Ascent Student Loans

If you're asking how anyone is paying for college, it may be helpful to learn that in 2019, two-thirds of college students took out student loans, either private or federal.

As college costs keep rising, these loans can help get students into their dream colleges that will propel them to future success.

As for how to pay for college, this article will review Ascent private student loans and what they offer. They've been around for a while, offering cosigned and non-cosigned loans, and can help students doing school full or half-time.

Eligibility Requirements

For cosigned loans from Ascent, you need to:

• Be enrolled in a university program at least part-time
• Have cosigners with U.S. citizenship (or permanent residency)
• Your cosigners must earn a minimum of $24,000/year
• Meet other standards in their application that is not published

To apply for a non-cosigned loan:

• You must have excellent credit
• You must have two years worth of credit history

OR, if you're a junior, senior, or graduate student, you may qualify based on your future income prospects. Having a job lined up after college with a guaranteed salary can be used to leverage your loan.

Naturally, this makes these loans particularly appealing to students nearing the end of university, rather than those looking for loans early on.

Ascent Private Student Loans Details

Ascent offers loans with competitive rates even amongst the best student loans. Despite this, they come with some notable limitations that separate them from the competition.

Applicants: These loans are open to undergraduate, graduate, and professional students.

Minimum Credit Score: Ascent does not reveal its minimum credit score requirement. However, the number of funds doled out from their loans is credit-dependent, meaning you may qualify for some funds even with low credit.

Fees: There are no prepayment or origination fees. Late fees will be charged on delayed payments.

Loan Term for Cosigned Loans: 5-15 years for variable rate loans, 5 or 10-year terms with fixed-rate loans.

Loan Term for Non-Cosigned Loans: 10 or 15 years.

Application Fees: None.

Cosigner Required: No.

Cosigner Release: Yes. After two years of on-time payments and you meet the financial qualifications to get a loan of your own (and set up autopay) you can be released from under your cosigner.

Grace Period: Nine months.

Repayment Options

There are four repayment options.

1. Minimum Flat Payment: Pay a set $25 per month, while in school.
2. Deferred Repayment: Don't pay interest or principal until after school. Interest accrues at the fastest rate this way.
3. Interest-only: Pay only monthly interest charges in school, preventing the balance from growing during school.
4. Graduated Repayment: This allows you to make smaller payments at the beginning, and larger payments at the end of the loan. This helps scale the cost when you're earning less during school.

Finally, if you enroll in autopay you can earn yourself a 0.25% interest rate reduction, automatically.

Maximum Loan and Interest Rates

Ascent loans don't require a hard credit inquiry. When applying for loans, simply fill out their application.

You'll receive a preliminary decision shortly after and they'll let you know how much you qualify for and what the rate is. The minimum loan amount you can qualify for is $1,000. The maximum is $200,000 and is credit-dependent.

Fixed APR Range: 3.34%-12.99%

Variable APR Range: 1.04%-11.98%

Note: variable rates can increase over the life of a loan. A fixed APR loan will not change.

Apply for Student Loans

Don't let the cost of your dream school frighten you from thinking you can't go there. The best private student loans are out there, and though they require time to discern which is best for you, the effort is worth it.

Ascent, while an option for any undergrad, is particularly great for those at the end of college with budding careers in sight.

If this isn't you, that's okay. Keep comparing the best student loans with one another. Paying for college isn't impossible and there are lenders who want to help you achieve your dreams.

Disclosure

Ascent Student Loans are funded by Richland State Bank (RSB), Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: AscentStudentLoans.com/Ts&Cs. Rates are effective as of 05/14/2020 and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 2.00% (for undergraduate future income-based loans). Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent rates and repayment examples please visit: AscentStudentLoans.com/Rates. 1% Cash Back Graduation Reward subject to terms and conditions. Click here for details. Cosigned Credit-Based Loan student borrowers must have a minimum credit score. The minimum score required is subject to change and may depend on the credit score of your cosigner.