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Ascent Student Loans Review: Best Private Student Loan

Ascent Student Loans Review

Ascent-Credit-BasedCosigned

  • Fixed APR: 3.97% To 11.89%
  • Variable APR: 1.47% To 9.05%
  • Minimum Credit Score: 540

Ascent is best for

Students seeking to use a co-signer and pay off debts quickly is a co-signed loan.
Or you have at least 2 years of credit history and can fulfill income requirements, the non-co-signed credit-based is the ideal option.
Upperclassmen without credit, income, or a co-signer, the non-co-signed future-income alternative is ideal.

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Ascent is a student loan lender that caters to borrowers with and without co-signers.

We’ve compiled the most thorough Ascent student loan review to assist you in determining if it’s right for you.

A co-signed loan is ideal for borrowers who want to pay off student debts quickly and have a creditworthy co-signer.

A co-signer can help you save money on your interest rate by up to 11%.

If you don’t have access to a co-signer, Ascent has 2 non-co-signed alternatives:

  1. Credit-based
  2. future income-based.

We recommend a credit-based non-co-signed loan instead of a future income-based loan for the best interest rate in this situation.

The future income-based loan (which is only available to students with a 2.9 GPA or higher) is one of the few options accessible to people with no credit, income, or co-signer.

For non-consigned credit-based loans, students must have more than 2 years of credit history with a credit score of 680 or above and satisfy minimum financial requirements.

In today’s review, we’ll look more closely at the benefits and drawbacks of Ascent private student loans, as well as how they function and what to expect throughout the application procedure, APR information, and importantly, if it’s a safe place to get a loan.

The Pros of Ascent Student Loans

1. Get a Student Loan Either without a Cosigner or with Bad Credit

To qualify for a private student loan, most lenders demand a good credit history or a cosigner.

However, Ascent allows juniors, seniors, and graduate students whose credit histories aren’t good enough to obtain loans on their own but instead, they require a cosigner. 

Being young I don’t have a strong credit history. Ascent made it possible for me to have my own loan without the help of others – I’m thankful I found them.
Nikara M., Western Washington University
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A no-consigner loan can be obtained by Freshmen and Sophomores with good credit histories.

2. You Can Get Up to 2 years of Hardship Forbearance

Ascent allows you to enter into forbearance if you’re in financial distress, such as a job loss or a medical crisis.

You can put off payments from 3 months at a time, and up to 24 months.

It’s a big benefit that allows you to postpone payments for 2 full years, which is longer than most lenders offer.

You may also like: Is It Hard To Get a Mortgage with Student Loans?

3. A Graduation Reward In the Form of Cashback

If you complete your program within 5 years of receiving your loan, you may be eligible for Ascent’s 1% cashback graduation reward.

You’ll get 1% of your original principal balance in the form of a direct deposit or a check.

For instance: If your loan principle was $20,000, you’d receive a $200 bonus.

The Cons of Ascent Student Loans

1. Ascent Rates May be Higher Than Other Alternatives

The interest rates on Ascent’s loans are potentially higher than those of other alternatives.

Because the lender assumes a greater risk, loans without a cosigner may be more expensive.

Tip: The interest rates on federal loans are typically the lowest, and they should be used first before going to private student loans.

2. Freshmen and Sophomores are not Eligible for Outcome-Based Loans with no Cosigners

Only juniors, seniors, and graduate students are eligible for Ascent loans.

Freshmen and sophomores looking for a loan without a cosigner must have good credit to qualify for a credit-based option.

You may also like: How to Pay Off 200k in Student Loans

Ascent Student Loan Requirements

A borrower’s future earnings are considered by Ascent when it comes to the non-co-signed income-based option, rather than focusing on current income or credit in the underwriting process.

Borrowers must meet credit and income standards to qualify for co-signing and non-co-signing credit-based alternatives:

1. Minimum Credit Score

The student’s credit score must be at least 540 to qualify for a co-signing loan, with a co-signer who has a credit score of 740 or higher. Otherwise, the student must have at least 600.

The student must have a credit score of 680 or higher and at least 2 years of credit history for the non-co-signed credit-based loan.

A credit score is not required for the non-cosigned future income-based loan.

2. Minimum income

For the credit-based option, the required income is $24,000 for the co-signed and non-co-signed options.

The non-co-signed future income-based alternative does not take into account earnings.

3. The typical credit score of borrowers who have been accepted for a loan or co-signers: Did not disclose.

4. The Maximum debt-to-income ratio: Did not disclose.

Essential Requirements

  • Citizenship: Borrowers can be citizens of the United States, permanent residents, international students, or DACA students. International students must have a U.S. citizen or permanent resident co-signer to qualify. The same requirements apply to co-signers.
  • Must be enrolled half-time or more: Non-co-signed future income-based borrowers must meet academic performance requirements of a 2.9 GPA or higher to qualify.
  • Loans can be used to pay for previous education: Yes.
  • Types of schools served: An eligible educational institution is a conventional 2-year or 4-year degree-granting institution.

Hint: If Ascent rejects your student loan application, the lender will provide you with a rationale. If the reason is something you can easily fix, good!

But you might wish to look for additional lenders or, if applicable, apply with a co-signer.

You may also like: Student Loans And Savings: 6 Questions To Ask

Ascent Interest Rates, Fees, and Terms

To qualify for a loan, Ascent does a light credit check and displays the rate you’ll receive.

Loan terms: Student loans with or without co-signature: five, 10, or 15 years with variable-rate. While you’ll receive either 5 to 10 years of fixed-rate loans.

For non-co-signed future income option: 10 or 15 years variable-rate. For fixed-rate loans: 10 years.

Loan amounts: $2,001 to $200,000 over a borrower’s lifetime for co-signing and non-co-signing options.

You cannot borrow more than the cost of education for each academic year. Non-co-signed future income-based choice: $2,001 to $20,000 per month.

Ascent Loan Fees

There are no application or origination fees with Ascent. There is also no prepayment penalty if you repay your loan early. 

There may be a late charge if you miss a payment, but the amount is not specified on the website. 

The amount of the past-due payment is deducted 5% after 10 days if the payment has not been made.

The minimum late charge is $5, although it may be as high as $25 in certain circumstances.

Ascent Loan Discounts 

When you borrow money from Ascent, it’s a good idea to enroll in automatic payments.

Autopay can help you save money by lowering your chances of missing a payment and accumulating late fees.

Depending on your loan conditions, you can receive a 0.25% or 1% interest rate reduction from Ascent. 

The 1% automatic payment discount is only available on non-cosigned outcome-based loans.

A 0.25% discount is given on cosigned loans and credit-based loans without a cosigner. 

Cash-back reward: If you complete your program within 5 years of receiving your loan, you may be eligible for Ascent’s 1% cashback graduation reward.

Online financial literacy course: Before receiving a loan, you’ll need to complete a short course if you’re accepted.

Refer a Friend Program: Borrowers may earn up to $525 for each friend they refer to Ascent. There is no limit to how many people a borrower may refer.

You may also like: Are Student Loan Interest Rates Fixed or Not?

Ascent Independent Student Loan Review

Ascent Logo GraduateSchoolLoans

Fixed APR

From 6.60% To 13.65%

Variable APR

From 1.47% To 9.05%

Minimum Credit Score

Varies

The Pros of Ascent Independent Student Loan

  • One of the most flexible payment options.
  • A longer grace period than most lenders give, which is 9 months

The Cons of Ascent Independent Student Loan

  • Only U.S. residents are qualified.
  • Freshmen, sophomores, and students who are enrolled less than half-time are not eligible for future-income-based loans.

Who Is can assist them the best? For independent students or upperclassmen with good grades, it’s ideal.

Note: This is an affiliate link and by applying through this button you’ll contribute to the site’s revenue. If you don’t want to use our affiliate link you can go directly from here.

Ascent Co-signed Student Loan Review

Ascent Credit-BasedCosigned

Fixed APR

From 3.97% To 11.89%

Variable APR

From 1.47% To 9.05%

Minimum Credit Score

540

The Pros of Ascent Co-signed Student Loan

  • The most flexible payment option available.
  • You can find out whether you’re qualified and what rate you’ll receive without having to do a stringent credit check.
  • It helps borrowers repay their loans faster.

The Cons of Ascent Co-signed Student Loan

  • Students who are enrolled for fewer than half of the school year are not eligible.
  • International students are unable to release a co-signer.

Who Is can assist them the best? For students who have a creditworthy co-signer, it’s the best option.

Ascent Graduate Student Loan Review

Ascent Graduate School Loans

Fixed APR

From 4.06% To 13.65%

Variable APR

From 1.48% To 10.81%

Minimum Credit Score

In the mid-500s

The Pros of Ascent Independent Student Loan

  • Forbearance periods are generally higher than those offered by most lenders.
  • The grace period is 9 months, which is greater than the duration offered by many lenders.
  • You can check to see if you qualify and what rate you’ll receive without undergoing a hard credit check.

The Cons of Ascent Independent Student Loan

  • To be eligible, you must be enrolled at least half-time.

Who Is can assist them the best? This is the best plan for graduate students who want flexible payments.

Ascent Dental School Loan Review

Ascent Graduate School Loans

Fixed APR

From 3.99% To 13.65%

Variable APR

From 1.47% To 10.80%

Minimum Credit Score

In the mid-500s

The Pros of Ascent Independent Student Loan

  • One of the most flexible payment options.
  • The 12-month grace period is longer than many lenders offer.
  • You can discover whether you qualify and how much you’ll pay without having your credit score checked.
  • Stands out for providing features that aid in faster loan repayment.

The Cons of Ascent Independent Student Loan

  • To be eligible, you must be enrolled at least half-time.

Who Is can assist them the best? For dental students who need flexibility in terms of payment.

Ascent MBA Loan Review

Ascent Logo GraduateSchoolLoans 1

Fixed APR

From 4.06% To 13.65%

Variable APR

From 1.48% To 10.81%

Minimum Credit Score

In the mid-500s

The Pros of Ascent Independent Student Loan

  • Some of the most flexible payment terms.
  • The 9-month grace period is longer than many lenders offer.
  • You can check to see if you qualify and what rate you’ll receive without undergoing a hard credit check.
  • It helps MBA students repay their loans faster.

The Cons of Ascent Independent Student Loan

  • You must be enrolled at least half-time to qualify.

Who Is can assist them the best? For MBA students who want to take advantage of various payment choices, this is the best option.

Ascent Medical School Loan Review

Ascent Logo GraduateSchoolLoans 2

Fixed APR

From 3.87% To 13.65%

Variable APR

From 1.46% To 10.80%

Minimum Credit Score

In the mid-500s

The Pros of Ascent Independent Student Loan

  • Maximum payment flexibility for medical students.
  • The interest-free period is 36 months, which is longer than most lenders provide.
  • You can learn whether you qualify and what rate you’ll receive without having to do a hard credit check.
  • It helps borrowers repay their loans faster.

Who Is can assist them the best? For medical students who want to pay in a variety of ways, this option is ideal.

Apply for an Ascent Student Loan

Make sure you fill out the Free Application for Federal Student Aid (FAFSA) and exhaust your federal financial aid possibilities before applying for a loan from Ascent or any private student lender.

If you still need assistance paying for school, you can apply for private loans.

The following information is required to complete your application:

  • Social Security Number
  • Selected school information
  • Desired loan amount
  • Expected financial aid 
  • Current rent or mortgage payments
  • Income and employer information (if applicable)
  • Permanent address

Ascent Repayment Options

With Ascent student loans, you may choose from 3 repayment options:

  1. Deferred Repayment: You don’t begin making payments until you’ve been out of school for 9 months. 
  2. Fixed Repayment: You make monthly payments of $25 while you’re in school at least half-time. 
  3. Interest-Only Repayment: You make payments only toward the interest while you’re enrolled for at least half-time in school.

Forbearance graduated repayment is available

You have a 9-month grace period on non-cosigned loans or ones taken out after graduation.

For qualified borrowers, Ascent offers a graduated payment plan that allows for smaller payments at first and then increases over the original loan term.

If you’ve completed a Bachelor’s degree and have been accepted into a medical or dental residency, you can postpone your payments for up to 24 months.

Eventually, forbearance is available for a maximum of four 1-3-month periods.

You may also like: 10 Things To Know About Student Loans Before Going To School In 2022

Is an Ascent Student Loan Worth It?

While federal student loans have lower interest rates and more flexible repayment options than private loans, they come with notably tighter borrowing limitations.

You may need more money than you can borrow in federal student loans due to the high cost of education.

If this is the case, you may be able to borrow money from a lender like Ascent to help you pay for school. 

In many cases, a cosigner is required by private lenders. If you don’t have a relative or friend with excellent credit, it might be tough to get a loan.

But with Ascent, you can get approved without the assistance of a cosigner. That is a significant advantage for Ascent over other lenders. 

Ascent stands out for its range of payment reduction and postponement options, rare among private lenders. Borrowers can choose a graduated repayment plan, which provides a lower monthly payment to start that increase over time.
Brianna McGurran from Forbes Advisor
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Nonetheless, there are several drawbacks to using Ascent.

Its interest rates may be greater than those of other alternatives, especially when no cosigner is required.

Freshmen and sophomore students are not eligible for outcome-based loans without a co-signer.

It’s a good idea to shop around for the best loan rates and terms, especially if you’re dealing with numerous lenders.

Our Methodology

Financeive is committed to providing students with objective, complete evaluations of student loan providers.

To ensure that our information assists borrowers in making the best educational loan selection for their needs, we gathered over 30 data points from more than 15 lenders to provide accurate information.

Frequently Asked Questions

Ascent Student Loan

Ascent is a student loan lender that caters to borrowers with and without co-signers.

Marie Mitchell

Ascent Credit BasedCosigned
Interest Rates
Loan Amounts
Customer Experience
Availability
Approval Rate

Summary

Ascent is The best option for students seeking to use a co-signer and pay off debts quickly is a co-signed loan.

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