Frequently Asked Questions
Who is College Ave Student Loans?
College Ave Student Loans launched in 2014, with a goal to create private student loan products that help students pay for school as easily and inexpensively as possible.
Who is University Account Service (UAS)?
University Account Service (UAS) is the company that College Ave Student Loans partners with to service your loans. UAS is a leading student loan servicing company, and they are responsible for sending statements, processing payments, and providing general account guidance. College Ave and UAS have a strong partnership focused on giving you clear information and excellent service.
How do I set up e-delivery for statements? How do I stop getting paper statements?
You may change your Statement Delivery preferences by logging in at CollegeAveServicing.com. Choose “Account Settings” in the menu under your name and choose “Paperless” under “Preferred Delivery of Important Account Documents.”
When do you apply payments to my account?
All payments received prior to 6 PM ET are effective that day, payments received after 6 PM ET are effective the next day.
When is my payment due?
Refer to your most recent billing statement to determine your payment due date. You can view your statement online by creating and account at logging in at Collegeaveservicing.com.
How can I make payments?
College Ave Student Loans offers the following payment methods:
Online: by creating one of the following:
A one-time electronic payment from a bank account, or
Recurring electronic (ACH) payments from a bank account
By Mail: If you would like to send a check, make the check payable to College Ave Student Loans. If you want to make a payment to a single loan include the account number, but if you are paying multiple loans please include your Document ID. Mail the check to the following address.
c/o UNIVERSITY ACCOUNTING SERVICE, LLC
PO Box 5863
Carol Stream, IL 60197-5863
By Phone: Call our toll-free Customer Service line (844-803-0736) to make an automated payment by phone 24/7. (Loans originated by Nationwide Bank should call 877-244-8164.) You can make a one-time electronic payment or set up recurring electronic (ACH) payments through a Customer Service Representative (Monday through Friday from 8AM to 8PM ET).
Bill Pay: You can also use an online billpay service through your bank. It may take a couple of business days for us to receive payments made through online billpay. Enter your Document ID (not your account number) when you set up the account Pay To information.
What address do I send payments to?
c/o UNIVERSITY ACCOUNTING SERVICE, LLC
PO Box 5863
Carol Stream, IL 60197-5863
How do I set up Recurring Payments (aka automatic debit or auto-pay) from my bank account for my loan payment(s) to get the 0.25 interest rate discount?
Setting up Recurring Payments (aka automatic debit or auto-pay) from your bank account can be done online at CollegeAveServicing.com or by calling our toll-free Customer Service line (844-803-0736) and speaking with a Customer Service Representative (Monday through Friday from 8AM to 8PM ET). (Loans originated by Nationwide Bank should call 877-244-8164.)
To set up a recurring payment through CollegeAveServicing.com follow the following steps:
Step 1: Create an online account, if you do not have one already.
Step 2: Go to the “Your Loan” dropdown at the top of the page and select “Manage Recurring Payments”.
Step 3: Click the “Add Payment Account” link below “Select Payment Method” and fill out the required information. You’ll need to fill out your routing and account number, which you can find on your checks or online via your bank’s online account management system. Click the “Save” button when you have completed the form.
Step 4: Enter the amount you’d like to pay on a recurring basis, select when you want the recurring payment to start and choose your payment frequency.
Step 5: Click on the “Create Recurring Payment” button to finish setting up recurring payments.
Note: If you have more than one loan, each loan must be individually enrolled in Recurring Payments.
What are the benefits to setting up Recurring Payments (aka automatic debit or auto-pay) for my loan payment(s)?
If you set up automatic payments, you will receive a 0.25% interest rate reduction that is effective from the day that you establish the recurring payment.
How do I know if my 0.25% rate reduction for setting up automatic deductions has been processed?
The interest rate on your statement displays the active rate on the loan. You can compare the interest rate on the first statement you received after setting up Recurring Payments to the previous one to confirm the rate reduction.
How do payments get applied to my account?
We’re required to apply all payments to your loan in the following order:
1: reduce any unpaid fees and charges
2: reduce any accrued interest
3: reduce the principal balance
Once the fees, charges, and interest have been satisfied, the remaining amount applies to your principal balance.
Let’s look at an example:
Jane makes a $100 payment to her student loan. Jane has a $5 late fee from last month and $30 in accrued interest on her account, so the first $35 will cover the fee and the interest charges. The remaining $65 will be applied to the principal.
Can I make a payment that is applied to principal only?
Not directly. We’re required to follow the payment application order described above to cover fees and interest first, but in most cases, any excess payment or overpayment amount will reduce principal. All payments are applied to the loan when received.
What is the difference between my Document ID and my Account Number?
Your Document ID, which is found in the top right corner of your statement, links any actions (e.g. payments) to all of the loans related to you; whereas, the Account Number is specific to a single loan. Unless you are trying to take an action on a specific loan, we recommend that you use your Document ID.
My cosigner and I have received identical statements. Are we supposed to pay both of them or just one?
You just need to pay one.
We send the same monthly statement to both the borrower and the cosigner to make sure that all liable parties are kept up to date about the status of the loan. Only one payment is required; the borrower and the cosigner will need to coordinate the payment process. While this may cause some confusion on the first statement, we think it’s important that both parties clearly understand the loan status each month
What happens if I have trouble paying my loan?
Contact us immediately if you will be unable to make your loan payment(s) by the due date. You can call us at (844) 803-0736 and speak with a Customer Service Representative (Monday through Friday from 8AM to 8PM ET). (Loans originated by Nationwide Bank should call 877-244-8164.)
Depending on the type of loan you have, you may be eligible for a benefit such as deferment, forbearance or cancellation.
Loan forgiveness options are considered on a case by case basis. Please call us at the numbers listed above to speak with a Customer Service Representative and learn more.
I sent in my payment but received a letter/statement saying that I am delinquent. What’s going on?
It’s possible the letter or billing statement was sent before the payment was received. To verify your account status and confirm receipt of the payment, you may:
Create a login and view information about your account.
Call our Interactive Voice Response system at (844) 803-0736, available 24/7. Or call us at (844) 803-0736 to speak to a Representative. (Loans originated by Nationwide Bank should call 877-244-8164.) Our hours are Monday through Friday from 8AM to 8PM ET.
I didn’t receive my billing statement. Now what?
If you move, be sure to update your address with us as well as with the Post Office. You can log into your account (or create a login) on this site and notify us of the change. You also may call us at (844) 803-0736. (Loans originated by Nationwide Bank should call 877-244-8164.)
It is your responsibility to make loan payments, even if you don’t receive a statement. You can log into your account (or create a login) on this site to view billing statements and account information.
How can I authorize a family member so that they can get information on my account?
College Ave Student Loans personnel CANNOT provide specific account information to anyone, including the consumer’s family – e.g. spouse, parent, or grandparent – unless the consumer signs a release indicating to whom College Ave Student Loans can provide information.
To find a release or authorization form, select Authorized Users from the menu under your name. Note that authorization must be granted to each loan individually.
Are Cosigners eligible to be released from a loan?
A student borrower who is a U.S. citizen can request the release of their cosigner after more than half of the scheduled Repayment Period has elapsed, if the following requirements are met:
- The most recent 24 consecutive payments were made on-time and did not include any forbearance or workout programs for hardship reasons (an “on-time” payment is defined as paid within the grace period such that no late charges are assessed);
- The borrower has demonstrated income for the previous two years that is more than twice the outstanding balance of all their loans with College Ave Student Loans; and
- A credit bureau review shows no late payments on any other obligations for the past 24 months
To submit a request for a Cosigner release, please contact us at (844) 803-0736 to speak to a Representative. (Loans originated by Nationwide Bank should call 877-244-8164.) Our hours are Monday through Friday from 8AM to 8PM ET.
How do I request my loan payoff amount?
If you would like to request a loan payoff amount, please contact us at (844) 803-0736 to speak to a Representative. (Loans originated by Nationwide Bank should call 877-244-8164.) Our hours are Monday through Friday from 8AM to 8PM ET.
Will my College Ave loans qualify for the COVID-19 federal student loan payment suspension and interest charge waiver?
No. These benefits are only applicable to certain federal student loans. The Federal Government is not suspending payments and waiving interest on private student loans, like those from College Ave or other private lenders. Learn more about what you can expect, pertaining to federal student loans and the CARES Act.