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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.
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: 3.69% - 15.28%
Non-Cosigned Fixed with ACH: 8.49% - 13.91%
Variable APR Range
Cosigned Variable with ACH: 5.50% - 15.04%
Non-Cosigned Variable with ACH: 8.70% - 14.07%
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+ |
| Date Collected | 2024-12-01 |
Company's Disclosure
Competitive variable rates calculated monthly at the time of loan approval based on a margin plus the 30-day Secured Overnight Financing Rate (SOFR), rounded to the nearest 1/100th of a percent. The current 30-day SOFR Average is 4.850%, which may adjust monthly. Your interest rate may increase or decrease, based on the 30-day SOFR Average. Rates are effective as of 12/02/2024 and reflect an Automatic Payment Discount. 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. (See Automatic Payment Discount Terms & Conditions.)
Undergraduate Loans: Variable rate loans have an Annual Percentage (APR) range between 5.50% – 14.56%. Fixed rate loans have an APR range between 3.69% and 14.41% based on your credit worthiness and your selected program. Rates reflect an Automatic Payment Discount of 0.25% (for Credit-Based Loans) on the lowest offered rate and a 1.00% (for Undergraduate Outcomes-Based Loans) discount on the highest offered rate. (See Undergraduate Loan repayment examples.)
Graduate Loans: Variable rate loans have an APR range between 7.35% and 14.56%. Fixed rate loans have an APR range between 4.69% and 14.41% based on your credit worthiness and your selected program. Rates reflect an Automatic Payment Discount of 0.25%. (See Graduate Loan repayment examples.)
Company Profile
| Full Name | Ascent Student Loans |
| Company Website | |
| Headquarters | 402 West Broadway Suite 2000, San Diego, CA, 92101 |
Our Partner
3 Reviews
Easy Online Application
-
Variable rates at 5.50% APR
- Apply in minutes without impacting your credit score
- Cover up to 100% of your tuition and eligible living expenses
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