In this post, I will show you an in-depth review of Ascent Student Loans. Ascent Loans Review for Students in 2024/2025, If you’ve been asking about the benefits, eligibility requirements, repayment options, or whether Ascent is a good choice for you, this post is for you.
What are the main features of Ascent student loans? Can students get loans without a co-signer? Does Ascent offer competitive rates and flexible repayment plans? If you have been searching for a detailed review of Ascent loans for students, this guide will help you make an informed decision.
What Are Ascent Student Loans?
Ascent Student Loans is a private lending institution that provides financial support for undergraduate and graduate students. The company stands out by offering loan options for both students with co-signers and those without, making it more accessible than many traditional lenders.
Why Choose Ascent?
- Flexibility: Offers multiple repayment plans to suit different financial needs.
- No Co-Signer Required: Non-co-signed loans are available for eligible students.
- Additional Perks: Rewards, scholarships, and financial literacy resources to help students succeed.
Who Can Apply for Ascent Loans?
If you’re wondering whether you’re eligible for an Ascent loan, here’s what you need to know:
Eligibility Criteria
- Enrollment: Students must be enrolled at least half-time at an approved college or university in the U.S.
- Age Requirement: Borrowers must be at least 18 years old.
- Residency: Available to U.S. citizens, permanent residents, DACA recipients, and certain visa holders.
- Credit History: Students without a co-signer must have a minimum annual income of $24,000 and at least two years of credit history.
Cosigner Release Option
One of the standout features of Ascent loans is their cosigner release program. After 12 consecutive, on-time payments of both principal and interest, a cosigner can be released from the loan. This flexibility is particularly appealing to students who want to take full financial responsibility after proving their repayment ability.
Types of Ascent Loans
1. Co-Signed Loans
These loans are designed for students who have access to a co-signer with a strong credit profile.
Key Features
- Lower Interest Rates: Co-signers help secure better rates based on their creditworthiness.
- Loan Limits: Borrow up to $200,000 for undergraduates and $400,000 for graduates.
2. Non-Co-Signed Loans
For students who may not have access to a co-signer, Ascent offers non-co-signed options.
Eligibility Requirements
- Focuses on academic performance, such as GPA and field of study.
- Credit history or income may still influence the loan amount and interest rate.
3. Outcomes-Based Loans
This innovative loan option evaluates students based on their academic potential rather than their creditworthiness or financial history.
Ideal For
- Upperclassmen (juniors, seniors) and graduate students.
- Students in programs with strong earning potential post-graduation.
Repayment Options with Ascent
Ascent offers a range of repayment options, giving students flexibility to manage their loans based on their financial situation.
Repayment Plans
- Deferred Repayment: Begin repayment after the grace period, which lasts nine months post-graduation.
- Interest-Only Payments: Pay only the interest while in school to reduce the total cost of the loan.
- Fixed Payments: Make small monthly payments (e.g., $25) while in school to manage accrued interest.
Deferment and Forbearance Options
Ascent allows borrowers to temporarily pause payments through:
- In-school deferment for up to 48 months.
- Military deferment for active-duty service members.
- Temporary hardship forbearance (up to 12 months).
how to get a student loan with no credit or cosigner
Interest Rates and Loan Terms
Interest Rates
Ascent offers both fixed and variable interest rate options:
- Fixed Rates: Range from 3.69% to 14.41% APR.
- Variable Rates: Range from 5.50% to 14.56% APR.
Factors Affecting Rates
- The presence of a co-signer typically results in lower rates.
- Students with strong credit scores can secure better rates.
Loan Terms
Repayment periods range from 5 to 20 years, allowing borrowers to customize their monthly payments based on their financial goals.
Benefits of Ascent Student Loans
1. No Origination Fees
Unlike some lenders, Ascent doesn’t charge origination fees, saving borrowers money upfront.
2. Cash-Back Graduation Reward
Students who graduate and meet eligibility criteria can receive 1% of their loan amount as a cash-back reward.
3. Scholarship Opportunities
Ascent offers scholarships to students, with over $80,000 awarded annually.
4. Financial Literacy Resources
Ascent provides tools like budgeting guides, career advice, and financial literacy courses to help students make informed decisions.
5. Pre-Qualification
Borrowers can check their eligibility and view loan rates with a “soft credit pull,” which doesn’t affect their credit score.
Drawbacks of Ascent Student Loans
1. Higher Rates for Non-Co-Signed Loans
Borrowers without a co-signer may face higher interest rates compared to federal loan options.
2. Limited Forgiveness Options
Ascent loans can only be forgiven in cases of death or permanent disability, unlike federal loans, which offer various forgiveness programs.
3. Lack of Income-Driven Repayment Plans
Borrowers cannot base repayments on their income, a feature commonly available with federal loans.
How to Apply for an Ascent Loan
If you’re ready to apply for an Ascent loan, follow these steps:
Step 1: Pre-Qualification
- Visit Ascent Funding.
- Complete a soft credit check to view personalized loan offers without impacting your credit score.
Step 2: Submit Application
- Provide details about your school, enrollment status, and financial information.
Step 3: Choose Your Loan Terms
- Select a repayment plan and decide between fixed or variable interest rates.
Step 4: Finalize Agreement
- Sign the loan agreement and complete any additional documentation.
FAQs About Ascent Student Loans
1. Are Ascent loans better than federal loans?
While Ascent loans offer flexibility and higher borrowing limits, federal loans often have lower rates and income-driven repayment options.
2. Can I refinance an Ascent loan?
Yes, you can refinance your Ascent loan through other lenders to secure better terms post-graduation.
3. Is there a penalty for early repayment?
No, Ascent does not charge prepayment penalties.
4. Can international students apply?
International students with a qualifying co-signer may be eligible for Ascent loans.
Conclusion
Ascent Student Loans offer flexible and competitive options for undergraduate and graduate students. Their co-signed and non-co-signed loans cater to a variety of financial situations, making them a good alternative to traditional lenders.
Before applying, compare Ascent loans to federal loans and other private lenders to ensure you’re choosing the best option for your needs. To learn more, visit the Ascent Funding official website.
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