Ascent Snapshot
Ascent is an online lender that offers three types of student loans: a traditional cosigned loan, a non-cosigned credit-based loan, and a non-cosigned outcomes-based loan.
The traditional cosigned loan is best for students who have a qualified cosigner and want to pay off their debt fast. The non-cosigned loan is best for borrowers with a strong credit score and stable income. Ascent’s non-cosigned outcomes-based loan is best for upperclassmen with limited credit and income and no access to a cosigner.
Collectively, the three options provide a great selection for those who do not have a cosigner available, are international or DACA students, or have lower credit scores.
Ascent was named Best Private Student Loan for 2021 by Forbes Advisor, NerdWallet, and Money.com.
Pros
Accessible to students who don’t have a cosigner or credit history- Competitive rates
- Variety of repayment options
- Accessible to international and DACA students
- Offers 1% cash back after graduation
- Cosigner release option after 12 months
- Over $80,000 in scholarship opportunities
- Provides engaging financial wellness courses
Cons
Students enrolled less than half-time are not eligible- Cosigner release not available to international students
Best Features of Ascent Student Loans
Accessible to students who don’t have a cosigner or credit history
Ascent distinguishes itself from other lenders by offering a traditional cosigned credit-based loan, a non-cosigned credit-based loan, and a non-cosigned outcomes-based loan. In order to qualify for private student loans through Ascent, you must meet the following criteria:
Cosigned Credit-Based Loan
Non-Cosigned Credit-Based Loan
Non-Cosigned Outcomes-Based Loan
Citizenship
Must be a U.S citizen, permanent resident, or DACA recipient. Students who are not U.S. citizens, U.S. permanent residents, or DACA recipient may apply with a cosigner who is a U.S. citizen or U.S. permanent resident.
Must be a U.S citizen, permanent resident, or DACA recipient.
Must be a U.S citizen, permanent resident, or DACA recipient.
Enrollment
Must be enrolled at least half-time or accepted for half-time enrollment at an eligible school.
Must be enrolled at least half-time or accepted for half-time enrollment at an eligible school.
Must be an undergraduate junior or senior enrolled full-time with a 2.9+ GPA.
Min. Income
Borrower or cosigner must have a minimum gross annual income of $24,000.
No income requirement.
No income requirement.
Credit
Student borrowers must have a minimum credit score. The minimum score required is subject to change and may depend on the credit score of your cosigner.
Cosigners must have a minimum credit score. The minimum score required is subject to change and may depend on the credit score of your borrower.
Minimum score required is subject to change, but must have at least two years of credit history.
No credit requirement.
Competitive interest rates
When looking for a student loan, finding a low-interest rate is typically a top priority. Ascent’s variable and fixed interest rates offer lower rates than typically provided for the lower credit scores.
Variety of repayment options
Ascent offers a range of repayment options depending on your financial situation. If you take out a credit-based loan, you will have access to all three repayment options. However, if you choose to take out a non-cosigned outcomes-based loan, you will only have access to the deferred repayment option.
Repayment Option
Terms
Pros
Cons
Interest-Only Repayment
Pay only interest while you’re in school.
Your monthly payments will be more manageable, and your loan balance won’t grow while you’re in school.
You won’t make any progress paying down your loan balance while you’re a student. But at least you won’t owe more than you borrowed when it’s time to start making full payments.
Partial Repayment
Pay $25 per month while you’re in school to reduce accrued interest.
You can keep your loan balance in check, and reduce the total amount repaid.
You’ll still owe more than you borrowed when you graduate, but your loan balance won’t grow as quickly.
Deferred Repayment
Don’t make any payments while you’re in school. Begin repayment after graduation or 6 months after graduation.
You won’t have to make payments while you’re in school.
You will likely pay the highest overall cost since unpaid interest will be added to your principal amount at the end of your grace period.
Accessible to international and DACA students
Ascent prides itself on providing access to funding, regardless of your citizenship status. It is one of the few lenders helping DACA students with or without a cosigner.
Additionally, if you are an international student with a cosigner who is an American citizen or permanent resident, you are eligible to apply for a student loan through Ascent.
If you are an international student without a cosigner, check out MPOWER and Prodigy Finance, both of which offer private student loans to international students who do not have a cosigner.
1% Cash Back Graduation Reward Program
Ascent offers borrowers a 1% Cash Back Graduation Reward. In order to be eligible for the program, you will need to meet the following criteria:
- Enrolled in autopay
- No late history of payments
- Graduated within five years of receiving your first Ascent student loan
If you are eligible, you will receive a one-time payment that is the amount of one percent of your loan balance. So, if you take out a $10,000 loan, you will receive $100. To learn more about Ascent’s Cash Back Graduation Reward program, visit Ascent’s website.
Cosigner release option after 12 months
If you need a cosigner for your student loan, Ascent might be a good option for you. Unlike several other lenders, Ascent allows you to release your cosigner after 12 months of timely payments. This can be helpful if you want to build credit in your own name.
Over $80,000 in scholarship opportunities
To demonstrate their commitment to students, Ascent gave away a $1,000 scholarship every weekday the summer of 2021. Ascent continues to give away scholarships on an ongoing basis. In order to qualify for one of these scholarships, you can visit Ascent’s Scholarship and complete the appropriate steps.
Provides engaging financial literacy courses
If you’re approved for a loan through Ascent, you’ll have access to additional resources to help you thrive throughout college and beyond. Ascent offers a suite of financial literacy courses that encourage awareness of the potential financial outcomes of your college choices (school, major, years in school, financing your education), helping you visualize where your career could go and what it could be – encouraging better decisions today to open up greater future opportunities. From learning how to find a cosigner and how to budget during school to how to find a mentor and secure a job after college, Ascent is committed to helping you on your journey to financial success.
The latest rates from Sparrow’s partners
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Drawbacks of Ascent Student Loans
Students enrolled less than half-time are not eligible
If you are not enrolled in school at least half-time, you are ineligible for student loans through Ascent. If you’re studying less than half-time, you may want to consider College Ave for your private student loan.
Cosigner release not available to international students
Unfortunately, if you are taking out a student loan with Ascent as an international student, cosigner release is not available no matter how long payments have been made. For the remainder of your time making payments to Ascent, you must maintain a cosigner that is a citizen or a permanent resident in the United States.
Ascent Eligibility Criteria, Repayment Options & More
Fees and Terms
Loan Terms
Credit-Based Loans: 5, 7, 10, 12, or 15 years
Outcomes-Based Loans: 10 or 15 years
Loan Amounts
Credit-Based Loans: $2,001 to $200,000 over the lifetime of a borrower (individual loans cannot exceed total cost of attendance)
Outcomes-Based Loans: $2,001 to $20,000
Application or Origination Fee
No
Prepayment Penalty
No
Late Fees
No.
Eligibility Requirements (Financial)
Minimum Credit Score
Cosigned Credit-Based Loan: Student borrowers must have a minimum credit score. The minimum score required is subject to change and may depend on the credit score of your cosigner.
Cosigners must have a minimum credit score. The minimum score required is subject to change and may depend on the credit score of your borrower.
Non-Cosigned Credit-Based Loan: Minimum score required is subject to change, but must have at least two years of credit history.
Non-Cosigned Outcomes-Based Loan: A credit score is not considered. Instead, Ascent takes into account a borrower’s future earnings rather than emphasizing current income or credit.
Minimum Income
Cosigned Credit-Based Loan: $24,000.
Non-Cosigned Credit-Based Loan: $24,000.
Non-Cosigned Outcomes-Based Loan: Not considered.
Typical Credit Score of Approved Borrowers or Cosigners
Did not disclose.
Typical Income of Approved Borrower
Did not disclose.
Maximum Debt-to-Income Ratio
Did not disclose.
Ability to qualify if you’ve filed for bankruptcy
Yes, after five years have passed.
Eligibility Requirements (Personal)
Citizenship
Must be a U.S. citizen, permanent resident, or DACA recipient. International students are eligible if applying with a cosigner who is a U.S. citizen or permanent resident. The same requirements apply to cosigners.
Location
Available to borrowers in all 50 states.
Must be enrolled half-time or more
Yes. Non-cosigned outcomes-based borrowers must also have a 2.9 GPA or higher.
School requirements
Borrowers must be enrolled in a two year or four year degree-granting program at an eligible school.
Percentage of borrowers who have a cosigner
100% for cosigned loans. 0% for non-cosigned loans.
Repayment Options
In-school repayment options
Interest-only repayment: Only pay interest while you’re in school.
Partial repayment: Pay $25 a month during school.
Deferred repayment: Wait to make payments until you’re out of school.
Graduated Repayment
Yes, upon graduation, borrowers may be eligible for the graduated repayment option. This option requires monthly payment amounts that start with an amount that is less than a fully-amortizing payment amount. These payments get bigger over time so the loan will be fully paid within the original loan term.
In-school Deferment
Yes, students enrolled at least half-time are eligible for up to 24 months of deferment.
Military Deferment
Yes, active-duty service members can defer payments for a cumulative 36 months.
Disability Deferment
Did not disclose.
Reduced payments for medical and dental residents
Bachelor’s degree holders can defer payments for up to 24 months if accepted into a residency or internship program.
Forbearance
Postpone loan payments up to four consecutive periods lasting anywhere from one to three months. Borrowers have a 24-month limit on forbearance. Forbearance will not extend the loan’s repayment term, and interest will continue to accrue on the loan.
Cosigner Release
Yes, for the cosigned loan option.
Death or Disability Discharge
Yes.
Loan discharge if cosigner dies or becomes disabled
No.
Autopay
Allows for surplus payments via autopay: Yes.
Allows for biweekly payments via autopay: Yes.
Customer Service
Loan Servicer
Launch Servicing LLC
In-house Customer Service Team
Yes.
Process for Escalating Concerns
Yes.
Borrowers get assigned a personal customer service representative
Yes.
Average time from application to approval
Immediately for conditional approval, eight days for final approval.
Student loan rates from our partners
Ascent
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: www.AscentFunding.com/Ts&Cs. Rates are effective as of 11/1/2024 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 full
principal and interest 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.
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: www.AscentFunding.com/Ts&Cs. Rates are effective as of 11/1/2024 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 full
principal and interest 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.
LendKey
1 – Terms and Conditions Apply
Loan products, terms, and benefits may be modified or discontinued by participating lenders at any time without notice. Rates displayed are reserved for the most creditworthy consumers who enroll to make automatic monthly payments. Your initial rate will be determined after a review of your application and credit profile. Variable rates may increase after consummation. You must be either a U.S. citizen or Permanent Resident in an eligible state and from an eligible school, and meet the lender’s credit and income requirements to qualify for a loan. Certain membership requirements (including the opening of a share account, a minimum share account deposit, and the payment of any applicable association fees in connection with membership) may apply in the event that an applicant wishes to apply with, and accept a loan offered from, a credit union lender. If you are not a member of the credit union lender, you may apply and become a member during the loan application process if you meet the lender’s eligibility criteria. Applying with a creditworthy cosigner may result in a better chance of loan approval and/or lower interest rate. Loans for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not available via LendKey.com.
2 – Cosigner Release
Some lenders participating on LendKey.com may offer the benefit of cosigner release. Cosigner release is subject to lender approval. In order to qualify, the borrower, alone, must meet the following requirements: (1) Make the required number of consecutive, on-time full principal and interest payments as indicated in the borrower’s credit agreement during the repayment period (excluding interest-only payments) immediately prior to the request. Any period of forbearance will reset the repayment clock; (2) The account cannot be in delinquent status; (3) The borrower must provide proof of income indicating that he/she meets the income requirements and pass a credit review demonstrating that he/she has a satisfactory credit history and the ability to assume full responsibility of loan repayment; (4) No bankruptcies or foreclosures in the last sixty months; and (5) No loan defaults.
3 – Autopay Rate Reduction
Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments.
4 – AutoPay Discount & Lowest Interest Rate
Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments. The lowest advertised APR is only available for loan terms of 10 years and is reserved for the highest qualified applicants, taking into consideration the applicant’s credit and other factors.
1 – Terms and Conditions Apply
Loan products, terms, and benefits may be modified or discontinued by participating lenders at any time without notice. Rates displayed are reserved for the most creditworthy consumers who enroll to make automatic monthly payments. Your initial rate will be determined after a review of your application and credit profile. Variable rates may increase after consummation. You must be either a U.S. citizen or Permanent Resident in an eligible state and from an eligible school, and meet the lender’s credit and income requirements to qualify for a loan. Certain membership requirements (including the opening of a share account, a minimum share account deposit, and the payment of any applicable association fees in connection with membership) may apply in the event that an applicant wishes to apply with, and accept a loan offered from, a credit union lender. If you are not a member of the credit union lender, you may apply and become a member during the loan application process if you meet the lender’s eligibility criteria. Applying with a creditworthy cosigner may result in a better chance of loan approval and/or lower interest rate. Loans for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not available via LendKey.com.
2 – Cosigner Release
Some lenders participating on LendKey.com may offer the benefit of cosigner release. Cosigner release is subject to lender approval. In order to qualify, the borrower, alone, must meet the following requirements: (1) Make the required number of consecutive, on-time full principal and interest payments as indicated in the borrower’s credit agreement during the repayment period (excluding interest-only payments) immediately prior to the request. Any period of forbearance will reset the repayment clock; (2) The account cannot be in delinquent status; (3) The borrower must provide proof of income indicating that he/she meets the income requirements and pass a credit review demonstrating that he/she has a satisfactory credit history and the ability to assume full responsibility of loan repayment; (4) No bankruptcies or foreclosures in the last sixty months; and (5) No loan defaults.
3 – Autopay Rate Reduction
Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments.
4 – AutoPay Discount & Lowest Interest Rate
Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments. The lowest advertised APR is only available for loan terms of 10 years and is reserved for the highest qualified applicants, taking into consideration the applicant’s credit and other factors.
Earnest
Student Loan Origination (Private Student Loan) Interest Rate Disclosure:
Student Loan Origination (Private Student Loan) Interest Rate Disclosure:
College Ave
College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
(1) All rates include the auto-pay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. Variable rates may increase after consummation.
(2) As certified by your school and less any other financial aid you might receive. Minimum $1,000.
(3) This informational repayment example uses typical loan terms for a freshman borrower who selects the Flat Repayment Option with an 8-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7.78% fixed Annual Percentage Rate (“APR”): 54 monthly payments of $25 while in school, followed by 96 monthly payments of $176.21 while in the repayment period, for a total amount of payments of $18,266.38. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
Information advertised valid as of 11/1/2024. Variable interest rates may increase after consummation. Approved interest rate will depend on creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of the Flat Repayment Option with the shortest available loan term.
College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.
(1) All rates include the auto-pay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. Variable rates may increase after consummation.
(2) As certified by your school and less any other financial aid you might receive. Minimum $1,000.
(3) This informational repayment example uses typical loan terms for a freshman borrower who selects the Flat Repayment Option with an 8-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7.78% fixed Annual Percentage Rate (“APR”): 54 monthly payments of $25 while in school, followed by 96 monthly payments of $176.21 while in the repayment period, for a total amount of payments of $18,266.38. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.
Information advertised valid as of 11/1/2024. Variable interest rates may increase after consummation. Approved interest rate will depend on creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of the Flat Repayment Option with the shortest available loan term.
Ascent FAQs
Is Ascent a legitimate lender?
Yes, Ascent is a legitimate lender that has been providing student loans since 2014. The company offers cosigned and non-cosigned private student loans to undergraduates and graduate students. Ascent also offers a forward-looking outcomes-based loan that is best suited for borrowers with limited credit history and no cosigner.
Is Ascent available in all 50 states?
Yes.
How long does it take to get an Ascent student loan?
Submitting an application through Ascent takes a few minutes. Once you’ve submitted your loan application, Ascent will instantaneously return a decision about your eligibility. If you qualify, you will receive the rate and terms of your loan.
It may take some time to actually receive your loan. Your school must approve the loan which may take between four to six weeks.
What happens if I don’t qualify for an Ascent student loan?
If you don’t qualify for an Ascent student loan, the company will inform you why. Depending on the reason, you may consider applying with a qualified cosigner or trying with a different lender. To check your rates across multiple lenders at once, try using Sparrow’s free search engine. In just two minutes, you can receive real, personalized offers from over 15 different lenders ready to help you. And best of all, it won’t impact your credit score.
Are Ascent student loans federal or private?
Ascent loans are private loans. Before you take on a private loan, we recommend that you exhaust your federal loan options.
Does applying for a loan through Ascent hurt my credit score?
In order to estimate what rate you qualify for, Ascent conducts a soft credit check — this does not affect your credit score. If you choose to accept the Ascent loan, the company will conduct a hard credit check to verify your information. A hard credit check may temporarily impact your credit score.