Paying for college can feel overwhelming, especially if you don’t have a cosigner or a long credit history. Many lenders make it tough for students to qualify on their own, forcing them to rely on family members or accept less-than-ideal loan terms. Ascent changes the game by offering student loans for both independent borrowers and those with a cosigner, giving more students access to funding.
Ascent goes beyond just providing loans—it rewards responsible borrowers. You can earn 1% cash back when you graduate, apply for cosigner release after just 12 months of on-time payments, and take advantage of graduated repayment plans to make payments more manageable after school.
With competitive rates and no fees for application, origination, or early payoff, Ascent is a student-friendly lender designed to help you finance your education without unnecessary costs.
This review covers Ascent’s loan options, eligibility requirements, repayment plans, and unique benefits to help you decide if it’s the right choice for you.
Ascent Student Loan Options
Ascent offers two private student loan options: cosigned loans and non-cosigned loans. Each option has different eligibility requirements, loan limits, and benefits. Knowing these differences can help you choose the best fit for your financial situation.
Cosigned Student Loans
If you don’t have an established credit history or steady income, applying with a cosigner can improve your chances of approval and may help you secure a lower interest rate. Ascent’s cosigned loans can cover up to 100% of your school’s certified cost of attendance, including tuition, fees, and living expenses.
Borrowers with a cosigner may qualify for lower interest rates, and after making 12 consecutive on-time payments, you can apply to release your cosigner from the loan. This allows you to take full responsibility for the loan while building your own credit history.
Non-Cosigned Student Loans
For students who want to borrow on their own, Ascent offers non-cosigned loans based on either credit history or future earning potential. These loans are available to U.S. citizens, permanent residents, and DACA recipients who are juniors, seniors, or graduate students enrolled at least half-time in a degree program.
Non-cosigned loan amounts are capped at $20,000 per academic year to help students borrow responsibly and keep repayment manageable. This limit also reduces risk for the lender, making it possible for more students to qualify without a cosigner.
By considering your financial situation, credit history, and future income potential, you can decide which Ascent loan option works best for your education and long-term financial goals.
Ascent Student Loans: Fees and Interest Rates
Knowing how much your student loan will cost is just as important as getting approved. Ascent offers competitive rates with a simple, transparent fee structure so you won’t have to worry about extra charges adding to your debt.
No Hidden Fees
Unlike some lenders, Ascent keeps costs low by eliminating common fees:
- Application fees: None
- Origination fees: None
- Disbursement fees: None
- Prepayment penalties: None
This means you can focus on paying off your loan without worrying about unexpected charges.
Competitive Interest Rates
Ascent offers both fixed and variable interest rates, depending on the type of loan and whether you apply with a cosigner.
Cosigned Loans:
- Fixed rates: Typically start lower than non-cosigned rates
- Variable rates: Usually lower than non-cosigned rates
Non-Cosigned Loans:
- Fixed rates: Higher than cosigned loan rates
- Variable rates: Can be lower initially but may increase over time
Applying with a creditworthy cosigner can help you secure a lower rate, making your loan more affordable over time.
Fixed vs. Variable Rates
When choosing an interest rate, consider how much risk you’re comfortable taking.
- Fixed rates: Lock in a steady monthly payment, so you won’t have to worry about market changes affecting your rate.
- Variable rates: Often start lower than fixed rates, but they can go up or down depending on market conditions, which means your payment could change.
If you prefer predictable payments, a fixed rate may be the better option. If you’re comfortable with some risk in exchange for potential savings, a variable rate could work in your favor.
By knowing how Ascent structures its fees and interest rates, you can make a more informed decision about borrowing for college.
Exclusive Benefits of Ascent Student Loans
Ascent offers several benefits to support students financially and academically.
1% Cash Back Graduation Reward
After graduating, you can receive a cash reward equal to 1% of your original loan amount. For example, with a $10,000 loan, you’d get $100 back. This reward provides an extra incentive to complete your degree.
Automatic Payment Discount
Enrolling in automatic payments can reduce your interest rate. Borrowers receive a 0.25% discount on credit-based loans or a 1.00% discount on undergraduate outcomes-based loans. This can lower your monthly payments and the total interest paid over time.
Refer-a-Friend Program
Ascent’s referral program allows you to earn money by inviting friends to apply for a loan. Here’s how it works:
- Earn $25: When a friend uses your referral code to apply and gets conditionally approved.
- Earn an additional $500: If their loan is approved and funded.
- Your friend earns $100: Upon their loan’s approval and funding.
There’s no limit to the number of friends you can refer, making it a great way to earn extra cash.
Monthly Scholarship Giveaways
Ascent offers monthly scholarship opportunities to help with educational expenses. Applying is straightforward, often requiring minimal effort, and winners are selected regularly. This initiative aims to support students beyond loans, easing the financial burden of education.
These benefits reflect Ascent’s commitment to providing financial support and rewarding responsible borrowing.
Application Requirements and How to Apply
Knowing what it takes to qualify for an Ascent student loan can help you prepare in advance and improve your chances of approval.
Application Requirements
- Enrollment Status: You must be enrolled at least half-time in an eligible undergraduate or graduate program.
- Loan Amounts: Borrow between $2,000 and the total cost of attendance, as certified by your school. The minimum loan amount for borrowers in Massachusetts is $6,001.
Credit and Income Criteria
- Cosigned Loans:
- Student borrowers: Must meet minimum credit score requirements, which vary based on the cosigner’s credit profile.
- Cosigners: Must be U.S. citizens or permanent residents with at least two years of credit history and meet the minimum credit score. They also need a minimum gross annual income of $30,000, with proof of income for the past 12 months.
- Non-Cosigned Loans:
- Credit-based loans: Students need more than two years of credit history and must meet a minimum credit score.
- Outcomes-based loans: Available to juniors and seniors without a credit score or with limited credit history. Eligibility is based on GPA, program, and expected graduation date.
Income Requirements
- Cosigned Loans: The cosigner must have a minimum gross annual income of $30,000.
- Non-Cosigned Loans: Students must earn at least $30,000 per year and meet specific debt-to-income ratio requirements.
How to Apply
Getting started with an Ascent student loan is a straightforward process, and knowing what to expect can help you move through it smoothly.
- Pre-Qualification: Check your eligibility and potential rates without affecting your credit score.
- Complete the Application: Provide personal, financial, and academic details.
- Select Loan Terms: Choose between fixed or variable interest rates and pick a repayment plan.
- Submit Documentation: Upload proof of income and enrollment verification.
- Review and Sign: Carefully review loan terms before signing the agreement.
Once approved, funds are sent directly to your school based on its disbursement schedule. Being prepared with the right information can help you secure the funding you need for your education.
Bottom Line
Ascent offers flexible student loan options for both independent borrowers and those with a cosigner, making it a strong choice for students who may not qualify elsewhere. With competitive rates, no fees, and unique perks like a 1% cash-back graduation reward, Ascent provides more than just funding—it helps students build a solid financial foundation.
The ability to apply without a cosigner, release a cosigner after 12 on-time payments, and access repayment options tailored to different financial situations makes Ascent a standout among private lenders. Borrowers should compare rates and terms to ensure Ascent is the best fit for their needs.
If you’re looking for a lender that rewards responsible borrowing and offers flexible repayment options, Ascent is worth considering. Checking your eligibility takes only a few minutes and won’t impact your credit score, so you can explore your options without risk.