Ascent offers co-signed and non-co-signed student loans, giving borrowers without co-signers more options for university financing. We rated the company on the basis of its co-signed, credit-based undergraduate student loan.
Ascent sets itself apart with its range of payment reduction and deferral options, rare among private lenders. Borrowers can choose a phased repayment plan, which provides for a lower monthly payment to begin with that increases over time. This can be useful for graduates who are just starting out, who will likely earn more money as they advance in their careers.
Borrowers can also withhold payments if they experience temporary financial hardship for one to three months at a time, up to a maximum of 24 months in total. (However, this forbearance means that you will pay off the loan over a longer period of time.) Interest continues to accumulate during the forbearance, which is true for the vast majority of private student loans.
Ascent also offers a graduation reward of 1% of the original loan principal balance. Check the conditions you must meet to qualify.
Ascent won the Forbes Advisor Award for Best Private Student Loans of 2020. Learn more here.
Loan conditions : 5, 7, 10, 12 or 15 years old
Loan amounts available: $ 2,001 up to the total cost of participation, up to a maximum of $ 200,000 per academic year ($ 200,000 in total)
Eligibility: Student borrowers without a credit history can qualify with a creditworthy co-signer. Co-signers must show income of at least $ 24,000 for the current year and the previous year. Co-signers must have a minimum credit score of 660 if the student has a score of less than 700, and a minimum credit score of 620 if the student has a score of 700 or higher. *
Opt-out options: In the event of financial hardship, borrowers can withhold payments for up to three months at a time, for a total of up to 24 months over the life of the loan. Only four series of abstentions (up to 12 months) can be taken consecutively.
Co-signatory release policy: Available after 24 consecutive months of direct debits, if the primary borrower meets certain credit score requirements.
* For Ascent terms and conditions, please visit: AscentFunding.com/Ts&Cs. The rates are in effect as of 1/10/2021 and reflect an automatic payment discount of 0.25% (for credit-based loans) OR 1.00% (for future undergraduate loans based on Income). For Ascent rates and reimbursement examples, please visit: AscentStudentLoans.com/Rates. 1% cash diploma discount subject to general conditions. Student borrowers on co-signed credit-based loans must have a minimum credit rating. The minimum required score is subject to change and may depend on the credit score of your co-signer.