There are a number of key parts that factor into a loan: eligibility criteria, repayment options, student loan interest rates, and perhaps most importantly—the lender. You’ll come across many lenders in your search for a loan. One you should definitely consider is Ascent. Here are a few things you should know about Ascent so you can make more informed comparisons when looking for student loans.
Types of Student Loans Available at Ascent
The Ascent Student Loan offers eligible students the option to apply with or without a cosigner. Each have different terms and eligibility criteria, but both loan programs are designed to cater to borrowers’ unique circumstances.
Ascent Cosigned Credit-Based Option
The Ascent cosigned option is best suited for undergraduate students who have not yet had the opportunity to build their credit history. You will need a cosigner to qualify for this loan.
This loan sets first-time borrowers up for financial success through a well-developed financial literacy program.
Ascent Non-Cosigned Credit-Based & Non-Cosigned Future Income-Based Options
You could apply for an Ascent Student Loan as a solo applicant without a cosigner if you have a strong credit history and also meet the income requirements. If you are a junior, senior or graduate student without a cosigner and lack sufficient credit history to qualify for a loan on your own, you may still be eligible for an Ascent student loan without a cosigner. To be eligible for this option, students must:
- Be a college junior, senior or graduate student enrolled full-time (or with an expected graduation date within 9-months of the date the loan application is submitted) in a degree program at an eligible institution.
- Have a satisfactory academic performance of 2.9 GPA or greater.
- Be a U.S. citizen, U.S. permanent resident or DACA recipient
Eligibility for this non-cosigned option is based on several factors which may include: other financial aid, creditworthiness, school, program, graduation date, major, cost of attendance, and others. Successful applicants get generous forbearance options.
Eligibility Requirements
The eligibility requirements for an Ascent student loan vary depending on which loan option you wish to apply to.
Requirements for Ascent Credit-Based Cosigned Option
For students applying with a cosigner:
- Ascent considers several factors which may include: creditworthiness, school, program, cost of attendance, and other factors.
- Ascent loans are for college students (both undergraduate and graduate) that are at least half-time enrolled in a degree program at an eligible institution.
- Students applying without a cosigner must be a U.S. citizen, U.S. permanent resident status, or DACA recipient. Students that are not a U.S. citizen, U.S. permanent resident, or DACA recipient may apply with a creditworthy cosigner that is a U.S. citizen or U.S. permanent resident.
Requirements for Ascent Non-Cosigned Credit-Based & Non-Cosigned Future Income-Based Options
For students with sufficient credit applying individually without a cosigner, they must:
- Be a U.S. citizen, U.S. permanent resident, or DACA recipient if you wish to apply as a solo applicant without a cosigner.
- Have NO delinquencies of 60 or more days during the previous 24 months.
- Be individually creditworthy (minimum credit score requirement varies) and meet certain income requirements, including a minimum gross annual income of $24,000 and a meet a monthly debt-to-income (DTI) ratio.
- Need to submit satisfactory proof-of-income.
Student borrowers with no credit history or limited history with no adverse credit items, as well as student borrowers that pass the minimum credit requirements but fail income or repayment capacity requirements for the loan product may qualify on the basis of several alternative factors to obtain a loan in their own name without a cosigner. Such borrowers must:
- Be a college junior, senior or graduate student enrolled full-time (or with an expected graduation date within 9-months of the date the loan application is submitted) in a degree program at an eligible institution.
- Be a U.S. citizen, DACA recipient, or have U.S. permanent resident status.
- Have satisfactory academic performance of 2.9 GPA or greater.
Maximum & Minimum Borrowing Amount
The maximum loan amount you can borrow through Ascent depends primarily on the cost of attendance at your choice of school.
In general, the maximum amount you can be approved for is the total cost of attendance for one full academic year less any financial aid as certified by your college. Depending on the school certification and other underwriting factors, the maximum approved loan may be lower than what you requested.
The maximum aggregate loan amount that you can borrow per academic year is $400,000 for credit tested loans and $20,000 for non-credit tested loans.
The smallest loan amount you can borrow is $2,001.*
Student Loan Interest Rates with Ascent
When applying for an Ascent loan, students have the option to choose between fixed interest rates and variable interest rates. Applicants must choose their preferred option before accepting the loan offer.
Depending on the specific loan and terms, borrowers may benefit from a 0.25% to 1.00% reduction in the rate of interest if they choose to make payments via automatic debit (aka autopay). This benefit is withdrawn after two non-sufficient funds occurrences. It is reinstated only after the borrower re-qualifies and re-enrolls in automatic payments.
Online Loan Application
The online loan application is straightforward, but you will need to keep certain information on hand so you can complete the application in one sitting.
Keep these details handy before you start your online application:
- ID proof (photo ID)
- Social security number
- School information
- Estimated financial aid
- Employment information
- Proof of income
- Contact details for one reference
In addition, a hard credit check is also necessary. However, if you want to see if you pre-qualify for any of the loan options, Ascent offers an eligibility check with a soft credit check that won’t impact your score. Be sure to check that out first!
Loan Approval Process
The loan approval process starts only after you’ve submitted your completed loan application. An Ascent loan approval officer will first review your credit history, after which they may ask you for some additional documentation or information before approving your loan application.
Because the non-cosigned loan is available to students without any reliance on cosigners, processing times may be longer and loan amounts may be lower than the loan amount requested
You can track the progress of your Ascent loan application by logging in to your borrower portal.
Loan Management Tools
As part of the application process, you’ll complete an interactive financial literacy module.
The Financial Literacy module supports borrowers’ financial wellness. It covers the basic information you should know about your student loan. It will cover topics like the application process, how to manage your loan, and repayment options. The program also offers valuable tips and tools to help you plan a solid financial future.
Completing this financial literacy program will help you (and your cosigner, if applicable) make informed borrowing choices with regards to customizing the loan term, choosing between fixed and variable rate loans, and also choosing the best repayment plan for you.
Cosigner Release
Not all lenders offer this unique feature. A student can release their cosigner from their responsibilities and fully take on the loan for themselves. This, Ascent stresses, allows the student to start building their own credit and financial independence.
Only student borrowers who are US citizens or have US permanent resident status have the option to apply for an early cosigner release. If you meet this requirement you can apply to release your cosigner after making twelve (12) consecutive, full principal and interest payments on time or an
equivalent prepayment amount and meeting other criteria.
Bonus Features!
In addition to the many loan perks, Ascent has some non-loan features to check out.
The Ascent Scholarships
Ascent is giving away over $80,000 in scholarships this year! No essay required. Ascent offers a new scholarship every month. To enter for a chance to win, visit: https://www.ascentfunding.com/scholarships/shining-stars/
The Bright Futures Engine™
A lot of financial planning revolves around estimates and expectations. That’s why Ascent launched the new Bright Futures Engine! With it, students and their families can estimate what the student is likely to earn in the first year after graduation–based on major and choice of school. With it, students can see their ROI estimates and make more informed financial decisions.
Should you apply for an Ascent student loan?
Competitive interest rates, flexible repayment options, no-cosigner loan options, and 1% cashback after graduation are some of the many features that make Ascent student loans an attractive choice.
However, it’s important to explore all of your options before selecting one. With College Raptor’s free Student Loan Finder, you can compare lenders and interest rates side by side!
Disclosure:
Ascent’s undergraduate and graduate student loans are funded by Bank of Lake Mills or DR Bank, each Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations, terms and conditions may apply for Ascent‘s Terms and Conditions please visit: AscentFunding.com/Ts&Cs. Rates displayed above are effective as of 11/1/2024 and reflect an Automatic Payment Discount of 0.25% for credit-based college student loans and 1.00% discount on outcomes-based loans when you enroll in automatic payments. The Full P&I (Immediate) Repayment option is only available for college loans (except for outcomes-based loans) originated on or after June 3, 2024. For more information, see repayment examples or review the Ascent Student Loans Terms and Conditions. The final amount approved depends on the borrower’s credit history, verifiable cost of attendance as certified by an eligible school, and is subject to credit approval and verification of application information. Lowest interest rates require full principal and interest (Immediate) payments, the shortest loan term, a cosigner, and are only available for our most creditworthy applicants and cosigners with the highest average credit scores. Actual APR offered may be higher or lower than the examples above, based on the amount of time you spend in school and any grace period you have before repayment begins. 1% Cash Back Graduation Reward subject to terms and conditions. For details on Ascent borrower benefits, visit AscentFunding.com/BorrowerBenefits. The AscentUP platform is only available to eligible Ascent borrowers and subject to terms and conditions.
*The minimum amount is $2,001 except for the state of Massachusetts. Minimum loan amount for borrowers with a Massachusetts permanent address is $6,001.
