Ascent Student Loans Review 2024 (2024)

• Ascent at a Glance
• Ascent Undergrad Student Loan Details
• How to Qualify for an Ascent Student Loan
• How to Apply for an Ascent Student Loan
• How to Contact Ascent
• Methodology
• Frequently Asked Questions (FAQs)

Ascent is a private student loan company that offers undergraduate and graduate loans, as well as loans for coding bootcamps. Ascent was designed to make student loans more accessible to borrowers that may not be eligible for other forms of financial aid. For example, Ascent caters to individuals without credit histories and international students.

While Ascent handles loan applications, it isn’t a direct lender; its undergraduate and graduate loans are issued by the Bank of Lake Mills, and its loans are serviced by Launch Servicing.

Ascent issues loans to borrowers in all 50 states. It has both co-signed and non-co-signed options. However, applicants that apply with a co-signer may qualify for lower rates than borrowers without one.

Ascent offers multiple student loan options for undergraduate students. You can choose a loan type based on your existing credit history, income and career prospects.

Co-signed Loans

If you have a friend or family member with stable income and good credit that is willing to co-sign your loan application, the co-signed loan option may be a good option because it has lower rates than the other loan types.

• Loan amounts: $2,001** to $200,000 (aggregate)
• Loan terms: Repay your loan over five, seven, 10, 12 or 15 years. See repayment examples for more details.
• APRs: You can qualify for fixed rates from 4.09% to 15.71%* or variable rates from 6.16% to 16.09%*(including 0.25% autopay discount).
• Repayment options: Ascent allows borrowers to choose between three repayment options.
  • Interest-only. Only make payments toward accrued interest while you’re in school. After graduation, you’ll make full payments when your nine-month grace period ends.
  • Deferred payments. Pay nothing until your grace period ends, nine months after graduation or leaving school.
  • $25 payments. Make $25 monthly payments while you’re still in college. After you leave school, you’ll start making full payments when your nine-month grace period ends.
• Noteworthy perks and features: Ascent has several standout features to consider.
  • 1:1 student success coaching. Ascent offers its undergraduate students 1:1 coaching and communication with an industry expert. Including resources to help you complete your degree on time, manage your finances and find a rewarding career.
  • Interest rate discounts. Ascent offers a 0.25% discount for borrowers that enroll in automatic payments.
  • Graduation reward. If you graduate within five years of your first loan disbursem*nt date, you may be eligible for Ascent’s 1% cash back graduation reward. You could get 1% of your original principal balance back via direct deposit or check. If your loan was for $10,000, for example, Ascent would send you a check for $100.
  • Longer grace period. Enjoy a grace period of nine months after graduating or leaving school. That’s three months longer than most private lenders offer.

Credit-based Student Loan

If you have a reliable income and strong credit history, you may qualify for a loan without a co-signer. Ascent’s credit-based loans are available for undergraduate and graduate students.

• Loan amounts: $2,001** to $200,000 (aggregate)
• Loan terms: Repay your loan over five, seven, 10, 12 or 15 years
• APRs: You can qualify for fixed rates for an undergraduate, credit-based non-consigned loan from 8.89% to 14.81%* or variable rates from 9.26% to 15.19%* (including 0.25% autopay discount).
• Repayment options: Non-co-signed loans are eligible for three different repayment plans.
  • Interest-only. Only make payments toward accrued interest while you’re in school. After graduation, you’ll make full payments when your nine-month grace period ends.
  • Deferred payments. Pay nothing until your grace period ends, nine months after graduation or leaving school.
  • $25 payments. Make $25 monthly payments while you’re still in college. After you leave school, you’ll start making full payments when your nine-month grace period ends.
• Noteworthy perks and features:
  • Interest rate discounts. Borrowers can take advantage of a 0.25% automatic payment discount.
  • Graduation reward. Ascent non-co-signed loan borrowers are eligible for the 1% cash back reward upon graduation.
  • Longer grace period. Enjoy a grace period of nine months after graduating or leaving school. That’s three months longer than most private lenders offer.

Outcomes-based Student Loan

For borrowers that don’t have established credit or a co-signer, the outcomes-based loan could be a useful solution. With this option, Ascent looks at a range of factors to determine your eligibility for a loan, including your school, degree program, projected graduation date, GPA and the cost of attendance.

The outcomes-based loan is only available to full-time college juniors and seniors; first- and second-year undergraduates aren’t eligible. International students are ineligible for this loan, as well; only U.S. citizens, permanent residents and Deferred Action for Childhood Arrival (DACA) students can take advantage of the outcomes-based loan program.

This loan type has higher interest rates than other loan options, and there are stricter limits on how much you can borrow.

• Loan amounts: $2,001** to $20,000 per academic year ($200,000 aggregate)
• Loan terms: Seven, 10, 12 or 15 years. Fixed-rate loans are only eligible for 10 or 15 year terms.
• APRs: You can qualify for fixed rates from 12.94% to 14.93%* or variable rates from 13.27% to 15.18%* (including 1% autopay discount).
• Repayment options: The outcomes-based loan enrolls borrowers in a deferred repayment plan. You’ll pay nothing until you graduate or leave school, at which point full payments begin after a nine-month grace period.
• Noteworthy perks and features: The outcomes-based loans are eligible for the following perks:
  • Interest rate discounts. Outcomes-based loan borrowers can qualify for a 1% automatic payment discount—that’s four times greater than the standard autopay discount.
  • Graduation reward. Borrowers are eligible for the 1% cash back reward after graduating.
  • Longer grace period. Enjoy a grace period of nine months after graduating or leaving school. That’s three months longer than most private lenders offer.

To qualify for a loan from Ascent, you must be enrolled with one of its partner schools. If your college or university is not one of the 2,600 schools and coding bootcamps that Ascent works with, you’ll need to work with another lender.

Eligibility Requirements

Ascent doesn’t disclose a minimum credit score or its required debt-to-income (DTI) ratio. To qualify for a loan, you or your co-signer must earn at least $24,000 per year and have at least two years of credit history.

Ascent’s loans are available to U.S. citizens, permanent residents, DACA students and international students. However, international students must have a U.S. citizen or permanent resident as a co-signer.

Co-signer Options

Ascent allows you to add a co-signer when you apply for a loan. Adding a co-signer to your application can improve your odds of qualifying for a loan, and it can help you get a better interest rate than you’d get on your own.

For most loans, co-signer releases are available to borrowers after making 12 qualifying monthly payments. Co-signers can only be removed if the primary borrower meets the lender’s underwriting criteria, and not all borrowers are eligible for co-signer releases. Borrowers that are not U.S. citizens or permanent residents cannot qualify for a co-signer release.

To apply for a loan, follow these four simple steps:

• Check your eligibility. Ascent has a prequalification tool you can use to check your eligibility for a loan without impacting your credit score. It will also tell you what rates and terms you can qualify for, so you can pick the loan that works best for you.
• Choose a loan. Once you find the right loan, you can complete the full application. You’ll need to provide some personal information like your SSN, school information and details about your income and employer. Once submitted, Ascent will review your application and issue a decision. The review process can take one to two business days.
• Wait for certification. If your application is approved, Ascent will send your loan information to your school for certification. The school may make adjustments to the loan amount or disbursem*nt dates. Once the school certifies the information, Ascent will contact you with an updated loan agreement.
• Sign the loan agreement. Review the loan agreement carefully and, if you agree with the terms, sign it. Ascent will disburse the funds directly to your school.

Related:Best Private Student Loans

Ascent is available via phone or email.

• Phone: 877-216-0876
• Email: help@ascentfunding.com
• Hours: Customer support is available Monday through Thursday from 7 a.m. until 5 p.m. PST, and on Fridays from 7 a.m. until 4 p.m.

If you’re an existing customer and have questions about your loans or payments, you should contact Launch Servicing, the company that services the loan. You can contact Launch Servicing by calling 877-354-2629 or by emailing them through the online portal after logging in to your account.

We reviewed Ascent based on its interest rates, fees, loan terms, hardship options, application process and eligibility. We rated Ascent based on the weighting assigned to each category:

• Hardship options: 30%
• Application process: 16%
• Loan terms: 14%
• Interest rates: 13%
• Eligibility: 14%
• Fees: 13%

Specific characteristics taken into consideration within each category included number of months of forbearance available, economic hardship repayment options available beyond traditional forbearance, perks like cash-back rewards upon graduation, discounts, time to default, disclosure of credit score and income requirements and other factors.

*Ascent’s undergraduate and graduate student loans are funded by Bank of Lake Mills or DR Bank, each Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: AscentFunding.com/Ts&Cs. Rates are effective as of 3/1/2024 and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 1.00% (for undergraduate outcomes-based loans). Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent rates and repayment examples please visit: AscentFunding.com/Rates. 1% Cash Back Graduation Reward subject to terms and conditions. Cosigned Credit-Based Loan student must meet certain minimum credit criteria. The minimum score required is subject to change and may depend on the credit score of your cosigner. Lowest rates require interest-only payments, the shortest loan term, a cosigner, and are only available for our most creditworthy applicants and cosigners with the highest average credit scores. Actual APR offered may be higher or lower than the repayment examples above, based on the amount of time you spend in school and any grace period you have before repayment begins.

**The minimum amount is $2,001 except for the state of Massachusetts. Minimum loan amount for borrowers with a Massachusetts permanent address is $6,001.

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