Ascent Student Loans: A Comprehensive Overview
Ascent Student Loans offers a variety of options for students seeking financing for their education. While they may not stand out as the most exceptional lender, they provide a solid choice with flexible repayment terms and multiple loan options. This overview will break down the key features, loan types, repayment options, and other essential details to help you decide if Ascent is the right fit for your financial needs.
Key Features of Ascent Student Loans
Ascent Student Loans is a private lender that offers several appealing features for borrowers. One of the standout aspects is the flexibility in repayment options. Borrowers can choose repayment terms ranging from five to 15 years, depending on their financial situation. Additionally, Ascent does not charge origination fees or prepayment penalties, which can save money over the life of the loan. Another notable feature is the absence of late fees, making it a more forgiving option for borrowers who may occasionally miss a payment. Ascent also offers a 0.25% AutoPay discount for borrowers who set up automatic payments.
For those who qualify, Ascent offers a 1% cash-back reward upon graduation, which can be a helpful incentive. The lender also allows borrowers to release their cosigner after 12 consecutive on-time payments, which can be a significant advantage for those who initially require a cosigner but want to remove them from financial responsibility later.
Types of Ascent Student Loans
Ascent provides a wide range of loan options to cater to different needs. Undergraduate students can opt for cosigned or non-cosigned loans, with credit-based and outcomes-based options available. The non-cosigned credit-based loans rely on the borrower’s credit history, while the outcomes-based loans consider factors such as school, degree program, GPA, and graduation date. This makes Ascent a viable option for students who may not have a strong credit history but are performing well academically.
For graduate students, Ascent offers loans tailored to specific degree programs, such as MBA, dental, medical, and law degrees. Parents and guardians can also apply for parent loans, which are credit-based and require a minimum income of $30,000. International students and DACA recipients are eligible for loans with a qualifying cosigner, making Ascent accessible to a broader range of applicants.
Repayment Options and Flexibility
Ascent offers several repayment plans to suit different preferences and financial situations. Borrowers can choose from deferred repayment, interest-only payments, or partial payments while in school. Deferred repayment allows students to postpone payments until after a grace period, while interest-only payments focus solely on the interest accrued during enrollment. Partial payments involve making small monthly payments of $25 while still in school. These options provide flexibility and can help borrowers manage their finances more effectively during their education.
After graduation, borrowers can select from fixed or variable interest rates, depending on their loan type. While variable rates may be lower initially, they can fluctuate over time, whereas fixed rates remain consistent throughout the loan term. Ascent also offers deferment and forbearance options for borrowers facing financial hardships, allowing them to pause payments temporarily.
How to Apply for Ascent Student Loans
Applying for an Ascent Student Loan is a straightforward process. Prospective borrowers must meet basic eligibility requirements, such as being a U.S. citizen, permanent resident, or having DACA status, and being enrolled at least half-time in a qualifying school. They must also pass a credit check or have a cosigner who can. Additionally, borrowers or their cosigners must meet minimum income requirements.
The application process involves gathering necessary documents, such as proof of income, Social Security number, and school enrollment information. Once the online application is submitted, borrowers receive prequalified rates without affecting their credit score. After reviewing and accepting the loan terms, the funds are disbursed to the school. Ascent’s customer support team is available to assist with any questions or issues during the application process.
Ascent Student Loans vs. Other Lenders
When comparing Ascent to other private student loan lenders like SoFi, College Ave, and Sallie Mae, it’s important to consider interest rates, fees, and repayment options. Ascent’s interest rates are competitive, but they may not always be the lowest. The lender’s strength lies in its flexibility, with multiple repayment terms and in-school payment options. However, Ascent falls short in areas such as loan forgiveness programs, which are more robust with federal student loans.
Ascent also offers unique options like outcomes-based loans, which can be beneficial for students without a strong credit history. However, the lack of income-based repayment plans and limited loan forgiveness options may deter some borrowers. Comparing rates and features with other lenders can help determine if Ascent is the best fit for your needs.
Pros and Cons of Ascent Student Loans
Ascent Student Loans offers several advantages, such as flexible repayment terms, no origination or prepayment fees, and the option to apply without a cosigner. The 1% cash-back reward for graduates is also a notable perk. However, the lender has some drawbacks. For instance, international students cannot release their cosigners, and there are no income-based repayment plans or comprehensive loan forgiveness programs. Additionally, while Ascent’s customer reviews are mixed, the lender is accredited by the Better Business Bureau, indicating a level of trustworthiness.
Ultimately, Ascent is a solid choice for borrowers who value flexibility and are comfortable with private loan terms. However, it’s always wise to exhaust federal student loan options first, as they often provide more favorable terms and repayment options.
In conclusion, Ascent Student Loans is a reputable option for private financing, offering a range of loan types and repayment flexibility. While it may not be the best choice for everyone, its unique features and competitive rates make it worth considering for many students.
