Geeky Insight:

Ascent Student Loans:
Private Student Loan Review

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Written By: DollarGeek

Findings from a poll indicate that 70% of American adults consider taking a student loan for college education worth it because of the benefits of a college degree.

Private student loans come in handy if you don’t qualify for federal aid or need a bridge loan to cover college costs.

We’re going to review Ascent private student loans in this post. Our goal is to help you weigh its benefits as well as shortcomings before applying for the loan.

Quick Summary:

Ascent is a private student loan lender that stands out because of its consideration of the financial outcome of a college degree during the application process. Ascent offers co-signed loans, non-co-signed loans (credit-based), non-co-signed future income loans.

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on Ascent's website

Getting started with Ascent

Ascent is a private student loan lender that stands out because of its consideration of the financial outcome of a college degree during the application process. Ascent offers co-signed loans, non-co-signed loans (credit-based), non-co-signed future income loans.

The lender considers your school, GPA, major, and expected future income to check your eligibility. Ascent allows you to apply for independent student loans as well.

Which Ascent product do you want to learn about?

ASCENT Private Student Loan review

Min. Credit Score

540

Variable Rate

2.73% - 13.01%

Fixed Rate

3.62% - 14.50%

Best if

  • You’re applying with co-signer having a good credit score and income.
  • You’re going to school full-time with a GPA of 2.9 or higher (junior, senior, or graduate).

In the universe of private student loans, it is quite common to find loans that either require a co-signer or need sufficient credit history as well as income proof from the applicant.

Ascent takes a slightly different approach. In addition to its co-signer private student loans, Ascent has a future-income based private student loan that doesn’t require a co-signer. The lender will consider factors such as your school, GPA, program, date of graduation, cost of attendance, and additional factors.

In order to qualify for Ascent’s future-income loan, you have to be a college junior or senior enrolled full-time in a degree program with an eligible institution. Also, you need to be 18 years or older US citizen or permanent resident to qualify for this loan.

Ascent offers some additional perks, such as 1% cashback on your total loan amount at the time of graduation, interest discount of 0.25% for automatic payments, no fees (application, origination, disbursement), and forbearance of up to 24 months.

Ascent offers undergraduate private student loans with or without a co-signer. You can find out your eligibility through a soft credit pull, thereby not affecting your credit history. Ascent’s undergraduate loans are available as:

  • Co-signed Credit-Based Loan
  • Non-Cosigned Credit-Based Loan
  • Non-Cosigned Future Income-Based Loan

Read more about these three types of loans below.

What type of loans can you get from Ascent?

Ascent provides private student loans for undergraduate and graduate students

Its loans products are categorized as:

  • Co-signed credit-based loans: If you have a co-signer that satisfies the credit and income requirements, you can apply for a co-signer loan with competitive interest rates.
  • Non-co-signed credit-based loans: If you want to apply for a loan based on your credit history (2 years or more), you can apply for a credit-based loan from Ascent.
  • Non-co-signed future income-based loans: For some reason, if you don’t have a co-signer and less-than-optimal credit history, Ascent will focus on additional factors (discussed above) to check your eligibility for a loan.

Ascent’s flexible options provide borrowers the option to choose the right type of loan to match their needs.

Ascent private student loan details

  • Students must have a minimum credit score of 540 in cases where a cosigner has a credit score of 740 or higher; otherwise, the student must have a minimum credit score of 600.
  • Students with no credit history are eligible with a creditworthy cosigner.
  • Cosigner must have a minimum credit score of 620 in cases where the student has a credit score of 700 or higher; otherwise, a cosigner must have a minimum credit score of 660. 

  • Minimum: $1,000

  • Maximum: $200,000 (aggregate total)

  • Maximum for academic year:

    Undergraduate and Graduate Credit-Based Loans: 
    $200,000

    Undergraduate Non-Cosigned Future Income-Based Loans: $20,000
  • Variable Rate: 5, 10, or 15 years
  • Fixed Rate: 5 or 10 years
  • Deferred Repayment: This will allow you to completely postpone making your student loan payments until graduation. It’s important to remember that interest will accrue during deferment and will be capitalized at the end of the deferment period.

  • In-School Interest-Only: Interest-only payments can be made while you’re in school. This will pay the interest as you go so it doesn’t accrue and get added to your balance.

  • $25 Minimum Payment: Make fixed payments of $25 that are affordable and you’ll be able to save even more over the life of your loan. A little can go a long way.

  • Auto Pay Discount: 0.25% – 2% (varies on type of loan)
  • 1% Cash Back Graduation Reward (upon completion of degree)
  • Declared Emergency Forbearance: Up to 3 months during the COVID-19 crisis, borrowers can request to pause their payments for up to 3 months and this doesn’t count toward the 24-month forbearance limit.
  • Temporary Hardship Forbearance: Up To 24 Months. Students can pause payments for 1-3 months for up to 4 consecutive periods.

  • Graduate/Clerkship/Internship/Residency/Fellowship Deferment: Up To 48 Months.

  • Active Duty Military Deferment: Up To 36 Months

Ascent's graduate loans and repayment terms

Ascent provides graduate student loans for different professional degrees, including dental, MBA, law, medical, and other graduate degrees.

Unlike other lenders, Ascent has created custom repayment terms for different degrees. Let’s find out more about these specific loan products.

Dental school review

Min. Credit Score

680

Variable Rate

3.94% - 12.44%

Fixed Rate

5.03% - 13.53%

If you’re going for a dental degree (DDS or DMD), Ascent’s dental school loan helps you cover the cost of your tuition and other living expenses. You can have a maximum forbearance of up to 24 months with this loan.

  • Repayment terms: 10, 15, or 20 years (variable); 10 years (fixed)

  • Repayment plans: You can choose a deferred repayment plan and start paying after 12 months of graduation. Alternatively, you can choose in-school interest-only payments or $25 minimum payments.

  • Maximum in-school period: 48 months

MBA loan review

Min. Credit Score

680

Variable Rate

3.94% - 12.44%

Fixed Rate

5.03% - 13.53%

The MBA loan is designed for students seeking a loan for an MBA degree. The maximum forbearance period with this loan is 24 months, and payments start nine months after graduation.

  • Repayment terms: 10 or 15 years (variable); 10 years (fixed).
  • Repayment plans: You can start making payments nine months after the completion of your MBA degree. You can also choose in-school interest-only repayments or pay $25 every month.
  • Maximum in-school period: 36 months

Graduate student loan review

Min. Credit Score

680

Variable Rate

3.94% - 12.44%

Fixed Rate

5.03% - 13.53%

General graduate student loans are created for students pursuing degree programs across different streams or advanced degrees (MA, MS). These loans require you to start making payments within nine months of finishing grad school.

  • Repayment terms: 10 or 15 years (variable); 10 years (fixed)
  • Repayment plans: You can start loan repayments nine months after finishing your graduation. Ascent offers in-school repayment plans, including $25 months payments or interest-only payments.
  • Maximum in-school period: 36 months

Medical School loan review

Min. Credit Score

680

Variable Rate

3.94% - 12.44%

Fixed Rate

5.03% - 13.53%

Medical schools are expensive and come with a longer duration. Ascent offers longer repayment periods for medical school loans, along with a grace period of up to 36 months to start loan repayments.

  • Repayment terms: 10, 15, or 20 years (variable); 10 years (fixed)
  • Repayment plans: Medical loans have a deferral period of 36 months after graduation. Otherwise, you can make $25 monthly payments or interest-only payments when in school.
  • Maximum in-school period: 48 months

Law School loan review

Min. Credit Score

680

Variable Rate

3.94% - 12.44%

Fixed Rate

5.03% - 13.53%

If you need a bridge loan to finish law school or pay for tuition, Ascent offers private student loans for law school.

  • Repayment terms: 10 or 15 years (variable); 10 years (fixed)
  • Repayment plans: You can start loan repayments nine months after finishing your graduation. Ascent offers in-school repayment plans, including $25 months payments or interest-only payments.
  • Maximum in-school period: 36 months

Options to reduce or pause payments if needed

  • Declared Emergency Forbearance: Up to 3 months during the COVID-19 crisis, borrowers can request to pause their payments for up to 3 months and this doesn’t count toward the 24-month forbearance limit.
  • Temporary Hardship Forbearance: Up To 24 Months. Students can pause payments for 1-3 months for up to 4 consecutive periods.
  • Graduate/Clerkship/Internship/Residency/Fellowship Deferment: Up To 48 Months.
  • Active Duty Military Deferment: Up to 36 months.

Who can qualify for an Ascent private student loan?

If you are looking for a private student loan from Ascent, you must:

  • Be a US citizen or permanent resident. In the case of international or DACA students, you’ll need a US citizen or permanent resident as your co-signer.
  • You must be enrolled at least half-time or more to qualify for a loan.
  • If you’re applying for a non-co-signed income-based loan, you will need a GPA of 2.9 or higher.
  • The school must be in the eligible school list, offering two-year or four-year degrees.

How to get private student loans from Ascent

As an online lender, Ascent has streamlined the entire application process. Here is how you can apply for a loan.

  1. Register on Ascent and fill in your details to see your pre-qualified rates. You’ll have to share school info, your details, income, loan, and citizenship details.
  2. Ascent provides you options to choose among different loan products and adjust your loan terms.
  3. You have to upload your supporting documents.
  4. Once approved, Ascent will disburse funds directly to your college.

The bottom line

Ascent is a top rated private student loan lender for those seeking bridge loans or not qualifying for federal student aid. You don’t need a co-signer to be eligible for a loan which is quite rare. Also, there are no prepayment penalties, origination, application, or disbursement charges with Ascent private student loans.

Do you want to find out more about Ascent? Get a rate check today without hurting your credit score.

FAQs

No. There are no early repayment penalty fees, no origination, disbursement, or application fees.

Checking your rate takes minutes and it won’t hurt your credit score.

Ascent originates and services all of their loans internally using their our own technology platform.

Option for no co-signer

1% cash back graduation reward

Low interest rates

No fees or prepayment penalty

Rate check doesn't hurt your credit score

on Ascent's website