Private student loans might be a wonderful alternative if you have fatigued all of your scholarship, grant, work-study, and federal student loan options. However, you still need money for school. While most private student loan lenders need outstanding credit, we suggest submitting your application with a creditworthy cosigner to increase your chances of acceptance. A cosigner may also assist you in obtaining a cheaper interest rate, lowering the entire cost of your loan. However, among our research into rates, qualification requirements, repayment details, and more, you will discover one of the best private student loans which name is “Ascent” in the following review.
List of Contents
Ascent: Website
Best for: Patience and adaptability
Variable Rates: 1.78% – 9.37% APR
Fixed Rates: 5.17% – 13.21% APR
Loan Amounts: $2,001 – $200,000
Overview
Ascent is a San Diego, California-based online student loan provider. Its student loan program is distinct from those of other lenders since it provides three distinct possibilities. The typical cosigned loan, non-cosigned credit-based loan, and non-cosigned future income-based loan are among its offerings.
Borrowers seeking repayment protection may be relieved to learn that Ascent provides many deferral and kindness ways. Active-duty military deferral, in-school deferment, and residence or internship deferment are all choices for Ascent’s student loans.
Importantly, loans include temporary hardship forbearance, administrative forbearance, natural catastrophe, or proclaimed emergency forbearance for persons in financial distress. All three of these choices will lengthen the loan’s payback period.
Why We Selected It
Ascent shines out among private student loans for its variety of payment reduction and deferral choices. Borrowers can choose a progressive repayment plan, which begins with a lower monthly payment and gradually climbs over time. This can be beneficial for recent graduates who will likely earn more money as they advance in their jobs.
Moreover, if borrowers are facing temporary financial trouble, they can also stop payments for one to three months at a period, up to a total of 24 months. However, by using this forbearance, you will repay the debt over a longer period of time. The overwhelming majority of private student loans continue to collect interest even in deferment.
Qualification Requirements
Ascent student loans are available in co-signed and non-cosigned types for undergraduates and graduates. If you do not fulfill the cosigned loan eligibility conditions given below, you may be qualified for Ascent’s non-cosigned loan.
1. Financial Requirements
- A credit score is at least 540.
- The approval after a past bankruptcy must not be within only the last five years.
- The minimum yearly income is $24,000.
2. Educational Requirements
- You should be more than a half-time student.
- Students must be enrolled in a degree-granting program at a qualifying institution.
3. Other Requirements
You should be a U.S. citizen or permanent resident, as well as foreign or DACA students whose cosigner is a U.S. citizen.
Ascent’s Student Loan Program
Ascent offers student loans to undergraduate and graduate students, but your eligibility for a loan depends on your year of study and whether you have a cosigner.
1. Cosigned Student Loans
If you have a cosigner with strong credit and a stable income, you may qualify for an Ascent student loan as an undergraduate or graduate student, regardless of your year.
Importantly, you could borrow up to $200,000 and select between a variable or fixed interest rate. Additionally, there are no initiation or application costs, nor are there prepayment penalties.
2. Non-cosigned Students Loans
If you do not have a cosigner, you may still be eligible for a student loan through Ascent. Moreover, even if you have no credit history, you can still be qualified. Therefore, this is a significant advantage that distinguishes Ascent from other private student loan providers.
Nevertheless, not all students may qualify for an outcome-based loan without a cosigner. For example, freshmen and sophomores are not eligible. To qualify for a loan without a cosigner, you must be a college junior, senior, or graduate student enrolled full-time. Besides, if you expect to graduate within nine months of the loan application submission date, you can also qualify.
The maximum total for loans without a cosigner is $200,000. With credit-based loans, you are permitted to borrow up to this amount every year. With an outcome-based loan, you are limited to borrowing no more than $20,000 each year, with the same aggregate limit.
Repayment Details
Ascent provides payback lengths of 5, 7, 10, 12, and 15 years. The lender offers some of the greatest repayment options for borrowers who may be suffering financial difficulties.
1. In-school Repayment
- Monthly interest payment
- Pay $25 each month
- Non-payment deferred
2. Post-School Repayment
- 5, 7, 10, 12, or 15-year repayments
- 9-month grace
- School and military deferments
- Forbearance up to 24 months, in a maximum of 4 consecutive periods
3. Other Repayment Choices
- Cosigner release available after 24 on-time payment.
- Death discharge
- Disability discharge
Pros & Cons
Pros
✔ Hardship forbearance period is up to 24 months
✔ With no cosigner and no credit history, you may still qualify for a loan
✔ Cashback reward for graduating
Cons
✘ Interest rates may be expensive
✘ Freshmen and sophomores do not qualify for outcome-based loans without a cosigner
Pros Clarified
- Hardship forbearance period is up to 24 months
Ascent permits you to enroll into forbearance if you are suffering financial difficulties such as a job loss or medical emergency. Over the course of your loan, you have the option of delaying payments for up to three months at a time. Since many other lenders only allow for a one-year grace period, the two-year forbearance period is a big advantage.
- With no cosigner and no credit history, you may still qualify for a loan
As we know, to qualify for a student loan with most lenders, the applicant must have a strong credit history or be a cosigner. However, Ascent permits juniors, seniors, and graduate students with inadequate credit histories to get loans without a cosigner. Freshmen and sophomores with a credit history may also qualify for a loan without a cosigner.
- Cashback reward for graduating
You may be qualified for Ascent’s 1% cashback graduation reward if you graduate within five years of your loan’s repayment. You will get 1% of your initial principal amount by direct transfer or cheque. For instance, if your first loan was $10,000, you would get a $100 bonus.
Cons Clarified
- Interest rates may be expensive
The interest rates for Ascent’s loans may be bigger than other options. Due to the greater risk incurred by the lender, interest rates for loans without a cosigner may be very high. Federal student loans offer the lowest interest rates and should be used before private student loans.
- Freshmen and sophomores do not qualify for outcome-based loans without a cosigner
Although Ascent permits borrowers with minimal or no credit history to get loans without a cosigner, only juniors, seniors, and graduate students are eligible for these loans.
Customer Service
The Ascent customer service team is situated in the United States. You can be reached by phone number (877-216-0876), or by email ([email protected]). Importantly, it may be reached during the following hours:
- Monday through Thursday: 7 a.m. to 5 p.m. (PT)
- Friday: 7 a.m. to 4 p.m. (PT)
Is Ascent A Worth Private Student Loan to Apply?
As we know, federal student loans often offer cheaper interest rates and more flexible repayment choices than private loans. However, they generally have tighter borrowing limitations. Due to the high expense of education, you may need more funds than are available via federal loans. Thus, obtaining a loan from a lender like Ascent may help you pay for your education.
Moreover, many other private lenders need cosigners. Thus, it might be tough to qualify for a loan if you lack a family or close acquaintance with excellent credit. However, with Ascent, you may get approval without a cosigner. This is a key advantage for Ascent over other lenders. However, it is essential to compare loan offers from various lenders to get the best rates and conditions.
In summary, Ascent is a lender all private-loan-seeking students should prequalify for. It is one of the few lenders providing no-cosigner loans. It provides outcome-based loans without cosigners to persons with bad credit. Importantly, outcome-based loans are only available to juniors, seniors, and graduates. Moreover, Ascent’s rates may be higher than others, particularly without a cosigner. Nevertheless, their loans are good if you can afford them.
Related Articles:
Read more: Popular Student Loans
Source: Forbes, Investopedia