Ascent Review

Sunday, January 23rd

2022 Student Loan Provider Reviews

Ascent

• Loans for undergraduate and graduate programs
• Options for loans with or without a cosigner
• No application fees, origination fees, or prepayment penalties
• Competitive rates on both variable interest loans and fixed interest loans
• Loan repayment terms of 5, 7, 10, 12, 15 and 20 years
• Start repayments up to 9 months after graduation
• Interest rate discounts with automatic payments
• Deferment and forbearance options available
• Cosigner release available after 24 months of on-time payments
• "Bootcamp" loans available for accelerated learning programs
• 1% cash back graduation reward for eligible borrowers
• "A+" rated by the BBB

Although Ascent is extremely new to the student loan marketplace, getting its start in 2018, the service has easily captured our first-place ranking. Both Forbes and Money named Ascent as their top choice for Private Student Loans, giving high praise to the service for affordable interest rates and fees, available loan terms, hardship options, loan eligibility requirements, and overall application processes. All student loans funded through Ascent are designed "to expand your possibilities, not limit them" - and that's a philosophy we can get behind.

Loans with or without a cosigner

Compared with other sources of student loans, Ascent has the widest range of options. There are three loan types to choose from:

• Cosigned (credit-based): if you've got a "creditworthy cosigner" , you can get a loan with variable rates or fixed rates. These loans are available for both undergraduate and graduate programs, and to all students who are US citizens or DACA and international students as well.
• Non-cosigned (credit-based): if you prefer a loan without a cosigner and have the income and credit to qualify, your variable rate and fixed rate loans will be slightly higher than a cosigned loan but still very competitive. These loans are also for both undergraduate and graduate programs, but eligibility is limited to US citizens, permanent residents, and DACA students (not international applicants).
• Non-cosigned (outcomes-based): available only to undergraduate juniors and seniors, this loan has higher interest rates, but it allows those with at least a 2.9 GPA and no cosigner, income, or credit history to access funds.

Basic requirements to qualify

So, what are the overall eligibility requirements? It's tricky to find those specifics on the Ascent website, but with some digging here's what you'll learn. If you're taking out a loan with a cosigner, you'll need a minimum personal credit score of 540 if your cosigner's score is at least 740. If not, your own credit score will have to be 600+. Without a cosigner, you'll have to demonstrate at least two years of credit history and a score of 680+. For both types of credit-based loans, you'll need a minimum annual income of $24,000.

Very flexible loan repayments

Ascent offers plenty of flexibility with student loan repayments. If you're in school and you have a cosigned loan, you can defer your repayments until six months after graduation or if you start taking classes below the half-time threshold. Or, you can make a flat-fee repayment of $25/month while in school and/or through the six-month grace period. A third option is to make interest-only repayments until your grace period ends, which will probably save you the most money overall.

Forbearance, graduated repayment available

On non-cosigned loans or ones taken out post-school, you have a grace period of nine months. Ascent offers a graduated repayment option for qualified borrowers, allowing for smaller payments at first and gradually increasing over the original loan term. If you've earned a Bachelor's degree and are accepted into a medical or dental residency, you can defer your payments for up to 24 months. Finally, forbearance is available for up to four periods of 1-3 months.

Cosigner release eligibility after 24 repayments

Similar to most student loans, Ascent's are forgiven if the student dies or becomes totally and permanently disabled. This doesn't apply if the cosigner dies or becomes disabled. And, you can apply to have your cosigner released after making the first 24 payments on time, as long as you meet the eligibility requirements (which are similar to those needed to apply for a non-cosigner loan).

Big money-saving perks here

Ascent has some perks you probably won't find with most rival student loan providers. You can get rate discounts of 0.25% on credit-based loans and 1% on non-cosigned loans when you have your repayments automatically debited from your bank account. And, Ascent offers a 1% cash back award when you graduate, provided you meet the criteria (proof of graduation, no loan refinancing, graduate within 5 years of the loan's first disbursement).

Best choice for all student loans

Across the board, experts and borrowers alike are raving about the student loan experience with Ascent. For almost every imaginable loan type - undergraduate, dental school, law school, MBA programs, and more - Ascent is regularly the highest-rated option. Students say that it's extremely easy to apply and to reach the US-based customer service team if they have questions or need help, that conditional loan approval is almost instantaneous and final approval typically happens within a week, and there are no nasty surprises when it comes time to start making repayments. For all of these reasons, Ascent earns our highest recommendation for all types of student loans.