Ascent is a private lender that gives out loans to students in college and graduate school. Ascent Student Loans Review
Many private lenders give out student loans. But Ascent Student Loans are one of the few types of loans available today that come with really unique conditions and perks.
Like other lenders, Ascent offers traditional student loans that need a cosigner. But Ascent also has loans that don’t need a cosigner and might be based on a student’s credit score or future income prospects.
It’s fantastic to see a company offer a way to get a private student loan without a cosigner, since 90% of them do. Let’s look into Ascent Student Loans and see how they stack up. Don’t forget to look at our comprehensive list of the best private student loan lenders here. Ascent Student Loans Review
Who are Ascent Student Loans?
Ascent’s mission statement is, “Student loans should expand your possibilities, not limit them.” Their loans are based on creditworthiness, school, major, cost of attendance, and other factors. The parent company, Goal Solutions, Inc. has been in the student loan business for over a decade
Ascent Funding, LLC. was launched in 2016 and is located in San Diego, CA. Student loans are funded through Bank of Lake Mills, Member FDIC. Loans are serviced by Launch Servicing. In addition to cosigned loans, and credit-based non-cosigned loans, Ascent offers a third option: non-cosigned future outcomes-based loans. Ascent Student Loans Review
Ken Ruggiero, CEO of Goal Solutions, spoke with Forbes and described the process: “Ascent Cosigned Loan requires a creditworthy cosigner, while the Ascent Non-Cosigned Loan product is a non-cosigned loan open to juniors and seniors only. Both loans require participation in a financial education module during the application process as we strongly believe in supporting financial wellness alongside our applicants’ collegiate dreams.”
Ruggiero continued, “For students applying for the Ascent Non-Cosigned Loan, data from a student’s school, program, degree, and income potential are used to determine a loan amount. Using public and proprietary data to produce estimates per school and degree, the Ascent Non-Cosigned loan allows students to eliminate the borrowing burden from their parents or ‘cosigner exhaustion’.” Ascent Student Loans Review
Also, Ascent was named one of our top private student loan lenders.
What Does It Offer?
Ascent is a private student loan lender. They have three types of loans. One is orientated toward a cosigner, and the others are not. Ascent has also recently begun offering bootcamp consumer loans. Let’s take a closer look at each option. Ascent Student Loans Review
Ascent Cosigned Credit-Based Loan
This loan is best for students who have a creditworthy cosigner. These students may not yet have a credit history or do not meet the creditworthiness requirements. The cosigner must remain for at least 12 months. Students also must be enrolled in an eligible institution at least half-time. Ascent Student Loans Review
Ascent is one of the few lenders that does NOT consider Debt-to-Income (DTI) for cosigners.” Learn more here >>
Ascent Non-Cosigned Credit-Based Loan
This option is best for students who have a strong credit history – likely professional students who are returning to school. For this loan, you must have at least two years of credit history and meet minimum income requirements. Learn more here >>
Ascent Non-Cosigned Outcomes-Based Loan
If you don’t pre-qualify for Ascent’s credit-based non-cosigned loan, eligible juniors and seniors may apply for Ascent outcomes-based loan that doesn’t require a cosigner. Student borrowers with no credit score, as well as student borrowers that pass the minimum credit requirements, but don’t meet the income or repayment capacity requirements, may qualify on the basis of several alternative factors which may include: Ascent Student Loans Review
- GPA of 3.0 or greater
- Earning potential
- Academic progress
- Creditworthiness
- School
- Program
- Graduation date
- Major
- Cost of attendance
- Other factors and other qualifications
Ascent takes the above data and runs it through their algorithms, which then customizes the loan terms for each student. This loan is also open to DACA students. Learn more here >>
Ascent Parent Loans
In some cases, Parents prefer to borrow for their children’s education.
Ascent’s Parent Student Loans help parents, guardians, and sponsors pay for their students’ education. These loans are taken out by the parent to pay for college. Like all Ascent Student loans, there are no application, origination, or disbursement fees, and there’s no prepayment penalty if you pay off your loan early. Ascent Student Loans Review
Parent loans offer repayment terms between 5, 7, 10, 12 and 15-year loan terms. Plus, receive a 0.25% discount when you enroll in automatic payments.
Get a quote for an Ascent Parent Loan here >>
Ascent Graduate Loans
These loans are for graduate students who are pursuing a graduate degree in:
- Business: MBA
- Medicine: MD, DO, DVM, VMD, DPM
- Dental: DDS, DMD
- Law: JD, LLM
- Other Graduate Degrees: MA, MS, PhD, Allied Health, Nursing, Pharmacy
These loans offer flexible repayment terms depending on degree type, as well as flexible repayment options. Learn more here >>
Bootcamp Loans
Bootcamps, which are often focused on coding or other tech-based skills, have become popular with bachelor’s degree holders as an alternative to pursuing a graduate degree. Some bootcamps have begun to offer courses for undergraduates as well. Ascent Student Loans Review
Ascent is one of the only companies available today that offers consumer loans that can be used to cover tuition costs and living expenses for students who are enrolled in these coding bootcamps. You can visit the Ascent website to see the list of bootcamps that it currently works with.
It’s important to understand that Ascent’s bootcamp loans are consumer loans not student loans. This means that you won’t be able to deduct any of the interest you pay. Also, personal loans may be treated differently than student loans during bankruptcy proceedings.
What Are The Rates And Terms?
Interest rates for the Ascent loans are determined based on if the loan is cosigned or non-cosigned, the loan terms, whether the interest rate is fixed or variable, and the type of payment arrangement. Ascent Student Loans Review
Undergraduate:
Variable rate, interest-only payment loans range from 3.72% to 15.13% APR.
For the fixed rate, the rates range from 2.69% to 15.46% APR.
The variable interest rate can change, of course. Variable rate loans are based on a margin plus the 30-day average of the Secured Overnight Financing Rate (SOFR) rounded to the nearest 1/100th of a percent. Ascent Student Loans Review
Loan amounts range from $2,001* to $400,000 with Ascent Cosigned Credit-Based Loan terms of 5, 10, and 15 years. Ascent Non-Cosigned Loans has terms of 5, 7, 10, 12, or 15 years. Graduate medical or dental loans can be extended out to 20 years.
Graduate student loan rates are as follows: Ascent Student Loans Review
- MBA/Law/General Variable Rates (Cosigned and Non-Cosigned): 4.42% – 15.13%
- MBA/Law/General Fixed Rates (Cosigned and Non-Cosigned): 3.49% – 15.46%
- Medical Variable Rates (Cosigned and Non-Cosigned): 4.42% – 15.38%
- Medical Fixed Rates (Cosigned and Non-Cosigned): 3.49% – 15.46%
- Dental Variable Rates (Cosigned and Non-Cosigned): 4.42% – 15.38%
- Dental Fixed Rates (Cosigned and Non-Cosigned): 3.49% – 15.46%
What Extra Perks Does Ascent Offer?
Ascent is invested in your journey to academic achievements and financial wellness by offering benefits that go beyond a student loan. Ascent offers additional resources to help you thrive throughout college and beyond: Ascent Student Loans Review
How Does Ascent Compare?
Ascent is one of many different private student loan lenders. However, they consistently make it on our list of the best private loans.
Check out this quick comparison here:
What Borrower Protections Are Available?
Private student loans don’t come with nearly as many protections as federal student loans. For example, income-driven repayment isn’t an option. However, Ascent student loans are some of the most borrower-friendly private loans available to students today.
First, students who are enrolled at least part-time can postpone payments for up to 60 months. Interest will continue to accrue during in-school academic deferment. Ascent Student Loans Review
After school ends, there is a 9-month grace period before repayment begins. This is three months longer than the 6-month industry standard.
For students who need a deferment after beginning repayment, approval is solely up to the lender. These types of deferments may be granted according to the Ascent website:
- “Active Duty Military Deferment”
- “In-School Deferment”
- “Residency/Internship Deferment”
- “Temporary Hardship Forbearance”
- “Administrative Forbearance”
Finally, Ascent borrowers can receive up to 24 months of hardship forbearance over the life of their loans. That’s 12 months more than many other private lenders offer.
Are There Any Fees?
No, Ascent student loans does not charge any fees.
Ascent student loans don’t come with any application or origination fees. There aren’t any prepayment penalties either. They even eliminated having a late fee! Ascent Student Loans Review
Is It Safe And Secure?
Ascent’s privacy policy doesn’t exactly inspire confidence. It says that it employs “reasonable” security measures to protect your personal information. The site utilises HTTPs to encrypt the data it exchanges on its servers. However, you’ll need to reach out to the Ascent team for more specifics about its security policies. Ascent Student Loans Review
How Do I Contact Ascent?
While Ascent student loans are serviced by Launch Servicing, LLC, the company does provide in-house customer service. You can reach out with questions or concerns at 877-216-0876 or help@ascentprogram.com. Customer service hours are Monday-Friday, 7:00 a.m.–5:00 p.m. (PST).
Why Should You Trust Us
I am America’s Student Loan Debt Expert™ and have been actively writing about and covering student loans since 2009. Myself and the team here at The College Investor have been actively tracking student loan providers since 2015 and have reviewed, tested, and followed almost every provider and lender in the space. Ascent Student Loans Review
Furthermore, our compliance team reviews the rates and terms on these listing every weekday to ensure they are accurate. That way you can be sure you’re looking at an accurate and up-to-date rate when you’re comparison shopping.
Who Is This Choice For, And Is It Worth It?
Graduating with a load of debt isn’t the best way to start your career. And you should make sure that you’ve exhausted your federal student loan options before turning to private loans. But as the cost of tuition continues to climb, students are turning to alternative, affordable methods for financing their education. Ascent Student Loans Review
And Ascent student loans could be a great option for students who meet that description. With a variety of loans options, reasonable APRs, and a 0.50% to 1.00% automatic payment discount, they provide a compelling source of funding for college education.
When shopping for private student loans, it’s essential that you compare your options. You can apply for a loan at Ascent Student Loans here >>
You can also compare Ascent to other lenders at Credible – they have a large list of lenders, and you can see your rates and terms in minutes. Check out Credible here.
Common Questions
Here are some of the common questions that we receive about Ascent student loans. Ascent Student Loans Review
Is Ascent student loans legit?
Yes, Ascent has been around since 2015 and is one of the most recognised names in the private student loan industry.
Who provides the funding for Ascent student loans?
Ascent’s college loans are funded by Bank of Lake Mills, a member FDIC, and its bootcamp loans are funded by Richland State Bank, a member FDIC. Ascent Student Loans Review
Who services Ascent student loans?
Ascent uses Launch Servicing, LLC to send bills and process payments for all of its student loan products.
Is Ascent a beneficial student loan?
With its non-cosigned future income-based loan options, above-average borrower protections, and generous customer perks, Ascent student loans have a lot to offer. But you’ll still want to compare the interest rate that Ascent offers you with other private lenders.
Does Ascent do a severe credit pull?
Ascent uses a soft credit pull that doesn’t impact your credit score when you check your pre-qualified rates. But if you decide to move forward with a full application on one of Ascent’s credit-based loans, a hard credit inquiry will be added to your credit report. Ascent Student Loans Review