Obtaining an Ascent student loan, also known as an Ascent Funding student loan, can be beneficial in several ways. The organization provides students with numerous borrowing options with or without a cosigner, several loan types, and flexible repayment options. Ascent rates highly among customers and experts despite its lack of a student loan refinancing program.
Ascent student loans answer some of the more challenging student loan questions—The first of which is, do I need a cosigner? While most student loan lenders have rigid eligibility requirements that are often too steep for young students to meet, Ascent offers more flexible qualification methods, some requiring only a limited credit history.
Student Loans
Pros
Pre-qualify without affecting credit score
Loans without a cosigner are available
Five repayment options are available
Future income-based loans are available
DACA and International students welcome
Cons
Student loan refinancing is unavailable
Parent loans are unavailable
Potentially high interest rates
Ascent Student Loan Features and Benefits
Ascent offers numerous and varied features and benefits. The organization’s most prominent features are its no-credit-check prequalifying that allows students to choose the best financing option, lack of application or other fees, non-cosigner loan availability, and flexible repayment options. Our online lending marketplace review of Credible student loans notes that Ascent Funding is one of the company’s featured and highly regarded affiliate partners.
- Fixed APR between 3.39% and 15.13%
- Variable APRs from 5.25% to 14.85%
- No application, prepayment, or origination fees
- Pre-qualify without affecting credit score
- Co-signer release is available after 12 months on some loans
- Co-signer release limitations apply for international students
- Loan terms of 5, 7, 10, 12, 15 and 20 years
- Autopay discount is available
- Borrowing amounts from $2,001 to $400,000
- Accelerated learning loans are available
- No-cosigner loans are available
- Five repayment methods
- Outcome-based loans are available for juniors and seniors
- DACA and International students welcome
- Loan terms vary by degree type
- Multiyear approval not offered
- 9-month grace period
- Five repayment options
- 2-year credit history is necessary for non-cosigner loan qualification
- $24,000 minimum income requirement
- Makes our list of the best private student loans
Ascent Student Loan Editorial Rating
Trusted Company Reviews Rating Score for Ascent: 9.5
Ascent ranks among the top contenders in our student loan provider evaluations. We awarded Ascent Funding 9.5 out of 10 points, primarily for its ability to make student loan borrowing easy and accessible to a wide audience regardless of individual situation.
An Ascent student loan comes with an interest rate of between 3.39% and 15.13% and may or may not require a cosigner. While no multi-year loan approvals are available through Ascent, the company does offer several eligibility options.
Options include non-cosigner loans for students with at least a two-year credit history and $24,000 of annual income, cosigner loans with the option for most to release the co-borrower after 12 months of payments, and outcome-based borrowing for junior and senior-year students.
Ascent only lost a few points in our review due to the potentially high interest rates that some borrowers may face. Students with lower credit scores and no cosigner will pay the highest APRs, as will outcome-based student loan borrowers.
| Fixed APR | 3.39% and 15.13% |
| Variable APR | 5.25% to 14.85% |
| Refi Fixed APR | N/A |
| Refi Variable APR | N/A |
| Loan Terms | 5, 7, 10, 12, 15 and 20 years |
| Refi Terms | N/A |
| Repayment Options | Immediate, interest-only, fixed payment deferred, deferred, military deferment |
| Loan Amounts | $2,001 to $400,000 |
When to Use Ascent Private Student Loans
While the best college funding and loan options are available through federally backed student financing, many situations call for the use of private student loans. When federal loans don’t cover the entire cost of education, students seek a lower interest rate when possible or are ineligible for federal options, for example.
| Federal Student Loan | Ascent Student Loan | |
| Repayment terms | Payments begin after leaving school or reducing attendance to less than half-time. Payments can be tied to income. Deferred payments are available, as are multiple repayment options. | Several repayment terms are available that include a grace period of nine months after graduation or attendance falls below half-time. |
| Maximum Loan Amounts | $57,500 for undergraduates, $138,500 for graduate students | $400,000 |
| Interest rates | 5.5% to 8.05% fixed | 3.39% to 15.13% with fixed and variable options |
| Approval requirements | Credit check only for graduate and professional students | Pre-qualification won’t affect credit score. 2-year credit history necessary |
| Refinancing options | Federal consolidation avaialble | Refinancing is unavailable through Ascent |
| Loan forgiveness | Full or partial loan forgiveness is available in several circumstances | Death or permanent disability only |
About Ascent Student Loans
Ascent student loans are available to students attending half or full-time at approved schools and in approved accelerated learning programs. The organization offers its loans and refinancing products through its online platform and on the lending marketplace, Credible.
Interest rates for an Ascent student loan can range from very low, at 3.39% fixed APR with autopay*, to just over 15% variable APR. Ascent doesn’t specify a particular credit score necessary for loan approval. However, students who wish to borrow without a cosigner must have at least a two-year credit history and a $24,000 annual income.
Students and students with cosigners can pre-qualify for an Ascent student loan with just a soft inquiry that won’t affect their credit score and won’t appear on future inquiries. After the prequalification step, customers can choose the best loan option and formally apply for funding, which will draw a hard credit inquiry.
Ascent offers three primary borrowing options, including credit-based loans without a cosigner, a co-signed loan, or an outcome-based option that factors in the student’s GPA and other specifics. The outcome-based option is only available to students in their junior and senior years.
Ascent Student Loan Repayment Options
Repaying an Ascent student loan includes one of multiple repayment options. Students can choose from fully deferred, interest-only, fixed payment, residency deferred, or military deferred repayment terms. The company honors a 0.25% autopay discount on credit-based loans and up to a 1% discount for autopay on outcome-based loans. Loan length terms are for 5, 7, 10, 12, 15 or 20 years.
- Deferred repayments include a 9-month grace period after graduation or reducing attendance to below ½ time. Payments of any kind only begin after the grace period.
- Interest-only loans require making interest payments only while in school, with full payments beginning after the grace period.
- Fixed loan repayments consist of $25 payments during school, with full payments starting after the grace period.
- Residency deferred repayments allow payment deferment of up to 48 months to accommodate a residency program.
- Military deferments during active duty for up to a total of 36 months are available for personnel.
Forbearance Details
In some cases, hardship forbearance is available for Ascent student loans. Borrowers can apply for up to three months at a time for a maximum of 24 months. Loss of income, financial hardship, family death, and natural disasters may be grounds for forbearance application.
How to Apply for an Ascent Student Loan
Students or students and their cosigners can apply online for an Ascent student loan. Borrowers can pre-qualify by providing basic financial and education information. The company will process the information, perform a soft credit inquiry, which won’t appear on a credit report, and return loan options to the borrower.
The student and cosigner, if applicable, can then choose a loan option and formally apply. Formal applications will draw a hard inquiry on the borrowers’ credit reports and have a temporary negative credit score effect.
About Pre-Qualification
Like the best personal loan lenders or the best debt consolidation providers in our reviews, Ascent allows students and cosigners to pre-qualify for borrowing on its website and at Credible.com. Prequalification isn’t a loan approval guarantee, and borrowers can still be turned down if the initial information provided is incorrect, unverifiable, or doesn’t meet minimum requirements.
Ascent Approval Requirements
Ascent’s three student loan types have their own individual minimum requirements. Credit-based approval requirements include having an adequate credit score that the company doesn’t disclose and at least a two-year credit history. For all loan types, students must be US citizens, permanent or temporary residents, or meet Deferred Action for Childhood Arrivals (DACA) requirements.
Can I Get an Ascent Student Loan Without a Cosigner?
Ascent strives to supply student loan funding without a cosigner when possible. However, students must have a two-year credit history and an acceptable credit score to qualify for credit-based loans, or they must meet the following criteria to be eligible for outcome-based lending.
- Be enrolled at least ½ time in junior or senior year of education
- Maintain a minimum GPA of 2.9
- Meet citizen, resident, or DACA requirements
- Be 18 years of age or older
- Meet other requirements regarding school, degree program, cost of education, graduation date, and others.
Ascent Student Loan Cosigner Release
Borrowers with loans in good standing can apply for cosigner release after 12 months of on-time payments.
Ascent Reviews
Ascent student loan reviews are scarce on forums like Trustpilot or the Better Business Bureau. However, numerous expert review platforms rate the company at an average of 4.6 out of 5 stars. The lowest rating we discovered is 3.5 of 5 stars, while the highest rating is 4.9. Most reviewers awarded the company either 4.5 or 4.6 out of 5 stars.
Ascent Vs. College Ave Student Loans
Ascent student loans and College Ave student loans both rank highly on Credible’s list of preferred lenders. Both companies differ from most other lenders by offering funding for various degrees and programs, including associate’s degrees and career or accelerated learning programs. Both organizations also offer a wide range of interest rates and are somewhat vague about qualification requirements.
The primary difference between the competitors is that College Ave customers can also choose student loan refinancing. A refinance program through Ascent is unavailable. Regarding loan lengths, the companies are comparable, with Ascent offering just a couple more options. Neither one charges any application, origination, or prepayment fees.
| Ascent | College Ave | |
| APR | 3.39% to 15.13% | 3.47% to 17.99% |
| Terms | 5, 7, 10, 12, 15 and 20 years | 5, 8, 10, 15, 20 yrs |
| Credit Score Requirements | Non-disclosed | 680 |
| Loan Amounts | $2,001 to $400,000 | $1,000 to the total cost of attendance |
| Grace period | 9 months | 6 months |
*Read rates and terms at Credible.com
Frequently Asked Questions
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Source
Image Source: ascentfunding.com
Deane Biermeier
