Ascent Student Loans Review

ascent student loans reviews : One of the most important factors in deciding whether to get a student loan is its eligibility criteria, repayment options, student loan interest rates, and of course—the lender. There are many lenders in your search, but Ascent is definitely one to check out.

 

Types of Student Loans Available at Ascent

Students can apply for the Ascent Student Loan with a cosigner or without one. Both loan programs have different criteria and terms, but they are tailored to address the unique needs of borrowers.

Ascent Cosigned Credit-Based Option

For undergraduate students with no credit history, a cosigned Ascent loan is best suited. However, the minimum student credit score for this loan is 540, but this may vary depending on the credit score of the cosigner.

 

The program combines a well-developed financial literacy program with a loan designed for first-time borrowers to enable them to become financially successful.

Ascent Non-Cosigned Credit-Based & Non-Cosigned Future Income-Based Options

Students with good standing and a proven credit history may qualify for Ascent Student Loans without cosigners. If you lack sufficient credit history to qualify for an Ascent Student Loan without a cosigner, you may still be eligible.

  • Be a college junior, senior or graduate student enrolled full-time (or with an expected graduation date within 9-months of the date the loan application is submitted) in a degree program at an eligible institution.
  • Have a satisfactory academic performance of 2.9 GPA or greater.
  • Be a U.S. citizen or have U.S. permanent resident status.

Several factors decide eligibility for this un-cosigned option, including: other financial assistance, creditworthiness, school, major, graduation date, cost of attendance, and others. Successful applicants may also receive generous forbearance options.

 

In addition, Ascent offers cosigner options for DACA students! The cosigner must be a US citizen or permanent resident in order to be eligible for cosigner release.

 

Eligibility Requirements

The eligibility requirements for an Ascent student loan vary depending on which loan option you wish to apply to.

Requirements for Ascent Credit-Based Cosigned Option

  • If you are applying without a cosigner, you should be a US citizen or US permanent resident.
  • In the last 24 months, there were NO more than 60 days of delinquencies.
  • Be creditworthy personally (FICO 540 or higher) and meet certain income requirements, which include a minimum annual income of $24,000 and a monthly debt-to-income ratio of 30%.
  • You need to submit satisfactory proof of income.
Student borrowers with no credit history or limited credit history with no adverse items, as well as those who do not meet the minimum credit requirements for the loan product but meet income or repayment capability requirements, may qualify on the basis of several alternate factors to receive a loan in their own name. They should:
 
  • You must be a junior, senior, or graduate student in a degree program at an eligible institution who is enrolled full-time at the time of the loan application (or who is expected to graduate within nine months of the loan application).
  • Having U.S. citizenship or permanent resident status is required.
  • Be able to achieve a grade point average of 2.9 or higher.

Maximum & Minimum Borrowing Amount

Based on the cost of attendance at your choice of school, the maximum loan amount you can borrow through Ascent will be primarily determined by that cost.

As a general rule, the maximum amount you are permitted to borrow is the cost of tuition and fees less any financial aid that is certified by your college. Maximum loan amounts will also depend on the school’s certification and other underwriting factors.

 

An aggregate loan amount of $200,000 can be borrowed for credit tests and $20,000 for non-credit tests in an academic year.

 

The smallest loan amount you can borrow is $2,001.

 

Student Loan Interest Rates with Ascent

Applicants may select their preferred interest rate option when applying for an Ascent loan. The loan offer must be accepted by one of the two interest rate options.

A 0.25% to 2.00% interest rate reduction may be available to borrowers if they choose to set up automatic debit payment options. 

 

The benefit is suspended after two instances of non-sufficient funds and is reinstated only after the borrower qualifies and enrolls in automatic payments again.

 

Online Loan Application

Applicants who apply for a loan online must submit certain documentation, so as to simplify the loan application process.

Keep these details handy before you start your online application:

  • ID proof (photo ID)
  • Social security number
  • School information
  • Estimated financial aid
  • Employment information
  • Proof of income
  • Contact details for one reference

As well, a hard credit check is necessary as well. However, if you are on the fence about prequalifying for a loan, Ascent offers a soft credit check that won’t hurt your score. Check that out first!

 

Loan Approval Process

The loan approval process begins only after you submit your completed loan application. An Ascent loan approval officer reviews your credit history, after which they may ask you for some additional documentation before approving your loan application.

 

The non-cosigned loan is available to students without reliant on cosigners; the processing time may be longer and the loan amount may be less than the loan amount requested.

You can track the progress of your Ascent loan application by logging in to your borrower portal.

Loan Management Tools

As part of the application process, you’ll need to complete a financial literacy module.

The Financial Literacy module supports borrowers’ financial wellness, and explains the basics of student loan repayment, including application process, loan management, and payment options. 

 

It also offers valuable tips and tools to help you plan a solid financial future.

Completing this financial literacy program will make it easier for you and your cosigner to understand the terms of your loan, how to distinguish between a fixed rate and variable loan and how best to plan your repayment.

 

Cosigner Release

The following is not offered by all lenders: A student can completely release their cosigner from the responsibilities of a student loan. This, Ascent stresses, makes it possible for the student to start building credit and financial independence.

 

Students who are US citizens or have permanent resident status in the US have the option to apply for an early co-signer release. If you meet this requirement, you can request that the co-signed loan be released after 24 consecutive payments that are on time and in full.

Should you apply for an Ascent student loan?

Many features make Ascent student loans a good choice, including competitive interest rates, flexible repayment options, no-cosigner options, and 1% cashback after graduation.

Nevertheless, you must explore all of your options before selecting one. We made it easy for you to compare lenders and interest rates with our free Student Loan Finder.

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