Ascent Student Loans Review

Ascent is an online lender that offers both cosigned and non-cosigned private student loans. It offers loans to parents, undergraduate, and graduate students who are U.S. citizens, as well as international students and Deferred Action for Childhood Arrivals (DACA) students. Since its founding in 2016, Ascent has extended loans to more than 100,000 borrowers.

Ascent student loans review

Best for: No-cosigner loans

While many private student lenders require a cosigner to qualify for their loans, Ascent doesn't. Instead, the lender offers both cosigned and non-consigned loans, offering an option for students who may not have a cosigner with strong credit to ask.

Ascent's Outcomes-Based Student Loan is a no-cosigner option available to college juniors and seniors who don't have established credit or who meet the minimum credit requirements but not the income or repayment requirements. Instead, criteria include a student's GPA (3.0 or above) and whether they meet their school's satisfactory academic performance requirement, as well as other factors, including school, program, major, and expected graduation date.

There's also the option for students to obtain a no-cosigner credit-based loan, though you'll have to meet certain credit history, debt-to-income ratio (DTI), and income requirements.

Pros and cons

As with any lender, there are both pros and cons to working with Ascent.

Pros

The online lender stands out for its lack of application or origination fees, as well as its generous discounts and grace periods. Borrowers can get a 0.25% rate discount on credit-based loans (or 1% on outcomes-based loans) when they enroll in automatic payments.

It's also possible to receive a 1% cash-back reward after graduation and upon meeting certain qualifying criteria. Grace periods upon graduation are also generous, ranging from nine to 36 months, depending on the loan type.

Cons

Ascent's interest rates may not be the lowest on the market — borrowers may be able to find lower interest rates with some of its competitors. Additionally, while Ascent does lend to international students, it only offers U.S. citizens and permanent residents the option to release their cosigners.

Compare current student loan rates

Eligibility requirements

Eligibility requirements for Ascent's student loans vary, depending on the loan type.

In general, students enrolled at least half-time in a degree program are eligible to apply, as well as parents, grandparents, guardians, or sponsors of students. U.S. citizens and U.S. permanent residents are eligible, and Ascent extends loans to international students and DACA students, though they must have a cosigner with strong credit who lives in the U.S. Cosigners aren't necessarily required for U.S. citizens and permanent residents if they meet credit and income requirements or qualify for Ascent's Outcomes-Based Student Loan.

With the exception of the Outcomes-Based Student Loan, applicants must meet minimum credit score requirements to qualify. However, Ascent doesn't specify what those are and states that they may vary depending on the loan type, the applicant's credit history, and whether an applicant is applying with a cosigner. Ascent does specify that non-cosigned credit-based borrowers must have more than two years of credit history.

As for income requirements, Ascent specifies that student borrowers without a cosigner who have at least two years of credit history must have a minimum gross annual income of $30,000, and must meet an unspecified monthly DTI. Cosigners also must have a gross annual income of at least $30,000 to qualify.

Outcomes-Based Student Loan eligibility

While the Outcomes-Based Student Loan doesn't impose income or DTI requirements, it does have other criteria that applicants without at least two years of credit history must meet, including:

• Be a college junior or senior enrolled full-time at an eligible institution, or enrolled half-time and within 9 months of graduation in a degree program.
• Be at least 18 years old (or the age of majority in their state of residence).
• Be a U.S. citizen or permanent resident, or have DACA status with a valid Social Security number.
• Meet their school's satisfactory academic performance requirements, with a GPA of 3.0 or higher.

Ascent will also take into consideration the applicant's school, program, major, graduation date, and cost of attendance, among other factors.

How much can I borrow?

It's possible to borrow up to the total school-certified cost of attendance each academic year, minus any other financial aid received. In aggregate, borrowers can take out up to $200,000 for undergraduate loans and $400,000 for graduate loans.

Generally, the minimum loan amount offered by Ascent is $2,001, except for residents of Massachusetts, for whom the loan minimum is $6,001.

Repayment terms

Ascent offers five-, seven-, 10-, 12-, 15-, and 20-year repayment terms, depending on the loan.

Repayment plan options for Ascent's credit-based loans include:

• Interest-only repayment: During the grace period and while the student is in school, the borrower must pay at least the interest that accrues on the loan each month. Full principal and interest payments will become due after the student's grace period or when they are no longer enrolled at least half-time.
• $25 minimum repayment: While the student is enrolled at least half-time and during the grace period, the borrower must make payments of at least $25 each month. Full payments become due after the grace period or when enrollment drops below half-time.
• Deferred repayment: Deferred repayment allows borrowers to delay repayment until after their grace period ends or they're no longer enrolled at least half-time. After that point, full payments of principal plus interest become due.

For students who take out Ascent's non-cosigned Outcomes-Based Student Loan, the only option available is deferred repayment, with payments beginning nine months after graduation or leaving the program.

Students who are struggling to make their loan payments have options through Ascent:

• Progressive repayment: This allows borrowers to reduce their current loan payments upon request. Under this plan, loan payments will then steadily increase over time so the loan is still paid off within the original term.
• Deferment: A borrower can also request deferment for reasons such as serving active military duty, being in school, or in an internship or residency.
• Forbearance: Student loan forbearance is available for those facing temporary hardship, a natural disaster, or declared emergency. An administrative forbearance is an option for circumstances such as awaiting bankruptcy or death documents.

Notable benefits

Ascent stands out among student loan lenders for considering applicants who lack a credit history and don't have a cosigner, as well as international and DACA students. Its Outcomes-Based Student Loan, available to college juniors and seniors who do not have established credit or who meet the minimum credit requirements but don't meet the income or repayment requirements, is unique in that it gives this group of borrowers the opportunity to receive funding and build their credit without turning to a cosigner.

Ascent also offers an autopay rate discount of 0.25% for credit-based loans or 1% on outcomes-based loans. Plus, it offers a 1% cash-back reward after borrowers graduate and meet other qualifying criteria.

The lender's repayment options also are notable, especially as a private lender. Grace periods for most loans are nine months, though for select types this period can extend as long as 12 to 36 months. Borrowers also can access progressive repayment, as well as deferment or forbearance, in certain situations if they're struggling with repayment.

Should I get a student loan from Ascent?

Before you get a student loan from any private lender, it's typically best to first exhaust any federal financial aid you may qualify for. Any grants, scholarships, or work-study funds you qualify for by filling out the Free Application for Federal Student Aid (FAFSA) don't have to be repaid, and federal student loans tend to offer more competitive interest rates and greater borrower protections and benefits compared to private student loans.

That said, if you're in need of further financial aid and considering private student loans, Ascent may be a good choice in the following situations:

• You don't have a cosigner: Ascent is willing to lend to borrowers who don't have cosigners, even offering a no-cosigner loan option that's not credit-based.
• You want a longer grace period: Ascent offers a 9-month grace period for undergraduate, MBA, law, graduate, and health professional loans, and on other types of loans, such as medical loans, grace periods are even longer.
• You want flexible repayment options: Ascent offers a wide range of repayment terms and plan options. Terms can range from 5 to 20 years. And alongside interest-only repayment, $25 minimum repayment, and deferred repayment options, Ascent also has a progressive repayment option that's designed to reduce loan payments up front and then slowly increase them over time.
• You need a large loan amount: Ascent allows borrowers to take out up to the total cost of attendance each academic year, minus any other financial aid they receive. The aggregate loan limit for undergraduate loans is $200,000, and $400,000 for graduate loans.
• You can't take advantage of federal loan benefits: If you can't take advantage of federal loan benefits anyway, such as income-driven repayment or student loan forgiveness programs, then you won't stand to lose as much by opting for loans through a private lender like Ascent. Plus, if you have excellent credit, you can qualify for a competitive rate.

How to get a student loan from Ascent

To get a student loan Ascent, here's the general process you can expect to go through:

1. Prequalify: Before formally applying for a student loan through Ascent, you'll submit your prequalification. To apply for prequalification through Ascent, you'll need details such as your address, date of birth, the school you're applying to, and your employment information, as well as information on your cosigner if you're applying with one.
2. Formally apply: Fill out your loan application on Ascent's website. Some information you'll need on hand to do this includes your Social Security number, employment information, and the amount of financial aid you've received.
3. Finalize your loan details: If your complete application is approved, the next step is to review your loan details and select your loan terms. You'll also need to complete any remaining tasks in the Ascent portal for your application.
4. Await your funds: With your portion of the work complete, Ascent will then send your loan for school certification. Once it's certified, Ascent will send your loan funds directly to your school.

Methodology

To determine Ascent's lender rating, Credible collected more than 1,000 points of data on two dozen private student loan companies and evaluated them on several different categories: repayment options, eligibility, interest rates, loan terms, and customer support. We assigned a score out of five stars to each lender based on our findings. Below are the weightings assigned to the general categories for the best student loan companies — which comprise individual criteria that are also weighted.

• Repayment options: 30%
• Eligibility: 25%
• Interest rates: 20%
• Loan terms: 15%
• Customer support: 10%

While the best lender for you will depend on your unique needs and financial circumstances, these findings should help answer your questions and assist you in your search for the best student loan.

Learn more about our methodology.