Ascent Student Loans Review 2022: Everything You Should Know

Ascent student loans

If you’re searching for student loans, you can find numerous private lenders that offer them. However, Ascent student loans are among the few that provide genuinely unique terms and perks.

Like other lenders, Ascent allows students to qualify for a typical student loan with a cosigner. However, they also offer non-cosigned loans based on future earnings potential or a student’s credit.

Given that 90 percent of private loans need a cosigner, it’s fantastic to see a company give the option of not having one. This guide will look at Ascent student loans and how you can benefit from them. 

Let’s begin. 

How Do Ascent Student Loans Work?

To get a preliminary decision, you must first complete an online application. You can verify your rates after submitting your application without jeopardizing your credit score.

After that, you can personalize your loan conditions by deciding between variable and fixed interest rates and repayment alternatives. You’ll also have to upload documents for review to Ascent’s portal.

You can examine and sign your loan offer once your loan is accepted and your school confirms the loan amount. Ascent recommends contacting your institution to find out how long this may take. 

If you’re not eligible for a student loan in your name or the total amount of your expenses, a creditworthy cosigner could help.

Types Of Loans Ascent Student Loans Offer 

Ascent provides numerous student loan options to assist graduate and undergraduate students in financing their studies. 

The Ascent cosigned loan based on credit is the right choice for you if you don’t have a credit history and require a cosigner with good credits to assist you in getting a private student loan

One of the few available private loans, Ascent’s Non-Cosigned Outcomes-Based Student Loan Option is based on your excellent academic achievement, future salary potential, credit history, and other variables. 

Seniors, juniors, and graduate students who don’t have a cosigner and desire to qualify for a loan in their name are eligible for these loans.

Ascent Offers The Following Loan Options:

Ascent student loans

Graduate students can choose between a non-cosigned credit-based and a cosigned credit-based loan. Ascent devised repayment conditions that were unique to each of the following:

  • School of Business (MBA)
  • Law School (LLM, J.D.)
  • General Graduate School in General (Nursing, MS, Health Professionals, MA, Pharmacy, Ph.D., etc.)
  • Dental School (DDS, DMD)
  • Medical School (D.O., DVM, MD, DPM, VMD)

Undergraduate Students. Non-Cosigned Credit-Based Loans, Cosigned Credit-Based Loans, and Non-Cosigned Outcomes-Based Student Loans (for eligible seniors and juniors) are available to undergraduate students.

The loans range from $2,001 to $200,000 in value. The loan ceiling for the Non-Cosigned Outcomes-Based Student Loan option is $20,000 per academic year. The money can pay for up to 100 percent of your tuition and qualified living expenses.

What Are Ascent Student Loans Rates And Terms 

You can choose from five, seven, 12, 15, and 20-year repayment terms. In addition, if you apply with a cosigner and fulfill other criteria, you can choose from numerous flexible payment options for graduate and undergraduate loans.

After accounting for financial aid, the maximum loan amount equals one academic year’s certified cost of attendance at your institution.

Variable yearly percentage rates for undergraduate student loans range from 1.78 percent to 9.37 percent, with fixed rates ranging from 4.81 percent to 12.79 percent, depending on your creditworthiness and the loan. 

These rates include a 0.25 percent autopay discount and a one percent discount on the maximum rate for undergraduate loans depending on future income.

Depending on your loan and creditworthiness, graduate student loans have variable APRs ranging from 1.75 percent to 11.12 percent and fixed APRs ranging from 4.66 percent to 14.54 percent. In addition, autopay discounts of 0.25 are reflected in the rates.

Your student debt must be current and not be on a reduced or modified payment plan to be eligible for the autopay discount. 

At the lender’s discretion, deferment or forbearance may be available.

Benefits Of Ascent Student Loans 

1. Student Loans For Non-Traditional Borrowers 

Ascent helps students who have difficulty finding lenders who will deal with them. In addition, DACA recipients, international students, and borrowers with no cosigners or credit history have possibilities through Ascent.

International students. If international students have a qualifying cosigner who is a U.S. citizen or permanent resident, they can qualify for Ascent’s credit-based loans.

Borrowers with no cosigners. When determining their eligibility for a private student loan, lenders usually look at a borrower’s credit history or the cosigner’s credit history. Ascent is unique because it offers a non-cosigned outcomes-based student loan that allows students to borrow money based on their career prospects without a cosigner or a credit history.

Borrowers with poor credit history. You can qualify for a loan with a cosigner if you have a minimal credit history. Ascent also offers outcomes-based loans and non-cosigned credit-based loans for borrowers without good credit histories.

DACA students. DACA recipients are eligible for either cosigned or non-cosigned loans, depending on their creditworthiness.

2. Ascent Offers A Discount Of Up To One Percent.

Autopay is a great way to ensure you don’t miss a payment. But there’s more: you can qualify for a lower interest rate. While most loan lenders offer a 0.25 percent reduction, Ascent gives some customers a larger discount.

Students who take a non-cosigned outcomes-based student loan may be eligible for a one percent interest rate reduction. A substantial discount like this can help you save a lot of money in the long run.

Borrowers who have taken out other types of loans may be eligible for a 0.25 percent reduction.

3. You Get A Graduation Bonus Of One Percent Cashback

You can get a one-time cashback reward worth one percent of your loan amount if you graduate from the degree program you took out an Ascent loan. For instance, if you borrowed $30,000, you might be eligible for a $300 reward.

You can only earn the cashback benefit once, so you’d only get it once if you took out multiple student loans. In addition, you must show paperwork proving your degree and graduation, enroll in automatic payments, and stay current on your payments to be eligible for the award.

What You Should Know About Ascend Student Loans

Ascent student loans

While Ascent may be a viable alternative for many borrowers, it has some disadvantages.

1. The Eligibility Requirements For Borrowers Are Unclear.

Ascent’s borrowing requirements for borrowers are unclear. Rather than stating a minimum credit score, the corporation claims that its credit standards are confidential and subject to change.

However, Ascent offers a prequalification tool that allows you to check your loan eligibility and see prospective rates without enduring a thorough credit check.

2. APRs That Are Higher Than Those Offered By Their Competitors  

Borrowers with good credit or cosigners will almost certainly find lower rates elsewhere.

Ascent deals with unconventional borrowers, such as individuals with poor credit and no cosigners. As a result, the lender’s interest rates are greater than those offered by other lenders. 

Ascent rates can be as high as 14.08 percent, depending on the loan types you choose, which is much higher than other lenders’ maximum rates.

What Kinds of Borrower Protections Do Ascent Student Loans Offer?

Private student loans are not protected nearly as well as federal loans. Repayment based on income, for example, is not an option. On the other hand, ascent student loans are among the most borrowers-friendly private student loans available today.

Students studying at least part-time can defer payments for up to 60 months. During in-school academic deferment, interest will continue to accrue.

There is a nine-month grace period once school ends before payments begin. It’s three months longer than the industry standard of six months.

Approval is totally up to the lender if you require a deferment after starting repayment. According to the Ascent website, the following forms of deferments may be granted:

  • In-School Deferment 
  • Internship / Residency Deferment
  • Administrative Forbearance
  • Temporary hardship forbearance.
  • Temporary Hardship Forbearance
  • Military Deferment for Active Duty

Finally, you can obtain up to 24 months of hardship forbearance over the life of your loans. That’s a full year longer than many other private loan lenders.

Pros And Cons of Ascent Student Loans 

Pros

1. You Can Qualify For A Loan Without Credit History Or Cosigner 

To qualify for a student loan, most lenders require that borrowers have a cosigner or good credit history. 

On the other hand, Ascent lets graduates, seniors, and students without good credit histories take out loans without a cosigner. Second- and first-year students with good credit may also qualify for a loan without a cosigner.

2. You Get Cashback Graduation Award

You may be eligible for Ascent’s one percent cashback graduation reward if you finish your program five years after receiving your loan. In addition, you’ll get one percent of your original principal balance in a check or a direct deposit. 

You’d earn a $100 reward if your original loan were $10,000.

3. Forbearance For Up To 24 Months Is Possible.

If you’re having financial difficulties, like a medical emergency or a job loss, Ascent gives you the option to go into forbearance. You can defer payments for a maximum of three months at a time for 24 months during your loan. 

It’s a huge benefit to enter into forbearance for two years, significantly longer than many other lenders give.

Cons 

1. Interest Rates Can Be Higher Than Other Alternatives

The loan rates offered by Ascent may be higher than other competitors. Due to the lender’s greater risk may be massive, so loan amounts without a cosigner. Federal student loans offer the lowest interest rates, and you should consider that before turning to private student loans.

2. Sophomores And Freshmen Don’t Qualify For Outcome-Based Loans Without A Cosigner.

Only graduate, seniors, and junior students are eligible for Ascent student loans, which allow borrowers with little or no credit histories to take out loans without a cosigner. Freshmen and sophomores who want a loan without a cosigner must meet credit requirements.

How You Can Qualify For Ascent Student Loans 

You must be a student at Ascent’s partner schools to qualify for a loan. You’ll need to engage with a different lender if your school isn’t one of Ascent’s 2,600 schools and coding boot camps.

1. Eligibility Requirements

Ascent doesn’t specify a debt-to-income (DTI) ratio or a credit score need. However, you or your cosigner must make at least $24,000 annually and have a credit history of at least two years to be eligible for a loan.

DACA students, permanent residents, citizens, and international students are eligible for Ascent’s loans. On the other hand, international students must have a cosigner who is a U.S. citizen or permanent resident, as said earlier.

2. Options For Cosigners 

Ascent allows you to add a cosigner when you apply for a loan. Adding a cosigner to your loan application can help you achieve a better interest rate than applying alone.

After making 24 qualifying monthly payments, you qualify for cosigner releases for most loans. However, cosigners can only be withdrawn if the primary borrower meets the lender’s underwriting standards and cosigner releases are not available to all borrowers. 

cosigner release is not available to borrowers who are not permanent residents or U.S. citizens.

How To Apply For Ascent Student Loans 

Make sure you meet the requirements. You can check your student loan eligibility with Ascent’s prequalification tool without affecting your credit score. It will also inform you what terms and interest rates you are eligible for, allowing you to choose the ideal loan for your needs.

Pick a loan that suits you. You can fill out the whole application once you’ve found the right loan. You’ll have to supply some personal information, such as your SSN, your education, and information about your employer and income. 

Ascent will evaluate your application and decide after it has been submitted. It may take one to two business days to complete your evaluation.

Wait for the certification response. If Ascent approves your application, They will send information about your loan to your school for certification. The school may adjust the amount of the loan and the date of disbursement. 

Ascent will provide you with an amended loan agreement after the school validates the information.

You should sign the student loan agreement. Examine the loan agreement thoroughly before signing it if you agree to the terms. The cash will be disbursed to your school by Ascent.

Disbursement And Approval Timelines For Ascent Student Loans

Ascent student loans

You may apply for a loan online and get a preliminary decision in minutes with Ascent. Then, after you’ve decided on a repayment plan and loan term, you can fill out the rest of the application and attach any supporting documents.

Ascent will examine your paperwork and make a decision. This procedure usually takes one to two business days. The loan is then sent to your school for certification by Ascent.

Each school is unique; some schools certify quickly, while others take weeks. Get in touch with your financial aid office if you require funds immediately.

What To Know Before Applying For Ascent Student Loans 

Utilize your federal loan alternatives before applying for Ascent student loans. To apply for financial aid, fill out the FAFSA.

Compare your private loan alternatives to ensure you get the best interest rate possible. Examine lenders’ repayment options and the flexibility they provide to borrowers who are having difficulty making payments and interest rates.

What If You Don’t Qualify For Ascent Student Loan? 

If Ascent denies your student loan application, you will be informed why. You may want to look into alternative lenders or, if you haven’t already, apply with a cosigner, depending on the cause.

Consider lenders who don’t require cosigners or specialize in bad or no credit student loans if you don’t have access to a cosigner – or if you aren’t eligible with one.

Should You Go With Ascent Student Loans – Final Thoughts 

Even though federal loans feature lower interest rates and more flexible repayment choices than private loans, the amount you can borrow is limited. In addition, due to the high expense of education, you may require more funds than are available through federal loans. 

If that’s the case, a loan from a company like Ascent can assist you in paying for your education.

Private lenders frequently demand you have a cosigner. It can be tough to qualify for a loan if you don’t have a relative or acquaintance with good credit. However, with Ascent, you can get authorized without a cosigner totally on your own. 

In this way, Ascent has a significant advantage over other lenders.

Regardless, there are certain problems with Ascent student loans. Its rates are likely to be higher than other competitors, especially for loans without a cosigner. First- and second-year students also don’t qualify for outcome-based student loans without a cosigner. It’s a good idea to compare loan offers from different lenders to ensure you get the best rates and terms. Check out the top student loans available today if you’re unsure where to begin.