9 Things You Need To Know About Ascent Student Loans

9 Things You Need To Know About Ascent Student Loans

There are quite a lot of key components that issue right into a loan: eligibility standards, reimbursement choices, student loan rates of interest, and maybe most significantly—the lender. You’ll come throughout many lenders in your seek for a loan. One you must undoubtedly take into account is Ascent. Here are some things you must learn about Ascent so you may make extra knowledgeable comparisons when in search of student loans.

A college student sitting on steps while talking on the phone and typing on her laptop.

Types of Student Loans Available at Ascent

The Ascent Student Loan affords eligible students the choice to use with or with no cosigner. Each have completely different phrases and eligibility standards, however each loan packages are designed to cater to debtors’ distinctive circumstances.

Ascent Cosigned Credit-Based Option

The Ascent cosigned possibility is finest suited to undergraduate students who haven’t but had the chance to construct their credit historical past. You will want a cosigner to qualify for this loan. Though the minimal student credit rating for this loan is 540, it’s topic to vary and can also rely on the credit rating of the cosigner.

This loan units first-time debtors up for monetary success by a well-developed monetary literacy program.

Ascent Non-Cosigned Credit-Based & Non-Cosigned Future Income-Based Options

You might apply for an Ascent Student Loan as a solo applicant with no cosigner you probably have a robust credit historical past and in addition meet the revenue necessities. If you’re a junior, senior or graduate student with no cosigner and lack ample credit historical past to qualify for a loan by yourself, you should still be eligible for an Ascent student loan with no cosigner. To be eligible for this feature, students should:

  • Be a university junior, senior or graduate student enrolled full-time (or with an anticipated commencement date inside 9-months of the date the loan utility is submitted) in a level program at an eligible establishment.
  • Have a passable tutorial efficiency of two.9 GPA or better.
  • Be a U.S. citizen or have U.S. everlasting resident standing.

Eligibility for this non-cosigned possibility is predicated on a number of components which can embody: different monetary assist, creditworthiness, faculty, program, commencement date, main, value of attendance, and others. Successful candidates get beneficiant forbearance choices.

Additionally, Ascent has cosigner choices for DACA students! The cosigner should be a US citizen or everlasting resident. However, they don’t seem to be eligible for cosigner launch.

Eligibility Requirements

The eligibility necessities for an Ascent student loan range relying on which loan possibility you want to apply to.

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Requirements for Ascent Credit-Based Cosigned Option

For students making use of with a cosigner:

  • Ascent considers a number of components which can embody: creditworthiness, faculty, program, value of attendance, and different components.
  • Ascent loans are for school students (each undergraduate and graduate) which might be a minimum of half-time enrolled in a level program at an eligible establishment.
  • Students making use of with no cosigner should be U.S. residents or have U.S. everlasting resident standing. Students that aren’t a U.S. citizen or U.S. everlasting resident could apply with a creditworthy cosigner that’s a U.S. citizen or U.S. everlasting resident.

Requirements for Ascent Non-Cosigned Credit-Based & Non-Cosigned Future Income-Based Options

For students with ample credit making use of individually with no cosigner, they have to:

  • Be a U.S. citizen or have U.S .everlasting resident standing if you happen to want to apply as a solo applicant with no cosigner.
  • Have NO delinquencies of 60 or extra days in the course of the earlier 24 months.
  • Be individually creditworthy (FICO 540 or above) and meet sure revenue necessities, together with a minimal gross annual revenue of $24,000 and a meet a month-to-month debt-to-income (DTI) ratio.
  • Need to submit passable proof-of-income.

Student debtors with no credit historical past or restricted historical past with no opposed credit objects, in addition to student debtors that move the minimal credit necessities however fail revenue or reimbursement capability necessities for the loan product could qualify on the idea of a number of various components to acquire a loan in their very own title with no cosigner. Such debtors should:

  • Be a university junior, senior or graduate student enrolled full-time (or with an anticipated commencement date inside 9-months of the date the loan utility is submitted) in a level program at an eligible establishment.
  • Be a U.S. citizen or have U.S. everlasting resident standing.
  • Have passable tutorial efficiency of two.9 GPA or better.

Maximum & Minimum Borrowing Amount

The most loan quantity you’ll be able to borrow by Ascent relies upon totally on the price of attendance at your alternative of faculty.

In normal, the utmost quantity you will be authorized for is the overall value of attendance for one full tutorial yr much less any monetary assist as licensed by your faculty. Depending on the varsity certification and different underwriting components, the utmost authorized loan could also be decrease than what you requested.

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The most mixture loan quantity which you could borrow per tutorial yr is $200,000 for credit examined loans and $20,000 for non-credit examined loans.

The smallest loan quantity you’ll be able to borrow is $2,001.

Student Loan Interest Rates with Ascent

When making use of for an Ascent loan, students have the choice to decide on between mounted rates of interest and variable rates of interest. Applicants should select their most well-liked possibility earlier than accepting the loan provide.

Depending on the precise loan and phrases, debtors could profit from a 0.25% to 2.00% discount within the charge of curiosity in the event that they select to make funds through computerized debit (aka autopay). This profit is withdrawn after two non-sufficient funds occurrences. It is reinstated solely after the borrower re-qualifies and re-enroll in computerized funds.

Online Loan Application

The on-line loan utility is easy, however you will have to maintain sure data readily available so you’ll be able to full the applying in a single sitting.

Keep these particulars useful earlier than you begin your on-line utility:

  • ID proof (picture ID)
  • Social safety quantity
  • School data
  • Estimated monetary assist
  • Employment data
  • Proof of revenue
  • Contact particulars for one reference

In addition, a tough credit verify can also be vital. However, if you wish to see if you happen to pre-qualify for any of the loan choices, Ascent affords an eligibility verify with a smooth credit verify that received’t influence your rating. Be certain to verify that out first!

Loan Approval Process

The loan approval course of begins solely after you’ve submitted your accomplished loan utility. An Ascent loan approval officer will first assessment your credit historical past, after which they might ask you for some extra documentation or data earlier than approving your loan utility.

Because the non-cosigned loan is accessible to students with none reliance on cosigners, processing occasions could also be longer and loan quantities could also be decrease than the loan quantity requested

You can observe the progress of your Ascent loan utility by logging in to your borrower portal.

Loan Management Tools

As a part of the applying course of, you’ll full an interactive monetary literacy module.

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The Financial Literacy module helps debtors’ monetary wellness. It covers the essential data you must learn about your student loan. It will cowl subjects like the applying course of, tips on how to handle your loan, and reimbursement choices. The program additionally affords worthwhile ideas and instruments that can assist you plan a strong monetary future.

Completing this monetary literacy program will provide help to (and your cosigner, if relevant) make knowledgeable borrowing selections close to customizing the loan time period, selecting between mounted and variable charge loans, and in addition selecting the very best reimbursement plan for you.

Cosigner Release

Not all lenders provide this distinctive characteristic. A student can launch their cosigner from their tasks and absolutely tackle the loan for themselves. This, Ascent stresses, permits the student to begin constructing their very own credit and monetary independence.

Only student debtors who’re US residents or have US everlasting resident standing have the choice to use for an early cosigner launch. If you meet this requirement you’ll be able to apply to launch your cosigner after making 24 consecutive funds in full and on time.

Bonus Features!

In addition to the numerous loan perks, Ascent has some non-loan options to take a look at.

The Ascent Scholarships 

Ascent is freely giving over $50,000 in scholarships this yr! No essay required. Ascent affords a brand new scholarship each month. To enter for an opportunity to win, go to: www.AscentStudentLoans.com/Scholarship

The Bright Futures Engine

Plenty of monetary planning revolves round estimates and expectations. That’s why Ascent launched the brand new Bright Futures Engine! With it, students and their households can estimate what the student is prone to earn within the first yr after commencement–primarily based on main and selection of faculty. With it, students can see their ROI estimates and make extra knowledgeable monetary selections.

Should you apply for an Ascent student loan?

Competitive rates of interest, versatile reimbursement choices, no-cosigner loan choices, and 1% cashback after commencement are a few of the many options that make Ascent student loans a beautiful alternative.

However, it’s essential to discover your whole choices earlier than deciding on one. With College Raptor’s free Student Loan Finder, you’ll be able to examine lenders and rates of interest aspect by aspect!