If you were deciding between Earnest and Ascent for a private student loan to pay for your education.
You must exhaust all federal loans before considering private loans, and if you have, you must begin making plans for life after college.
Earnest offers flexible repayment options for students by allowing one payment to be skipped every 12 months without incurring late fees.
Ascent is a top private lender because it accepts most borrowers regardless of whether they have a co-signer, and it offers a variety of options such as credit-based and future income-based financing.
Here is the whole comparison:
- Ascent vs Earnest: Who Has Better Terms?
- Who Has Better Rates Earnest vs Ascent?
- Is an Ascent or Earnest Student Loan More Easily Obtained?
- Choose Ascent If You Don’t Have a Cosigner
- Choose Ascent If You Need a Long Forbearance Period
- What Is Other Students’ Opinion About Both Discover and Ascent?
- Frequently Asked Questions
Ascent vs Earnest: Who Has Better Terms?
|Interest Rates||Fixed APR: 3.97% To 11.89%.|
Variable APR: 1.47% To 9.05%.
|Loan Amounts||$2,001 – $200,000||$1,000 up to the school’s cost of attendance.|
|Term Duration||5, 7, 10, 12, or 15 years||For cosigned loans: 5, 7, 10, 12, or 15 years. For solo borrowers: 5 or 7 years.|
|Minimum Credit Score||680||650|
|Income Requirements||no minimum income requirement||None for independent student loans; $35,000 for co-signed loans.|
Who Has Better Rates Earnest vs Ascent?
Ascent provides insignificantly lower rates than Earnest, particularly if you have a co-signer because Ascent can help you save money on your interest rate by up to 11%
To determine which lender will provide you with the greatest rates, periods, and repayment alternatives, apply to both Ascent and Earnest.
Is an Ascent or Earnest Student Loan More Easily Obtained?
Ascent accepts most borrowers with different financial statuses with different terms and options like credit-based and future income-based.
On the other hand, Earnest accepts borrowers with a 650-credit score and a $35,000 minimum income for co-signed loans.
Both have flexible requirements but Ascent has done a great job of providing different options and alternatives.
Choose Ascent If You Don’t Have a Cosigner
If you apply without a cosigner, the interest rates for Ascent and Earnest are reasonably comparable. Earnest does not have a co-signer release option; Ascent does.
You might be able to get rid of your cosigner after two years, according to Ascent, “provided specific criteria are met.
Choose Ascent If You Need a Long Forbearance Period
The forbearance period for Ascent is 24 months, as opposed to Earnest’s forbearance period of 12 months.
As a result, you won’t be required to make payments for a total of up to 24 months if you lose your job, are put on furlough, or accrue extra debt. Like other lenders, interest will continue to accrue during this period.
What Is Other Students’ Opinion About Both Discover and Ascent?
Earnest made what might otherwise have been a stressful experience run smoothly and quickly, but they don’t allow principal-only payments. Had I realized that when I refinanced my student loans, I would have gone elsewhere. Shamelessly benefits them and prevents their customers from paying down loans as fast as they can. Almost all institutions allow this, and Earnest should too, but they don’t.
Frequently Asked Questions
Brian is a financial writer who has experience in reviewing products for millennials. He’s very detail-oriented and a critical thinker. He has a great enthusiasm for assisting individuals in achieving financial independence.
He got his bachelor’s degree in English at Carnegie Mellon University, and Brian has worked hard to establish a connection with the millennial generation on a range of issues, including college finance, loan products, small businesses, and debt strategies.