Ascent Review: Private Student Loans

Full Review

Ascent is an online lender that offers options to student loan borrowers with and without a co-signer.

The co-signed loan is a good fit for borrowers who want to pay off loans fast and have a creditworthy co-signer. Your interest rate could also be lower by using a co-signer, so consider that option first.

If you don't have access to a qualified co-signer, Ascent offers two non-co-signed options: credit-based and outcomes-based. In this case, consider the credit-based non-co-signed loan before the outcomes-based loan for the best interest rate.

The outcomes-based loan — available only to juniors and seniors with a 3.0 GPA and above — is one of only a few available to borrowers with no credit, income or co-signer.

For its non-co-signed credit-based loan, student borrowers must have more than two years of credit history and meet a minimum monthly debt-to-income ratio and income requirements.

Ascent borrowers can allocate overpayments to multiple accounts or a single account, and they also can make biweekly payments via autopay. These features help borrowers pay off debt faster.

Ascent at a glance

• Generous forbearance options.

• Offers co-signed and non-co-signed credit-based loan borrowers multiple in-school repayment options including interest-only, flat-fee and deferred.

• Borrowers who don’t have a co-signer or credit history can qualify.

• DACA students can qualify with or without a co-signer.

How Ascent could improve

Ascent could improve by offering:

• Advertised interest rates below 9% for non-co-signed loans.

Ascent private student loan details

• Interest rates, fees and termsInterest rates, fees and terms

  • Soft credit check to qualify and see what rate you’ll get: Yes.

  • Interest rates: 4.09% - 15.71% (with co-signer); 12.94% - 14.93% (without co-signer). This includes the autopay discount.

  • Loan terms: Five, 7, 10, 12, 15 or 20-year repayment terms available

  • Loan amounts: $2,001 minimum to $200,000 over the lifetime of a borrower for undergraduate loans, or up to $400,000 for graduate loans. The amount for each loan period cannot exceed the total cost of attendance.

  • Application or origination fee: No.

  • Prepayment penalty: No.

  • Late fees: Yes, a fee equal to the lesser of $10 or 5% of the amount of the past due payment applies after the payment is late.

  Compare Ascent's range of interest rates with private student loan lenders. Your actual rate will depend on factors including your co-signer's credit history and financial situation. To see what rate Ascent will offer you, apply on its website.

• RequirementsRequirements

  Financial

  • Minimum credit score: Students and cosigners must meet a minimum credit score, except that student borrowers that apply with a qualified cosigner and certain outcomes-based solo students may be eligible with no credit score. For the non-co-signed credit-based loan, the student must meet minimum income and DTI requirements and at least two years of credit history.

  • Minimum income: $24,000 for the current and previous year.

  • Typical credit score of approved borrowers or co-signers: Did not disclose.

  • Typical income of approved borrowers: Did not disclose.

  • Maximum debt-to-income ratio: Did not disclose.

  • Can qualify if you’ve filed for bankruptcy: Did not disclose.

  Other

  • Citizenship: Borrowers can be U.S. citizens, permanent residents, international or DACA students. International students must have an eligible U.S. citizen or permanent resident co-signer. The same requirements apply to co-signers.

  • DACA borrowers: Eligible.

  • Location: Available to borrowers in all 50 states and Washington, D.C. Also available in American Samoa, Commonwealth of the Northern Marianas, Federated States of Micronesia, Guam, Marshall Islands, Palau, Puerto Rico, and U.S. Virgin Islands.

  • Must be enrolled half-time or more: Yes. Non-co-signed outcomes-based borrowers must also meet satisfactory academic performance requirements with a 3.0 GPA or higher.

  • Loans can be used for past due tuition: Yes.

  • Types of schools served: An eligible school, typically traditional two-year or four-year degree-granting institutions.

  • Percentage of borrowers who have a co-signer: 77%.

• Repayment optionsRepayment options

  In-school repayment options for co-signed loan borrowers:

  • Deferred repayment: No payments while you’re in school and until your grace period ends nine months after leaving school or dropping below half-time. Since there are no prepayment penalties, you may opt to make payments sooner. Interest will continue to accrue while you’re in school whether you pay or not. The interest that accrues will capitalize, or be added to your principal balance, at the end of your grace period.

  • Flat-fee repayment: Pay $25 every month while enrolled in school and during the grace period. This option will save you more than deferred repayment, but slightly less than interest-only repayment. You can pay a set monthly payment while enrolled in school at least half-time.

  • In-school interest-only repayment: Pay interest every month you’re enrolled at least half-time in school and during the grace period. This option will likely save you the most money.

  Post-school and non-co-signed loan repayment options

  • Grace period: 9 months.

  • Income based repayment option: No.

  • In-school deferment: Yes, students enrolled at least half-time are eligible for up to 48 months of deferment.

  • Internship deferment: Yes.

  • Residency deferment: Yes.

  • Administrative deferment: Yes.

  • Fellowship deferment: Yes.

  • Graduated repayment: Yes, borrowers who have graduated or are enrolled less than half-time may be eligible for Ascent’s Progressive Repayment option if they took out an Ascent Loan on or after May 17, 2019. This option requires monthly payment amounts that start with an amount that is less than a fully-amortizing payment amount that step-up over time so the loan will be fully paid within the original loan term.

  • Military deferment: Yes, active-duty service members can defer payments for a cumulative 36 months.

  • Reduced payments for medical and dental residents: Bachelor’s degree holders can defer payments if accepted into a residency or internship program for up to 48 months.

  • Forbearance: Up to 12 consecutive months and 24 months in aggregate. Forbearance will extend the loan’s repayment term, and interest will continue to accrue on the loan.

  • Co-signer release available: Yes, for the co-signed loan option, after 12 months.

  • Death or disability discharge: Yes, the loan is forgiven if the student dies or becomes totally and permanently disabled.

  • Loan discharge if co-signer dies or becomes disabled: No.

  Repayment preferences

  • Allows greater-than-minimum payments via autopay: Yes.

  • Allows biweekly payments via autopay: Yes.

• Customer serviceCustomer service

  • Loan servicer: Launch Servicing.

  • In-house customer service team: Yes.

  • Process for escalating concerns: Yes.

  • Borrowers get assigned a dedicated banker, advisor or representative: No.

  • Average time from application to approval: Immediately for complete applications for which all credit and income information is available.

• ExtrasExtras

  • Cash-back reward: Borrowers are eligible for a 1% cash-back graduation reward applied to your loan principle, upon satisfaction of certain terms and conditions.

  • Online financial literacy course: If you’re approved for a loan, you’ll need to take a brief course before receiving funding.

  • Refer a Friend Program: Borrowers can earn up to $525 for each friend they refer to Ascent. There is no earning limit. The friend will earn $100 off their loan if certified and disbursed.

  • Scholarship Giveaways: Ascent gives away over $80,000 in scholarships annually for students in college or bootcamps. Learn more through Ascent's Instagram.

Before applying for an Ascent student loan

Before taking out an Ascent student loan or any other private student loan, exhaust your federal student loan options first. Submit the Free Application for Federal Student Aid, known as the FAFSA, to apply.

» MORE: NerdWallet’s FAFSA Guide

Compare your private student loan options to make sure you’re getting the best rate you qualify for. In addition to interest rates, look at lenders’ repayment alternatives and the flexibility they offer to borrowers who struggle to make payments.

If you aren't eligible for an Ascent student loan

If Ascent denies your student loan application, the lender will let you know why. Depending on the reason, you may want to consider other lenders or, if you haven’t already, try applying with a co-signer.