Ascent Student Loans Review 2023′ condensed.

Ascent Student Loans Review 2023' condensed.

Ascent Student Loans: A Comprehensive Review

Do you find yourself drowning in student loans, desperately looking for a flexible repayment plan and low interest rates? Look no further than Ascent Student Loans. In this comprehensive review, we will delve into the details of what makes Ascent a top choice for borrowers seeking financial relief.

Who is Ascent Best For?

Ascent is the ideal option for borrowers who want a wide range of repayment options without the burden of excessive fees. With Ascent, you can choose to repay your undergraduate student loan over a period of 5 to 15 years. Moreover, the lender offers the flexibility to defer payments, make smaller payments, or pay only the interest while you’re enrolled in school. Ascent doesn’t charge any origination fees or penalties for early repayment, making it an attractive choice for cost-conscious students.

Types of Student Loans Offered by Ascent

Ascent provides student loans for various degree types, including undergraduate, graduate, law, medical, dental, PhDs, and MBAs. No matter your field of study, Ascent has you covered.

Ascent Student Loans Details

Whether you have a cosigner or not, you can still secure a loan from Ascent. However, if you don’t have a cosigner, you will need to qualify based on your income and credit. The good news is that after making two years of consecutive, on-time payments, you can apply to release your cosigner. Before considering a private student loan, make sure you explore federal student loan options, as they often offer better terms and protections.

To be eligible for an Ascent student loan, you must meet the following qualifications:

Be a US citizen, permanent resident, a temporary resident with an eligible cosigner, or have DACA status.
Be enrolled at a school within Ascent’s network on a half-time or more basis.
Pass a credit check or have a cosigner who can pass one.
Have a minimum income of $24,000 for the current and previous year from yourself or your cosigner.
If you don’t have a cosigner, you need to have two years of credit history.

For any queries or concerns, Ascent offers several options for customer support. You can call the company during their working hours or reach out via email or physical mail.

Ascent Undergraduate Student Loans

Ascent provides multiple repayment options for its undergraduate loans, with terms ranging from 5 to 15 years. The highlight is the low minimum fixed interest rates for undergraduate student loans, setting Ascent apart from its competitors. Additionally, eligible borrowers may qualify for a 1% cash-back reward after graduating.

Ascent Graduate Student Loans

For graduate students, Ascent offers repayment terms of 5, 7, 10, 12, 15, and 20 years. While Ascent’s minimum fixed APR on graduate loans is lower than many competitors, it’s worth noting that their maximum APRs on both fixed and variable loans are slightly higher.

Ascent Student Loans Pros and Cons

Let’s take a closer look at the pros and cons of Ascent student loans:

Pros

Many repayment term lengths: Ascent allows you to choose from various repayment terms, ranging from 5 to 20 years.
No origination fee or prepayment penalty: You won’t incur any additional costs with Ascent, as they don’t charge origination fees or penalties for early repayment.
Low minimum fixed interest rates: Ascent offers competitive minimum fixed interest rates on its student loans.
May qualify without a cosigner: Ascent provides options for borrowers who want to secure a loan without a cosigner, even though rates may be slightly higher.
Cash-back reward: Eligible borrowers can receive a 1% cashback bonus on their initial loan balance after graduation.

Cons

Late payment penalty: Ascent charges undisclosed late fees on its student loans.
Higher rates for non-cosigned loans: Qualifying without a cosigner may result in higher interest rates.

How to Apply for an Ascent Student Loan

Applying for an Ascent student loan is a straightforward process:

Collect the required documents and information: Gather your Social Security number, school of enrollment, major field of study, desired loan amount, address, and relevant financial documents.
Fill out Ascent’s online application: Complete the application in just a few minutes, and get prequalified rates without affecting your credit score.
Review loan offers and select the best option for you: Ascent will present you with different term options. Consider your budget and choose a term length that suits your financial situation.
Accept your loan terms and plan for repayment: After signing the loan agreement, your loan will be approved and funded. Ensure that you have accounted for your loan payments in your budget to avoid late payment fees.

Ascent Student Loans FAQs

Ascent Student Loans Repayment Options

After taking out an Ascent student loan, you have three repayment options: deferred, minimum, and interest-only. The choice depends on your preferences and financial circumstances. While deferred payments postpone repayment until after the grace period, they incur the highest overall cost. On the other hand, interest-only payments cost the most while you’re in school but result in the lowest overall cost, as no interest accrues during that time.

Ascent Student Loans Competitors

While Ascent offers low minimum fixed rates, it does have higher minimum rates for variable loans compared to some competitors. However, your rates will depend on your specific financial situation. Notably, Ascent’s maximum rates on both variable and fixed undergraduate loans are lower than those of other lenders, making it an appealing choice if you or your cosigner don’t have the best credit score. Let’s compare Ascent to a couple of its competitors:

Ascent vs. College Ave Undergraduate Student Loans

College Ave stands out among the competitors mentioned here, as it allows you to make full loan payments while you’re still in school. All three competitors offer deferred, fixed, and interest-only repayment options. When it comes to term length, College Ave offers a choice between 5, 8, 10, or 15 years for undergraduate loans, while Ascent provides terms of 5, 7, 10, 12, and 15 years.

Ascent vs. Sallie Mae Undergraduate Student Loans

In terms of undergraduate loans, Ascent offers more flexibility with term lengths, ranging from 5 to 15 years. In contrast, Sallie Mae assigns term lengths of either 5, 10, or 15 years.

How We Rated Ascent Student Loans

We rate student loan products on a 1-5 scale, taking into account various factors such as interest rates, fees, term lengths, repayment options while in school, borrower accessibility, customer support, and ethics. Each category is weighted based on its impact on your borrowing experience. Interest rates and fees carry the most weight, as they significantly affect the total cost of your loan. While Ascent performs well in multiple categories, it’s important to consider your individual needs and priorities to determine if it’s the right fit for you.

Now armed with a comprehensive understanding of Ascent student loans, you can make an informed decision about your financial future. Remember to compare lenders, explore different options, and choose the best loan that suits your circumstances. Make the right move towards financial independence with Ascent!