Business Insider's personal finance team compared Ascent Ascent Undergraduate Cosigned Credit-Based Loan to the best private student loans and found it to be a standard offering.
Ascent has unique loan options for students who want to take out a loan without using a cosigner, such as the Outcomes-Based Student Loan. This lender also features a cosigner release, which gives students the benefits of using a cosigner to obtain a loan, but relieves the cosigner of long-term financial responsibilities once certain requirements are met.
If you need help paying for college, you have several options. To start, explore scholarships and grants, which won't need to be repaid, and turn to federal student loans next. These often have low interest rates and require no credit check or cosigner to take out.
If you still have gaps to cover after that, private student loans can help. Ascent is one of many private student loan lenders with loan options you might want to explore.
Ascent Student Loans Overview
What are Ascent Student Loans?
Ascent is a private lender offering a variety of student loan options. There are undergraduate loans, parent loans, cosigner and non-cosigner loans, DACA and international student loans, and loans for specific degree programs, including MBA, dental, medical, law, and more.
Ascent's student loans are private student loans. These are different from federal student loans, which are offered by the federal government, are available to everyone, and have set interest rates and terms.
Private student loans often come with higher rates than federal loans, and they usually require a credit check or cosigner to qualify. Rates are based on your credit, the amount you borrow, and other factors, and repayment terms can vary quite a bit, too.
Ascent Student Loan Key Features
Ascent is a solid option for borrowers who are looking for a wide range of repayment options and want to avoid fees. You can take as many as 15 or as few as five years to pay back an undergraduate student loan from Ascent. 20-year repayment terms are available for select Ascent graduate student loans.
The lender also allows you to either defer payments, make immediate repayments, make smaller payments, or pay interest only while enrolled in school. Ascent also doesn't charge an origination fee or a fee for paying back your loan early.
You can get a loan with or without a cosigner, but you'll need to qualify based on your income and credit if you don't have one. You can apply to release your cosigner after making 12 consecutive, on-time payments.
Types of Ascent Student Loans
Ascent has student loans for many degree types, including undergraduate and graduate loans. There are also both cosigned and non-cosigned options. Ascent's borrowing limit or maximum loan amount available for undergraduate student loans is $200,000 for credit-based loans and drops down to $20,000 for outcomes-based loans.
Ascent Non-Cosigned Credit-Based Loan
These loans allow you to qualify based on your own credit history and score. These can be a good option if you already have established credit and have paid your bills on time consistently. If your credit score is low or your payment history is spotty, though, it could make it hard to qualify — or get you a higher rate.
Ascent Non-Cosigned Outcome-Based Loan
There are also non-cosigned loan options that aren't based on your credit. Instead, these are "outcomes-based," allowing you to qualify based on your school, degree program, GPA, major, graduation date, or other alternative factors.
Ascent Cosigned Credit-Based Loan
Finally, you can get loans with a cosigner. These take into account both your and the cosigner's credit history and score. If you choose a cosigner with a strong payment history and high credit score, it can make it easier to qualify for your loan and help you get a lower interest rate. Just keep in mind that cosigners are legally responsible for repaying the loan if you fail to do so.
Ascent Parent Credit-Based Loan
This is an option for parents, grandparents, legal guardians, or sponsors of a student attending an eligible school who meets minimum income requirements. This is also a credit-based loan, so your creditworthiness will impact the loan you qualify for and the rates and terms offered to you. The better your credit score, the more likely you are to qualify for the lowest rates. Repayment terms available for this type of student loan include five, seven, 10, and 15 years.
How to Apply for Ascent Student Loans
Ascent offers a variety of loan options to help finance your education. Here's who may be eligible and how to apply for one:
Ascent Student Loans Eligibility Requirements
You need to meet the following basic qualifications to get a student loan:
- Be a U.S. citizen, permanent resident, a temporary resident with an eligible cosigner, or have DACA status
- Be enrolled in a school within Ascent's network half-time or more
- Pass a credit check or have a cosigner who can pass one
- Have a minimum gross income of $30,000 from you or your cosigner
- Without a cosigner, have two years of credit history
Beyond these, there may also be credit score and income thresholds you'll need to meet, though these depend on the loan program.
Required Documentation
You'll need a variety of documents on hand before you can apply for a student loan with Ascent. These depend on your resident status, but usually include your Social Security card, permanent resident card, passport, or employment authorization card. Temporary residents and DACA applicants may also need additional forms. You will also likely need to provide proof of income for yourself or your cosigner.
Step-by-Step Application Guide
Here's a look at the Ascent student loan application process:
- Collect the required documents and information. This includes your Social Security number, your school of enrollment, your major field of study, the loan amount you need, your address, and certain financial documents.
- Fill out Ascent's online application. You can complete the application in just several minutes. After doing so you'll get your prequalified rates without affecting your credit score.
- Review loan offers and pick the one you can afford. After you submit your information, Ascent will give you different term options. A shorter term length means larger monthly payments — but you'll save more in interest.
- Accept your loan terms and plan for repayment. After you sign the document accepting your loan terms, your loan will be approved and funded. Make sure you've worked your loan payments into your budget.
If you need help or have additional questions during the application process, you can contact Ascent's support team by phone at (877) 216-0876 Monday through Thursday from 7 a.m. to 5 p.m. PT or Friday from 7 a.m. to 4 p.m. PT. You can also email the lender at help@ascentfunding.com.
Ascent Student Loans Interest Rates and Fees
Interest rates and fees can vary quite a bit from one student loan lender to the next, so it's important to compare your options before applying for a loan. Here's how Ascent measures up:
Current Interest Rates
Ascent student loan interest rates are competitive on both fixed and variable-rate loans. The rates listed below include a 0.25% automatic payment discount.
For Ascent Undergraduate Cosigned Credit-Based Loan, the lender offers fixed rates of 5.09% - 14.10% variable and 3.39% - 14.21% fixed (with AutoPay discount).
For parent credit-based loans, Ascent offers fixed rates of 5.65% to 16.16% and 5.64% to 15.35% variable rates.
For Ascent Undergraduate Non-Cosigned Credit-Based Loan the lender offers 8.25% - 13.45% variable and 8.65% - 14.06% fixed (with AutoPay discount).
For Ascent Undergraduate Non-Cosigned Outcomes-Based Loan the lender is offering 12.78% - 14.73% variable and 13.20% - 15.19% fixed (with AutoPay discount). Outcomes-based loans may be eligible for a 1.00% automatic payment discount.
Fee Structure
Origination fees can add to the overall cost of your loan and increase the cost of your borrowing. Ascent doesn't charge those fees, nor does it charge prepayment penalties if you pay off your loan early. Additionally, the lender recently stopped charging late fees.
Ascent Student Loan Repayment Options
There are many Ascent student loan repayment options. The right one depends on your finances, education and career goals, and other details.
Repayment Plans Available
You have three options to repay your Ascent student loan after you've taken it out: deferred, minimum, and interest-only. Each option has its advantages for different types of borrowers.
With deferred payments, you won't pay off any of your balance until after the grace period, so it will be the most expensive option as a whole. Interest-only payments will cost the most while you're in school, but they will cost the least overall because you won't accrue any interest while in school.
Deferred Interest
- No payments while enrolled at least half-time in school and during a nine-month grace period
- Unpaid interest accrues
- Interest is capitalized at the end of the deferment period
- Highest overall cost
Minimum Payment
- Pay $25 per month while in school and during the nine-month grace period
- Unpaid interest accrues
- Interest is capitalized at the end of a fixed monthly payment period
- Low in-school payments
Interest-Only
- Pay the loan's interest monthly while in school and during the nine-month grace period
- Moderate in-school payments
- Lowest overall cost
Ascent Student Loans Deferment and Forbearance Options
If you are having trouble making your student loan payments, you may be able to request a deferment, which allows you to pause payments for a certain period of time while you get back on your feet. There are also deferment options while you're still in school or if you're on an active-duty military assignment.
Ascent also offers forbearance for temporary hardships. This is another option for pausing payments when you fall on hard financial times. It's important to note that interest will continue to accrue even while your payments are deferred or in forbearance.
Loan Forgiveness Programs
Ascent only offers loan forgiveness if a student borrower dies or becomes totally or permanently disabled. This does not apply if a parent borrower (on a parent loan) or cosigner dies.
Ascent Student Loans Pros & Cons
Ascent offers many perks, but it's not perfect. It's important to look at both the advantages and disadvantages of any lender before applying for a loan with them.
Ascent Student Loan Pros
- Many repayment term lengths. You'll have a choice between five, seven, 10, 12, 15, or 20-year repayment terms.
- No origination fee or prepayment penalty. Origination fees can add to the overall cost of your loan and increase the cost of your borrowing. Ascent doesn't charge those fees.
- May qualify without a cosigner. Ascent has options for borrowers who want to qualify for a loan without a cosigner. Generally, you'll pay higher rates, but it's an option many lenders don't offer.
- Cash-back reward. Provided you are eligible, you'll receive 1% of your initial loan balance as a cash-back bonus after graduation.
- Several loan options. These include cosigned, non-cosigned, graduate, and parent loans.
Disadvantages
- Cosigner releases aren't available for international students.
- You must be enrolled at least half-time to qualify.
- No loan forgiveness options except in cases of death or permanent disability. There are also no income-based repayment plans, which federal student loans offer.
Ascent Student Loan Alternatives
Before you choose to work with Ascent, it's important to compare your options. Here's how Ascent measures up with other common student loan choices you might consider:
Ascent Student Loans vs. Federal Student Loans
Federal student loans come with benefits that private student loans don't offer. There are income-based repayment options, loan forgiveness programs, and, typically, lower rates. Federal student loans don't require a credit check either, and interest rates are set in stone by the federal government.
You should always exhaust your federal loan options before using a private student loan, as it will typically offer more repayment flexibility and lower long-term costs.
Ascent Student Loans vs. College Ave Student Loans
College Ave Undergraduate Student Loans is the only company among the three competitors listed here that allows you to make full payments on your loan while you're in school. All three competitors offer deferred, fixed, and interest-only repayment options.
You can pick a repayment term length of five, eight, 10, or 15 years with College Ave undergraduate loans, while Ascent offers term lengths of five, seven, 10, 12, and 15 years.
Ascent Student Loans vs. Sallie Mae Student Loans
While Ascent offers term lengths of five, seven, 10, 12, and 15 years on its undergraduate loans, Sallie Mae Undergraduate Student Loans will assign you a term length of either five, 10, or 15 years.
Sallie Mae's current rates are right on par with Ascent's and include an auto-payment discount of 0.25%.
Sallie Mae Student Loan Review
Ascent Student Loans vs. ELFI Student Loans
Like Ascent, ELFI Undergraduate Student Loan are available with fixed or variable interest rates, and you can apply with a cosigner. ELFI and Ascent have comparable rates for both variable and fixed loans.
ELFI doesn't offer as long of a grace period, and it doesn't offer cosigner release, but it does score higher in customer service reviews and its BBB rating.
Ascent Student Loan Customer Experience
Ascent's customer experience is hard to gauge based on online reviews. It has a 3.7-star rating out of 5 on Trustpilot, although this isn't based on many reviews. The lender has a few customer reviews with the Better Business Bureau, and it received a 2.6-start rating out of 5.
Its mobile app, AscentConnect, is well-rated. The app received 4.2 stars out of five in the Apple App Store and 4.1 stars out of five in the Google Play Store, indicating it's easy for users to navigate.
Is Ascent Trustworthy?
Ascent is generally considered a trustworthy company. It is accredited by the Better Business Bureau and holds a current B rating. There are no notable lawsuits pending against the company at the moment.
Why You Should Trust Us: How We Rated Ascent Student Loans
We rate all student loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:
- Interest rate (20% of rating)
- Fees (20% of rating)
- Term lengths (15% of rating)
- Repayment options while in school (15% of rating)
- Borrower accessibility (15% of rating)
- Customer support (7.5% of rating)
- Ethics (7.5% of rating)
We weight each category based on its importance to your overall student loan borrowing experience.
Read more about how we rate student loans »
Ascent Student Loans Frequently Asked Questions
Ascent offers competitive interest rates that vary based on the type of loan and the borrower's creditworthiness. Check its official website for the most current rates.
Yes, Ascent offers deferment and forbearance options for borrowers experiencing financial difficulties or returning to school.
You can apply online via the Ascent website by filling out the application form and submitting the necessary documents.
Ascent does not charge origination fees, application fees, late fees, or prepayment penalties. Be sure to review the loan terms carefully before applying.
Ascent provides various repayment plans, including fixed repayment, interest-only repayment, and deferred repayment options.
No, Ascent does not currently offer student loan refinancing or consolidation loans.
