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Last update: September 25, 2024
4 minutes read
Ascent Funding: Private Student Loan Review
Explore our comprehensive Ascent Funding private student loan review, where we examine interest rates, repayment options, eligibility criteria, and additional benefits.
By Brian Flaherty, B.A. Economics
Edited by Rachel Lauren, B.A. in Business and Political Economy
Learn more about our editorial standards
Ascent Review Snapshot
BEST FOR:
Students without cosigners or established credit
VARIABLE APR
5.50% - 14.56%
FIXED APR
3.69% - 14.41%
By Brian Flaherty, B.A. Economics
Edited by Rachel Lauren, B.A. in Business and Political Economy
Learn more about our editorial standards
Looking for a student loan? Ascent Funding may be the answer. Serving a range of students, from those without cosigners to international and DACA students, Ascent is changing the game by offering outcomes-based loans. But how can you tell if Ascent is right for you? Let’s discuss.
Our final verdict
While the higher APRs may pose a challenge for some, the absence of fees and the rate reduction opportunities from auto-pay establishes Ascent Funding as a strong contender in the private student loan market.
About Ascent Funding
Ascent Funding is not just another student loan provider. At the core of their philosophy, Ascent believes you're much more than just a credit score. They've engineered unique private student loan options for undergraduates, graduates, and professionals that consider your broader potential. This refreshing perspective has landed Ascent multiple awards, such as the Best Places to Work in SoCal 2023 and the San Diego Business Journal Best Places to Work 2022.
Ascent's offerings extend beyond just conventional student loans. They're at the vanguard of loan accessibility, offering both co-signed and non-co-signed loans. And, they're pioneering with their outcomes-based loans, designed to account for your future earnings. This forward-thinking model significantly eases qualification processes, even without a co-signer.
And what truly sets Ascent apart is its dedication to your financial wellness. Their free resources and commitment to creating awareness around financing education make them a true ally on your academic journey. They're not just providing you with a loan. They're setting you up for financial success.
TuitionHero tip
Remember to borrow wisely and always explore federal loans, grants, scholarships, and work-study options before taking out a private student loan. Our user-friendly platform lets you explore and compare college financing options personalized to your unique situation.
Undergraduate loan details
Ascent provides loans that range from $2,001 up to $200,000 (aggregate) for undergraduate students. They offer fixed rates from 3.69% to 14.41% or variable rates from 5.50% to 14.56% (including the autopay discount!).
Borrowers can rest easy knowing that there are:
- No application fees
- No origination fees
- No disbursement fees
- No prepayment penalties
Adding a cosigner to your loan, such as a friend or relative with strong credit, may also be an attractive option because you may likely get a lower rate and a higher chance of approval.
Repayment options
Ascent offers various hardship and other repayment options that provide borrowers with relief during times of financial stress. Some choices include deferring payments until after graduation, making interest-only payments while in school, or temporarily making partial payments.
Grace period: No need to start making payments until 9 months after graduation
Forbearance: You can apply to pause payments during times of financial difficulty for a cumulative maximum of 24 months
Military deferment: If you are serving on active duty, you can apply to delay payments for up to 36 months cumulative
Death or disability discharge: In the unfortunate event of death or total and permanent disability, the loan is forgiven
In-school deferment: Apply to temporary delay payments while taking classes so that you can focus on your education
5.50% - 14.56%
3.69% - 14.41%
$2,001 - $200,000
5, 10, 15-year
Not Disclosed
5.50% - 14.56%
3.69% - 14.41%
$2,001 - $200,000
5, 10, 15-year
Not Disclosed
WHAT WE LIKE 
DACA and international student options available
Forbearance options for up to 24 months (cumulative)
No cosigner required
Higher-than-average autopay discount
WHAT WE DON'T LIKE 
Not all borrowers can access non-cosigned options
Some loan options come with high APRs
Parent student loans aren't offered
No loan pre-qualification tool
Autopay discount: Borrowers can get either a 0.25% (for credit-based loans) or 1.00% (for Undergraduate outcomes-based loans) interest rate reduction if payments are made by automatic payment.
Graduation reward: After graduating, you may be eligible for 1% of your loan back as a cash reward
Referral bonus: Tell your friends about Ascent, and you could earn up to $525 as a referral bonus
Added benefit: 9 months grace period after school. Thatnulls three more than most private lenders give you!
Eligibility
Who can benefit from Ascent's loan options? Here are the core eligibility requirements for their private student loans:
Age: You must be at least 18 years or the age of majority in your state of residence
Class load: You must be a college junior or senior enrolled full-time or half-time within 9-months of graduation in a degree program
Location: Available to borrowers in all 50 states and Washington, D.C.
School attended: Borrowers must attend an eligible, degree-granting school, but can be enrolled in a non-degree program (like a certificate program
Academic performance: Meet your school’s Satisfactory Academic Performance (SAP) with a 3.0+ GPA or greater
TuitionHero tip
If you're not eligible, try applying with a cosigner! Adding a cosigner to your loan application may help you get a lower interest rate and increase your chances of being approved.
Compare Ascent to other lenders
Unsure if Ascent is the right lender for you? Take a moment to check out some of their biggest competitors to see which lender works best for you.
Our top pick
Ascent
5.50% - 14.56%
3.69% - 14.41%
Disclosures
Forbearance- Military deferment
- Death or disability discharge
- Fixed repayment
- In-school deferment
- No application fees
- No prepayment penalties
- No origination fees
- No disbursement fees
Ascent
Disclosures
5.50% - 14.56%
3.69% - 14.41%
- Forbearance
- Military deferment
- Death or disability discharge
- Fixed repayment
- In-school deferment
- No application fees
- No prepayment penalties
- No origination fees
- No disbursement fees
Ascent
Disclosures
5.50% - 14.56%
3.69% - 14.41%
- Forbearance
- Military deferment
- Death or disability discharge
- Fixed repayment
- In-school deferment
- No application fees
- No prepayment penalties
- No origination fees
- No disbursement fees
Ready to get started?
Compare student loan rates from all the top lenders with zero impact to your credit score.
Customer service
Ascent Funding delivers on this front with comprehensive customer support and educational materials. The application process is completely online, simplifying the process for borrowers.
Ascent offers multiple ways to get in touch with them.
- Website: www.ascentfunding.com
- Email: ascentfunding@launchservicing.com
- Phone: 877-209-5297
- Hours: Monday to Friday, 8:00 a.m. to 5:00 p.m. CST
Frequently asked questions (FAQ
Here are some of the most common questions we get asked about Ascent.
An outcomes-based loan is a type of student loan made available to students who may need a cosigner or established credit history. Essentially, this kind of loan considers the likely income of the student post-graduation as an indicator of their ability to repay the loan. This widens loan accessibility for many students who might otherwise struggle to secure financial assistance for their education.
Yes, graduate students are typically eligible for larger loan amounts compared to undergraduate students. This is due to the recognition that graduate programs, such as master's, doctoral, or professional degree programs, often have higher tuition rates and associated costs than undergraduate programs.
In the United States, for example, federal student loan limits for graduate students are higher than those for undergraduates.
Borrowers benefit from obtaining necessary funding to pursue higher education, which can lead to enhanced career opportunities and increased earning potential over a lifetime. Student loans often offer lower interest rates and more flexible repayment terms compared to other types of consumer debt. Some loans may not require payment until after graduation, allowing students to focus on their studies without immediate financial pressure.
Additionally, the interest paid on student loans may be tax-deductible in certain jurisdictions, providing potential tax benefits. Importantly, education financed through loans can yield long-term dividends in the form of better job prospects, higher salaries, and personal growth.
Final thoughts
Ascent Funding has carved a niche for itself in the student loan market, particularly with its inclusivity and range of options. They provide an encouraging beacon for students, often left on the sidelines of traditional finance options, to take control of their educational journey.
And remember, understanding student loans comprehensively is key to making the best decisions for your future. If you found this review helpful, be sure to check out some other TuitionHero educational resources that empower students like you to make confident financial decisions for college.
Sources
Author
Brian Flaherty
Brian is a graduate of the University of Virginia where he earned a B.A. in Economics. After graduation, Brian spent four years working at a wealth management firm advising high-net-worth investors and institutions. During his time there, he passed the rigorous Series 65 exam and rose to a high-level strategy position.
Editor
Rachel Lauren
Rachel Lauren is the co-founder and COO of Debbie, a tech startup that offers an app to help people pay off their credit card debt for good through rewards and behavioral psychology. She was previously a venture capital investor at BDMI, as well as an equity research analyst at Credit Suisse.
At TuitionHero, we're not just passionate about our work - we take immense pride in it. Our dedicated team of writers diligently follows strict editorial standards, ensuring that every piece of content we publish is accurate, current, and highly valuable. We don't just strive for quality; we aim for excellence.
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