Ascent Student Loans Review 2023

Terms for Outcomes-Based Loans
Variable APR  12.88%–14.83% 
Fixed APR  12.50%–14.24% 
Loan amounts  $2,001–$20,000 (aggregate) 
Loan terms  5, 7, 10, 12, 15, or 20 years 


Loan Eligibility and Approval

To qualify for a student loan with Ascent, you could meet the next eligibility requirements:

  • Live within the District of Columbia or america (all 50 states are supported)
  • Be enrolled at the very least half-time (full-time for outcomes-based loans)
  • Be a U.S. resident, have DACA status, or have a qualifying visa
  • Be pursuing a bachelor’s or graduate-level degree
  • Be enrolled in an Ascent-approved institution

There are also personal financial requirements regarded as a part of the applying process:

  • Minimum FICO rating (varies)
  • At the least two years of credit history
  • Income of at the very least $24,000 in the present and former 12 months
  • Monthly debt-to-income ratio (DTI) (varies)

Ascent’s outcomes-based loans don’t require income or credit history, but review alternate aspects, including:

  • School
  • Program
  • Graduation date
  • Major
  • GPA
  • Cost of attendance
  • Academic performance
  • Other aspects

To qualify for an outcomes-based loan, you could:

  • Be a university junior or senior enrolled full-time at an eligible institution
  • Be a U.S. citizen or have a U.S. everlasting resident or Deferred Motion for Childhood Arrival (DACA) status
  • Maintain a 2.9 GPA or higher
  • Be at the very least 18 years old (or age of majority) in your state of residence

Are Co-Signers Required?

Co-signers are only required for college students who aren’t everlasting U.S. residents, or who don’t meet the qualifications for credit-based or outcomes-based loans. DACA recipients can qualify for a loan with no co-signer.

Is Loan Pre-Qualification Available?

Ascent allows you to check your rates and get pre-approved without impacting your credit rating. You will have to supply a couple of personal details, including your full name, address, school information, and credit rating.

Chances are you’ll also need to supply income and debt details, depending on the loan you might be applying for. Once submitted, you’ll get an fast decision on pre-approval.

Length of Time for Loan Approval and Disbursement

After the applying is submitted online, Ascent will show when you are pre-approved immediately. If approved, you’ll then select your loan details and complete your application (which incorporates uploading documentation and completing a financial wellness course). Review and final approval take one to 2 business days on average.

Ascent will then contact your school for certification, which may vary by school. Some schools don’t certify until inside a couple of weeks of classes starting, but others complete the processes inside a hard and fast timeframe. It is suggested to use early to avoid late payments to your school.


Loan Fees and Repayment Options

Loan Fees

Ascent doesn’t charge origination, early payment, or extra payment fees. Ascent does charge late payment fees of 5% of the entire payment or $10, whichever is less. There may be also a flat $15 fee for returned payments.

Loan Discounts

Ascent offers a 0.25% discount for establishing autopay on co-signed or credit-based loans. There may be a 1% autopay discount available on outcomes-based loans. These discounts are reflected within the advertised rates.

Repayment Options

Ascent has several repayment options, depending on the loan chosen and borrower qualifications.

  • Deferred repayment: Students can defer payments until nine months after graduation (12 months for dental students). Interest will accrue during deferments, but no payments shall be due while in class and through the grace period. Interest is capitalized once repayment begins.
  • Fixed payment: Ascent offers a low fixed payment option of $25/month while in class and through the grace period. This helps lower the quantity of interest that accrues during school.
  • Interest-only payments: Students pays just the interest on the loan while enrolled in class and through the grace period, which keeps the loan amount from growing during school.
  • Residency deferment: In case you are accepted right into a residency, internship, clerkship, or fellowship program, you may elect to defer payments in your loans through the program. The utmost deferment is 48 months. Interest will still accrue during deferment. 
  • Military deferment: Military and National Coast Guard members are eligible for deferment during lively duty for as much as 36 months (cumulative). Interest will still accrue during deferment.

Ascent offers a nine-month grace period for graduates, 12 months for graduates from dental school, and as much as 36 months for graduates of medical school. 

Rewards

Ascent offers several rewards to student borrowers.

  • Money-back bonus: Ascent provides a 1% cash-back bonus upon graduation in the shape of a direct deposit. Students who graduate with the degree that was used on the loan application and who’re enrolled in automatic payments are eligible. Loans may not have been refinanced or consolidated to earn this reward.
  • Student referral: Ascent pays as much as $525 for funded loan referrals, and the person signing up will receive a $100 reward as well.
  • $10,000 profession giveaway: Students can enter this giveaway by submitting a 30- to 90-second video on how they’d use the winnings to pursue their dreams.

Loan Forbearance and Discharge Options

Ascent offers several loan relief programs for borrowers in financial hardship:

  • Forbearance: Borrowers can apply for forbearance as a result of financial or administrative hardships, including job loss, bankruptcy, death of a loved one, or other reasons. Forbearance is out there for up to 3 months, and applicants can apply for as much as 4 consecutive forbearance periods in a calendar 12 months. The overall forbearance allowance over the lifetime of the loan is 24 months. Interest will still accrue during forbearance. 
  • Natural disaster/declared emergency forbearance: Ascent offers a three-month forbearance for government-declared emergencies and natural disasters or military mobilization. Interest will accrue and capitalize at the tip of the forbearance term.
  • Loan forgiveness and discharge: Within the event of the borrower’s death or total and everlasting disability, Ascent will discharge the remaining student loan balance.


Is Student Loan Refinancing Available?

No, Ascent doesn’t offer student loan refinancing.


Customer Service

Ascent offers an honest library of help documentation on its website, and support via an automatic chatbot as well. You may as well send an email or call the lender directly at (877) 216-0876 to talk with a dedicated Ascent representative, from Monday to Thursday, 7 a.m. to five p.m. Pacific Time, and Friday from 7 a.m. to 4 p.m. PT. 

Launch Servicing is the servicer of Ascent’s loans, and it’s available Monday to Sunday, 8 a.m. to eight p.m. Central Time. You possibly can email customerservice@launchservicing.com, call (877) 354-2629, or visit the web site at launchservicing.com.

The Consumer Financial Protection Bureau (CFPB) didn’t include Ascent, nor its funding bank (Bank of Lake Mills) or Launch Servicing in its annual consumer report.


Applying for an Ascent Student Loan

Students and/or co-signers can apply for a student loan online. This includes submitting your personal and financial information for pre-approval, then completing the complete application for final approval and funding. Ascent also considers your earnings potential and academic achievements for its outcomes-based loans.

A number of the information you have to to supply includes:

  • Social Security number
  • School information
  • Employment information (including income)
  • Recent tax returns
  • Government-issued photo ID
  • Debt information

Ascent requires that applicants complete a financial wellness course prior to approval. Once your application is complete and documents are uploaded, it is going to be manually reviewed (which generally takes one to 2 business days). Once your loan is approved, Ascent will request certification out of your school before disbursing the loan.



Alternative Decisions

  Ascent Juno  Residents Bank 
Loan types Offered Undergraduate; graduate Undergraduate; graduate; parent Undergraduate; graduate; parent; skilled; medical; bar study
Undergraduate fixed APR  4.48%–15.38%  Starting at 3.24%  4.43%–12.86% 
Undergraduate variable APR  5.94%–15.83%  Starting at 0.94%  5.98%–14.05% 
Origination/administrative fee  None  None  None 
Repayment options  Deferment; fixed; interest-only; full payment  Deferment; fixed; interest-only; full payment  Deferment; interest-only; full payment 
Refinancing available  No  Yes  Yes 


Final Verdict

Ascent offers flexible loan terms, together with the chance to use with no co-signer or credit history and still have an honest shot of approval. Its unique outcomes-based loans offer as much as $20,000 in funding to junior and senior students who’re hoping to qualify on their very own merits. Ascent does charge higher rates than other lenders, nevertheless, especially for the credit-based and outcomes-based loans. There are also no refinancing options available. 

Overall, Ascent is a very good option for borrowers with no credit history, or international students who wish to qualify with no co-signer. Just expect to pay higher rates.

Ascent is value trying out, but there are numerous other student loan lenders on the market. Skip the search and try our picks for the most effective student loans online.



Methodology

Investopedia is devoted to providing consumers with unbiased, comprehensive reviews of student loan lenders. We collected 1000’s of knowledge points across 30 lenders—including loan types, rates of interest, fees, loan amounts, and repayment terms—to be sure that we help readers make the fitting borrowing decision for his or her education needs.

Ascent’s undergraduate and graduate student loans are funded by Bank of Lake Mills or DR Bank, each Member FDIC. Loan products might not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: www.AscentFunding.com/Ts&Cs. Rates are effective as of seven/1/2023 and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 1.00% (for undergraduate outcomes-based loans). Automatic Payment Discount is out there if the borrower is enrolled in automatic payments from their personal checking account and the quantity is successfully withdrawn from the authorized checking account every month. For Ascent rates and repayment examples please visit: AscentFunding.com/Rates. 1% Money Back Graduation Reward subject to terms and conditions. Cosigned Credit-Based Loan student must meet certain minimum credit criteria. The minimum rating required is subject to alter and should rely on the credit rating of your cosigner. Lowest APRs require interest-only payments, the shortest loan term, and a cosigner, and are only available to our most creditworthy applicants and cosigners with the best average credit scores.


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