Ascent Student Loan Review | Money

Ascent Funding: A Unique Solution for Private Student Loans

When it comes to private student loans, your credit history plays a crucial role. Most private lenders require borrowers to have good to excellent credit to qualify for a loan. If you don’t meet this criteria, you usually need a cosigner with good credit to get approved. However, if you don’t have anyone willing to cosign, you might find yourself in a difficult situation. This is where Ascent Funding comes in as a valuable solution.

Ascent Funding offers private student loans for undergraduate, graduate, and coding bootcamp students. One of the standout features of Ascent is its non-cosigned loan option, which allows students with limited credit histories to secure a loan without a cosigner. This unique product sets Ascent apart in the student loan industry and is one of the reasons why it is considered one of the top private student loan providers.

Ascent Funding: Overview

Established in 2015, Ascent Funding was created with the aim of assisting students who are often overlooked by traditional student loan companies. This includes students without cosigners, international students, and DACA recipients. Recently, Ascent expanded its offerings to include a parent student loan designed for parents, grandparents, or guardians looking to financially support their child’s college education.

Pros and Cons of Ascent Funding

Pros:
– Non-cosigned options available
– Eligibility for DACA and international students
– 1% cash back graduation reward and higher-than-normal autopay discount
– Access to career training and financial planning resources

Cons:
– Non-cosigned options may not be available to all borrowers
– Some loan options have high APRs
– Lower loan maximums compared to other lenders

Ascent Funding stands out from other lenders by offering outcomes-based loan options. Instead of solely relying on credit history and income, Ascent considers factors such as academic achievements and future income potential to determine loan eligibility. Additionally, Ascent caters to traditionally underserved borrowers, including international and DACA students who may struggle to secure loans from other lenders.

As an Ascent borrower, you can benefit from up to 24 months of hardship forbearance during financial difficulties. The lender also offers a 1% cash back graduation reward and does not charge origination fees, application fees, disbursement fees, or prepayment penalties.

However, it’s important to note that not all borrowers will qualify for Ascent’s non-cosigned outcomes-based loans. To be eligible, you must be a college junior or senior enrolled full-time in an eligible program and be a U.S. citizen, permanent resident, or DACA student. Additionally, these loans may have higher APRs compared to traditional credit-based loans.

Services Offered by Ascent Funding

Initially focused on providing loans for international and DACA students, Ascent has expanded its product offerings to include loans for traditional undergraduate and graduate students, as well as parents of undergraduates. The lender also provides loans for coding bootcamps, which are not typically covered by federal student loans or other private lenders.

Students without cosigners can qualify for either a credit-based loan or an outcomes-based loan. The outcomes-based loan option considers factors beyond credit history and income, making it accessible to a wider range of borrowers.

What They Offer: Private Student Loans

Ascent offers a variety of loan options tailored to different types of students:
– Undergraduate Loans: Non-cosigned credit-based and outcomes-based loans available for students with a creditworthy cosigner or those who qualify based on their own income and credit history.
– Parent Loans: Loans for parents, grandparents, and guardians of undergraduate students.
– Other Ascent Student Loans: Loans for MBA, law, and general graduate school programs.

Depending on the type of loan, borrowers can typically access between $2,000 and $200,000 for undergraduate studies and up to $400,000 for graduate programs. Ascent provides multiple repayment options, including deferred payments, interest-only payments, and grace periods of up to 9 months after leaving school.

As a bonus, eligible students can qualify for a 1.00% cash back benefit upon graduation. Additionally, Ascent’s AscentUP program offers career readiness training and financial advice to undergraduate borrowers through various resources.

What They Don’t Offer

While Ascent Funding provides valuable loan options, there are some limitations to consider:
– No student loan refinancing: Ascent only offers in-school loans and does not provide refinancing options for existing loans.
– Higher APRs: Some of Ascent’s loans may have higher starting APRs compared to other lenders, especially for borrowers with established credit histories.

Ascent’s Credentials

Ascent operates in all 50 states and issues loans to international and DACA students. The loans are issued by partner banks, with college loans issued by Bank of Lake Mills and bootcamp loans by Richland State Bank. Both banks are FDIC members.

Licenses, Certifications, and Ratings

Ascent and its partner banks are licensed to issue loans in all 50 states. The company has received recognition from various personal finance publications, including being named a top private student loan company by NerdWallet and Forbes Advisor. Ascent has also been acknowledged as a “Best Place to Work in Fintech” by American Banker and has made the “Best Places to Work” list published by the San Diego Business Journal.

Customer Satisfaction and Accessibility

Ascent provides comprehensive customer support and educational materials to assist borrowers throughout the loan process. Customer support is available via phone, chat, or email during business hours. The website is user-friendly and offers educational content to help borrowers make informed decisions.

Customer Reviews and Ratings

Ascent has received average to positive reviews for its loan products and customer service. The lender is accredited by the Better Business Bureau and has a 3.36 rating on the BBB website. On TrustPilot, Ascent has a 4.6 rating, with customers praising the smooth application process and customer service.

In conclusion, Ascent Funding offers a unique solution for private student loans, catering to a diverse range of borrowers who may not qualify for traditional loans. With its non-cosigned and outcomes-based loan options, Ascent provides opportunities for students to secure funding for their education. While there are some limitations to consider, Ascent’s commitment to accessibility and customer satisfaction make it a reputable choice for student financing.