Ascent - Private Student Loans
Ascent Student Loans is a lender that empowers students from all economic backgrounds and cultures, including DACA students. It gives financial wellness tips, Bright Futures Engine, and Bootcamp Selector resources. Ascent also offers scholarships and loans with a cosigner and without a cosigner to undergraduate and graduate students with eligible institutions.
In addition, It also provides Bootcamp loans to consumers seeking to improve their careers or boost their learning programs. The best part is that Ascent provides a 1% cashback reward for students who graduate, a 0.25% automatic payment discount for credit-based loans, and 1% for undergraduate non-consigned outcomes-based loans.
Ascent Student Loans Overview
|APR (fixed interest rate)||3.87%-13.65%|
|APR (variable interest rate)||1.46%-11.31%|
|Eligible loan types||
|Repayment terms||48 – 180 months|
|Minimum credit score||
|Lender type||Direct lender|
Ascent Student Loans’ Pros
- It offers 1% cashback to those students who graduate
- Gives 0.25% automatic payment discount for credit-based loans, and 1% for undergraduate non-consigned outcomes-based loans
- No credit score, only two years of credit history
- No application, origination, or disbursement fees
Ascent Student Loans’ Cons
- High-interest rate
- Only available for students
- Not eligible to an international student who doesn’t have a US-based cosigner
Ascent private student loan application process varies depending on the loan you’re applying for. Below are the application processes for each loan type:
Ascent College Loan Process
It is broken into four easy steps as follows:
- Fill out your information online, submit it, and wait for a preliminary decision
- If it succeeds, accept the offer and select your repayment plan
- Follow the instructions to complete your tasks and upload the required documents to the Ascent site. It will take a maximum of two days for review.
- After review, Ascent will send it to your school for validation and certification. The process may vary depending on the school. It is possible to take several weeks for verification. It may be wise to contact your school to determine how long it may take.
- Once your school certifies your college loan, you’ll get a final disclosure and a notice of disbursement dates. In addition, your school may approve a low college loan amount, change disbursement dates, or change your graduation dates, Which it is possible for you to agree to the new terms.
- NB – If your school fails to certify your loan, Ascent will deny it.
Ascent BootCamp Loans Process
You may apply for an Ascent Bootcamp loan online by visiting their portal to see if it is possible to pre-qualify without affecting your credit score. After you pre-qualify, you may look at your monthly payments and repayment plan and choose your preferred option.
Ascent will then run a credit check to determine whether you are eligible for the final process. Or else, you may opt to visit your school’s Ascent partnership portal and check for more details about the loan program before applying.
Ascent Bootcamp loan charges a 5% one-time original fee of your Bootcamp loan. It is included in the total Bootcamp loan principal amount you finance, covering the administrative costs. Ascent factor it into your APR.
In case you qualify you may choose a repayment period between 36 or 60 months loan term. Ascent also offers two deferred Bootcamp loans option. You may visit your Ascent school portal to check whether this option program is available in your school.
Ascent also allows you to pay off your loan even before the due dates with no penalties cost. The advantage of paying off your loan before due dates is that it’s possible to pay less than the usual total loan amount.
To make payment on your Ascent Bootcamp loan, Ascent has an autopay option. The benefits of autopay are that it is possible to maintain your credit health, reduced interest rate, and you don’t have to worry about penalties due to late payment as your loan is deducted automatically on the due date if your account has money.
- NB – To know the status of your Bootcamp loan application, visit your Ascent dashboard
Terms & Requirements
Some Ascent loan terms and requirements include, you must be a U.S. permanent resident as a solo, cosigner, or qualified cosigner. Also a DACA status as a qualified cosigner, solo, or cosigner. In addition, to qualify for a loan as a U.S. temporary resident you must be only a qualified cosigner.
Whether you are a cosigner or a borrower it may be best to compare other mortgage lenders on the market on deciding which one best fits your needs.
- Must be 18 years in the US, 19 years for Alabama and Nebraska, and 21 years old for Mississippi and Puerto Rico.
- Must be a U.S. permanent resident as a solo, cosigner, or qualified cosigner
- For a temporary resident, you must be a qualified cosigner
- Must have a minimum FIFO credit score of 540
- Applicant or cosigner must have a minimum gross annual income of $24,000
Ascent Loan Terms vary depending on the loan product, creditworthiness, cost of attendance, graduation date, school, program, and other financial factors. The educational institution is the one that determines the cost of attendance. In addition, loan limits may apply.
For graduate loans, the APR range between 1.46% to 10.81% for a variable rate, and 3.87% to 13.65% for a fixed rate. It depends on the selected program and your creditworthiness. The rates reflect a 0.25% automatic payment discount.
For undergraduate loans, the APR range between 1.47% to 11.31% for a variable rate, and 3.97% to 13.65% for a fixed rate. It depends on the selected program and your creditworthiness. The rates reflect a 0.25% automatic payment discount for credit-based loans, and a 1% for undergraduate outcomes-based loans.
Ascent offers a loan of up to $200,000. The types of loans offered include Non-Cosigned Outcomes-Based Loan, Non-Cosigned Credit-Based Loan, Cosigned Credit-Based Loan, and Graduate Cosigned & Non-Cosigned Credit-Based Loans.
The terms of repaying the loan may vary as follow; For graduate medical and dental school loans are 20 years for a variable rate, 15 years for other variable rates, and a fixed-rate loan is 15 years. Students must also enroll at least half-time at an eligible school. The minimum loan here is $2,001.
Unlike other lenders, at Ascent; students must first complete an online financial literacy course for them to be eligible for the loan.Get my rate
Privacy and Security
Ascent’s portal is safe and secure to use. Its funding is licensed under the Bank of Lake Mills, a Member of FDIC. In addition, Ascent skill funding products are made via Richland State Bank, a Member of FDIC. Customer Support
Aspire Serving Center is the body that services ISL’s loans and it has an A+ rating with the Better Business Bureau. This customer service team is always based out of Iowa and has the option for you to contact them via email or by phone. These customer support lines will be open Monday to Friday.
There is a process in place if you need to escalate an issue up the chain. However, you will not get a dedicated representative for your account. Finally, there are plenty of useful resources and information available on the ISL website that can guide you through any issues or questions that you might have.
Ascent has US-based customer service available from Monday to Thursday from 7:00 am to 5:00 pm (PST), and 7:00 am to 4:00 pm (PST) on Friday. In case you need help with a college loan or Bootcamp loan you may email customer care support.
For any query about deferment, forbearance information, existing loan, or payment you may reach Launch Servicing via customer support email or direct contact. They are available from Monday to Sunday; 8:00 AM – 5:00 PM CST.
Forbes Advisor featured Ascent as the best private student loan for 2021. If you’re looking for scholarships and loans with a cosigner and without a cosigner to undergraduate and graduate students with eligible institutions, then look no further other than Ascent Private Student Loans.
Ascent Funding, LLC,
501 W. Broadway Ste. A150,