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  • Student loans of up to $200,000
  • Simple 4-step application process
  • International students are eligible with a qualified co-signer
  • Affordable rates and auto-pay discounts

Ascent Funding Review 2022

Ascent Funding is one of the few student loan lenders that allow students to qualify for loans without having a co-signer.

Even with a limited credit history, Ascent Funding is a good choice for student loans in the U.S. as well as abroad, as Ascent accepts international students.

Read more about how Ascent student loans work and read real reviews.

What is Ascent Student Loans?

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.

Chosen 70 times
  • Student loans of up to $200,000
  • Simple 4-step application process
  • International students are eligible with a qualified co-signer
  • Affordable rates and auto-pay discounts

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.

Undergraduate Loans

Ascent has different loans for undergraduate students. You can choose the type of loan based on your credit history and income.

Credit-Based Loans

If you have a strong credit history and a reliable income, you could qualify without a co-signer. Credit-based Ascent student loans are available for graduate and undergraduate students.

Note that for non-cosigned credit-based Ascent student loans, the minimum income requirement is at least $24,000 a year.

Here’s a summary of Ascent’s credit-based student loans:

  • Loan amount: $2,001 to $200,000
  • Loan terms: From 5 – 15 years
  • APRs: Fixed rates from 4.12% or variable rates from 3.04%

Repayment Terms

There are three payment plans available:

  • Interest-only payments: Only pay towards the interest while you’re still in school. After graduation, you’ll make full payments.
  • Deferred payments: No payments for up to a nine-month grace period after graduation.
  • $25 payments: Make $25 monthly payments while you’re in college. After graduation, you’ll make full payments.

Outcomes-Based Student Loans

An outcomes-based student loan may be a good option for borrowers without established credit or co-signers.

With this option, Ascent considers a number of factors, such as your school, degree program, anticipated graduation date, GPA, and the cost of attendance, to evaluate your eligibility for a loan.

Only full-time college juniors, seniors, and graduate students are eligible for an outcomes-based loan. First- and second-year students are not.

International students are not eligible; the outcomes-based loan program is only available to students who are U.S. citizens, legal permanent residents, or Deferred Action for Childhood Arrival (DACA) recipients.

Chosen 70 times
  • Student loans of up to $200,000
  • Simple 4-step application process
  • International students are eligible with a qualified co-signer
  • Affordable rates and auto-pay discounts

If you’re looking for a loan without a co-signer you also need to maintain a good academic performance with a GPA of 2.9 or higher.

Outcomes-based student loans from Ascent Funding have higher interest rates and there are stricter borrowing limits that apply:

  • Loan amount: $2,001 to $200,000
  • Loan terms: From 5 – 15 years
  • APRs: Fixed rates from 12.79% or variable rates from 10.71%

Repayment Terms

Borrowers are enrolled in a deferred payment plan where you won’t have to make any payments until you graduate or leave school.

After you leave school your full payments will start.

Co-Signed Loans

A co-signed student loan may be a good option if you have a friend or family member with a stable income and strong credit, who is prepared to co-sign your loan application. This is because co-signed loans typically have lower interest rates than other types of loans.

Here’s a summary of Ascent’s co-signed student loans:

  • Loan amount: $2,001 to $200,000
  • Loan terms: From 5 – 15 years
  • APRs: Fixed rates from 5.12% or variable rates from 4.04%

Repayment Terms

With Ascent Funding you have three repayment options:

  • Interest-only payments: Only pay towards the interest while you’re still in school. After graduation, you’ll make full payments.
  • Deferred payments: No payments for up to a nine-month grace period after graduation.
  • $25 payments: Make $25 monthly payments while you’re in college. After graduation, you’ll make full payments.

Other Features

Ascent Funding offers other noteworthy perks for undergraduate loans, including discounts on interest rates, a longer grace period for repayments, and a graduation reward in the form of a 1% cash back if you graduate within five years.

Graduate Loans

With an Ascent private graduate student loan, you can borrow up to $400,000 to pay for all of your graduate school tuition and related costs.

With fixed or variable interest rates, an Ascent graduate loan is affordable and your repayment options start from five years up to 20 years.

Your payments will start at least nine months after graduation and you can get a 0.25% discount if you set up automatic payments.

Another perk of these graduate student loans is that borrowers can also get a 1% cash back reward upon graduation.

Ascent Funding has no application, origination, or disbursement fees.

Chosen 70 times
  • Student loans of up to $200,000
  • Simple 4-step application process
  • International students are eligible with a qualified co-signer
  • Affordable rates and auto-pay discounts

How to Qualify for an Ascent Loan

You must be enrolled at one of Ascent’s partner schools in order to be eligible for a loan. You will need to engage with another lender if your college or university is not one of the 2,600 schools and coding boot camps that Ascent partners with.

Eligibility Requirements

Ascent doesn’t specify a required debt-to-income (DTI) ratio or minimum credit score. You or your co-signer must make at least $24,000 annually and have a credit history of two years in order to be eligible.

Citizens of the U.S., lawful permanent residents, DACA students, and foreign students may apply for Ascent’s loans.

However, a U.S. citizen or lawful permanent resident must co-sign for international student applications.

Co-Signer Options

When you apply for a loan with Ascent, you can include a co-signer. Your chances of being approved can increase with the addition of a co-signer, and you may also be able to negotiate a lower interest rate.

After making 12 qualifying monthly payments, borrowers are eligible for co-signer releases. Co-signers may only be released if the borrower satisfies the lender’s underwriting requirements, and co-signer releases may not be available to all borrowers.

A co-signer release is not available to borrowers who are not citizens or lawful permanent residents of the United States.

How to Apply for an Ascent Student Loan

Step 1

Check your eligibility

You can utilize Ascent’s prequalification service to determine your loan eligibility without having your credit score affected. You can choose the loan that best suits your needs by knowing what rates and conditions you may expect.

Step 2

Choose your loan

You can finish the entire application once you’ve found the ideal loan. You will be required to submit certain personal information, including your SSN, academic records, and information about your job and income. After receiving your application, Ascent will evaluate it before making a determination. One to two business days may pass before the review is complete.

Step 3

Complete the verification

Ascent will send your loan information to your school for certification if your application is accepted. The loan amount or disbursement dates may be changed by the school. Ascent will get in touch with you and provide you with an updated loan agreement as soon as the school verifies the data.

Step 4

Sign the agreement

Review the loan agreement carefully and, if you agree with the terms, sign it. Ascent will disburse the funds directly to your school.

Summary

    Cons

  • Ascent student loans has higher interest rates than some other lenders

  • Not all schools are eligible for financing

Ascent private student loans are available for undergraduate and graduate students, and international students can also apply.

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.

Is Ascent Student Loans Legit?

Yes. Ascent student loans are affordable and the company is a reliable lender that was also named Forbes Advisor’s Best International Student Loans in 2021.

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 are best 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 without requiring a co-signer.

Read more Ascent loan reviews below or add your own review.

Ascent Funding – FAQs

How much can I apply for?

The loan amount is limited to the total cost of attendance for one full academic year. The maximum for undergraduate loans is $200,000 and for graduate loans, it’s $400,000.

Can I get a student loan without a co-signer?

Yes. It’s possible to get a student loan without a co-signer if you meet the requirements. You need to be a U.S. citizen, U.S. permanent resident or have DACA status. You also need an income of at least $24,000 annually and a credit history of at least two years. 

What can I use my student loan for?

When approved for a student loan, Ascent will send the money to the school first. They will apply the loan funds to your tuition and send any leftover money to you.

Can international students apply for a loan?

Yes, undergraduate and graduate international students can apply for student loans from Ascent.  

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