Overview

Ascent Funding, founded in 2016 and based in San Diego, offers private student loans tailored to undergraduate and graduate students. Serving over 2,300 eligible schools nationwide, Ascent provides options for borrowers with or without a co-signer. The lender also welcomes non-U.S. citizens, permanent residents, and students with Deferred Action for Childhood Arrivals (DACA) status, making it a versatile option for a wide range of student needs.

Ascent’s traditional cosigned loan is well-suited for students with a qualified cosigner who want to repay their loans quickly. The non-cosigned loan targets borrowers with a strong credit history and steady income. For upperclassmen with limited credit, income, or access to a cosigner, the non-cosigned outcomes-based loan offers a tailored solution to help them achieve their educational goals.

Loan Features

Cash Back Graduation Reward Program

Ascent offers a 1% Cash Back Graduation Reward for eligible borrowers. To qualify, you must:

• Be enrolled in autopay.
• Maintain a record of no late payments on your account.
• Graduate within five years of taking out your first Ascent student loan.

Eligible borrowers will receive a one-time payment equal to 1% of their loan balance. For instance, if your loan balance is $10,000, you would receive $100. For additional details about the Cash Back Graduation Reward, visit Ascent’s official website.

Cosigner release option

If you need a cosigner for your student loan, Ascent is an excellent option. Unlike many other lenders, Ascent allows borrowers to release their cosigners after just 12 months of on-time payments. This feature not only provides flexibility but also helps you build credit in your own name.

Financial literacy courses

When approved for a loan through Ascent, you’ll benefit from a suite of resources designed to support your success in college and beyond. Ascent offers financial literacy courses that help you understand the financial implications of your college decisions, such as choosing a school, selecting a major, and determining how to finance your education. These courses empower you to envision your career path and make informed decisions that can unlock greater opportunities for the future.

In addition, Ascent provides guidance on key topics, including:

• Finding a cosigner.
• Budgeting effectively while in school.
• Connecting with mentors.
• Securing a job after graduation.

These tools are all aimed at helping you achieve long-term financial success and stability.

Rates and Repayment Options

Ascent offers interest rates ranging from 4.09% to 15.71% with a co-signer and 12.94% to 14.93% without a co-signer, including the autopay discount. Borrowers benefit from a longer grace period compared to many lenders—nine months after leaving school instead of the typical six months. For those facing financial hardship, payments may be deferred at the lender’s discretion.

While in school, borrowers can choose from three flexible repayment options:

• Fully deferred payments.
• Interest-only payments.
• $25 minimum payments.

Repayment terms range from five to 20 years, providing flexibility to match your financial situation. The minimum loan amount is $6,001 for students in Massachusetts and $2,001 for students in other states. To qualify, students must be enrolled at least half-time at an eligible school.

Graduated Repayment

Upon graduation, borrowers may be eligible for Ascent’s graduated repayment option. This plan begins with lower monthly payments that are initially less than the fully amortized amount. Over time, the payments gradually increase, allowing borrowers to manage their finances early in their careers while still ensuring the loan is fully repaid within the original loan term.

In-school repayment

• Interest-only repayment: Pay only the interest on your loan while you’re in school.
• Partial repayment: Pay $25 per month during your time in school.
• Deferred repayment: Postpone payments until after you graduate.

Conclusion

Ascent Funding private student loans stand out for their fee-free structure and accessibility to noncitizens, including international and DACA students. The online lender offers flexible repayment options and a variety of loan terms, making it a versatile choice. While most students will require a co-signer to qualify, Ascent’s three repayment options cater to borrowers without a co-signer, as well as those with lower credit scores. This makes Ascent an excellent option for a diverse range of borrowers with varying financial and credit backgrounds.