Ascent Student Loans Review 2021
- Ascent offers cash back to eligible borrowers after graduation.
- You will not pay any original or prepayment charges with Ascent, although you may be charged late fees.
- You may be eligible for a student loan without a co-signer, depending on your credit history and income.
- Learn more about Insider’s student loan coverage here.
Advantages and disadvantages
Ascent Undergraduate Student Loans
Variable: 1.85% – 10.35%, Fixed: 3.24% – 12.19%
Ascent offers several repayment options for its loans, with terms of five, seven, 10, 12, 15, or 20 years available. The minimum rates of its fixed undergraduate student loans are lower than the rates of most competitors. You can claim 1% cash back with Ascent after you graduate.
Ascent graduate student loans
Variable: 1.87% – 11.10%, Fixed: 3.29% – 12.94%
Ascent’s graduate student loans don’t have as many repayment options as its undergraduate loans, but you still have a choice. Ascent has a lower minimum APR on fixed loans than most other competitors on its graduate loans, but its maximum APRs on fixed and variable loans are higher than what you’ll find at most comparable companies.
How Ascent Stacks Up
Ascent has low minimum fixed rates, but higher minimum rates on variable loans than comparable lenders – although your rates depend on your unique financial situation. However, if you or your co-signer doesn’t have the best credit rating, Ascent’s maximum rates on variable and fixed undergraduate loans are lower than its competitors. Here’s how Ascent compares:
College Ave is the only company that allows you to pay off your loan in full while you are in school. All three companies offer deferred, fixed and interest-free repayment options.
You will pay late fees from all three lenders, although Ascent does not disclose its late fees.
You can choose a five, eight, 10, or 15 year repayment term with College, while Ascent offers five, seven, 10, 12, 15, and 20 year terms for their student loans. Sallie Mae will assign your tenure to five, 10 or 15 year undergraduate loans.
How Ascent Student Loans Work
Ascent offers student loans for many types of degrees, including undergraduate, graduate, law, medicine, dental, doctorate, and MBA degrees. You can get a loan with or without a co-signer, but you’ll need to qualify based on your income and credit if you don’t have one. You can request the release of your co-signer after two consecutive years of one-off payments.
Before applying for a private student loan, including an Ascent student loan, research federal student loan options. You can usually get better terms and protections through the government.
You must meet the following conditions to get a student loan:
- Be a U.S. citizen, permanent resident, temporary resident with an eligible co-signer, or have DACA status
- Be enrolled in a school of the Ascent network part-time or more
- Pass a credit check or have a co-signer who can pass one
- Have a minimum income of $ 24,000 for the current year and the previous year from you or your co-signer
- Without co-signer, have two years of credit history
You will need to provide the following information to apply for a loan online:
- In which US state your school is located
- The school you attend
- Cumulative GPA
- Registration status
- Information on whether you are taking courses online, in person, or a combination of both
- Expected Graduation Date
- Email, address and phone number
- Social security number and date of birth
- Monthly rent or monthly housing payment
- Current professional situation and annual income
- Duration for which you wish to obtain the loan and financial assistance that you already receive
- Amount of loan requested
- Information on whether or not you want a co-signer
There are several options for contacting Ascent customer support. You can call the company from 6:00 a.m. to 6:00 p.m. PST Monday through Thursday, or from 7:00 a.m. to 4:00 p.m. PST Friday and Saturday. You can also email the lender or send physical mail to their address in San Diego.
If you are unable to make your payments due to COVID-19, you may be eligible for loan forbearance from Ascent with its declared natural disaster / emergency forbearance option. This allows you to defer payments on your Ascent loans for up to three months when a natural disaster, local or national emergency, or military mobilization is declared.
Unpaid interest will continue to accumulate while your loans are in forbearance and will be capitalized – meaning it will be added to the overall principal of your loan – after the forbearance period ends. Contact Ascent to learn more about this option.
What options do I have for repaying my Ascent student loans?
You have three options for paying off your student loan after you take it out: deferred, minimum, and interest only. Each option has its advantages for different types of borrowers.
With deferred payments, you won’t pay off your balance until after the grace period, so this will be the most expensive option overall. Interest only payments will cost the most while you’re in school, but it will cost the least overall because you won’t earn any interest while you’re in school.
Is Ascent trustworthy?
Ascent has an A + for reliability from the Better Business Bureau. A top-notch BBB score means a business responds effectively to consumer complaints, is honest in its advertising, and is open about business practices.
Even though Ascent has an excellent BBB rating, you are not guaranteed to have a good relationship with the company. You should look at customer reviews online and see if any of your friends and family have any experiences with the lender.
Ascent has not been the subject of any controversy over the past few years, so you may decide that you are comfortable taking out a student loan from the lender.