Ascent is centered on its guiding principle that student loans should expand opportunities, not limit them. With this core belief, Ascent developed a student loan program that offers students more opportunities to qualify for a loan with or without a cosigner. In addition to providing more student loan options, Ascent is committed to promoting financial wellness by incorporating free financial education resources, incentives, and partnerships. This commitment is also evident through its proprietary Bright Futures Engine that provides transparency in deciding a college through evaluating the return on a student’s college investment.
Ascent is recognized as a leading private student loan program for cosigned and non-cosigned loans through the following awards:
The application process to apply for a student loan through Ascent requires only four simple steps. Borrowers first can check pre-qualified rates without negatively impacting their credit score. Then after customizing the loan and uploading documents, borrowers will receive the money if the loan is approved and certified. There are no application or origination fees.
Ascent offers flexible repayment terms of 5, 7, 10, 12, or 15 years. However fixed rate loans only have the options of 5, 7, 10, or 12 years. Borrowers can also choose to make $25 minimum payments, make in-school interest-only repayments, or defer payments up to nine months after leaving school. Ascent does not charge fees for prepaying a loan off early. Ascent provides repayment examples on its site to assist borrowers in weighing their options through evaluating hypothetical monthly and total costs.
Ascent offers a cosigner release. Borrowers can apply to release the cosigner after making the first 24 consecutive, regularly scheduled full principal and interest payments on-time and meet eligibility criteria for the loan without a cosigner. The cosigner release option is only available to U.S. citizens or students that have U.S. permanent status; it is not available to Deferred Action for Childhood Arrivals (DACA) students.
Accessing private student loans may be difficult for students that are not U.S. citizens as some private student loan companies only lend to U.S. citizens. Ascent allows students with U.S. permanent resident, temporary resident, and DACA status to apply with a creditworthy cosigner who is a U.S. resident or permanent U.S. resident. Applicants should note that the cosigner release option is only available for U.S. residents or permanent U.S. residents.
What sets Ascent apart from other private student loan providers is that it offers many incentives for its borrowers. These incentives include:
In addition to incentives for its borrowers, Ascent partners with innovative companies that help students achieve financial wellness and a healthy well-being while attending college. These partnerships include:
Ascent not only offers private student loans for undergraduate studies, it also provides loans for graduate school including MBA, Medical, Dental, Law, General, and PHD programs. Graduate loans can help students cover up to 100% of their tuition and eligible living expenses. Graduate loans include:
It is unclear if Ascent charges a fee for late payments as it is undisclosed on its site. Prospective borrowers will need to reach out to customer service and ask for information on late fees before applying.
The non-cosigned loans are restricted to juniors and seniors that meet Ascent’s eligibility criteria. Freshmen and sophomores will need a cosigner to receive a student loan through Ascent.
Ascent is unique in comparison to other student loan companies in that it offers both cosigned and non-cosigned loan options, flexible payment options, and allows loans that cover the full cost of tuition. The company also prioritizes financial well-being and offers many borrower incentives, educational resources, and beneficial partnerships with other companies. Additionally, Ascent doesn’t charge application, origination, or prepayment fees and offers low fixed and variable APR rates.
While seniors and juniors that meet the eligibility criteria can qualify for non-cosigned loans, freshmen and sophomores will need to find a co-signer before applying. Borrowers can apply for a cosigner release after 24 consecutive payments. Late fee information was not disclosed on Ascent’s site. We recommend asking customer service for late fee information before applying.
Ted Johnson Pleasant Grove, UT
3 years ago
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