Ascent Student Loans Review 2022 – Forbes Advisor

Ascent offers multiple student loan options for undergraduate students. You can choose a loan type based on your existing credit history, income and career prospects.

Co-signed Loans

If you have a friend or family member with stable income and good credit that is willing to co-sign your loan application, the co-signed loan option may be a good option because it has lower rates than the other loan types.

  • Loan amounts: $2,001 to $200,000 (aggregate)
  • Loan terms: Repay your loan over five, seven, 10, 12 or 15 years
  • APRs: You can qualify for fixed rates from 4.36% to 12.33% or variable rates from 1.47% to 9.05% (including 0.25% autopay discount).
  • Repayment options: Ascent allows borrowers to choose between three repayment options.
    • Interest-only. Only make payments toward accrued interest while you’re in school. After graduation, you’ll make full payments when your nine-month grace period ends.
    • Deferred payments. Pay nothing until your grace period ends, nine months after graduation or leaving school.
    • $25 payments. Make $25 monthly payments while you’re still in college. After you leave school, you’ll start making full payments when your nine-month grace period ends.
  • Noteworthy perks and features: Ascent has several standout features to consider.
    • Interest rate discounts. Ascent offers a 0.25% discount for borrowers that enroll in automatic payments.
    • Graduation reward. If you graduate within five years of your first loan disbursement date, you may be eligible for Ascent’s 1% cash back graduation reward. You could get 1% of your original principal balance back via direct deposit or check. If your loan was for $10,000, for example, Ascent would send you a check for $100.
    • Longer grace period. Enjoy a grace period of nine months after graduating or leaving school. That’s three months longer than most private lenders offer.

Credit-based Student Loan

If you have a reliable income and strong credit history, you may qualify for a loan without a co-signer. Ascent’s credit-based loans are available for undergraduate and graduate students.

  • Loan amounts: $2,001 to $200,000 (aggregate)
  • Loan terms: Repay your loan over five, seven, 10, 12 or 15 years
  • APRs: You can qualify for fixed rates from 6.96% to 14.08% or variable rates from 4.05% to 10.80% (including 0.25% autopay discount).
  • Repayment options: Non-co-signed loans are eligible for three different repayment plans.
    • Interest-only. Only make payments toward accrued interest while you’re in school. After graduation, you’ll make full payments when your nine-month grace period ends.
    • Deferred payments. Pay nothing until your grace period ends, nine months after graduation or leaving school.
    • $25 payments. Make $25 monthly payments while you’re still in college. After you leave school, you’ll start making full payments when your nine-month grace period ends.
  • Noteworthy perks and features:
    • Interest rate discounts. Borrowers can take advantage of a 0.25% automatic payment discount.
    • Graduation reward. Ascent non-co-signed loan borrowers are eligible for the 1% cash back reward upon graduation.
    • Longer grace period. Enjoy a grace period of nine months after graduating or leaving school. That’s three months longer than most private lenders offer.

Outcomes-based Student Loan

For borrowers that don’t have established credit or a co-signer, the outcomes-based loan could be a useful solution. With this option, Ascent looks at a range of factors to determine your eligibility for a loan, including your school, degree program, projected graduation date, GPA and the cost of attendance.

The outcomes-based loan is only available to full-time college juniors, seniors and graduate students; first- and second-year undergraduates aren’t eligible. International students are inligible for this loan, as well; Only US citizens, permanent residents and Deferred Action for Childhood Arrival (DACA) students can take advantage of the outcomes-based loan program.

This loan type has higher interest rates than other loan options, and there are stricter limits on how much you can borrow.

  • Loan amounts: $2,001 to $20,000 per academic year ($200,000 aggregate)
  • Loan terms: Seven, 10, 12 or 15 years. Fixed-rate loans are only eligible for 10 or 15 year terms.
  • APRs: You can qualify for fixed rates from 11.47% to 12.46% or variable rates from 8.90% to 11.31% (including 1% autopay discount).
  • Repayment options: The outcomes-based loan enrolls borrowers in a deferred repayment plan. You’ll pay nothing until you graduate or leave school, at which point full payments begin after a nine-month grace period.
  • Noteworthy perks and features: The outcomes-based loans are eligible for the following perks:
    • Interest rate discounts. Outcomes-based loan borrowers can qualify for a 1% automatic payment discount—that’s four times greater than the standard autopay discount.
    • Graduation reward. Borrowers are eligible for the 1% cash back reward after graduating.
    • Longer grace period. Enjoy a grace period of nine months after graduating or leaving school. That’s three months longer than most private lenders offer.

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