Ascent Student Loans is a provider of private student loans for undergraduate, graduate, and MBA students. The company offers a variety of loan options, including fixed-rate and variable-rate loans, as well as loans that are specifically designed for students who are attending college on a part-time basis. Ascent Student Loans also offers a loan consolidation program for borrowers who have multiple student loans and want to combine them into a single loan with one monthly payment.
It’s important to carefully consider your options before taking out a student loan, as private student loans generally have higher interest rates and may not offer the same borrower protections as federal student loans. It’s a good idea to exhaust all of your federal student loan options before turning to private student loans. If you do decide to take out a private student loan, be sure to shop around and compare offers from multiple lenders to find the loan that best meets your needs.
| Ascent Student Loans Details | |
|---|---|
| Product Name | Ascent Student Loans |
| Min Loan Amount | $2,001 |
| Max Loan Amount | $400,000 |
| APR | As low as 4.62% APR |
| Rate Type | Variable and Fixed |
| Loan Terms | 5, 7, 10, 12, 15, and 20 Years |
| Promotions | None |
As a company, Ascent Student Loans believes that student loans should help students achieve their goals and expand their possibilities, rather than limiting them. To that end, they offer a range of loan options that are based on various factors, including creditworthiness, the school a student is attending, their major, the cost of attendance, and other considerations. Ascent is part of Goal Solutions, Inc., a company that has been in the student loan industry for over a decade.
Ascent Funding, LLC was founded in 2016 and is based in San Diego, California. Their student loans are funded through the Bank of Lake Mills and serviced by Launch Servicing. In addition to traditional cosigned loans and credit-based non-cosigned loans, Ascent also offers a third type of loan called a non-cosigned future outcomes-based loan.
According to Ken Ruggiero, the CEO of Goal Solutions, the Ascent Cosigned Loan requires a creditworthy cosigner, while the Ascent Non-Cosigned Loan is available to juniors and seniors only and does not require a cosigner. Both types of loans require applicants to complete a financial education module as part of the application process, as Ascent is committed to supporting the financial wellness of its borrowers. For students applying for the Ascent Non-Cosigned Loan, loan amounts are determined using data on the student’s school, program, degree, and potential income. By using both public and proprietary data to estimate the earning potential for different schools and degrees, Ascent’s non-cosigned loan allows students to borrow without relying on their parents or other cosigners.
Ascent Cosigned Credit-Based Loan
The Ascent Cosigned Credit-Based Loan is a private student loan that requires a creditworthy cosigner in order to be approved. This type of loan may be an option for students who do not have a strong credit history or sufficient income to qualify for a loan on their own. The cosigner is responsible for repaying the loan if the borrower is unable to do so, so it’s important to choose a cosigner who is financially stable and able to take on this responsibility.
The Ascent Cosigned Credit-Based Loan may be used to cover the cost of tuition, fees, and other expenses related to higher education. The loan terms and conditions, including the interest rate and repayment terms, will depend on the borrower’s creditworthiness and other factors. It’s important to carefully review the terms of the loan and understand the potential costs and risks before committing to a cosigned loan.
Ascent Non-Cosigned Credit-Based Loan
The Ascent Non-Cosigned Credit-Based Loan is a private student loan offered by Ascent Student Loans that does not require a cosigner. This type of loan is available to juniors and seniors who are attending college full-time and is based on the student’s creditworthiness. The loan amount and terms, including the interest rate and repayment terms, will depend on the borrower’s credit score and other factors.
It’s important to carefully review the terms of the loan and understand the potential costs and risks before committing to a non-cosigned loan. Private student loans, including the Ascent Non-Cosigned Credit-Based Loan, generally have higher interest rates and may not offer the same borrower protections as federal student loans. It’s a good idea to exhaust all of your federal student loan options before turning to private student loans. If you do decide to take out a private student loan, be sure to shop around and compare offers from multiple lenders to find the loan that best meets your needs.
Ascent Non-Cosigned Outcomes-Based Loan
The Ascent Non-Cosigned Outcomes-Based Loan is a private student loan offered by Ascent Student Loans that does not require a cosigner. This type of loan is designed for juniors and seniors who are attending college full-time and is based on the student’s future earning potential, as determined by data on the student’s school, program, degree, and other factors.
With the Ascent Non-Cosigned Outcomes-Based Loan, the loan amount is determined based on the estimated earning potential for the student’s chosen field of study. The loan terms and conditions, including the interest rate and repayment terms, will depend on the borrower’s creditworthiness and other factors. It’s important to carefully review the terms of the loan and understand the potential costs and risks before committing to a non-cosigned loan.
It’s important to note that private student loans, including the Ascent Non-Cosigned Outcomes-Based Loan, generally have higher interest rates and may not offer the same borrower protections as federal student loans. It’s a good idea to exhaust all of your federal student loan options before turning to private student loans. If you do decide to take out a private student loan, be sure to shop around and compare offers from multiple lenders to find the loan that best meets your needs.
some Qualifying factors are:
- GPA of 2.9 or greater
- Earning potential
- Academic progress
- Creditworthiness
- School
- Program
- Graduation date
- Major
- Cost of attendance
What Extra Perks Does Ascent Offer?
Ascent Student Loans is committed to supporting its borrowers not just through loan financing, but also through a variety of additional resources and benefits. Some of the perks and benefits that Ascent offers to its borrowers include:
- $1,000 Monthly Scholarships: Ascent is giving away over $80,000 this year through multiple scholarship opportunities each month. Borrowers can enter for a chance to win a no-essay student scholarship, which only takes a few minutes to apply.
- Refer A Friend Program: Ascent’s Refer A Friend Program allows borrowers to earn money to help cover the cost of college and other expenses by referring their friends to the company. Borrowers can earn up to $525 for each friend they refer, and their friends will also receive a payment.
- Ascent Rewards Program: Ascent Rewards is a cash back program that allows borrowers to earn money by making purchases at over 50,000 of their favorite stores. Borrowers can accumulate cash rewards and use them to make payments on their loans.
- 1% Cash Back at Graduation: Borrowers who fund their education with an Ascent Student Loan may be able to apply for 1% Cash Back on the principal loan amount at graduation.
- Autopay Discount: Ascent offers an autopay discount of 0.25% for credit-based loans and up to 1% for undergraduate outcomes-based loans after the borrower sets up automatic payments.
It’s important to note that these perks and benefits may vary and are subject to change. It’s a good idea to carefully review the terms and conditions of any loan you are considering, including any additional perks or benefits that may be offered, in order to understand the full cost and potential risks of the loan.
Ascent FAQs
Here are some frequently asked questions about Ascent Student Loans:
- How do I apply for an Ascent Student Loan? To apply for an Ascent Student Loan, you will need to complete an online application on the Ascent website. You will need to provide information about yourself and your education, as well as information about your cosigner (if applicable). You will also need to provide proof of enrollment in an eligible school and other documentation as requested.
- What are the eligibility requirements for an Ascent Student Loan? To be eligible for an Ascent Student Loan, you must be a U.S. citizen or permanent resident, be enrolled at least half-time in an eligible school, and be in good academic standing. You must also meet the credit and income requirements for the loan. If you are applying for a cosigned loan, your cosigner must also meet the credit and income requirements.
- What is the interest rate on an Ascent Student Loan? The interest rate on an Ascent Student Loan will depend on various factors, including your creditworthiness and the type of loan you are applying for. Ascent offers both fixed-rate and variable-rate loans. The interest rate on a fixed-rate loan will remain the same throughout the life of the loan, while the interest rate on a variable-rate loan may change over time.
- Can I make prepayments on my Ascent Student Loan? Yes, you can make prepayments on your Ascent Student Loan at any time without penalty. Prepayments can help you save on interest and pay off your loan faster.
- What is the repayment term for an Ascent Student Loan? The repayment term for an Ascent Student Loan will depend on the type of loan you have and the repayment plan you choose. Ascent offers several repayment plan options, including standard, extended, and graduated repayment plans. The standard repayment plan has a repayment term of up to 10 years, while the extended repayment plan has a repayment term of up to 25 years. The graduated repayment plan has a repayment term of up to 10 years and allows for lower payments in the beginning that gradually increase over time.
