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Ascent Student Loans Review


ConsumersAdvocate.org Rating: 4 / 5 (Excellent)
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Ascent is a private student loan program run by Goal Structured Solutions, Inc., an education finance company. Ascent’s flexible credit score requirements help more students qualify for loans while offering customized products and services geared towards helping customers achieve financial literacy.
 
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How is Ascent Student Loan rated?

Breakdown

4.1/5
Loan Details
4.0/5
Eligibility Criteria
4.0/5
Customer Experience
4.0/5
Additional Benefits

Overall Rating: 4 / 5 (Excellent)

Ascent offers a flexible set of eligibility criteria with the goal of assisting more students to independently qualify for loans. It also requires each applicant to complete an online financial literacy course as part of the application process. Ascent is a program offered by Goal Structured Solutions (GS2), an education finance company, that has deployed over $26 billion of private and federally-guaranteed student loans. In addition to funding university loans, you may use your loan proceeds to pay for education at over 400 bootcamp and accelerated learning programs.

Ascent's unique eligibility criteria, wide choice of undergraduate and undergraduate loans, and loan eligibility for DACA students set the program apart from other competitors and may be a great choice for consumers.

Ascent Student Loan Loan Specifics

Loan Details - 4.1 / 5

Ascent offers two private student loan products to undergraduate and graduate students: Cosigned and Non-cosigned. There are no fees or prepayment penalties associated with either loan and both loans offer multiple repayment options, as well as fixed or variable rates. Ascent extends a 9-month grace period on its undergraduate loans. They also offer forbearance under certain circumstances.

Ascent rates will vary depending on whether you have someone cosigning your loan. See rate details to find out whether having a cosigner on your loan can benefit you.
Loan Types
Undergraduate
Graduate
Minimum Loan Amount
$2,001*
Maximum Loan Amount
$400,000
Loan Term
Loan terms vary by type: Undergraduate: 5, 7, 10, 12 or 15-Years Graduate and Law: 7, 10, 12 or 15-Years Medical/Dental: 7, 10, 12, 15 or 20-Years
Interest Rates
Fixed
Variable
Repayment Options
Deferred
Fixed
Partial Interest
Grace Period
Deferment or Forbearance
Cosigner Release

Fixed APR Range

Cosigned Fixed with ACH: 3.98% - 15.31% Non-Cosigned Fixed with ACH: 8.77% - 14.56%

Variable APR Range

Cosigned Variable with ACH: 6.16% - 16.10% Non-Cosigned Variable with ACH: 9.46% - 15.35%

Disclaimer

*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.

Ascent Student Loan Qualifications

Eligibility Criteria - 4 / 5

Ascent uses a broader set of eligibility criteria factors in its loan qualification process, including but not limited to: creditworthiness, school, program, graduation date, major, whether you have a loan cosigner, and cost of attendance. Applicants must also complete an online financial literacy course. Students must be enrolled at least half-time in a degree program at an eligible institution (currently more than 2,300 schools). Students may be a U.S. citizen, U.S. permanent resident, DACA recipient or U.S. temporary resident. Cosigner must be a U.S. citizen or U.S. permanent resident.
Cosigner Required
Course Load
Half-time
Citizenship Requirement
U.S. Citizen
Permanent Legal Resident
Non-U.S. Citizen with a Cosigner

Ascent Student Loan Customer Experience

Customer Experience - 4 / 5

Ascent has created a proprietary loan technology platform that makes comparing loans and applying easy. The company serves US and international students, including DACA residents.

Ascent has been named one of the best 2021 private student loans by U.S. News, Money.com, Forbes, BadCredit.org, Business Insider, Dollar Geek, and other organizations.

You can see your prequalified rates without affecting your credit score. That makes comparing loan opportunities easier when you're just starting to shop around.

Ascent offers an auto-pay award discount of 0.25% reduction of interest rate on both loans. In addition, the company grants a 1% Cash Back Graduation Reward.
Student Loan Calculator
Online Quotes

Discounts

Auto-pay award of 0.25% reduction of interest rate. 1% cash back reward on loan principal upon graduation. 1% Cash Back Graduation Reward subject to terms and conditions.

Ascent Student Loan Company Reputation

Additional Benefits - 4 / 5

Bank of Lake Mills is the funding institution behind Ascent student loans. The company has been in business for nearly 40 years and has a BBB rating of "A+" with only one negative review. There are no Trustpilot rating or reviews for Bank of Lake Mills.
Lender Type
Non-bank Financial Institution
Year Founded
2000
BBB Rating
A+
Number of BBB Positive Reviews
0
Number of BBB Negative Reviews
0
Date Collected
2022-09-01

Company's Disclosure

Ascent's undergraduate and graduate student loans are funded by Bank of Lake Mills, 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 1/1/2024 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.

Company Profile

Full Name
Ascent Student Loans
Company Website
https://ascentstudentloans.com
Headquarters
402 West Broadway Suite 2000, San Diego, CA, 92101

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Customer Comments & Reviews

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B
Bobby
9/6/2021
I have good credit and they want 15% for 15 years this is a scam.

Shahenna S
12/14/2018
I'm in my first year of grad school and my fair skinned classmate referred me to Ascent since their qualifications are easy even if you're unemployed. She stated that after her BA she filed for bankruptcy and her score scores are in the 400's now that she is ready to start he Masters and they helped her. I filled the application out and they pulled my Transunion score it was 620 and I have 3 derogatory item on there which I am already disputing 2. The other agencies have already deleted them since it happen while I was in the military. They denied me stating I have too many bad accounts and derogatory remark. sounds like i wasn't light enough.

Lauren T  
Official Response

Director of Marketing of Ascent Student Loans
Hello Shahenna, Thank you for your inquiry regarding your student loan application that was submitted on 12/13/18. Ascent Student Loans does not grant or deny credit based on race, color, religion, national origin, sex, marital status, or age (provided the applicant has the capacity to contract). For additional information, please find our published Credit Requirements on our website FAQs here: https://ascentstudentloans.com/for-students/faqs/. If you have additional questions, please give us a call at 877-216-0876.
C
Cathe L
8/30/2017
My daughter entered an app for a non-cosigner loan four weeks before money was due. It's now been five weeks and no answer from Ascent. She supplied all documents necessary, has excellent GPA and is attending a top school in our state. Right after submitting the app and docs she received two emails stating she needs to supply all documents. She called to ask which specific docs they were looking for because she sent everything they originally requested. The rep on the other line told her they don't even see where they sent her an email requesting anything. My daughter read the email to the rep on the phone and she said "oh yes, I guess that is us. We don't need anything further from... Read More

Our Partner
  • APR starting at 3.98%
  • Considers eligibility criteria other than credit score and income
  • DACA students eligible to apply
  • Medical school, law school, and MBA loans available
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