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The bottom line: Ascent Undergraduate Student Loans provides a variety of repayment term lengths on its student loans and low minimum interest rates on fixed-rate loans. You may also qualify for a 1% cash-back reward that will be paid to you after graduation.
Who is Ascent Best For?
Ascent is a good option for borrowers who are looking for a wide range of repayment options and want to avoid some fees. You can take as many as 15 or as few as five years to pay back an undergraduate student loan from Ascent. The lender also allows you to either defer payments, make smaller payments, or pay interest only while enrolled in school. Ascent also doesn’t charge an origination fee or a fee for paying back your loan early.
Ascent Student Loans Details
Ascent Undergraduate Student Loans has student loans for many degree types, including undergraduate, graduate, law, medical, dental, PhDs, and MBAs. You can get a loan with or without a cosigner, but you’ll need to qualify based on your income and credit if you don’t have one. You can apply to release your cosigner after two years of consecutive, on-time payments.
Before you apply for any private student loan from Ascent or any other lender, first seek out federal student loan options. You can usually get better terms and protections through the government.
You need to meet the following qualifications to get a student loan:
Be a US citizen, permanent resident, a temporary resident with an eligible cosigner, or have DACA status Be enrolled in a school within Ascent’s network half-time or morePass a credit check or have a cosigner who can pass oneHave a minimum income of $24,000 for the current and previous year from you or your cosignerWithout a cosigner, have two years of credit history
There are several options for contacting Ascent’s customer support. You can call the company from 6:00 a.m. to 6:00 p.m. PST Monday through Thursday, or 7:00 a.m. to 4:00 p.m. PST on Friday and Saturday. You can also email the lender, or send physical mail to its address in San Diego.
Ascent Student Loans Repayment Options
You have three options to repay your Ascent student loan after you’ve taken it out: deferred, minimum, and interest-only. Each option has its advantages for different types of borrowers.
DeferredMinimumInterest-only
No payments while enrolled at least half-time in school and during nine-month grace period
Unpaid interest accrues
Interest is capitalized at the end of deferment period
Highest overall cost
Pay $25 per month while in school and during nine-month grace periodUnpaid interest accruesInterest is capitalized at the end of fixed monthly payment periodLow in-school paymentsPay loan’s interest monthly while in school and during nine-month grace periodModerate in-school paymentsLowest overall cost
With deferred payments, you won’t pay off any of your balance until after the grace period, so it will be the most expensive option as a whole. Interest-only payments will cost the most while you’re in school, but it will cost the least overall because you won’t accrue any interest while in school.
Ascent Undergraduate Student Loans
Ascent Undergraduate Student Loans has several repayment options for its undergraduate loans, with terms of five, seven, 10, 12, and 15 years available. The minimum rates on its fixed undergraduate student loans are lower than many competitors’ rates. You may qualify for a 1% cash-back reward with Ascent after graduating.
Ascent Graduate Student Loans
Ascent Graduate Student Loans graduate student loans have repayment terms of five, seven, 10, 12, 15, and 20 years available. Ascent has a lower minimum APR on fixed loans than many other competitors do on its graduate loans, but its maximum APRs on both fixed and variable are higher than what you can find elsewhere.
Ascent Student Loans Pros and Cons
ProsCons
Many repayment term lengths
No origination fee or prepayment penalty
Low minimum fixed interest rates
May qualify without a cosigner
Cash-back reward
Late payment penalty
Higher rates for non-cosigned loans
How to Apply for an Ascent Student Loan
1. Collect the required documents and information. This includes your Social Security number, your school of enrollment, your major field of study, the loan amount you need, your address, and certain financial documents.
2. Fill out Ascent’s online application. You can complete the application in just several minutes. After doing so you’ll get your prequalified rates without affecting your credit score.
3. Review loan offers and pick the one you can afford. After you submit your information, Ascent will give you different term options. A shorter term length means larger monthly payments — but you’ll save more in interest.
4. Accept your loan terms and plan for repayment. After you sign the document accepting your loan terms, your loan will be approved and funded. Make sure you’ve worked your loan payments into your budget — late payment may add significant costs to your loan.
Ascent Student Loans FAQs
What is the student loan limit for Ascent?
Ascent provides as much as $200,000 for undergraduate and graduate credit-based Loans and $20,000 for undergraduate non-cosigned outcomes-based loans.
Can you pay off an Ascent student loan early?
Ascent allows you to pay off your student loans early without penalty.
What GPA do you need to get an Ascent student loan?
Ascent requires you to maintain GPA of at least 2.9 and meet your school’s satisfactory academic performance in order to qualify for its student loans.
Is Ascent student loans legit?
Ascent Undergraduate Student Loans has an A+ rating from the Better Business Bureau, indicating that the lender effectively replies to consumer complaints, is honest in its advertising, and is open about business practices. However, an excellent BBB rating doesn’t guarantee you’ll have a good experience. Be sure to check online customer reviews and see if any of your friends and family have experiences with the lender.
Ascent Student Loans Competitors
Ascent Undergraduate Student Loans has low minimum fixed rates, but higher minimum rates on variable loans than comparable lenders — though your rates will depend on your unique financial situation. However, if you or your cosigner don’t have the best credit score, Ascent’s maximum rates on both variable and fixed undergraduate loans are lower than competitors. Here’s how Ascent compares:
Ascent vs. College Ave
College Ave is the only company among the three competitors listed here that allows you to make full payments on your loan while you’re in school. All three comparable competitors offer deferred, fixed, and interest-only repayment options.
You can pick a repayment term length of five, eight, 10, or 15 years with College Ave undergraduate loans, while Ascent offers term lengths of five, seven, 10, 12, and 15 years.
Ascent vs. Sallie Mae
While Ascent offers term lengths of five, seven, 10, 12, and 15 years on its undergraduate loans, Sallie Mae will assign you a term length of either five, 10, or 15 years.
How we Rated Ascent Student Loans
We rate all personal loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:
Interest rate (20% of rating)Fees (20% of rating)Term lengths and loan amounts (15% of rating)Funding speed (15% of rating)Borrower accessibility (15% of rating)Customer support (7.5% of rating)Ethics (7.5% of rating)
Each category’s weighting is based on its importance to your borrowing experience. Rates and fees have the most direct impact on the overall cost of your loan, so we weigh those the most heavily. Customer support and ethics are still very important parts of the borrowing experience, but do not directly tie to a personal loan’s terms, so they have less of an impact on the overall rating.
See our full ratings methodology for student loans »