Ascent Student Loans Review
Ascent offers private student loans to help students pay for their education. Ascent is part of Goal Structured Solutions (GS2), a company that has provided over $26 billion in student loans. They not only fund university loans but also support over 400 bootcamp and accelerated learning programs. What's great about Ascent is that they have flexible credit score requirements, which means more students can qualify for loans. They also offer customized products and services to help you become financially literate.
Loan Specifics
Ascent offers two types of loans: cosigned and non-cosigned. Good news is, there are no fees or prepayment penalties associated with either loan. You can choose from multiple repayment options and decide between fixed or variable interest rates. If you're going for an undergraduate loan, they even give you a 9-month grace period. And if you need a break from payments due to certain circumstances, they offer forbearance.
Keep in mind that rates will vary based on whether you have a cosigner or not. Having a cosigner can sometimes be helpful, so make sure to check the rate details.
Here's a summary of the loan specifics:
- Loan Types: Undergraduate and Graduate
- Loan Amount: $2,001 minimum, up to $400,000 maximum
- Loan Term: Varies depending on the type of loan
- Interest Rates: Fixed or Variable
- Repayment Options: Deferred, Fixed, or Partial Interest
- Grace Period: 9 months for undergraduate loans
- Deferment or Forbearance: Available under certain circumstances
- Cosigner Release: Available in some cases
Qualifications
Ascent has a broad set of eligibility criteria, including things like creditworthiness, your school, program, graduation date, major, and whether you have a cosigner. You'll also need to complete an online financial literacy course. To be eligible, you must be enrolled at least half-time in a degree program at one of the 2,300+ eligible institutions. You can be a U.S. citizen, U.S. permanent resident, DACA recipient, or U.S. temporary resident. Your cosigner, if you have one, must be a U.S. citizen or U.S. permanent resident.
Customer Experience and Reputation
Ascent offers a top-notch customer experience. They have a user-friendly loan technology platform that makes it easy to compare loans and apply. They serve both U.S. and international students, including DACA residents. In fact, they've been recognized as one of the best private student loan providers by various organizations like U.S. News, Money.com, Forbes, and more. And the best part? You can check your prequalified rates without it affecting your credit score. So, you can shop around and compare loan opportunities hassle-free.
Oh, and let's not forget about the perks! Ascent offers an auto-pay award discount of 0.25% off your interest rate for both loans. Plus, they have a 1% Cash Back Graduation Reward. Cha-ching!
When it comes to the company behind Ascent, Bank of Lake Mills is the funding institution. They've been in the business for almost 40 years and have an "A+" rating from BBB (Better Business Bureau) with just one negative review. Unfortunately, there are no Trustpilot ratings or reviews available for Bank of Lake Mills.
Company's Disclosure
Ascent's undergraduate and graduate student loans are funded by Bank of Lake Mills or DR Bank, each Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations, terms and conditions may apply for Ascent's Terms and Conditions please visit: AscentFunding.com/Ts&Cs.
Rates displayed above are effective as of 11/1/2024 and reflect an Automatic Payment Discount of 0.25% for credit-based college student loans and 1.00% discount on outcomes-based loans when you enroll in automatic payments. The Full P&I (Immediate) Repayment option is only available for college loans (except for outcomes-based loans) originated on or after June 3, 2024. For more information, see repayment examples or review the Ascent Student Loans Terms and Conditions. The final amount approved depends on the borrower's credit history, verifiable cost of attendance as certified by an eligible school, and is subject to credit approval and verification of application information. Lowest interest rates require full principal and interest (Immediate) payments, the shortest loan term, a cosigner, and are only available for our most creditworthy applicants and cosigners with the highest average credit scores. Actual APR offered may be higher or lower than the examples above, based on the amount of time you spend in school and any grace period you have before repayment begins. 1% Cash Back Graduation Reward subject to terms and conditions. For details on Ascent borrower benefits, visit AscentFunding.com/BorrowerBenefits. The AscentUP platform is only available to eligible Ascent borrowers and subject to terms and conditions.
