Ascent Review

Overview

Ascent Funding, an online lender established in 2016 and headquartered in San Diego, provides private student loans for undergraduate and graduate students. Catering to more than 2,300 eligible schools nationwide, Ascent offers options for borrowers with or without a co-signer. The lender also supports non-U.S. citizens, permanent residents, and students with Deferred Action for Childhood Arrivals (DACA) status, making it a flexible choice for diverse student needs.

The traditional cosigned loan is ideal for students with a qualified cosigner who aim to repay their debt quickly. The non-cosigned loan works best for borrowers with a strong credit history and a stable income. The non-cosigned outcomes-based loan is designed for upperclassmen with limited credit, income, or access to a cosigner.

Loan Features

Cash Back Graduation Reward Program

Ascent provides a 1% Cash Back Graduation Reward for eligible borrowers. To qualify, you must be enrolled in autopay, have no late payments on your account, and graduate within five years of taking out your first Ascent student loan. If you meet these conditions, you’ll receive a one-time payment equal to 1% of your loan balance. For example, if your loan is $10,000, you’ll receive $100. For more information about the Cash Back Graduation Reward, visit Ascent’s website.

Cosigner release option

If you require a cosigner for your student loan, Ascent could be a great choice. Unlike many other lenders, Ascent gives borrowers the option to release cosigners after 12 months of on-time payments, which can help you establish credit in your own name.

Financial literacy courses

If you’re approved for a loan through Ascent, you’ll gain access to additional resources designed to support your success throughout college and beyond. Ascent offers a range of financial literacy courses that promote awareness of the financial impact of your college decisions, including your choice of school, major, and how you finance your education. These courses help you envision your career path and make informed decisions today to unlock greater opportunities in the future.

Ascent also provides guidance on finding a cosigner, budgeting during school, connecting with mentors, and securing a job after graduation, all aimed at helping you achieve long-term financial success.

Rates and Repayment Options

Interest rates range from 4.09% to 15.71% with a co-signer, and 12.94% to 14.93% without a co-signer. These rates include the autopay discount. Ascent provides a longer grace period compared to many lenders—nine months after leaving school, rather than the typical six months. For borrowers facing financial hardship, payments may be deferred at the lender’s discretion. Ascent offers three flexible repayment options while borrowers are in school, including fully deferred, interest-only, and $25 minimum payment plans.

Repayment terms range from five to 20 years. The minimum loan amount for students in Massachusetts is $6,001, while for other students, it’s $2,001. To qualify for a loan, students must be enrolled at least half-time at an eligible school.

Graduated Repayment:

• Upon graduation, borrowers may qualify for the graduated repayment option. This plan starts with lower monthly payments, which are less than the full amortized amount. Over time, the payments increase, ensuring the loan is paid off within the original loan term.

In-school repayment:

• Interest-only repayment: Pay only the interest on your loan while you’re in school.
• Partial repayment: Pay $25 per month during your time in school.
• Deferred repayment: Postpone payments until after you graduate.

Eligibility Requirements

Cosigned Credit-Based Loan

• Applicants must be U.S. citizens, permanent residents, or DACA recipients. Students who do not meet these criteria can still apply if they have a cosigner who is a U.S. citizen or permanent resident.
• Applicants must be enrolled for a minimum of half-time or have been accepted for half-time enrollment at an eligible school.
• The borrower or cosigner must have at least $24,000 gross annual income.
• Student borrowers are required to meet a minimum credit score, which may vary and could be influenced by the cosigner’s credit score.
• Cosigners must also meet a minimum credit score, which may change based on the borrower’s credit profile.

Non-Cosigned Credit-Based Loan

• Applicants must be U.S. citizens, permanent residents, or DACA recipients.
• Applicants must be enrolled for a minimum of half-time or have been accepted for half-time enrollment at an eligible school.
• Applicants must have at least two years of credit history.

Non-Cosigned Outcomes-Based Loan

• Applicants must be U.S. citizens, permanent residents, or DACA recipients.
• Undergraduate students must be full-time juniors or seniors with a GPA of 2.9 or higher.

Customer Support

If you need assistance with your college private loan application, you can contact Ascent Funding by phone at 877-216-0876 (toll-free) during their hours of operation: Monday to Thursday, 7 a.m. to 5 p.m. (PST), and Friday, 7 a.m. to 4 p.m. (PST). Alternatively, you can reach them by email at help@AscentFunding.com for support.

Conclusion

Ascent Funding private student loans are notable for their fee-free structure and accessibility to noncitizens. The online lender offers flexible repayment options and various loan terms, though most students will need a co-signer to qualify. The three available repayment options are ideal for those without a cosigner, international or DACA students, or those with lower credit scores, providing a great selection for a range of borrowers.