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Ascent offers unique loan options for students with or without a co-signer
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Updated September 03, 2024
Investopedia’s Rating Our Take Ascent provides unique private student loan options for undergraduates, graduates, and professionals, with a wide range of borrower relief options. Ascent offers both co-signed and non-co-signed loans, as well as outcomes-based loans that consider your future earnings, making it easier for students to qualify without a co-signer. Pros and Cons Pros No application or origination fees Can qualify for a loan based on future earnings potential Autopay discounts up to 1% Cons Higher rates for non-co-signed loans No co-signer release available for international students Only junior and senior students are eligible for outcomes-based loans Key Takeaways Company Overview Ascent is a student loan company that offers private student loans to undergraduate and graduate students (with or without co-signers). Ascent was founded in 2015 and is headquartered in San Diego, California. A fairly unique offer here is the ability for junior and senior students to qualify without a co-signer or a strong credit profile. Qualifications for Ascent’s “outcomes-based” loans are evaluated on future potential earnings, as well as how the student is performing in school. Ascent offers academic deferment while students are enrolled at least half-time in school, as well as other deferment and forbearance options for students in repayment. Ascent is available in all 50 states and Washington, D.C. overall rating 4.6 Table of Contents Ascent Student Loans Review 2024 Quick Look Pros Explained Cons Explained Loans Offered Eligibility/Approval Fees and Repayment Refinancing Customer Service How to Apply Alternatives Final Verdict Methodology Ascent offers co-signed undergraduate and graduate student loans to half-time or full-time enrolled students. The loans come with flexible borrowing terms, including 5 to 15-year term lengths (20-year terms available on select graduate programs) and a nine-month grace period. Co-signers for international student loans cannot be released from the loan. The credit-based (non-co-signed) undergraduate and graduate student loans are available to half-time or full-time enrolled students. The rates here are higher than some competitors, even if you have decent income and a great credit profile. Ascent offers a unique outcomes-based student loan program, available to full-time junior and senior students in qualified programs. The minimum and maximum borrow amounts are much smaller than the other loan options, however. The interest rates are high, but this may be a good option for students without a co-signer. Outcomes-based loans are ideal for borrowers without established credit who want to qualify based on alternate factors, such as their school, program, GPA, and academic performance. To qualify for a student loan with Ascent, you must meet the following eligibility requirements: There are also personal financial requirements considered as part of the application process: Ascent's outcomes-based loans don’t require income or credit history, but review alternate factors, including: To qualify for an outcomes-based loan, you must: Co-signers are only required for students who are not permanent U.S. residents, or who don’t meet the qualifications for credit-based or outcomes-based loans. DACA recipients can qualify for a loan without a co-signer. Ascent lets you check your rates and get pre-approved without impacting your credit score. You will need to provide a few personal details, including your full name, address, school information, and credit score. You may also need to provide income and debt details, depending on the loan you are applying for. Once submitted, you will get an instant decision on pre-approval. After the application is submitted online, Ascent will show if you are pre-approved instantly. If approved, you will then select your loan details and complete your application (which includes uploading documentation and completing a financial wellness course). Review and final approval take one to two business days on average. Ascent will then contact your school for certification, which can vary by school. Some schools don’t certify until within a few weeks of classes starting, but others complete the processes within a fixed time frame. It is recommended to apply early to avoid late payments to your school. Ascent does not charge origination, early payment, or extra payment fees. Ascent does charge late payment fees of 5% of the total payment or $10, whichever is less. There is also a flat $15 fee for returned payments. Ascent offers a 0.25% discount for setting up autopay on co-signed or credit-based loans. There is a 1% autopay discount available on outcomes-based loans.These discounts are reflected in the advertised rates. Ascent has several repayment options, depending on the loan selected and borrower qualifications. Ascent offers a nine-month grace period for graduates, 12 months for graduates from dental school, and up to 36 months for graduates of medical school. Ascent offers several rewards to student borrowers. Ascent offers several loan relief programs for borrowers in financial hardship: No, Ascent does not offer student loan refinancing. Ascent offers a decent library of help documentation on its website, and support via an automated chatbot as well. You can also send an email or call the lender directly at (877) 216-0876 to speak with a dedicated Ascent representative, from Monday to Thursday, 7 a.m. to 5 p.m. Pacific Time, and Friday from 7 a.m. to 4 p.m. PT. Launch Servicing is the servicer of Ascent’s loans, and it’s available Monday to Sunday, 8 a.m. to 8 p.m. Central Time. You can email [email protected], call (877) 354-2629, or visit the website at launchservicing.com. The Consumer Financial Protection Bureau (CFPB) did not include Ascent, nor its funding bank (Bank of Lake Mills) or Launch Servicing in its annual consumer report. Students and/or co-signers can apply for a student loan online. This includes submitting your personal and financial information for pre-approval, then completing the full application for final approval and funding. Ascent also considers your earnings potential and academic achievements for its outcomes-based loans. Some of the information you will need to provide includes: Ascent requires that applicants complete a financial wellness course prior to approval. Once your application is complete and documents are uploaded, it will be manually reviewed (which typically takes one to two business days). Once your loan is approved, Ascent will request certification from your school before disbursing the loan. We recommend completing the Free Application for Federal Student Aid (FAFSA) before applying for a private student loan, as you may qualify for grants or federal loans with more favorable terms. Ascent offers flexible loan terms, along with the opportunity to apply without a co-signer or credit history and still have a decent shot of approval. Its unique outcomes-based loans offer up to $20,000 in funding to junior and senior students who are hoping to qualify on their own merits. Ascent does charge higher rates than other lenders, however, especially for the credit-based and outcomes-based loans. There are also no refinancing options available. Overall, Ascent is a good option for borrowers with no credit history, or international students who want to qualify without a co-signer. Just expect to pay higher rates. Ascent is worth checking out, but there are many other student loan lenders out there. Skip the search and take a look at our picks for the best student loans online. Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of student loan lenders. We collected thousands of data points across 30 lenders—including loan types, interest rates, fees, loan amounts, and repayment terms—to ensure that we help readers make the right borrowing decision for their education needs. 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; and terms and conditions may apply. For Ascent Terms and Conditions please visit: www.AscentFunding.com/Ts&Cs. Rates are effective as of 9/1/2024 and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 1.00% (for undergraduate outcomes-based loans). The Full P&I (Immediate)Repaymentoption is only available for college loans (except for outcomes-based loans) originated on or after June 3, 2024. Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent rates and repayment examples please visit: AscentFunding.com/Rates. 1% Cash Back Graduation Reward subject to terms and conditions. Cosigned Credit-Based Loan student must meet certain minimum credit criteria. The minimum score required is subject to change and may depend on the credit score of your cosigner. Lowest rates require full principal and interest 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 repayment examples above, based on the amount of time you spend in school and any grace period you have before repayment begins. Article Sources Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in oureditorial policy. Ascent. "Private Student Loans With a Co-Signer." Ascent. "Private Student Loans Without a Co-Signer." Ascent. "Private Graduate Student Loans." Consumer Financial Protection Bureau. "Report of the CFPB Education Loan Ombudsman." Investopediais part of the Dotdash Meredithpublishingfamily. By clicking “Accept All Cookies”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. Ascent Student Loans: Quick Look
Loan Type Variable APR Fixed APR Co-signed loan 6.01%–15.85% 3.69%–14.71% Non-co-signed credit-based loan 9.17%–15.07% 8.49%–14.31% Non-co-signed outcomes-based loan 13.48%–15.42% 12.86%–14.85% Graduate loan (varies by program) 7.86%–15.47% 4.69%–14.71% Pros Explained
Cons Explained
Student Loans Offered by Ascent
Co-Signed Student Loans
Terms for Co-Signed Loans Variable APR 6.01%-15.47% Fixed APR 3.69%-14.71% Loan amounts $2,001–$200,000 (aggregate) Loan terms 5, 7, 10, 12, 15, or 20 years Credit-Based Student Loans
Terms for Credit-Based Loans Variable APR 9.17%-15.07% Fixed APR 8.49%-14.31% Loan amounts $2,001–$200,000 (aggregate) Loan terms 5, 7, 10, 12, 15, or 20 years Outcomes-Based Student Loans
Terms for Outcomes-Based Loans Variable APR 13.48%-15.42% Fixed APR 12.86%-14.85% Loan amounts $2,001–$20,000 (aggregate) Loan terms 5, 7, 10, 12, 15, or 20 years Loan Eligibility and Approval
Are Co-Signers Required?
Is Loan Pre-Qualification Available?
Length of Time for Loan Approval and Disbursem*nt
Loan Fees and Repayment Options
Loan Fees
Loan Discounts
Repayment Options
Rewards
Loan Forbearance and Discharge Options
Is Student Loan Refinancing Available?
Customer Service
Applying for an Ascent Student Loan
Alternative Choices
Ascent Juno Citizens Bank Loan types Offered Undergraduate; graduate Undergraduate; graduate; parent Undergraduate; graduate; parent; professional; medical; bar study Undergraduate fixed APR 3.69%-14.71% Starting at 3.24% 3.99%–15.59% Undergraduate variable APR 6.01%-15.47% Starting at 0.94% 5.99%–16.59% Origination/administrative fee None None None Repayment options Deferment; fixed; interest-only; full payment Deferment; fixed; interest-only; full payment Deferment; interest-only; full payment Refinancing available No Yes Yes Final Verdict
Methodology