Ascent Student Loans Review

Written by Jonathan O'Donnell. Last updated May 2019.

What are the benefits of an Ascent student loan?

If you're in the market for a student loan, Ascent has three unique benefits that you should pay attention to:

  1. Cash back9 incentives for graduates; 
  2. No-cosigner student loan options for juniors, seniors and graduate students; and
  3. Deferment and forbearance plans, which can be hard to come by with private lenders.

Ascent offers a 1% cash back9 graduation reward if you meet certain qualifying criteria. This is a very unusual benefit among student loan lenders. Depending how much you borrow, your reward could be enough to cover your first monthly payment ... or to buy a new outfit to wear on job interviews.

In keeping with its philosophy of expanding possibilities, Ascent offers student borrowers more opportunities to qualify for a loan in their own name.

Yes, you read that right. Ascent offers non-cosigned loans for juniors, seniors, and graduate students. (We'll talk more about this in a minute.) And if you do need a cosigner, Ascent gives you the option of releasing them after making the first 24 consecutive and on-time, full principal and interest payments.10 

Ascent offers multiple forbearance and deferment plans. Ascent has several to choose from that cover the top reasons you might need to hold off on repayments. Usually, this type of benefit is only found in federal loans.

Additionally, student loans from Ascent feature some of the lowest starting APRs in the student loan space, with rates as low as 4.24%1 (as of April 2019).

Plus, Ascent offers multiple options for repayment ranging from five to 15-years. There are also three in-school repayment options for Ascent Tuition including full-principal plus interest payments, interest-only payments, and flat payments of amounts as low as $25 per month.3

You can also opt for the deferred repayment option, which allows you to start payments six months after leaving school. 

Why Get a Student Loan from Ascent?

Ascent was engineered by Goal Structured Solutions, Inc. (GS2) — an administrator and developer of student loan programs for more than a decade — and loans are currently funded by Richland State Bank.
They are committed to providing students with more opportunities to fund their education with loans in their own name.

Ascent Student Loans seeks to put the money in the hands of the people who need it the most: the students.

In addition to private loans, Ascent offers a $5,000 scholarship. And the best part: there is no essay is required. All you have to do is take a short survey (which takes about 10 minutes) to enter for a chance to win.

Ascent encourages transparency and financial wellness by incorporating financial literacy into the application process. This program covers the basics about your student loan from the application through repayment. It also gives tips and tools to help you plan for your financial future.

 
Learn More
Rates (APR) 4.23%-14.16%1
Loan Types Variable & Fixed
Terms 5-15 years
Degrees Undergrad & Graduate
Loans Student & Parent
Start Your Private Student Loan Application

What types of student loans does Ascent offer?

Ascent offers two student loans for undergraduate and graduate students: Ascent Tuition (cosigned) and Ascent Independent (non-cosigned).

Loan amounts range from $2,000 to $200,000, which is the aggregate maximum that can be borrowed. You can use the funds to cover up to 100% of your tuition and eligible living expenses.

If you have little to no credit history and need a creditworthy cosigner to help you qualify for a private loan, the Ascent Tuition student loan is best suited for you.

Ascent Independent is one of the few private student loans available that bases eligibility on your future earning potential, satisfactory academic progress, credit history, and other factors. Ascent Independent is for juniors, seniors, and graduate students who don’t have a cosigner and want to qualify for the loan in their own name.


Start Your Private Student Loan Application


What are the eligibility requirements for Ascent student loans?

Ascent considers several factors for eligibility, such as creditworthiness, school, and cost of attendance. Both loan types require you to be at least 18 years or older.

To qualify for the Ascent Tuition loan, you must:

  • Be enrolled half-time or accepted for half-time enrollment in a degree program at an eligible institution.
  • Be a U.S. citizen or apply with a cosigner who is a U.S. citizen or has U.S. permanent resident status.

Additionally, the cosigner must meet specific creditworthy requirements, including a minimum gross income of $24,000.

To be eligible for the Ascent Independent loan, you must:

  • Be enrolled full-time or accepted for full-time enrollment
  • Be a U.S. citizen or have U.S. permanent resident status.
  • Be a student in good standing with a cumulative grade-point average of at least 2.50 from the institution for which the loan is being used to finance eligible education expenses.

  Cosigner Release
Option
Income
Requirements
Loan Limits  
Yes Cosigner minimum
$24,000
$2,000 Min
$200,000 Max
Apply

What are the rates and fees for an Ascent student loan?

You can select from variable or fixed interest rates. As of May 1, 2019, variable interest rates on the Ascent Tuition loan range from 4.23% - 13.23% and fixed interest rates are 4.98% - 14.16%.1

The Ascent Independent student loan does not require a cosigner so it has a higher interest rate than the Ascent Tuition loan. Variable interest rates range from 5.87% – 13.15% and fixed interest rates are 6.71% - 13.47%.1

Note: All rates stated in this article include the 0.25% auto-pay discount.

There are no early repayment, application, origination, or disbursement fees.

The Ascent Tuition loan offers multiple repayment terms including a five-year, 10-year, and 15-year repayment plan.

It also comes with three repayment options including:

  1. An interest-only option while in school
  2. A $25 minimum monthly payment while in school, and
  3. A deferment option that allows you to postpone principal and interest payments for a period up to 60 months while enrolled in school at least half-time. 

The Ascent Independent loan comes with a 10-year or 15-year repayment term. But unlike the Ascent Tuition loan, the Independent is only offered with a deferred repayment option during the in-school period.

If you choose a fixed-interest rate for either loan, the 15-year repayment plan is not an option.

Ascent also offers multiple forbearance and deferment plans including active duty military deferment, in-school deferment, residency/internship deferment, temporary hardship forbearance, and administrative forbearance.

Does Ascent offer discounts for student loans?

Yes, Ascent offers a 0.25% reduction in your interest rate if payments are made by automatic debit.

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Variable Rate (APR) 4.23% - 13.23%1
Fixed Rates (APR) 4.98% - 14.16%1
Application Fee $0
Origination Fee $0
Disbursement Fee $0
Pre-Payment Fee $0
Auto Payment Discount  (0.25%)
Start Your Private Student Loan Application

What is the application process for a student loan from Ascent?

You can check your eligibility status online in less than a minute. If your school is on their approved list, you will be invited to apply. Click here to check your eligibility.

To apply, you will need:

  • Your social security number
  • Proof of identification (photo ID)
  • School information
  • Estimated financial aid
  • Employment information
  • Proof of income
  • Contact info for one reference.

A hard credit check is also required.

During the application process, you will complete a financial literacy module. This is designed to help you and your cosigner make informed borrowing choices. Once the module is complete, you can decide on a fixed or variable-rate loan and customize the term length and repayment plan.

Should you apply for a student loan from Ascent?

Ascent offers some pretty impressive perks, such as competitive interest rates and flexible repayment options. But it's their no-cosigner loan, essay-free $5,000 scholarship, and 1% cash back9 after graduation reward that proves just how much Ascent is shaking up the student loan market. Terms and conditions do apply.

Start Your Private Student Loan Application


Ascent Terms & Conditions

*Ascent Student Loans are funded by Richland State Bank (RSB), Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations and terms and conditions may apply.  For Ascent Terms and Conditions please visit: www.AscentStudentLoans.com/Ts&Cs

Rates are effective as of 05/16/2019 and include a 0.25% discount applied when a borrower in repayment elects automatic debit payments via their personal checking account. For Ascent rates and repayment examples please visit: www:AscentStudentLoans.com/Rates  



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