When looking for a private student loan to pay for your education, you could be debating between Sofi and Ascent.
Before considering private loans, you must first exhaust all federal loans. If you have done this, you should begin making arrangements for your life after college.
Sofi offers several flexible repayment choices as well as no fees and free job counseling.
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 the full comparison:
- Ascent vs Sofi: Who Has Better Terms?
- Who Has Better Rates Sofi vs Ascent?
- Is an Ascent or Sofi 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 Sofi and Ascent?
- Frequently Asked Questions
Ascent vs Sofi: Who Has Better Terms?
|Interest Rates||Fixed APR: 3.97% To 11.89%.|
Variable APR: 1.47% To 9.05%.
|Fixed APR: 3.75% – 13.55%|
Variable APR: 1.69% – 11.98%
|Loan Amounts||$2,001 – $200,000||$5,000 up to your total cost of attendance.|
|Term Duration||5, 7, 10, 12, or 15 years||5, 10, or 15 years.|
|Minimum Credit Score||680||700|
|Income Requirements||no minimum income requirement||Did not disclose|
Who Has Better Rates Sofi vs Ascent?
Ascent has lower rates than Sofi, especially if you have a co-signer, since you may cut your rate by %11 with Ascent.
To find out which company would provide you with the best rates, periods, and repayment alternatives, apply for both Ascent and Sofi (especially after graduation).
Even if Ascent charges higher interest rates for loans without consigners, you may always refinance to a cheaper rate once you’ve earned your degree and secured a job.
Is an Ascent or Sofi 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.
Choose a credit-based non-co-signed loan over a prospective income-based loan for the best interest rate in this case.
Sofi didn’t disclose its minimum credit score, but the typically accepted credit was 700 which is a bit higher than Ascent (680 required credit score).
SoFi is more concerned with how responsible you’ve been with paying bills than with how long you’ve been doing so.
“Ascent enabled me to obtain my own loan without the assistance of others,” explains Nikara M. from Western Washington University.
Choose Ascent If You Don’t Have a Cosigner
If you apply without a cosigner, Ascent and Sofi offer quite comparable interest rates. The distinction is that whereas Sofi does not offer a co-signer release option, Ascent does.
You might be able to get rid of your cosigner after 2 years, according to Ascent, “when provided specific requirements are satisfied. Later, we’ll delve a bit more into this.”
Choose Ascent If You Need a Long Forbearance Period
Ascent offers a forbearance period of 24 months, which is substantially longer than Sofi’s forbearance period of 12 months.
Consequently, you won’t be obligated to make payments for a total of up to 24 months in the event that you lose your job, are put on furlough, or accrue extra debt. As with other lenders, interest will continue to accumulate during this period.
What Is Other Students’ Opinion About Both Sofi and Ascent?
I couldn’t figure out why Sofi kept reporting my payment as late. They will not accept your monthly payment unless you pay them on the EXACT day it’s due!! They will not apply for your monthly payment even if it’s a day early!! They will put your early payment as an extra payment and you will have to make another payment if you goof up on your exact due date. Paying EARLY caucus this!!!! Not late!!!!
I am a young college student who has little banking experience and hasn’t utilized credit very much yet. Because of this, getting a cosigner can be impossible. I’m excited to find out that Ascent doesn’t require such a thing, making the whole process easier for its primary market. Despite this, they still maintain competitive rates, which is great.
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.