Ascent Student Loans Review: Flexible Non-Cosigned Options
July 26, 2019
If you’re planning on going to college this fall, you know how expensive college is. According to The College Board, four years at an in-state public university would cost you $40,920. Opt for a private school, and that number more than triples.
You’ll likely have to borrow money to pay for school. If that’s the case, it’s a good idea to compare loans from multiple lenders to ensure you get the best deal. Ascent Student Loans is one lender that offers competitive interest rates and unique benefits that may help you after you graduate.
Ascent Student Loan review
Ascent Student Loans is a national private loan company that offers non-cosigned and cosigned loans for undergrad and grad students including:
- Non-Cosigned Future Income-Based Loans
- Non-Cosigned Credit-Based Loans
- Cosigned Credit-Based Loans
Their Non-Cosigned Future Income-Based Loan option for juniors, seniors and grad students considers more than just your credit score when evaluating your application; it also looks at your school, program, the cost of attendance at your university, and your creditworthiness, so you may be more likely to qualify for a loan than with other lenders.
Ascent offers loans to part-time and full-time students. You can borrow any amount from $1,000 to $200,000 to pay for necessary education expenses, and you can choose a repayment term of five, 10, or 15 years.
Interest rates and fees
When it comes to private student loans, it’s important to know that interest rates can vary from lender to lender. Ascent offers both variable and fixed interest rates. Variable interest rate loans fluctuate over time, while fixed rate loans stay the same for the length of the loan.
To qualify for the lowest rates, it’s a good idea to sign up for automatic payments. You’ll get a 0.25% - 2.00% discount, and you reduce the risk of missing a payment and damaging your credit.
What sets Ascent Student Loans apart
If you’re shopping for a private student loan, you should shop around and compare offers from multiple lenders. When it comes to Ascent student loans, there are five ways that the company stands out from other lenders.
1. It offers a graduation reward
If you graduate from college within five years after your Ascent student loans are disbursed, you can qualify for a 1% cash back graduation reward. If you had $30,000 in student loans, that means you’d get $300 as a bonus, just for graduating.
To be eligible for the reward, you must submit a request and provide proof of graduation, such as a copy of your diploma or transcript. You must have enrolled in automatic payments to qualify for the graduation bonus. Click here to learn more.
2. Ascent allows cosigner releases
If you apply for a loan with a cosigner, you have a better chance of getting approved and qualifying for a low interest rate. However, it’s a big responsibility for your co-signer; they’re responsible for making payments if you fall behind, and the loan impacts their credit.
Ascent allows you to apply for a cosigner release — removing your cosigner from the loan — after making 24 consecutive, regularly scheduled monthly interest and principal payments on-time.
If the cosigner release is approved, the cosigner is no longer responsible for the loan. Instead, the loan is solely in your name and will only show up on your credit report.
3. You can earn money
Ascent Refer A Friend Program: Students can earn up to $525 for each friend they refer to Ascent. There is no limit to what you can earn! Plus, your friend can earn $100, too. Click here to learn more.
Ascent $50,000 Scholarship Giveaway: Ascent is giving away over $50,000 in scholarships this year. No essay required. Click here for details and official rules.
4. Non-U.S. citizens can qualify for a loan with a cosigner
If you’re not a U.S. citizen or you’re a DACA student, finding a company willing to offer you a student loan may be difficult. If you’re a DACA student, or you’re not a U.S. citizen or permanent resident, you can qualify for an Ascent student loan if you have a cosigner who is.
When you apply, you’ll have to upload documentation to verify your identity, such as a permanent resident card, a valid visa, and an unexpired foreign passport.
5. Ascent offers hardship deferments
Private student loans aren’t eligible for federal benefits like income-driven repayment plans or loan forgiveness. But there are a few lenders — including Ascent — that offer loan deferments in the case of financial hardship.
If you’re facing an emergency, such as a job loss, you could qualify for a forbearance period of one to three months. During this time, you can stop making payments without becoming delinquent or entering default, giving you time to get your finances in order.
You can apply for up to four consecutive periods of forbearance, and Ascent may grant you up to 24 months of forbearance over the length of your loan.
How to apply for an Ascent student loan
You can check your interest rate and compare it with other lenders in Purefy’s rate comparison tool. If you select Ascent, you’ll be taken to the online loan application.
To be eligible for a credit tested Ascent student loan, you or your co-signer must have a minimum income of $24,000.
If you’re a junior, senior or grad student with less than two years of credit history and applying for a loan on your own, there is no credit score minimum or minimum income requirement.
For Ascent’s Cosigned Credit-Based Loan, you should have a minimum credit score of 540 in cases where your cosigner has a credit score of 740 or higher. Cosigners must have a minimum credit score of 620 in cases where you have a credit score of 700 or higher.
For Ascent’s Non-Cosigned Credit-Based Loan, you must have more than two years of credit history with a credit score of at least 680.
For Ascent’s Non-Cosigned Future Income-Based Loan, no minimum credit score is required if you have less than two years of credit history.
You can see if you’d qualify by using Ascent’s eligibility tool.
The application process for an Ascent student loan is simple. The process is completed in five simple steps:
- Submit your application online and receive a conditional decision
- If conditionally approved, select a repayment plan that works for you
- Upload the requested documents, such as paystubs, to the Ascent portal
- Ascent will send your loan to your school for validation
- Once your school certifies the loan, Ascent will disburse it.
Paying for college
When you need money to finish your degree, private student loans can help you achieve your goals. If you’re researching lenders, Ascent Student Loans is a good option, offering competitive interest rates and extra benefits.
To simplify the loan process, compare offers from multiple lenders with Purefy’s rate comparison tool. You’ll get a list of loan quotes all in one sortable chart, helping you find the best loan for your needs.