The fact that 76 percent of millennials lack financial literacy may make it difficult for you to decide between Ascent and Sallie Mae.
But we thoroughly compared each option to see who may provide you with better terms and help you secure your future.
- Ascent vs Sallie Mae: Who Has Better Terms?
- Who Has Better Rates Ascent vs Sallie Mae?
- Is an Ascent or Sallie Mae Student Loan More Easily Obtained?
- Choose Ascent If you Don’t Have a Cosigner
- Choose Ascent If you’re a DACA Student
- Choose Sallie Mae If you’re not Enrolled Part-time
- Choose Ascent If you Need a Long Forbearance Period
- What Is Other Students’ Opinion About Both Sallie Mae and Ascent?
- Frequently Asked Questions
Ascent vs Sallie Mae: Who Has Better Terms?
|Interest Rates||Fixed APR: 3.97% To 11.89%.|
Variable APR: 1.47% To 9.05%.
|Undergraduate: 2.62% to 12.97% variable APR, 3.75% to 13.72% fixed APR (with autopay)|
Graduate: 3.12% to 12.80% variable APR, 4.25% to 12.92% fixed APR (with autopay)
|Loan Amounts||$2,001 – $200,000||$1,000 Maximum, annual loan limit: Up to 100% of the certified total cost of attendance minus other aid|
|Term Duration||5, 7, 10, 12, or 15 years||5 – 15 years|
|Minimum Credit Score||680||mid-600’s|
|Income Requirements||no minimum income requirement||Yes, requires proof of income|
Who Has Better Rates Ascent vs Sallie Mae?
Ascent provides the best rates if you have a co-signer or have more than 2 years of credit history, meet the required credit score, are prequalified, and have a minimum gross yearly income of $24,000 for the current and prior year.
On the other hand, Sallie Mae has a high rate compared to Ascent and a high number of students are feeling bad about that.
“More money is spent on interest than on principle,” says Jade Cruz, a borrower from Sallie Mae.
For uncosigned loans, Ascent charges higher interest rates, but you can always refinance to a cheaper rate when you graduate and have a job.
Is an Ascent or Sallie Mae Student Loan More Easily Obtained?
Ascent is more accessible than Sallie Mae since it accepts most types of borrowers whether they have co-signer or not.
When determining whether you can afford the monthly loan payments, your annual income is a crucial factor.
When applying for a private student loan, it’s important to consider your eligibility for a co-signer. The majority of private lenders demand that borrowers have an adult consigner with a reliable source of income and a strong credit rating.
If you can’t make your loan installments, the cosigner will be in charge of taking over.
Most lenders have identical citizenship criteria, and they often demand that a borrower be a citizen or lawful permanent resident of the US.
Choose Ascent If you Don’t Have a Cosigner
Unless the applicant has a solid credit score and consistent income, almost all private lenders need a cosigner on a loan.
However, a lot of students lack a responsible adult who will sign as a co-signer. These borrowers will frequently struggle to secure college funding, but lenders like Ascent may help in those situations.
While Sallie Mae will demand a cosigner if you don’t satisfy their income and credit score standards, Ascent does not force borrowers to have one.
Choose Ascent If you’re a DACA Student
Ascent does not need DACA students to have a cosigner in order to be eligible, but Sallie Mae permits DACA students to apply for a loan with a cosigner. Cosigners are still optional, although adding one might result in a cheaper interest rate.
Choose Sallie Mae If you’re not Enrolled Part-time
To be eligible for a student loan, applicants must typically be at least part-time students, according to the majority of lenders.
The reason for this is that students who are enrolled in college at least part-time have a higher chance of graduating and being able to pay off their debt.
Ascent requires full-time enrollment for applicants, whereas Sallie Mae only requires part-time enrollment.
Sallie Mae might be a better choice if you were simply taking a few classes. This is ideal for borrowers who are returning to school and simply need to take a few preparatory courses or who are still working a full-time job.
Choose Ascent If you Need a Long Forbearance Period
Nearly every other private lender is shorter than Ascent’s 24-month forbearance duration.
Thus, you won’t be required to make payments for a total of up to 24 months if you lose your work, are placed on furlough, or accrue additional debt. As with other lenders, interest will keep accruing throughout this period.
What Is Other Students’ Opinion About Both Sallie Mae and Ascent?
I recently submitted an application for a student loan with Ascent; to attend Rutgers, I need to borrow $18,400. They provided me with a co-signer and a fixed-rate loan for 12 years at 5.690 percent APR. Sallie Mae and Discover offered me fixed rates of over 7%, so I applied to both of them.
Sallie Mae has pretty bad interest rates. At least from my experience with them. It’s really hard to pay anything off cause you’re really just paying the interest since most of their payments are really high. At least that’s my experience with them. Trying to refinance now.
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.