Both College Ave Student Loans and Sallie Mae Smart Option Student Loans offer similar interest rates and refinancing options. College Ave stands out with more flexible in-school repayment options and a faster application process. Sallie Mae provides more transparent deferment and forbearance policies and U.S.-based customer service, making it a strong contender for borrowers needing clear support and flexibility during repayment.
| Attribute | College Ave Student Loans | Sallie Mae Smart Option Student Loan |
|---|---|---|
| Loan interest rates (fixed and variable) | Fixed rates: 3.19% to 17.99% APR (with autopay discount). Variable rates: 4.24% to 17.99% APR (with autopay discount). These rates are for undergraduate loans. | Fixed rates range from 3.19% APR to 17.18% APR (as of June 2025). Variable rates range from 4.37% APR to 16.73% APR (as of June 2025). Lowest rates include auto-debit discount. Variable rates may fluctuate. |
| Loan repayment options | While in school, multiple repayment options are available: Full principal and interest payments, Interest-only payments, Flat payments ($25 per month while in school), Deferred payments (no payments while in school, but interest accrues). Standard, graduated, and income-driven repayment plans. | Deferred repayment, fixed $25 payments while in school, or interest-only payments. |
| Loan eligibility requirements | Must be enrolled in a degree program at an eligible school. U.S. citizen or permanent resident. International students: Eligible with a Social Security number and a U.S. citizen or permanent resident cosigner. Borrowers typically need a credit score in the mid-600s and an annual income of at least $35,000. | Available to undergraduate and career training students. Eligible students include U.S. citizens or permanent residents. Non-U.S. citizens may be eligible if they reside in the U.S., attend a U.S. school, and have a creditworthy cosigner who is a U.S. citizen or permanent resident. Students attending full-time, half-time, or less than half-time are eligible. |
| Maximum loan amount | Up to the total cost of attendance, certified by the school. Minimum loan amount is $1,000. | Up to 100% of the school-certified cost of attendance, less any financial aid received. Minimum loan amount is $1,000. Applications submitted through partner websites might have lower maximum loan request amounts. |
| Cosigner options and release terms | Cosigner is optional. Cosigner release is possible after more than half of the repayment term has elapsed. Requirements for cosigner release include being a U.S. citizen or permanent resident, having an income at least twice the outstanding loan balance, and passing a credit review. | Having a creditworthy cosigner may increase the likelihood of loan approval. Cosigner release is possible after graduation, 12 consecutive on-time principal and interest payments, and meeting certain credit requirements. Borrower must provide proof of income and U.S. citizenship or permanent residency. |
| Fees | No origination, application, or prepayment fees. Late fees: 5% of the unpaid amount or $25, whichever is less. | No origination fees or prepayment penalties. Late payment fee may be charged if a payment is more than 15 days past the due date. |
| Deferment and forbearance options | Forbearance of up to 12 months may be available due to temporary financial hardship. Eligibility for deferment or forbearance is unclear. Contact University Accounting Services (UAS) to check eligibility. | Deferment allows a temporary reduction or halt in payments (e.g., when enrolled in school at least half-time). Interest continues to accrue during deferment. Forbearance provides a temporary suspension of payments due to financial hardship. Borrowers returning to school at least half-time may be eligible for the same repayment terms as during their initial in-school period, for up to 48 months. Smart Option Student Loan customers can apply for and receive a maximum of five 12-month deferment periods. |
| Discounts | Autopay discount: 0.25% interest rate reduction. | A 0.25 percentage point interest rate reduction is available for enrolling in and making monthly payments by automatic debit. |
| Customer service reputation and support channels | Call center is available Monday through Friday from 8 AM to 6 PM ET and Tuesdays until 7 PM. | Sallie Mae has U.S.-based student loan specialists available. They encourage customers facing difficulty making payments to contact them to discuss available options; committed to providing a superior service experience; U.S.-based call centers dedicated to resolving problems and answering questions. |
| Loan terms (duration) | Undergraduate loans: 5, 8, 10, or 15 years. Graduate loans: Up to 20 years on some graduate loans. | Typically 10 to 15 years. Loans subject to a $50 minimum principal and interest payment may have terms less than 10 years. |
| Application process and approval time | Online application in about 3 minutes. Immediate credit decision. | Application process can be completed online. A credit result may be received in about 10 minutes, and approval may take up to 72 hours. |
| Refinancing options | Student loan refinancing is offered. Refinance loan terms range between 5 and 20 years. | It is possible to refinance the loan with Sallie Mae in the future. Sallie Mae provides options like the Interest Rate Reduction Program and the Graduated Repayment Plan. |