Ascent Student Loans Review
Students who don’t have an income, credit history, or a cosigner at their disposal may still be eligible for a student loan through Ascent Student Loans. Applicants will need to meet Ascent's criteria to be approved for a non-cosigned loan.
- Ascent offers both cosigned and non-cosigned student loans to both undergrads and graduate students.
- The lender does not currently offer student loan refinancing.
- Ascent’s Non-Cosigned Loan earned a perfect LendEDU rating of 5.00 / 5.00.
Ascent Student Loans was created to make private student loans more accessible to borrowers without a traditional credit profile.
In addition to offering a student loan that borrowers without a cosigner may be approved for, the company also offers financial wellness education to help students make well-informed decisions.
This Ascent Student Loan review will cover the loan options Ascent offers and help you to decide if the lender is right for you.
In this review:
- What student loans does Ascent offer?
- Pros & cons
- Eligibility requirements
- Application process
- Compare Ascent Student Loans to other options
Ascent Student Loans: At a glance
Here’s a quick rundown of the loan options Ascent offers. You can read more about each loan lower on the page.
|Ascent Cosigned||Ascent Non-Cosigned|
|Loan amounts||ascent-psl-26-amountlow – ascent-psl-26-aggloanamount||ascent-psl-27-amountlow – ascent-psl-27-amounthigh|
|Fixed rates||ascent-psl-26-fixlow% – ascent-psl-26-fixhigh%||ascent-psl-27-fixlow% – ascent-psl-27-fixhigh%|
|Variable rates||ascent-psl-26-varlow% – ascent-psl-26-varhigh%||ascent-psl-27-varlow% – ascent-psl-27-varhigh%|
|Autopay rate reduction||ascent-psl-26-autopayreduc||ascent-psl-27-autopayreduc|
|LendEDU rating||4.73 / 5.00||5.00 / 5.00|
|Learn more||Jump to full review||Jump to full review|
Ascent’s Cosigned Credit-Based Student Loan
What we like:
1% Cash Back Reward upon graduation
|Fixed APR||5.21% – 14.28%|
|Variable APR||4.23% – 13.23%|
|Loan Terms||5, 10, or 15 years|
|Loan Amounts||$2,000 – $200,000|
Borrowers who have a creditworthy cosigner can qualify for Ascent’s Cosigned Credit-Based Loan. This loan was ranked as one of the best student loans according to our editorial ratings.
Ascent’s Cosigned Credit-Based Loan helps you cover your tuition and eligible living expenses. It doesn’t have any application fees, and with the backing of your cosigner, you’ll have a chance at lower interest rates.
If you have a cosigner who is a bit leery about being stuck in a long repayment period, they might be glad to know they can be released as a cosigner after you make 24 months’ worth of on-time payments.
- Borrowers can save money by opting for automatic debit to get a 0.25% rate reduction and by taking advantage of the 1% Cash Back Graduation Reward (provided they meet the criteria).
- You won’t be penalized for paying off either of the loans early.
- While in school, you can begin making interest-only payments soon after the loans are disbursed or you can opt for in-school deferment to delay payments until six months after school ends. Another option is to make a minimum $25 monthly payment while still in school.
Ascent’s Non-Cosigned Future Income-Based Student Loan
What we like:
Large maximum borrowing limit
|Fixed APR||6.80% – 13.55%|
|Variable APR||5.87% – 13.15%|
|Loan Terms||10 or 15 years|
|Loan Amounts||$2,000 – $200,000|
Ascent’s Non-Cosigned Future Income-Based Loan is for students who are applying for a student loan without a cosigner. To secure this loan, you must be a junior, senior, or graduate student who is attending school full-time at an eligible school.
You must have at least a 2.5 grade-point average. In addition, you have to be a U.S. citizen or have permanent resident status in the U.S.
The Non-Cosigned Future Income-Based Loan allows you to borrow up to $200,000 if you have your credit checked. But without a cosigner to back you up, the loan amount you qualify for could be less than that amount.
Ascent also offers a Non-Cosigned Credit-Based Loan that is based off your credit history. If you have more than two years of credit history and a credit score of at least 680 or above you could be eligible.
- Borrowers may choose a repayment term of 10 or 15-year. Furthermore, these loans come with deferred repayment while in school, with payments starting six months after leaving school.
- If you sign up for the automatic payment option, you can get a 0.25% interest rate reduction.
- You might also get some money back if you qualify for Ascent’s 1% Cash Back Graduation Reward.
- As with the Ascent Cosigned Credit-Based Loan, this loan carries no origination, loan application, or disbursement fees. And you won’t be penalized for paying off your loan early.
Pros and Cons of Ascent Student Loans
- Easy application process.
- No fees.
- Ascent looks at more factors than just your credit score when deciding who is eligible.
- You might be able to get a student loan without a cosigner.
- You have the opportunity to earn 1% back if your GPA is at least 2.5 upon graduation.
- Not all schools are eligible.
- You might be able to get a better interest rate with another private student loan lender.
- Approval and disbursement time might be longer if you’re applying without a creditworthy cosigner.
- Loan amounts may be lower if you don’t have a creditworthy cosigner.
Ascent looks at the complete picture of its applicants, considering more criteria than many other student loan providers do.
To be eligible, you have to be enrolled at least half-time in an undergraduate or graduate school at an eligible institution and be a U.S. citizen or have permanent resident status here.
If you aren’t a U.S. citizen or permanent resident, your cosigner must be.
All applicants (including cosigners, if applicable) must not have defaulted on any student loan in the past, have not had a bankruptcy in the past five years, and must meet minimum credit score requirements.
The other factors they look at include things like graduation date, the school a borrower is attending, the program they’ve selected, their major, future income potential, and more.
While this information is more detailed than some companies ask for, it lets them eliminate the need for a cosigner if the other data look promising enough.
To apply for a student loan with Ascent, your school must also be on their approved list of schools which only takes a minute or two to check online.
Ascent’s application doesn’t take very long and can be done completely online. You just need to visit Ascent’s website, click “Apply Now,” and provide some basic info about yourself and the degree you’re pursuing.
International students will be required to upload some extra documentation.
When you’re filling out your application, you’re required to complete a financial wellness course to ensure you’re making educated borrowing decisions. This extra step will help students see how their current decisions about borrowing might impact them years later.
Once they complete the module, students must choose whether they want a fixed or variable interest rate, choose their term length, and choose the repayment plan they want. Once approved, the student loan is disbursed directly to their school.
Can You Refinance With Ascent?
Ascent does not offer a refinance loan, so if you decide to find better rates later, you will need to refinance with a different student loan lender. Our guide to the best student loan refinance companies is a great place to start your search.
Alternatives to Ascent Student Loans
Before you agree to take out a loan from Ascent, you should look at other lenders to see if you can score a better interest rate. You can compare the best student loan companies to get a better idea of how Ascent stacks up or bad credit student loan options if you don’t have a good credit score or creditworthy cosigner.
Also remember that it’s smarter to look for free money before taking out a private loan.
Maximize your scholarship funds by applying to as many as you can. You should also fill out a Free Application for Federal Student Aid to see if you qualify for any grants or federal student loans, which may have better interest rates and borrower protections.4.87 Ascent Student Loans
Author: Shannon Serpette
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