Ascent Student Loans Review

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.

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

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

You can select from variable or fixed interest rates. As of January 1, 2019, variable interest rates on the Ascent Tuition loan range from 4.25% - 13.25% and fixed interest rates are 5.41% - 14.46%.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 5.89% – 13.16% and fixed interest rates are 6.96% - 13.69%.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.

Ascent Terms & Conditions

Before taking out private student loans, you should explore and compare all financial aid alternatives, including grants, scholarships, and federal student loans and consider your future monthly payments and income. Applying with a cosigner may improve your chance of getting approved and could help you qualify for a lower interest rate. Ascent Student Loans may be funded by Richland State Bank (RSB). Ascent Student Loan products are subject to credit qualification, completion of a loan application, verification of application information and certification of loan amount by a participating school. Loan products may not be available in certain jurisdictions, and certain restrictions, limitations; and terms and conditions may apply. Ascent is a federally registered trademark of Turnstile Capital Management (TCM) and may be used by RSB under limited license. Richland State Bank is a federally registered service mark of Richland State Bank.

1. Ascent rates are effective as of 01/01/2019 and include a 0.25% discount applied when a borrower in repayment elects automatic debit payments via their personal checking account. Competitive rates calculated monthly at the time of loan approval.
   Ascent Tuition Cosigned Loan: Variable rate loans are based on a margin between 2.00% and 11.00% plus the 1-Month London Interbank Offered Rate (LIBOR), rounded to the nearest 1/100th of a percent. The current LIBOR is 2.500%, which may adjust monthly. Your interest rate may increase or decrease, based on LIBOR monthly changes, resulting in an APR range between 4.25% - 13.25%.  Fixed rate loans have an APR range between 5.41% - 14.46%. For Ascent Tuition loan current rates and repayment examples visit www.AscentTuition.com/APR.
   Ascent Independent Non-Cosigned Loan: Variable rate loans are based on a margin between 4.00% and 12.50% plus the 1-Month London Interbank Offered Rate (LIBOR), rounded to the nearest 1/100th of a percent. The current LIBOR is 2.500%, which may adjust monthly. Your interest rate may increase or decrease, based on LIBOR monthly changes, resulting in an APR range between 5.89% - 13.16%. Fixed rate loans have an APR range between 6.96% - 13.69%. For Ascent Independent non-cosigned loan current rates and repayment examples visit www.AscentIndependent.com/APR.

2. Payments may be deferred. Subject to lender discretion, forbearance and/or deferment options may be available for borrowers who are encountering financial distress.

3. Making interest only or partial interest payments while in school will not reduce the principal balance of the loan. There are three (3) flexible in-school repayment options that include fully deferred, interest only and $25 minimum repayment. 
4. Flexible repayment plans may be offered up to a fifteen (15) year repayment term for a variable rate loan and ten (10) year repayment term for a fixed rate loan. Students must be enrolled at least half-time at an eligible school. Minimum loan amount is $2,000.
5. Interest rate reduction of 0.25% for enrollment in automatic debit applies only when the borrower and/or cosigner signs up for automatic payments and the regularly scheduled, current amount due (including full, flat, or interest only payments, as applicable) is successfully deducted from the designated bank account each month. Interest rate reduction(s) will not apply during periods when no payment is due, including periods of In-School, Deferment, Grace or Forbearance. If you have two (2) returned payments for Nonsufficient Funds, we may cancel your automatic debit enrollment and you will lose the 0.25% interest rate reduction. You will then need to re-qualify and re-enroll in automatic debit payments to receive the 0.25% interest rate reduction.

6. All applicants (individual and cosigner) are required to complete a brief online financial literacy course as part of the application process to be eligible for funding.

7. Eligibility, loan amount and other loan terms are dependent on several factors, which may include: loan product, other financial aid, creditworthiness, school, program, graduation date, major, cost of attendance and other factors. Aggregate loan limits may apply. The cost of attendance is determined and certified by the educational institution.

8. The legal age for entering into contracts is eighteen (18) years of age in every state except Alabama where it is nineteen (19) years old, Nebraska where it is nineteen (19) years old (only for wards of the state), and Mississippi and Puerto Rico where it is twenty-one (21) years old.
9. 1% Cash Back Graduation Reward subject to terms and conditions. Click here for details. In order to be eligible for the 1% Cash Back Graduation Reward, borrower must meet the following criteria after graduation:

• The student borrower has graduated from the degree program that the loan was used to fund.
• The student borrower may change majors and/or transfer to a different school, but must obtain the same level of degree (e.g. – undergraduate or graduate)
• The graduation date is more than 90 days and less than five (5) years after the date of the loan’s first disbursement.
• Any loan that the student has borrowed under the Ascent loan is not more than 30-days delinquent or in a default status as of the graduation date and until any Graduation Reward is paid.

10. Students can apply to release their cosigner and continue with the loan in only their name after making the first 24 consecutive regularly scheduled full principal and interest payments on-time and meeting the other eligibility criteria to qualify for the loan without a cosigner.

Advertiser Disclosures:

Nitro College is not a lender and makes no representations or warranties about your eligibility for a particular loan or financial aid. The rates and terms listed for each lender are estimates and will change depending on your credit profile and other information you provide to lenders. Lenders are solely responsible for any and all credit decisions, loan approval and rates, terms and other costs of the loan offered and may vary based upon the lender you select. Nitro College receives compensation from lenders that appear on this site.