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Ascent vs LendKey: Student Loan Comparison

If you were attempting to choose between LendKey and Ascent when looking for a private student loan to pay for your education.

Before considering private loans, you must first exhaust all federal loans. If you have done so, you should next begin making arrangements for your life after college.

The greatest candidates for LendKey are students who appreciate dealing with a local bank or credit union. LendKey has tight prerequisites but offers a 16-month forbearance. 

Ascent is a leading private lender because it accepts the majority of customers, regardless of whether they have a co-signer or not, and because it provides a range of options, including credit-based and future income-based financing.

Here is a complete comparison:

Ascent vs LendKey: Who Has Better Terms?

AscentLendKey
Interest RatesFixed APR: 3.97% To 11.89%.
Variable APR: 1.47% To 9.05%.
Fixed APR
3.99-8.49%
Variable APR
2.60-8.69%
Loan Amounts$2,001 – $200,000$1,000 up to the total cost of attendance, minus other aid received.
Term Duration5, 7, 10, 12, or 15 years5, 10, or 15 years.
Minimum Credit Score680660
Income Requirementsno minimum income requirement$24,000 per year.
Financeive’s rating5/54/5

Who Has Better Rates LendKey vs Ascent?

Ascent offers lower rates than LendKey, particularly if you have a co-signer, since you may cut your rate by %11.

To determine which lender will provide you with the greatest rates, periods, and repayment alternatives, apply for both Ascent and LendKey (especially after graduation).

However, LendKey doesn’t give personalized rates with soft credit checks.

Ascent charges higher interest rates for uncosigned loans, but you may always refinance to a cheaper rate once you’ve earned your degree and found a job.

Is an Ascent or LendKey Student Loan More Easily Obtained?

Ascent accepts the majority of borrowers in a variety of financial situations with a variety of terms and alternatives, including credit-based and future income-based.

In this scenario, a credit-based non-co-signed loan is preferable to a potential income-based loan for the best interest rate.

LendKey has stringent conditions, including a minimum annual income of $24,000 and a debt-to-income ratio that cannot exceed 33%.

After five years, you are eligible for bankruptcy under both Ascent and LendKey.

Choose Ascent If You Don’t Have a Cosigner

LendKey may provide you with the same rates as Ascent if you don’t have a co-signer, and both lenders have co-signer discharge after two years.

However, Ascent does not release the co-signer requirement for international students.

LendKey approves co-signers with an average credit score of 748, which is higher than Ascent’s threshold of 700 to accept co-signers.

Choose Ascent If you Need a Long Forbearance Period

Ascent offers a forbearance period of 24 months, which is much longer than LendKey’s forbearance period of 16 months.

So, for a total of up to 24 months, you won’t be required to make payments if you lose your job, are put on furlough, or accrue extra debt. Interest shall accumulate during such period in the same manner as other lenders.

What Is Other Students’ Opinion About Both Discover and Ascent?

LendKey vs Ascent: People’s opinions
LendKey is slower than other lenders and the advertised standard turn-around time in both the examination of the application and the funding process. It was simple to navigate the website. It was simple to comprehend the application.
They have ridiculous interest rates, much like Sallie Mae. I would advise looking elsewhere for cheaper rates. However, if your alternatives are running out, you have a decent chance of being accepted.
William N. Pharr, LendKey borrower
Ascent is unique among private lenders for offering a variety of payment cancellation and delay alternatives. A progressive repayment schedule, which starts with a lower monthly payment and gradually increases it, is an option for borrowers.
Kathy Graves, Ascent borrower

Frequently Asked Questions

Ascent Student Loan

Ascent is a leading private lender because it accepts the majority of customers, regardless of whether they have a co-signer or not, and because it provides a range of options, including credit-based and future income-based financing.

Brian Weatherspoon

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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LendKey Student Loan

LendKey is a marketplace that connects borrowers with private student loans from credit unions and community banks. Its loans are best for borrowers who prefer to work with these institutions, rather than a big bank.

Brian Weatherspoon

Logo LendKey 2020 Green
Interest Rates
Loan Amounts
Customer Experience
Availability
Approval Rate

Summary

The greatest candidates for LendKey are students who appreciate dealing with a local bank or credit union. LendKey has tight prerequisites but offers a 16-month forbearance. 

4