Ascent Student Loans: A Solid Choice for Borrowers Without a Cosigner

Best Deferred Payment for a Non-Cosigned Loan

4.4 _/5

View Rates

Private Student Loans

• Cosigned and non-cosigned student loans for undergraduates, graduates, parents, and career training
• DACA and international students may be eligible 
• 1% cash back upon graduation
• Choose to start making payments now or 9 months after leaving school
• Check your prequalified rates with no impact on your credit score
• Access the AscentUp Program for digital content and one year of complimentary access to success coaching for undergraduate borrowers

• Must be enrolled at least half-time
• Limited borrower reviews available online

Rates (APR)	4.09% – 15.95% (cosigned) 8.49% – 15.40% (no cosigner)
Loan amounts	$2,001 – $200,000
Repayment terms	5, 7, 10, 12, or 15 years
Min. credit score	620 (none for outcomes-based loans)

Ascent Funding stands out as a strong choice for students without a cosigner, thanks to its outcomes-based lending approach. For its non-cosigned loans, Ascent considers factors like academic performance and career potential rather than just credit history, making funding more accessible. Credit-based student loans are also offered for borrowers who have a cosigner.

While Ascent’s offerings are flexible and inclusive—particularly for DACA students and international students with an eligible cosigner—students who have a cosigner may find more competitive terms with other lenders. Overall, Ascent is an excellent option for those needing independent funding, especially with its deferred payment options for non-cosigned loans.

How does Ascent work?

Ascent offers two types of loans: credit-based and outcomes-based.

The credit-based loan requires either a cosigner or the borrower’s own strong credit history to qualify, which can lead to more favorable rates and terms. This type is a good fit for students who have a cosigner or already meet credit requirements.

The outcomes-based loan, by contrast, doesn’t rely on credit history. Instead, it considers factors like the student’s academic performance, major, and expected future income. This approach is designed for students without a cosigner or established credit, allowing them to access funding based on their potential rather than current credit status.

Generally, credit-based loans offer lower interest rates than outcomes-based loans, where rates are higher to account for added risk. Both loan types allow borrowing up to $200,000 (or up to $400,000 for graduate students), and funds are disbursed directly to the school to cover educational costs.

Rates, terms, and fees

Ascent’s rates, terms, and fees are competitive among private student loan lenders, especially for borrowers with a cosigner who can qualify for lower rates. Without a cosigner, rates are higher, reflecting the additional risk, but Ascent’s outcomes-based approach provides an accessible option for independent students who may not qualify elsewhere.

Borrowers also benefit from flexible repayment terms, no fees, and additional perks like rate discounts for automatic payments, making Ascent a strong option for those looking for flexible and affordable funding solutions.

Feature	Details
Fixed rates (APR)	4.48% – 15.27% with a cosigner 9.46% – 15.52% without a cosigner
Variable rates (APR)	5.98% – 15.63% with a cosigner 9.87% – 15.88% without a cosigner
Rate discounts	0.25% – 1% autopay discount
Loan amounts	$2,001 – $200,000 ($400,000 for graduates)
Repayment terms	5, 7, 10, 12, or 15 years
Grace period	9 months
Cosigner release	After 12 consecutive, on-time payments
Fees	None

Ascent offers several borrower benefits worth noting:

• 1% cash back upon graduation. Ascent provides borrowers with a reward of 1% of their loan amount upon graduation after meeting certain criteria. The amount is sent electronically to your bank account.
• Scholarships. Ascent has awarded over $332,000 in scholarships to student applicants. It runs monthly $1,000+ no-essay scholarship opportunities for both parents and students.
• Repayment assistance options. Several assistance options are available, including deferment, forbearance, and a discharge policy. A progressive repayment option allows you to reduce your monthly payment to make it more affordable, and then gradually increase it over time so you still pay your loan off in your original term.
• AscentUP Program. With an Ascent loan, students gain access to AscentUP, a platform that helps students reach their academic, career, and financial goals, plus access new paid internship opportunities.
• Cashback rewards. The Ascent Rewards program allows you to earn cash back on purchases with partnered retailers that can be applied to student loan payments.

What are the eligibility requirements?

For Ascent’s outcomes-based loans, eligibility is determined not by credit history or a cosigner but by factors related to the student’s potential future success. This approach assesses academic factors like GPA, school, major, and expected post-graduation income to estimate the student’s ability to repay the loan.

By focusing on these indicators, Ascent allows students who may lack credit or a cosigner to access funding, making it a valuable option for independent students aiming to invest in their education without traditional credit requirements.

In comparison, Ascent’s credit-based loans require either a cosigner with a strong credit profile or the student’s own established credit history to qualify. This approach can yield more favorable rates and terms, especially with a cosigner, but is best suited for borrowers who have a reliable cosigner or a good credit score of their own.

Ascent caters to a wide range of undergraduate borrowers, including U.S. citizens, permanent residents, DACA recipients, and even international students provided they have a creditworthy cosigner who is a U.S. citizen or U.S. permanent resident. 

Requirement	Details
Citizenship	U.S. citizen, U.S. permanent resident, or DACA status with a valid Social Security number; Non-U.S. citizens or permanent residents may apply with eligible resident status and a creditworthy cosigner who is a U.S. citizen or permanent resident
State of residence	All 50 states
Minimum age	18 in every state except Alabama and Nebraska (19), and Mississippi and Puerto Rico (21)
Enrolled school	Must be one of 2,300+ eligible schools
Enrollment status	At least half-time in a degree program at an eligible institution
Min. credit score	620 (none for outcomes-based)
Min. income	$24,000/year for credit-based loans (none for outcomes-based)

How does repayment work?

Ascent offers four in-school repayment options, providing flexibility for students to manage their loans while completing their studies. Borrowers can choose from:

• Immediate repayment, covering both principal and interest right away.
• Deferred repayment, where payments begin after graduation—ideal for non-cosigned loans, as it allows students time to establish income before taking on payments.
• $25 minimum repayment, enabling borrowers to start with small contributions toward the loan balance during school.
• Interest-only repayment, helping manage accruing interest with payments that cover just the interest amount.

For credit-based undergraduate loans, Ascent provides five term options—5, 7, 10, 12, and 15 years—allowing borrowers to select a repayment period suited to their financial needs. Borrowers commit to a term at application, though there’s no penalty for paying off the loan early.

Ascent’s progressive repayment option adds further flexibility, allowing borrowers to start with lower payments and increase them gradually, aiming to complete repayment within the original term. This feature is particularly beneficial as income increases over time, helping students manage initial costs before transitioning to full payments.

Ascent’s deferred payment feature for non-cosigned loans is especially valuable, as it provides students without a cosigner with a supportive way to postpone payments until after graduation. This approach helps independent students focus on their studies without the immediate burden of loan payments, setting them up for success once they enter the workforce.

Longer repayment terms generally lower monthly payments but increase overall loan costs due to interest, while shorter terms offer interest savings with higher monthly payments. For example, consider a loan of $20,000 with a fixed interest rate of 6%. Here’s how the repayment might break down for different repayment terms:

Repayment term	Monthly payment	Total repaid
5 years	$386.66	$23,199.60
7 years	$287.50	$24,420.00
10 years	$222.04	$26,644.80
12 years	$194.12	$27,931.52
15 years	$168.30	$30,294.00

This table illustrates that while a longer repayment term results in lower monthly payments, it also increases the overall cost of the loan due to paying more interest over the life of the loan. Opting for a shorter term could save you money in the long run.

Pros and cons of Ascent student loans

Pros

• Flexible repayment options

  Ascent offers four in-school repayment plans, including a full in-school deferment option, allowing students to choose a plan that fits their financial situation.

• Outcomes-based eligibility

  Ascent’s non-cosigned loan option evaluates academic factors like GPA, major, and future earning potential rather than just credit history, making funding accessible to students without a cosigner.

• Competitive rates with cosigner option

  For students with a cosigner, Ascent offers lower interest rates, giving qualified borrowers more affordable terms.

• No fees

  Ascent does not charge any application, origination, or prepayment fees, which helps reduce the overall cost of borrowing.

• Cosigner release after 12 months

  Cosigners can be released from the loan after 12 consecutive on-time payments.

• Repayment flexibility with progressive option

  The progressive repayment option allows borrowers to start with lower payments and gradually increase to manage cash flow post-graduation and adjust payments as income grows.

Cons

• Enrollment requirement

  Ascent requires students to be enrolled at least half-time to qualify, limiting access for those studying part-time or taking lighter course loads. By contrast, some lenders, like College Ave and Sallie Mae, offer loans to students enrolled less than half-time.

• Higher rates for non-cosigned loans

  While Ascent’s outcomes-based model is inclusive, non-cosigned loans come with higher interest rates than credit-based loans, which can increase the cost of borrowing.

• No specific perks for graduate students

  Although Ascent allows higher borrowing limits for graduate students, it lacks specialized programs or benefits that some other lenders offer specifically to support advanced-degree borrowers.

• Limited international student eligibility

  Ascent’s loans are available to international students, but they must have a cosigner who is a U.S. citizen or permanent resident. This restriction may limit options for international students seeking independent funding.

How do Ascent student loans compare to other lenders?

Here’s a comparison of top student loan alternatives to Ascent, featuring options for both cosigned and non-cosigned loans. While Ascent is strong in flexibility and accessibility, it has limitations, such as higher rates for non-cosigned loans and restrictions for part-time students.

These alternative lenders offer competitive rates, more flexible eligibility criteria, and additional perks that may better serve certain borrowers. Whether you’re an undergraduate without a cosigner, an international student, or looking for lower rates with a cosigner, these lenders can meet a variety of funding needs.

Below, explore our top picks.

Non-cosigned student loans

Cosigned student loans

Comparison of undergraduate student loans.

Is Ascent a reputable lender?

Source	Customer rating	Number of reviews
Trustpilot	3.7/5	1
Google	4.7/5	227
Better Business Bureau	1/5	1

Ascent has a mixed reputation across different review platforms. On Trustpilot, it holds a rating of 3.7 out of 5, suggesting generally positive feedback, while on Google, it scores an impressive 4.7 out of 5 from 227 reviews, with customers frequently highlighting its scholarships, easy application process, and helpful customer service.

However, Ascent’s Better Business Bureau (BBB) rating is notably lower, standing at 1 out of 5 based on a single review, which raises concerns about transparency in loan terms. The BBB also reports two closed complaints over the past three years, though without further details, it’s difficult to gauge their significance.

These reviews provide a snapshot of customer satisfaction with Ascent. The positive reviews on Google suggest strong customer support and benefits, while the lower BBB rating emphasizes the importance of carefully reviewing loan terms to ensure clarity.

Does Ascent have a customer service team?

Ascent has a 100% U.S.-based customer service team and provides you with a dedicated representative who is ready to assist you every step of the way with your loan process and beyond. Whether you have a question or need support, you can reach Ascent’s team through multiple channels:

• Phone: Call at 877-216-0876 (toll-free) Monday to Thursday from 7 a.m. to 5 p.m. and Friday from 7 a.m. to 4 p.m. Pacific time
• Email: Reach out to [email protected].
• Online Account: Check your status anytime by logging in to your account at college.ascentfunding.com.

In addition, Ascent collaborates with Launch Servicing, which services all Ascent loans. This partnership aims to simplify the loan servicing process and make repayment as effortless as possible. Here’s how you can get in touch with Launch Servicing:

• Phone: Dial 877-209-5297 toll-free from Monday through Friday, 8 a.m. – 5 p.m. Central time.
• Email: Write to [email protected].
• Online Portal: Log in to the repayment portal.
• Mobile App: Manage your account from anywhere using the AscentConnect mobile app. Available for download from the Apple App Store or Google Play Store, you can log in using the same credentials as your Ascent account.

How to apply for an Ascent private student loan

Applying for an Ascent student loan is straightforward and user-friendly, with a clear, convenient step-by-step process. Ascent’s application process takes an average of three minutes to complete, making it seamless to secure educational funding. 

The steps to apply for a student loan with Ascent include:

1. Prequalification 

The first step allows you to check your rates without hurting your credit score. This involves providing information such as your name, address, date of birth, the school you’re attending, and employment details. 

If you’re applying with a cosigner, they will also need to input their information.

If you agree to the prequalified rates shown, you’ll complete your full application.

2. Select repayment

Upon the approval of your completed loan application, Ascent presents you with various repayment options. At this stage, you can select the loan terms that best align with your financial situation and repayment capacity.

3. Complete Ascent portal tasks

After choosing your loan terms, you’ll be directed to your Ascent portal, where you’ll find specific tasks to complete. These tasks may include a financial wellness quiz and providing additional information to finalize your loan.

4. Disbursement to your school

Once all tasks in the portal are completed, Ascent sends your loan for school certification. After certification, it disburses the funds to your school.

What if I’m denied a private student loan from Ascent?

You could be denied a student loan from Ascent for various reasons, such as insufficient credit history, a low credit score, or not meeting the income requirements. Depending on your situation, here’s what you can do:

• If your denial is due to insufficient credit history or a low credit score, consider reapplying with a cosigner. Having a cosigner with a strong credit score can improve your chances of approval. We have also identified other lenders, such as Sallie Mae, that work well for cosigners.
• If you’re a junior or senior, Ascent offers the outcomes-based loan. This loan doesn’t require a cosigner and factors in more than just your credit score. 
• If the loan amount you require is higher than Ascent is willing to lend, consider Earnest, which typically offers higher loan amounts.
• Apply for scholarships. This can help reduce the total amount you need to borrow and open up more lending options.

Remember, many lenders are available in the market. It’s always worthwhile to shop around and find the best private student loan to suit your needs. 

How we rated Ascent student loans

We compared Ascent to popular student loan lenders. Its editorial rating reflects how it compares to these lenders. We considered rates, repayment terms, fees, unique benefits, and more.

Ascent FAQ

Does Ascent offer private or federal student loans?

Ascent offers private student loans. Unlike federal student loans, which are issued by the government, these loans are offered by Ascent and come with unique terms and eligibility criteria.

Does applying with Ascent hurt my credit?

When you initially apply with Ascent to check your rates, it carries out a soft credit inquiry, which doesn’t affect your credit score. However, if you decide to move forward with the loan, Ascent will perform a hard credit inquiry, which could lower your score.

Does Ascent require a cosigner?

Ascent doesn’t require a cosigner but often recommends it for students with limited credit history or income. A cosigner can increase your chances of loan approval and might help secure a lower interest rate.

Does Ascent allow cosigners to be released?

Yes, Ascent allows you to apply for the release of cosigners from the loan after making 12 on-time principal and interest payments, meeting credit requirements, and enrolling in autopay.

What can Ascent student loans be used for?

You can use Ascent student loans to cover a range of educational expenses. This includes tuition, room and board, books, supplies, and other school-related costs.

How long does it take to receive funds from Ascent?

The timeline for disbursement can vary based on how long it takes your school to certify your loan. Ascent recommends contacting your school’s financial aid office to find out how long the certification process takes, as each school’s certification process may vary. 

Can Ascent student loans be forgiven?

Ascent does not offer any specific loan forgiveness programs. Unlike federal student loans, which may qualify for various loan forgiveness options, Ascent expects its borrowers to repay the full loan amount.

Borrowers and cosigners of Ascent loans originated on or after June 5, 2023, are eligible for discharge process that doesn’t require showing “undue hardship.” To do this, you must make 60 full payments or be in default for five years and meet various other conditions, including listing the loan in a bankruptcy petition and obtaining a court order granting discharge. 

How we rated Ascent student loans

We designed LendEDU’s editorial rating system to help readers find companies that offer the best student loans. Our system awards higher ratings to companies with affordable solutions, positive customer reviews, and online transparency of benefits and terms.

We compared Scent to several student loan lenders, using hundreds of data points from company websites, public disclosures, customer reviews, and direct communication with company representatives. We weighted, scored, and combined each factor to produce a final editorial rating. This rating is expressed on a scale from 1 to 5, with 5 being the highest possible score. Our take is represented in our rating and best-for designation, recapped below.

¹ 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 08/05/2024 and reflect an automatic payment discount of either 0.25% (for credit-based loans) or 1.00% (for undergraduate outcomes-based loans). The Full P&I (Immediate) Repayment option is only available for college loans (except for outcomes-based loans) originated on or after June 3, 2024. For more information, see repayment examples or review the Ascent Student Loans Terms and Conditions. The final amount approved depends on the borrower’s credit history, verifiable cost of attendance as certified by an eligible school, and is subject to credit approval and verification of application information. Lowest interest rates require full principal and interest (Immediate) 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 examples above, based on the amount of time you spend in school and any grace period you have before repayment begins. 1% Cash Back Graduation Reward subject to terms and conditions. For details on Ascent borrower benefits, visit AscentFunding.com/BorrowerBenefits. The AscentUP platform is only available to eligible Ascent borrowers and subject to terms and conditions.