Ascent Funding Review 2024
Ascent Funding is one of the few student loan lenders that allow borrowers to qualify for loans without having a co-signer.
Ascent is a good option for borrowers with a limited credit history and for international students who may not qualify for other types of loans.
The company offers multiple payment options depending on the loan type. You can pay only the interest on the loan while you’re still in school and make full payments when you graduate or pay nothing until your grace period ends.
Ascent also offers the choice of making fixed monthly payments while you’re still in school and continuing with full payments when you graduate.
While Ascent’s eligibility criteria make it easy to qualify for a loan, its loans may be more expensive than other providers.
How We Rate Ascent Funding
At Financer.com, all lenders go through a thorough research and review process. Here’s how we rate Ascent Funding:
Category | Rating |
---|---|
Affordability | ⭐⭐⭐ |
Application process | ⭐⭐⭐⭐ |
Loan terms | ⭐⭐⭐⭐ |
Transparency | ⭐⭐⭐⭐ |
Customer support | ⭐⭐⭐⭐ |
Overall | ⭐⭐⭐⭐ |
Do We Recommend Ascent Funding?
Yes, we recommend Ascent Funding as a reliable lender. Skip to our full review below and see how we rate Ascent Funding.Want to skip the details? Jump to our final verdict here.
Ascent Funding Overview
Ascent Funding is a private lender that offers student loans for U.S. and international students. They offer both graduate and undergraduate loans as well as loans for coding boot camps.
Ascent was created to increase access to student loans for borrowers who might not be qualified for other types of financial aid. For instance, they work with foreign students as well as those without credit records.
While Ascent Funding processes loan applications, it is not a direct lender; the Bank of Lake Mills issues its undergraduate and graduate loans, and Launch Servicing is responsible for loan servicing.
Loan offerings range from $2,001 to $200,000 and APRs start from 5.74%. Ascent offers fixed and flexible APR and flexible payment options.
Borrowers in all 50 states can apply. Both co-signed and non-co-signed options are available. However, borrowers who apply with a co-signer can be eligible for lower rates than those who do not.
Here’s a quick summary of Ascent Funding:
Overview | Features |
---|---|
Loan type: | Student loans |
Loan amount: | $2,000 to $400,000 |
Loan term: | Up to 20 years |
APR: | From 5.74%. |
Min. credit score: | None |
Monthly fees: | None |
Payout time: | One business day |
Weekend payout: | No |
Requirements: | U.S. citizen, permanent resident, DACA student Co-signer required for international students Age of majority in your state of residence Enrolled in an Ascent-approved school |
Ascent aims at increasing access to student loans for borrowers who might not qualify for other types of financial aid. For example, they work with foreign students as well as those without credit records.
While Ascent Funding processes loan applications, it is not a direct lender; the Bank of Lake Mills issues its undergraduate and graduate loans, and Launch Servicing is responsible for loan servicing.
Want to find out more about the full range of offerings? Read our Ascent Funding review below or view Ascent Funding reviews from customers.
Ascent Funding Pros and Cons
Here are some of the pros and cons of Ascent Funding as a lender:
Pros
- Qualify for a student loan without a co-signer
- Up to 24 months of financial hardship forbearance
- Apply without hurting your credit
- Borrowers can qualify for a 1% cash back graduation reward
- International students can apply with a qualified co-signer
Although federal student loans tend to have lower interest rates, they have stricter borrowing requirements, which is why a student loan from Ascent could be a good option.
Another point to note is that where other lenders make it difficult to apply if you don’t have a relative or co-signer with good credit, Ascent makes it easier. You can apply on your own, without needing a co-signer.
Ascent private student loans are available for undergraduate and graduate students, and international students can also apply.
-
Ascent student loans has higher interest rates than some other lenders
-
Not all schools are eligible for financing
Cons
Although Ascent Funding loans are easier to access compared to other lenders, they are accompanied by higher interest rates.
What’s more, only students enrolled in Ascent-approved schools are eligible for a loan offer.
Who Is Ascent Funding For?
Ascent Funding is for borrowers that may not qualify for other forms of financial aid. Ascent’s eligibility criteria mean that even borrowers with limited credit histories can qualify for a loan. For example, Ascent Funding is a good option for international students looking for education loans.
If you’re looking for the best loan rates and you have an excellent credit score, you may want to consider other lenders that can offer you competitive rates.
Eligibility Requirements
To qualify for a loan offer from Ascent, you have to meet the following criteria:
- Be a U.S. citizen, permanent resident, DACA student, or international student.
- Have a U.S. citizen or permanent resident as a co-signer if you are an international student.
- Have at least 2 years of credit history and earn at least $24,000 per year or have a co-signer that meets that requirement.
- You must be the age of majority in your state of residence.
- Must be pursuing a bachelor’s or graduate-level degree in an Ascent-approved institution.
Who It’s For
Ascent Funding may be a good option for you if:
- You have a limited credit history
- You are an international student
- You don’t qualify for other types of financial aid
- You’re looking for a loan with a longer grace period
Who It’s Not For
Ascent Funding may not be a good option for you if:
- You want the lowest APR rates
- You are not enrolled in an Ascent-approved institution.
How to Apply for an Ascent Student Loan
Applying for an Ascent loan is a simple and straightforward process. Here are the steps:
Visit the Website and Submit Your Details
Go to the Ascent Funding website and click on the ‘Apply Now’ button.Get a Decision Based on Your Submission
You will get a preliminary decision based on the information you submitted.Choose a Loan
Choose a loan and complete the full application.Wait for Your Application to be Reviewed
Once you are done with the application, Ascent will review your information and contact your school for certification.Sign the Agreement and Upload to the Portal
Next, you will need to sign the agreement and upload it to the portal.What To Consider Before Applying
- Before applying for an Ascent loan, ensure you are enrolled in an Ascent-approved institution.
- Decide whether you want a fixed or variable interest rate and decide which repayment plan suits you best.
Ascent Funding Fees
- Ascent only charges late payment fees of five percent of the total payment (or $10) and a flat fee of $15 for returned payments. There are no early payments, extra payments, or origination fees.
- APRs differ depending on the kind of loan you are applying for. APRs for cosigned loans range from 4.62% to 14.91% for fixed rates or 5.74% to 14.51% for variable rates.
- APRs for credit-based student loans range from 9.63% to 16.16% for fixed rates or 9.39% to 15.76% for variable rates.
- APRs for outcome-based student loans range from 12.52% to 14.01% for fixed rates or 12.25% to 14.21% for variable rates.
Ascent Funding Payment Terms
Ascent’s repayment terms range from 5 years to 20 years depending on loan type. The lender offers multiple repayment options such as:
- Interest-only payments: Pay only the interest on the loan while you are in school and make full payments when your graduate. Paying only the interest on your loan keeps the loan amount from growing while you’re in school.
- Deferred payments: Pay nothing until your nine-month grace period ends (twelve months for dental students). If you choose to defer payments, the interest on your loan will accrue but no payments will be due before the expiration of the grace period.
- $25 payments: Make fixed monthly payments of $25 per month while you are still in school and make full payments when your grace period ends. By making $25 payments while you’re in school and during the grace period, you will lower the amount of interest on your loan.
How Financer.com Rates Ascent Funding
Is Ascent Funding legit? Yes, at Financer.com we recommend Ascent Funding.
At Financer.com, all lenders go through a thorough research and review process. We don’t make recommendations lightly.
Ascent student loans are affordable and the company is a reliable lender. Apart from offering traditional co-signed loans, non-co-signed credit-based loans, and non-co-signed future income-based loans, Ascent is also among the best when it comes to payment flexibility.
It’s easy to see if you qualify without hurting your credit and we believe that Ascent student loans can be a good option for students with a creditworthy co-signer.
One drawback of Ascent private student loans is that interest rates are somewhat higher, especially if you don’t have a co-signer.
That being said, Ascent Funding is definitely a good choice for borrowers looking for private student loans that don’t require a co-signer.
Application process
Applying for an Ascent loan is an easy and straightforward process. However, it can take time for your loan application to be approved since Ascent usually contacts your school to certify the loan.
Costs
Ascent only charges late payment fees of five percent of the total payment (or $10) and a flat fee of $15 for returned payments. There are no early payments, extra payments, or origination fees.
APRs start at 4.62% (fixed) and 5.74% (variable) and are capped at 16.16% (fixed) and 15.76% (variable).
Payments
Ascent Funding offers repayment terms that range from 5 years to 20 years depending on loan type.
Customer Service
Ascent provides customer service via phone, email, and an automated chatbot on the site. The lender also has a library of help documentation on its site.
For inquiries or complaints, you can contact Ascent directly at (877) 216-0876 to speak with an Ascent official from Monday to Thursday (7 am to 5 pm PST) and Friday (7 am to 4 pm PST).
You can also send an email to [email protected].
Privacy and Security
Due to the sensitive nature of the information it collects, the Ascent site is secured via 256-bit encryption security.
Ascent Funding – FAQs
How much can I apply for?
Can I get a student loan without a co-signer?
What can I use my student loan for?
Can international students apply for a loan?
Ascent Funding Alternatives
Here’s a list of alternatives to Ascent Funding and how they compare:
Lender | Reviews | Loan Amount | APR | Max. Loan Term | Bad Credit? |
LendKey | View | $5,000 – $300,000 | 4.49-10.68% | Up to 20 years | No |
SoFi | View | $5,000 to $100,000 | 4.49% to 13.80% | Up to 15 years | No |
Upstart | View | $1,000 to $50,000 | 6.50% – 35.99% | Up to 5 years | Yes |
Earnest | View | $1,000 to 100% of school cost | 4.79% to 13.50% | Up to 15 years | No |
Should you take a loan with Ascent Funding?
If you are looking for a student loan and have a limited credit history or are an international student studying in the U.S. then Ascent is one of the few providers out there with eligibility criteria that you can easily qualify for.
Ascent’s payment terms mean that you can defer payments until you graduate or alleviate your debt burden with fixed $25 payments monthly.
You can also choose to pay only the interest on the loan while you are in school and make full payments when your graduate.
Read more Ascent Funding reviews from customers below or add your own.
More User Reviews – Add Your Rating
Read more reviews on Financer.com from verified users below.
Have you used Ascent before? Leave your review now.