Ascent Student Loans Review 2021

Ascent Student Loans Review 2021

Fixed Rates 3.34% to 13.58%
Variable Rates 2.46% to 12.41% (solely out there on loan phrases of 5 or 10 years)
Loan Amount $1,000 as much as $200,000 (combination)
Loan Terms 5, 7, 10, 12 or 15 years

(Rates are for undergraduate loans. Lowest charges proven embrace an auto-debit low cost)

The compensation choices for co-signed loans embrace deferred compensation till after commencement or interest-only funds whereas at school.

Student Loans Without a Co-signer

If you don’t have a co-signer, you should still qualify for a student loan with Ascent—even if you happen to don’t have a longtime credit historical past. That’s a significant profit that units Ascent other than different personal student loan lenders. 

Student debtors with no credit rating, in addition to debtors who don’t meet the minimal earnings necessities, might be eligible for a loan based mostly on different elements, comparable to their faculty, program, and potential wage (i.e. future earnings) after commencement.

However, the flexibility to qualify for a loan with out a co-signer isn’t out there to everybody; freshman and sophomores aren’t eligible. To get a loan with out a co-signer, you have to be a university junior, senior, or graduate student enrolled full time or have a commencement date inside 9 months of the date the loan utility is submitted. 

Ascent gives loans which can be credit-based and future income-based to debtors with out co-signers. For credit-based student loans with out a co-signer, the phrases out there are 5, 7, 10, 12 or 15-year loans (similar as these with a co-signer. However, future income-based loans with out a cosigner solely have phrases of 10 or 15 years.

With non-co-signed loans which can be credit-based, you possibly can select to defer cost or make interest-only funds. Future income-based loans solely have a deferred compensation choice.

The most you possibly can borrow relies in your credit. If your credit is ample, you possibly can borrow as much as $200,000. If you don’t have a longtime credit historical past and need to take out a future income-based loan, essentially the most you possibly can borrow is $20,000.

Only juniors, seniors, and graduate students can qualify for a loan with out a cosigner.

Loan Eligibility

In basic, you could meet the next standards to qualify for a loan from Ascent: 

  • You have to be the age of majority in your state.
  • You have to be a U.S. citizen or everlasting resident; if you’re not a U.S. citizen or everlasting resident, you might be able to qualify for a loan when you have a creditworthy co-signer who’s.
  • You have to be enrolled at an eligible establishment full time or half time.

However, Ascent has completely different eligibility necessities relying on when you have a co-signer or not. 

For Borrowers With a Co-signer

  • You have to be enrolled no less than half-time.
  • Your co-signer will need to have a gross annual earnings of no less than $24,000.
  • You should endure a credit test and meet Ascent’s minimal credit necessities.
  • Your co-signer will need to have greater than two years of credit historical past and meet Ascent’s minimal credit rating necessities.

For Borrowers Without a Co-signer 

  • For credit-based loans, you have to have greater than two years of credit historical past and meet Ascent’s minimal credit rating necessities. As effectively, you have to be enrolled no less than half-time.
  • For future income-based loans, you have to be enrolled full-time or graduating inside the subsequent six months. As effectively, you have to preserve a GPA of no less than 2.9 and meet your faculty’s passable educational efficiency.

Is Loan Prequalification Available? 

Ascent does have a prequalification instrument. You can test what charges you prequalify for by finishing 4 steps. There’s no affect in your credit rating, so you possibly can store round and evaluate gives from completely different personal student loan lenders. 

Loan Fees

With Ascent, there aren’t any utility or origination charges. There are additionally no prepayment penalties if you happen to resolve to repay your loan early. 

However, there’s a late charge if you happen to miss a cost. According to the corporate, the charge might be as excessive as $35. 

Loan Discounts 

When you are taking out a loan from Ascent, it’s a good suggestion to enroll in computerized funds. Not solely does autopay scale back your probabilities of lacking a cost and incurring late charges, however it will probably additionally enable you get monetary savings. Ascent offers you an rate of interest discount of 0.25% or 2.00%, relying in your loan phrases. 

The solely loans eligible for the two.00% computerized cost low cost is non-co-signed future income-based loans. Loans with out a co-signer which can be credit-based and co-signed loans solely qualify for a 0.25% low cost. 

Repayment Options

There are 4 compensation choices with Ascent student loans.

  1. Deferred compensation—you don’t begin making funds till six months after leaving faculty. 
  2. Fixed compensation—you make month-to-month funds of $25 whilst you’re at school no less than half time. 
  3. Interest-Only compensation—whilst you’re enrolled no less than half time at school, you make funds solely towards the curiosity. 
  4. Graduated compensation—you begin with decrease funds after commencement. Over time they slowly improve till the loan is paid off. 

Benefits 

There are two predominant advantages to being an Ascent borrower. 

  • Referral program—if you happen to refer a buddy to Ascent, and she or he applies for a loan and is authorized, you possibly can earn as much as $525 per particular person. There’s no restrict to how a lot you possibly can earn. 
  • Graduation reward—if you graduate from this system you borrowed cash to pay for, it’s possible you’ll be eligible for a 1% cashback reward. You might get 1% of your unique loan principal, so if you happen to borrowed $20,000, you can rise up to $200 in cashback rewards. 

Are Cosigners Required? 

Unlike some lenders, Ascent doesn’t require co-signers. Even if you happen to don’t have established credit, you possibly can qualify for a student loan by yourself, making Ascent choice if you happen to don’t have a member of the family to behave as a co-signer. 

Ascent additionally means that you can take away the co-signer from the loan. After making 24 consecutive, on-time month-to-month funds, you possibly can request a co-signer launch, eliminating the co-signer’s obligation to repay the loan. 

Forbearance and Loan Discharge Options

When you’re looking for a non-public student loan, take note of lenders’ forbearance and discharge phrases, as they’ll range extensively from lender to lender. 

Ascent has one of many longest forbearance choices. If you’re experiencing a monetary hardship, it’s possible you’ll be granted a forbearance for one to 3 months at a time. During this time you don’t need to make funds in your loan. You can apply for as much as 4 consecutive durations of forbearance, with a most of 24 months of forbearance over the lifetime of your loan.

Interest continues to accrue on the loan throughout forbearance, and unpaid curiosity is capitalized when the forbearance ends. Entering into forbearance does lengthen your loan time period, however that tradeoff might be price it to get a while to get again in your ft with out worrying about student loan funds.

When it involves loan discharges, Ascent will forgive the remaining loan steadiness if the borrower dies or turns into completely and completely disabled. However, the loan discharge doesn’t apply if the co-signer turns into disabled or dies; the borrower would nonetheless be liable for repaying the loan in that circumstance. 

Length of Time for Loan Approval and Disbursement

With Ascent, you possibly can submit a loan utility on-line and obtain a preliminary choice inside a couple of minutes. Once you select a loan time period and compensation choice, you possibly can full the complete utility and add any obligatory documentation.

Ascent will overview your paperwork and challenge a choice. Typically, this course of takes one to 2 enterprise days to finish. From there Ascent sends the loan to your faculty for certification. Every faculty is completely different; whereas some are fast to certify, others can take weeks. If you want the cash shortly, contact your monetary help workplace. 

Is Student Loan Refinancing Available? 

No. Ascent doesn’t supply student loan refinancing or consolidation. If you’re trying to refinance federal or personal student loans, these are our picks for one of the best student loan refinance corporations. 

Customer Service

Ascent student loans are funded by Richland State Bank, however they’re serviced by Launch Servicing, and that’s the entity you contact to make funds or for questions on your account.

Neither Ascent nor Launch Servicing are included within the Consumer Financial Protection Bureau Student Loan Ombudsman Report of student loan complaints. Considering that Ascent Student Loans was solely launched in 2017, that’s not shocking. It’s a really new firm, and lots of debtors could not have entered into compensation but.

Ascent’s customer support staff is predicated within the U.S. and out there by telephone or by emailing [email protected] You can name 877-216-0876 throughout the next hours: 

  • Monday by means of Thursday: 7 a.m. to five p.m. (PST)
  • Friday: 7 a.m. to 4 p.m. (PST)

We contacted Ascent’s buyer help by way of e-mail to ask questions on late charges and discharge insurance policies. We discovered them very responsive, emailing them throughout regular enterprise hours, and receiving solutions inside 5 minutes. 

Apply for an Ascent Student Loan

Before making use of for a loan from Ascent or any personal student loan lender, ensure you fill out the Free Application for Federal Student Aid (FAFSA) and exhaust your federal monetary help choices first.

If you continue to need assistance paying for college, then personal loans can assist fill the hole. You can use Ascent’s prequalification instrument to get a price estimate and select a compensation time period that works for you. 

To full the appliance, you’ll want the next info:

  • Social Security Number
  • Selected faculty info
  • Desired loan quantity
  • Expected monetary help 
  • Current lease or mortgage funds
  • Income and employer info (if relevant)
  • Permanent tackle 

Is an Ascent Student Loan the Right Fit?

While federal student loans are inclined to have decrease rates of interest and higher compensation choices than personal loans, additionally they have stricter limits on how a lot you possibly can borrow. With the excessive value of college, it’s possible you’ll want extra money than you possibly can borrow in federal loans. If that’s the case, taking out a loan from a lender like Ascent can assist you pay for faculty. 

In many circumstances, personal lenders require you to have a co-signer. If you don’t have a relative or buddy with good credit, that may make it tough to qualify for a loan. However, with Ascent you may get authorized solely by yourself, with no need a cosigner. That’s a major plus for Ascent over different lenders. 

Nevertheless, Ascent has some drawbacks. It has restricted compensation choices—particularly for loans with out a co-signer—and its 15-year loan time period isn’t eligible for a hard and fast rate of interest. For individuals who need a set month-to-month cost and regular rate of interest, that’s a significant drawback. And to qualify for the decrease finish of its rate of interest ranges, you’ll probably want wonderful credit.

It’s smart to take a look at loan gives from a number of lenders to make sure you get one of the best charges and loan phrases. If you’re unsure the place to begin, take a look at one of the best student loans out there right now.


Final Verdict

Ascent is certainly a lender all students on the lookout for a non-public loan ought to see in the event that they prequalify for. Still, even with as much as six choices, some loans nonetheless have restrictive phrases. You can solely get a 15-year time period on a variable-rate loan and future-based loans solely qualify for 10-year phrases. So any, particularly undergraduates, should test with their very own numbers to see if they’ll afford the phrases they qualify for.


Methodology

Investopedia is devoted to offering shoppers with unbiased, complete evaluations of student loan lenders. We collected over 45 information factors throughout greater than 15 lenders—together with rates of interest, charges, loan quantities, and compensation phrases—to make sure that our content material helps customers make the suitable borrowing choice for his or her schooling wants.

Investopedia requires writers to make use of major sources to help their work. These embrace white papers, authorities information, unique reporting, and interviews with business consultants. We additionally reference unique analysis from different respected publishers the place applicable. You can study extra concerning the requirements we comply with in producing correct, unbiased content material in our editorial coverage .

  1. AscentStudentLoans.com. “FAQs: How much can I apply for?” Accessed Jan. 4, 2021.

  2. AscentStudentLoans.com. “Ascent gives you more opportunities to pay for college with or without a cosigner.” Accessed Jan. 20, 2021.

  3. AscentStudentLoans.com. “FAQs: Is there a penalty or fee if I pay off my loan early, before the repayment term?” Accessed April 2, 2020.

  4. AscentStudentLoans.com. “Ascent Discounts & Cash Rewards.” Accessed April 2, 2020.

  5. AscentStudentLoans.com. “What are my Repayment Options and Terms?” Accessed April 2, 2020.

  6. AscentStudentLoans.com. “Friends With (Financial) Benefits.” Accessed April 2, 2020.

  7. AscentStudentLoans.com. “When do I need a cosigner for a student loan?” Accessed April 2, 2020.

  8. LaunchServicing.com. “Paying Your Loans Made Easy.” Accessed April 2, 2020.

  9. Consumer Finance Protection Bureau. “Annual Report of the CFPB Private Education Loan Ombudsman.” Accessed April 2, 2020.

  10. AscentStudentLoans.com. “Welcome.” Accessed April 2, 2020.

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