Are you a student looking for financial assistance to pay for your education? Ascent Student Loans might be the answer you’re searching for. With competitive interest rates and flexible repayment terms, Ascent offers cosigned and non-cosigned loan options. However, the rate on your loan will vary depending on the type of loan and your creditworthiness.

Ascent Student Loans is a legitimate funding option to help you achieve your academic goals. But are Ascent student loans good? Is Ascent a good choice for student loans? These are common questions that students have when considering their options.

Benefits and drawbacks of Ascent private student loans

Benefits

Ascent, private student loans offer several benefits, making them an attractive option for students who need to borrow money for college. One of the most significant advantages of Ascent private student loans is that they don’t require a cosigner. This can be a huge relief for students who may need someone to cosign their loans or whose parents are unable or unwilling to do so.

Another benefit of Ascent private student loans is their flexible repayment options. Students can choose from several repayment plans, including deferred repayment, interest-only repayment, and total principal and interest repayment. This flexibility allows students to select the best method for their financial situation.

Ascent offers rewards for good grades. If you maintain a GPA of 3.0 or higher while in school, you may be eligible for a cash reward. This incentive can motivate students to work hard and achieve academic success.

Drawbacks

While there are many benefits to Ascent private student loans, there are also some drawbacks that students should be aware of before applying. One major drawback is that these loans typically have higher interest rates than federal loans. This means that over time, you could pay significantly more interest charges than you would with a federal loan.

Another potential drawback is Ascent private student loans’ limited deferment and for little suspension and forbearance options. Unlike federal loans, which offer several types of deferment and forbearance options if you experience financial hardship or other difficulties making payments, Ascent’s options are more limited.

Finally, it’s important to note that no loan forgiveness programs are available with Ascent private student loans. With federal loans, several programs can help borrowers get all or part of their debt forgiven after a certain period or under certain circumstances (such as working in public service).

Eligibility Requirements for Ascent Student Loans

Specific eligibility requirements for Ascent student loans

Ascent student loans have specific eligibility requirements that students must meet to qualify for a loan. The eligibility criteria vary depending on the type of loan, whether it is cosigned or non-cosigned, and if the applicant is an international student.

Creditworthiness and financial history as the basis for loan eligibility

The primary factor in determining loan eligibility is creditworthiness and economic history. The lender will evaluate the borrower’s credit score, income level, debt-to-income ratio, employment status, and other financial factors to determine their loan repayment ability.

Income requirements may vary depending on the type of loan.

Income requirements may vary depending on the type of loan. For example, some Ascent loans require borrowers to demonstrate a minimum annual income of $24,000 or more. However, other loans do not have any minimum income requirements but may require proof of employment or other sources of income.

Cosigned and non-cosigned loan options

Ascent offers both cosigned and non-cosigned loan options. Cosigners can be parents, relatives or friends willing to take responsibility for repaying the loan if the borrower cannot make payments. Non-cosigned loans are available for students who meet specific credit criteria.

Eligibility criteria may differ for international students.

Eligibility criteria may vary for international students. International students applying for an Ascent student loan must meet additional requirements, such as having a U.S.-based cosigner with good credit standing and proof of enrollment in an eligible U.S. college or university.

Ascent’s Credit-Based Student Loans: Cosigned, Minimum Credit Score, and More

What are Ascent’s undergraduate cosigned credit-based loans?

Ascent offers student loans to undergraduate students who require a cosigner and meet minimum credit criteria. These loans are based on the borrower’s creditworthiness, focusing on the borrower’s future income potential.

What is the minimum credit score required for Ascent’s cosigned loans?

The minimum credit score required for Ascent’s cosigned loans is 600. However, it is essential to note that the average credit score of approved borrowers is higher than this threshold. Therefore, having a higher credit score can increase the chances of approval and potentially lead to lower interest rates.

How does having a creditworthy cosigner impact loan approval?

A creditworthy cosigner with a strong credit history can increase the chances of loan approval. A cosigner with good financial standing can help offset any risk associated with lending money to an individual who may still need to establish a positive economic history.

Moreover, having a cosigner can help borrowers secure lower interest rates and more favourable repayment terms. This benefit applies especially to those who may have needed more time to build up their positive financial history or demonstrate their ability to repay debts fully.

What other factors should borrowers consider before applying for Ascent student loans?

Before applying for Ascent student loans, borrowers should check their eligibility by reviewing the minimum credit criteria and ensuring they meet these requirements. Understanding how much debt they can afford is crucial to calculating estimated monthly payments based on projected future earnings.

Borrowers should also research other lenders’ options and compare them against Ascent’s offerings to ensure they receive the best possible terms for their situation.

Private Student Loan Reviews for Law, Dental, MBA, and Medical School

Private student loans for specific fields of study

Personal student loans are available for law, dental, MBA, and medical degrees. These fields of study often require a significant financial investment that federal student loans may only partially cover. Private student loans can bridge the gap between what federal aid provides and the total cost of attendance.

Ascent student loans offer loan products for these fields of study.

Ascent is a lender that provides private student loan products specifically designed for law, dental, MBA, and medical school students. These loan products have unique features,h such as flexible repayment options and competitive interest rates.

Positive ratings and reviews from borrowers

Ascent has received positive ratings and reviews from borrowers across various review websites. Borrowers praise Ascent’s customer service team for their helpfulness in navigating the loan application process. Many borrowers appreciate the flexible repayment plans that Ascent offers.

Eligibility for international students

International students may also be eligible to apply for Ascent student loans. In addition to private student loans, international students can explore scholarships and other forms of financial aid to help finance their education in the United States.

Graduate Student Loans: Ascent’s Offerings and Review

Ascent offers both undergraduate and graduate student loans.

Ascent is a private lender that provides funding for students pursuing higher education. They offer both undergraduate and graduate student loans to help students cover the cost of tuition, books, housing, and other expenses related to their education. Whether you’re an undergraduate or graduate student, Ascent has a loan option that may suit your needs.

Ascent’s graduate loans come with a graduation reward for eligible borrowers.

Ascent’s graduate loans are designed to help students pursue advanced degrees without worrying about the high tuition costs. These loans come with competitive interest rates and flexible repayment options. Moreover, eligible borrowers who complete their degree program within five years of graduation can receive a Graduation Reward of up to 1% of the original loan amount. This is a great way to reduce your overall debt burden after graduation.

Forbes Advisor has given Ascent’s student loans positive reviews.

Forbes Advisor is one of the most trusted sources of financial advice in the world. They have reviewed several private lenders offering student loans, including Ascent. According to Forbes Advisor, Ascent offers competitive interest rates and flexible repayment options, making it easy for students to manage their debt after graduation. They note that Ascent’s customer service is top-notch, which can be reassuring if you need assistance with your loan at any point during your academic journey.

Ascent has received a high rating from NerdWallet for its undergraduate loans.

NerdWallet is another reputable source of financial advice that has reviewed several private lenders offering student loans. According to NerdWallet, Ascent stands out among other lenders because they offer unique benefits such as cosigner release after 24 months of on-time payments and non-cosigned loan options for international students or those who need an established credit history in the U.S.

Ascent’s Credit-Based and Outcomes-Based Student Loans

Ascent Funding offers a variety of student loan products, including credit-based and outcomes-based loans. These options provide borrowers with more flexibility in terms of eligibility and repayment.

Credit-Based Loans

Ascent’s credit-based loans are designed for creditworthy applicants with an established credit history. These loans offer variable interest rates, meaning the interest rate can change over time based on market conditions. However, there are no origination fees associated with these loans.

To be eligible for a credit-based loan from Ascent Funding, you must meet specific requirements related to your credit score, income, and other factors. The lender will review your application to determine whether you qualify for a loan and what interest rate you will be offered.

Outcomes-Based Loans

Ascent’s outcomes-based loans consider a borrower’s undergraduate outcomes when awarding loans. This means borrowers who have achieved academic success or completed boot camps may be eligible for lower interest rates or other benefits.

For example, borrowers who earn good grades during their undergraduate studies may earn a cash-back reward through Ascent Funding. Similarly, those who complete boot camps or other specialized training programs may be eligible for prizes.

To qualify for an outcomes-based loan from Ascent Funding, borrowers must provide evidence of their academic achievements or completion of specialized programs. This evidence determines eligibility for rewards and other benefits associated with these types of loans.

Frequently Asked Questions (FAQs) – Part 1: Application Process and Requirements

Factors Considered During the Underwriting Criteria for Ascent Student Loans

Ascent student loans provide financial assistance to students who need help paying for their education. To determine eligibility, Ascent considers various factors during the underwriting process. These include creditworthiness, academic performance, and future earning potential. Ascent also looks at the applicant’s employment history and income.

Certain Restrictions for Applicants Who Are Not U.S. Citizens or Permanent Residents

Ascent has specific restrictions for applicants who are not U.S. citizens or permanent residents. These applicants must have a cosigner who is a U.S. citizen or permanent resident to be eligible for an Ascent student loan. These applicants may need to provide additional documentation during the application process.

Application Process and Requirements for Ascent Student Loans

The application process for an Ascent student loan is straightforward and can be completed online. Applicants must check their eligibility by answering a few questions on the website. They will then need to complete an application form and submit it with any required documentation, such as proof of income, enrollment verification, and citizenship status.

Customer Support and Service Available During the Application Process

Ascent provides excellent customer support throughout the entire application process. Applicants can contact customer service representatives via phone or email if they have questions or concerns about their application status or requirements.

Need-Based Criteria for Ascent Student Loan Applicants

Ascent offers merit-based and need-based criteria when determining eligibility for its student loans. Need-based criteria consider the applicant’s financial situation, including income, assets, expenses, and family size.

Frequently Asked Questions (FAQs) – Part 2: Repayment Options and Interest Rates

What are the repayment options for Ascent student loans?

Ascent offers flexible repayment plans to make it easier for borrowers to repay their student loans. You can choose from several different repayment options, including:

  • Immediate Repayment: With this plan, you start making payments on your loan as soon as the funds are disbursed. This is a good option if you can afford your monthly payments immediately.

  • Interest-Only Repayment: With this plan, you only have to make interest payments while in school and for six months after graduation. After that, you’ll start making entire principal and interest payments.

  • Deferred Repayment: With this plan, you don’t have to make any payments while in school or for six months after graduation. After that, you’ll start making entire principal and interest payments.

What are the loan terms for Ascent student loans?

Ascent offers loan terms ranging from 5 to 15 years. This means you can choose how long you want to repay your loan. Remember that longer loan terms generally mean lower monthly payments but higher total interest costs over the life of the loan.

Can I choose between fixed or variable interest rates?

Yes! Ascent allows borrowers to choose between fixed or variable interest rates when they take out a student loan. Fixed interest rates stay the same over the life of the loan, which can help with budgeting because your monthly payment will always be the same amount. Variable interest rates can change over time based on market conditions, which means your monthly payment could go up or down.

Are Ascent’s interest rates competitive and affordable?

Yes! Ascent’s interest rates are competitive with other private lenders in the industry.

Contacting Ascent and Pros and Cons

How to Contact Ascent

Knowing how to contact them is crucial to consider taking out a student loan with Ascent. Fortunately, reaching out to Ascent is easy. You can visit their website at ascentfunding.com, fill out the contact form, or call their customer service team at 877-216-0876. Their customer service hours are Monday through Friday from 8 am to 5 pm Pacific Time.

Pros of Ascent Student Loans

Ascent offers several benefits that make them an attractive option for borrowers looking for private student loans. One major pro of Ascent student loans is their flexible repayment options. Borrowers can choose from deferred, interest-only, or immediate repayment plans depending on their financial situation.

Another pro of Ascent student loans is that they don’t charge application fees. This means that you won’t have to pay any upfront costs when applying for a loan with them.

Finally, Ascent offers unique benefits for international students needing a U.S. credit history. They offer loans specifically designed for international students that don’t require a cosigner or credit history.

Cons of Ascent Student Loans

While there are many pros to taking out a student loan with Ascent, there are also some cons that borrowers should be aware of before making a decision.

One downside of Ascent student loans is their higher interest rates than federal loans. This means that you’ll end up paying more in interest over the life of your loan than you would with a federal loan.

Most borrowers will need a cosigner to qualify for an Ascent student loan. While this isn’t necessarily unique to Ascent – most private lenders require cosigners – it’s something borrowers should consider before applying.

Ascent Student Loans at a Glance

Competitive Rates and Lender Transparency

Ascent Student Loans is a popular choice for borrowers looking for competitive rates and lender transparency. Here are some of the key features that make Ascent stand out:

  • Competitive Rates Today: Ascent offers fixed and variable APRs with competitive rates, making it easier for borrowers to find a loan option that fits their budget. According to NerdWallet, Ascent’s rates are lower than many other private student loan lenders.

  • Lender Transparency: When you borrow from Ascent, you won’t have to worry about hidden fees or charges. The company is committed to lender transparency, so you can be confident you’re getting a fair deal.

  • Cash Back on Initial Loan Balance: For eligible borrowers, Ascent offers up to $2000 cash back on their initial loan balance. To qualify for this bonus, you must meet specific requirements, such as having a personal checking account and meeting credit score criteria.

But how does this loan compare? Let’s take a closer look:

  • Loan Amount: With Ascent Student Loans, you can borrow up to 100% of your school-certified cost of attendance (minus other financial aid received). This means that you can cover all your education-related expenses through one loan.

  • Year Term Options: Depending on your repayment goals and budget, you can choose between 5-, 10-, or 15-year term options.

  • Star Ratings: According to customer reviews on Trustpilot, Ascent has an overall rating of 4.6 out of 5 stars. Many customers praise the company’s customer service and easy application process.

Conclusion

Ascent student loans offer a range of options for students seeking financial assistance for their education. From credit-based and outcomes-based loans to loans for specific graduate programs, Ascent has a variety of offerings to meet different needs. However, it is essential to carefully consider the benefits, drawbacks, and eligibility requirements before applying.

If you are considering Ascent student loans, it is recommended that you review the information provided in this guide thoroughly and reach out to Ascent with any questions or concerns. Remember that private student loans should be considered after exhausting all other financial aid forms, such as scholarships and federal loans.

Ascent offers competitive interest rates and flexible repayment options but may require a cosigner or minimum credit score. It is essential to weigh the pros and cons before making a decision.

FAQs

What is the application process for Ascent student loans?

The application process for Ascent student loans involves filling out an online application form with personal information, school details, loan amount requested, and more. A credit check will be conducted during the application process.

What are the eligibility requirements for Ascent student loans?

Eligibility requirements vary depending on the type of loan being applied for but generally include being enrolled at an eligible institution, meeting minimum credit score requirements (or having a cosigner who meets them), and being a U.S. citizen or permanent resident.

What are my repayment options with Ascent student loans?

Ascent offers several repayment options, including deferred payments while in school or making interest-only payments during school. After graduation, borrowers can choose from fixed or variable interest rates and multiple repayment terms ranging from 5-15 years.

Does Ascent offer loan forgiveness programs?

At this time, Ascent does not offer any loan forgiveness programs. However, they do provide forbearance options in case of financial hardship.

Can I refinance my existing student loans with Ascent?

Yes, it is possible to refinance your current student loans with Ascent.