Ascent Private Student Loans Review: Great Options With or Without a Cosigner

Ascent is an online lender that offers student loans to undergraduate and graduate students in all 50 states. The lender is committed to offering student loans that are “built around one guiding principle: Student loans should expand possibilities, not limit them.”

It offers competitive rates for private student loans and has quickly earned a reputation for creating loan opportunities for borrowers without a cosigner, something that many private lenders aren’t willing to risk.

Are Ascent student loans legit? Yes. Read on for our Ascent private student loans review, including the different types of loan products available and what to expect during the application process.

Ascent

• Fixed interest rates starting at 3.69% APR
• Variable interest rates starting at 5.66% APR

Visit Ascent Large Autopay Discounts

Ascent private student loans review

Ascent private student loans are available for undergraduate and graduate borrowers, with customized repayment plans for business, medical, dental, law and general grad school students.

Pros of using Ascent for private student loans

Here are some of the many benefits that Ascent has to offer its private student loan borrowers.

• No cosigner option. Eligible college juniors and seniors can apply for a future income-based loan that doesn’t require a cosigner or credit history.
• Multiple in-school repayment options. Borrowers can choose a $25 fixed monthly payment, interest-only payments or deferred repayment that includes a grace period based on the loan type.
• 1% cash back reward. Borrowers can earn 1% cash back reward but must meet certain qualifying criteria upon graduation.
• Autopay discount. Discounts range from 0.25% for credit-based loans and up to 1% for future-income based loans.
• No application, origination or prepayment penalties.
• Up to $525 bonus for each referral.
• Non-U.S. citizens may qualify. Requires a creditworthy cosigner.
• Cosigner release available. Must make 12 consecutive payments and meet other eligibility criteria.
• Death/disability forgiveness. The loan is forgiven if the primary borrower dies or becomes totally and permanently disabled (does’t apply to cosigner).
• Deferment and forbearance options available. Includes active duty military deferment, residency/internship deferment and temporary hardship forbearance.

Cons of using Ascent for private student loans

Here are some potential drawbacks when exploring Ascent private student loans.

• Future income-based loan is only available to qualifying juniors and seniors. All other loan types are credit-based and may require a cosigner.
• No refinancing option. Ascent doesn’t refinance their originated loans or other private and federal student loans. However, you have the option to refinance your loans with another lender when you’re ready.
• No option for parent loans.

Eligibility requirements for Ascent borrowers

To qualify for Ascent private student loans, you must be enrolled at least half-time at an eligible institution. Unlike other private lenders, you don’t have to be a U.S. citizen. But you’ll need a creditworthy cosigner who is a U.S. citizen or U.S. permanent resident.

Depending on the loan type you’re applying for, Ascent considers credit history, income and other factors when making a loan decision.

For example, if you’re applying for a credit-based loan without a cosigner, you must have at least two years of credit history, a minimum gross annual income of $30,000 for the current and previous year, and meet a monthly debt-to-income (DTI) ratio.

For future income-based loans, Ascent looks at non-financial factors like your school, program, graduation date, major, GPA and cost of attendance.

Ascent application process

You can quickly check your estimated interest rate online without impacting your credit score. The site will ask for personal details like your social security number, date of birth and address when you check your rate.

When you’re ready to submit your application, the loan process is broken down into four steps:

1. Submit your application and receive a preliminary decision.
2. Accept your offer and choose a repayment plan if pre-qualified.
3. Upload requested documents and complete any additional tasks.
4. Your loan is sent off for certification from your school.

The borrower and cosigner also need to complete a financial wellness module as part of the application process.

Ascent states that its application review process is generally 1-2 business days. But your application might be stalled by your school’s certification process, which can take several weeks.

Should you use Ascent for private student loans?

It’s best to exhaust any federal student loan opportunities first before turning to private student loans. But if you need private loans to help pay for school, you should always start by comparing rates and terms from at least three private lenders to find the best offers.

Ascent offers flexible loan products that are more customized to the borrower than other private lenders. And it works with borrowers who don’t have an established credit history, which can make a big difference if you don’t have a creditworthy cosigner to turn to.

We’ve given Ascent 4.5 stars and view it as a great option for borrowers with and without a cosigner. So, it’s worth taking the time to check your rate with Ascent.

If you’re ready to move forward with private student loans, check out what Student Loan Planner® Founder Travis Hornsby has to say about some of the best private student loans for 2022.