Many or all of the offers on this site are from companies from which Insider receives compensation (for a full list see here). Advertising considerations may impact how and where products appear on this site (including, for example, the order in which they appear) but do not affect any editorial decisions, such as which products we write about and how we evaluate them. Personal Finance Insider researches a wide array of offers when making recommendations; however, we make no warranty that such information represents all available products or offers in the marketplace.
Our experts answer readers' student loan questions and write unbiased product reviews (here's how we assess student loans). In some cases, we receive a commission from our partners; however, our opinions are our own.
Ascent's undergraduate and graduate student loans are funded by Bank of Lake Mills or DR Bank, each Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: www.AscentFunding.com/Ts&Cs. Rates are effective as of 8/1/2023 and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 1.00% (for undergraduate outcomes-based loans). Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent rates and repayment examples please visit: AscentFunding.com/Rates. 1% Cash Back Graduation Reward subject to terms and conditions. Cosigned Credit-Based Loan student must meet certain minimum credit criteria. The minimum score required is subject to change and may depend on the credit score of your cosigner. Lowest APRs require interest-only payments, the shortest loan term, and a cosigner, and are only available to our most creditworthy applicants and cosigners with the highest average credit scores.
Ascent's undergraduate and graduate student loans are funded by Bank of Lake Mills or DR Bank, each Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: www.AscentFunding.com/Ts&Cs. Rates are effective as of 8/1/2023 and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 1.00% (for undergraduate outcomes-based loans). Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent rates and repayment examples please visit: AscentFunding.com/Rates. 1% Cash Back Graduation Reward subject to terms and conditions. Cosigned Credit-Based Loan student must meet certain minimum credit criteria. The minimum score required is subject to change and may depend on the credit score of your cosigner. Lowest APRs require interest-only payments, the shortest loan term, and a cosigner, and are only available to our most creditworthy applicants and cosigners with the highest average credit scores.
Show more
Origination Fee
$0
Editor's Rating
3.5/5
3.5 out of
5 Stars
Pros & Cons
Pros
No prepayment or origination fees
Low minimum fixed rate APR
Many options for repayment term length
Multiple ways to contact customer support
May be eligible without a cosigner
Cashback reward after graduation
Cons
Credit check required
Late payment fee
Highlights
More Information
Apply through your computer
Customer service available via phone, email, and physical mail
Provided you are eligible, you'll receive 1% of your initial loan balance as a cashback bonus after graduation
Five, seven, 10, 12, 15, or 20-year repayment terms available (20-year term only available for variable loans)
Undisclosed late fees
Loan minimum of $2,001*, maximum up to 100% cost of attendance per term
*The minimum amount is $2,001 except for the state of Massachusetts. Minimum loan amount for borrowers with a Massachusetts permanent address is $6,001.
Overall maximum loan amount of $200,000
Loans made through Bank of Lake Mills, Member FDIC
Ascent is a good option for borrowers who are looking for a wide range of repayment options and want to avoid some fees. You can take as many as 15 or as few as five years to pay back an undergraduate student loan from Ascent. The lender also allows you to either defer payments, make smaller payments, or pay interest only while enrolled in school. Ascent also doesn't charge an origination fee or a fee for paying back your loan early.
Types of Student Loans Offered by Ascent
Ascent has student loans for many degree types, including:
Undergraduate
Graduate
Law
Medical
Dental
PhDs
MBAs
Ascent Student Loans Details
You can get a loan with or without a cosigner, but you'll need to qualify based on your income and credit if you don't have one. You can apply to release your cosigner after two years of consecutive, on-time payments.
Before you apply for any private student loan from Ascent or any other lender, first seek out federal student loan options. You can usually get better terms and protections through the government.
Be a US citizen, permanent resident, a temporary resident with an eligible cosigner, or have DACA status
Be enrolled in a school within Ascent's network half-time or more
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 you or your cosigner
Without a cosigner, have two years of credit history
There are several options for contacting Ascent's customer support. You can call the company from 6:00 a.m. to 6:00 p.m. PST Monday through Thursday, or 7:00 a.m. to 4:00 p.m. PST on Friday and Saturday. You can also email the lender, or send physical mail to its address in San Diego.
Ascent Undergraduate Student Loans
Ascent has several repayment options for its undergraduate loans, with terms of five, seven, 10, 12, and 15 years available. The minimum rates on its fixed undergraduate student loans are lower than many competitors' rates. You may qualify for a 1% cash-back reward with Ascent after graduating.
Ascent's undergraduate and graduate student loans are funded by Bank of Lake Mills or DR Bank, each Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: www.AscentFunding.com/Ts&Cs. Rates are effective as of 8/1/2023 and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 1.00% (for undergraduate outcomes-based loans). Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent rates and repayment examples please visit: AscentFunding.com/Rates. 1% Cash Back Graduation Reward subject to terms and conditions. Cosigned Credit-Based Loan student must meet certain minimum credit criteria. The minimum score required is subject to change and may depend on the credit score of your cosigner. Lowest APRs require interest-only payments, the shortest loan term, and a cosigner, and are only available to our most creditworthy applicants and cosigners with the highest average credit scores.
Ascent's undergraduate and graduate student loans are funded by Bank of Lake Mills or DR Bank, each Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: www.AscentFunding.com/Ts&Cs. Rates are effective as of 8/1/2023 and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 1.00% (for undergraduate outcomes-based loans). Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent rates and repayment examples please visit: AscentFunding.com/Rates. 1% Cash Back Graduation Reward subject to terms and conditions. Cosigned Credit-Based Loan student must meet certain minimum credit criteria. The minimum score required is subject to change and may depend on the credit score of your cosigner. Lowest APRs require interest-only payments, the shortest loan term, and a cosigner, and are only available to our most creditworthy applicants and cosigners with the highest average credit scores.
Show more
Origination Fee
$0
Editor's Rating
4/5
4 out of
5 Stars
Pros & Cons
Pros
No prepayment or origination fees
Low APRs
Multiple ways to contact customer support
May be eligible without a cosigner
Cashback reward after graduation
Cons
Credit check required
Late payment fee
Highlights
More Information
Apply through your computer
Customer service available via phone, email, and physical mail
Provided you are eligible, you'll receive 1% of your initial loan balance as a cashback bonus after graduation
Seven, 10, 12, or 15-year repayment terms available (15-year term only available for variable loans)
Loan minimum of $2,001*, maximum up to 100% cost of attendance per term
*The minimum amount is $2,001 except for the state of Massachusetts. Minimum loan amount for borrowers with a Massachusetts permanent address is $6,001.
Overall maximum loan amount of $400,000
Loans made through Bank of Lake Mills, Member FDIC
Ascent's graduate student loans have repayment terms of five, seven, 10, 12, 15, and 20 years available. Ascent has a lower minimum APR on fixed loans than many other competitors do on its graduate loans, but its maximum APRs on both fixed and variable are higher than what you can find elsewhere.
Ascent Student Loans Pros and Cons
How to Apply for an Ascent Student Loan
1. Collect the required documents and information. This includes your Social Security number, your school of enrollment, your major field of study, the loan amount you need, your address, and certain financial documents.
2.Fill out Ascent's online application. You can complete the application in just several minutes. After doing so you'll get your prequalified rates without affecting your credit score.
3.Review loan offers and pick the one you can afford. After you submit your information, Ascent will give you different term options. A shorter term length means larger monthly payments — but you'll save more in interest.
4. Accept your loan terms and plan for repayment. After you sign the document accepting your loan terms, your loan will be approved and funded. Make sure you've worked your loan payments into your budget — late payment may add significant costs to your loan.
Ascent Student Loans FAQs
What is the student loan limit for Ascent?
Ascent provides as much as $200,000 for undergraduate and graduate credit-based Loans and $20,000 for undergraduate non-cosigned outcomes-based loans.
Can you pay off an Ascent student loan early?
Ascent allows you to pay off your student loans early without penalty.
What GPA do you need to get an Ascent student loan?
Ascent requires you to maintain GPA of at least 2.9 and meet your school's satisfactory academic performance in order to qualify for its student loans.
Is Ascent student loans legit?
Ascent has an A+ rating from the Better Business Bureau, indicating that the lender effectively replies to consumer complaints, is honest in its advertising, and is open about business practices. However, an excellent BBB rating doesn't guarantee you'll have a good experience. Be sure to check online customer reviews and see if any of your friends and family have experiences with the lender.
Ascent Student Loans Repayment Options
You have three options to repay your Ascent student loan after you've taken it out: deferred, minimum, and interest-only. Each option has its advantages for different types of borrowers.
Deferred
Minimum
Interest-only
No payments while enrolled at least half-time in school and during nine-month grace period
Unpaid interest accrues
Interest is capitalized at the end of deferment period
Highest overall cost
Pay $25 per month while in school and during nine-month grace period
Unpaid interest accrues
Interest is capitalized at the end of fixed monthly payment period
Low in-school payments
Pay loan's interest monthly while in school and during nine-month grace period
Moderate in-school payments
Lowest overall cost
With deferred payments, you won't pay off any of your balance until after the grace period, so it will be the most expensive option as a whole. Interest-only payments will cost the most while you're in school, but it will cost the least overall because you won't accrue any interest while in school.
Ascent's undergraduate and graduate student loans are funded by Bank of Lake Mills or DR Bank, each Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: www.AscentFunding.com/Ts&Cs. Rates are effective as of 8/1/2023 and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 1.00% (for undergraduate outcomes-based loans). Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent rates and repayment examples please visit: AscentFunding.com/Rates. 1% Cash Back Graduation Reward subject to terms and conditions. Cosigned Credit-Based Loan student must meet certain minimum credit criteria. The minimum score required is subject to change and may depend on the credit score of your cosigner. Lowest APRs require interest-only payments, the shortest loan term, and a cosigner, and are only available to our most creditworthy applicants and cosigners with the highest average credit scores.
Ascent has low minimum fixed rates, but higher minimum rates on variable loans than comparable lenders — though your rates will depend on your unique financial situation. However, if you or your cosigner don't have the best credit score, Ascent's maximum rates on both variable and fixed undergraduate loans are lower than competitors. Here's how Ascent compares:
College Ave is the only company among the three competitors listed here that allows you to make full payments on your loan while you're in school. All three comparable competitors offer deferred, fixed, and interest-only repayment options.
You can pick a repayment term length of five, eight, 10, or 15 years with College Ave undergraduate loans, while Ascent offers term lengths of five, seven, 10, 12, and 15 years.
While Ascent offers term lengths of five, seven, 10, 12, and 15 years on its undergraduate loans, Sallie Mae will assign you a term length of either five, 10, or 15 years.
How We Rated Ascent Student Loans
We rate all student loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:
Interest rate (20% of rating)
Fees (20% of rating)
Term lengths (15% of rating)
Repayment options while in school (15% of rating)
Borrower accessibility (15% of rating)
Customer support (7.5% of rating)
Ethics (7.5% of rating)
Each category's weighting is determined based on its importance to your borrowing experience. Rates and fees have the most significant impact on the total cost of your loan, so we weigh those the most heavily. Customer support and ethics are still crucial parts of the borrowing experience, but do not directly tie to a student loan's terms, so they have less of an impact on the overall rating.
Ryan Wangman was a reporter at Personal Finance Insider reporting on personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans. He is also a Certified Educator in Personal Finance (CEPF).In his past experience writing about personal finance, he has written about credit scores, financial literacy, and homeownership. He graduated from Northwestern University and has previously written for The Boston Globe. Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services here >>
Elias Shaya is a junior compliance associate on the Personal Finance Insider team based in New York City.Personal Finance Insider is Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that readers already know and love. The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions.The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team. Elias is the point person for the loans sub-vertical and works with the editorial team to ensure that all rates and information for personal and student loans are up to date and accurate.He joined Insider in February 2022 as a fellow on the compliance team.Elias has a Bachelor of Science in International Business from the CUNY College of Staten Island. Prior to joining Insider, he volunteered at the New York Presbyterian Hospital, where he worked with the biomedical engineering department. In his spare time, Elias enjoys exploring new restaurants, traveling to visit his family in Lebanon, and spending time with friends.
Top Offers From Our Partners
Betterment Cash Reserve Account
New Customer Offer: Earn 5.50% (variable) APY* when you open your first cash account with qualifying deposit
*The annual percentage yield (APY) on the deposit balances in Betterment Cash Reserve (Cash Reserve) is 4.75% and represents the weighted average of the APY on deposit balances at the banks participating in Cash Reserve (the Program Banks) and is current as of August 1, 2023. This APY is variable and subject to change daily. Deposit balances are not allocated equally among the participating Program Banks. A minimum deposit of $10 is required, but there is no minimum balance required to be maintained. The APY available to a customer may be lower if that customer designates a bank or banks as ineligible to receive deposits. APY applies only to Cash Reserve and does not apply to checking accounts held through Betterment Checking. Cash Reserve and Betterment Checking are separate offerings and are not linked accounts.
Ascent Student Loans are funded by Bank of Lake Mills, Member FDIC.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
**Enrollment required.
Newsletter
Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily.
Thanks for signing up!
Access your favorite topics in a personalized feed while you're on the go.