans and student loan refinancing at lower rates when compared to other private lenders. Except for a few features, both have similar core characteristics. The interest rates of both companies are almost similar. Again, interest rate alone doesn’t decide which lender is better, and between these two lenders, it is hard to choose. You can go for either of them depending on your convenience and requirements. These are not the only options either, there are also other good companies to refinance your student loans whom you need to explore.

Contact information

If you wish to get in touch with SoFi you can use the following - 

Telephone number - 855-456-7634

E-mail - customerservice@sofi.com

Address

MOHELA

PO Box 1022

Chesterfield, MO 63006-1022

If you wish to get in touch with College Ave you can use the following -

Telephone number -844.422.7502, 844.803.0736

Address-

College Ave Student Loans

c/o University Accounting Services

P.O. BOX 5863, Carol Stream, IL 60197-5863