
Ascent School Loaning Service is a legitimate option for students looking to finance their education.
The service offers a range of loan options, including federal and private loans.
These loans can be used to cover tuition, fees, and other education-related expenses.
However, it's essential to consider the terms and conditions of each loan carefully.
What is Ascent?
Ascent is a private lender offering a variety of student loan options, including undergraduate loans, parent loans, cosigner and non-cosigner loans, DACA and international student loans, and loans for specific degree programs.
Ascent's student loans are private student loans, which are different from federal student loans offered by the government.
Private student loans often come with higher rates than federal loans and usually require a credit check or cosigner to qualify.
Rates are based on your credit, the amount you borrow, and other factors, and repayment terms can vary quite a bit.
Ascent's loan options are designed to help fill gaps in funding after exploring scholarships, grants, and federal student loans.
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Loan Details
Ascent's loan details are quite straightforward. They offer student loans with interest rates as low as 2.31% APR for variable rates and 4.22% APR for fixed rates.
The loan terms can range from 5 to 15 years, giving borrowers some flexibility to choose a repayment plan that suits their needs.
Ascent also offers a unique feature called "Income Share Agreement" which allows borrowers to pay a percentage of their income after graduation, rather than a fixed monthly payment.
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Loan Features
Ascent offers a range of repayment options, allowing you to take anywhere from 5 to 15 years to pay back an undergraduate student loan.
You can choose from several repayment plans, including deferring payments, making immediate repayments, making smaller payments, or paying interest only while enrolled in school.
Ascent doesn't charge an origination fee or a fee for paying back your loan early, which can save you money in the long run.
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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.
Here are the different loan options available from Ascent:
To release your cosigner after two years of consecutive, on-time payments, you'll need to meet Ascent's requirements.
Bootcamp
Bootcamp loans are available through Ascent, a company that offers consumer loans for tuition costs and living expenses.
Ascent's bootcamp loans are not student loans, which means you can't deduct the interest you pay.
You can visit the Ascent website to see the list of bootcamps it currently works with.
These loans are considered consumer loans, not student loans, and may be treated differently during bankruptcy proceedings.
Personal loans from Ascent may not have the same protections as student loans.
Application and Eligibility
The application process for Ascent loans is straightforward. It's broken down into four steps: submitting your application, receiving a preliminary decision, accepting your offer and choosing a repayment plan, and uploading required documents.
Your application will be reviewed within 1-2 business days, but be aware that your school's certification process can take several weeks.
If you're pre-qualified, you'll need to accept your offer and choose a repayment plan. This is an important step in securing your loan.
Application Process
The application process for Ascent student loans is straightforward and can be completed in just a few steps. You can start by submitting your application and receiving a preliminary decision.
The loan process is broken down into four steps, which are outlined below:
- Submit your application and receive a preliminary decision.
- Accept your offer and choose a repayment plan if pre-qualified.
- Upload requested documents and complete any additional tasks.
- Your loan is sent off for certification from your school.
As part of the application process, you and your cosigner will also need to complete a financial wellness module. This is an important step in ensuring that you understand your financial obligations and can make informed decisions about your loan.
Ascent's application review process typically takes 1-2 business days, but keep in mind that your school's certification process can take several weeks. This is something to plan for and factor into your timeline.
Eligibility Requirements
To be eligible for an Ascent Student Loan, you'll need to meet some basic qualifications. You must be a U.S. citizen, permanent resident, a temporary resident with an eligible cosigner, or have DACA status.

To be enrolled in a school within Ascent's network, you must be enrolled half-time or more. This means you'll need to have a significant course load to be eligible for a loan.
Passing a credit check is also a requirement, or you can have a cosigner who can pass one. This is a crucial step in the application process.
To qualify for a loan without a cosigner, you'll need to have two years of credit history. This shows that you have a stable financial history.
Beyond these basic qualifications, there may be additional credit score and income thresholds you'll need to meet, though these depend on the loan program.
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Trust and Fees
Ascent student loans have a transparent fee structure, which is a major plus in my book. No application or origination fees are charged, making it a cost-effective option for students.
Ascent eliminates any prepayment penalties, so you can pay off your loan early without incurring extra fees. This is a great feature for students who want to pay off their loans quickly.
Ascent student loans don't come with late fees, which can be a huge relief for students who might struggle to make payments on time.
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Interest Rates & Fees
Interest rates and fees can be a significant burden for borrowers, so it's essential to understand what you're getting into before applying for a loan. Ascent Student Loans' interest rates and fees can vary, but it's crucial to compare your options.
Interest rates at Ascent can be quite high, so be prepared for that. The article mentions that Ascent's interest rates and fees can vary significantly from one lender to the next.
Comparing your options is key to finding the best loan for your needs. Ascent's interest rates and fees should be considered carefully to avoid any surprises down the line.
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Is Trustworthy?
Ascent is generally considered a trustworthy company, earning a current B rating from the Better Business Bureau. This accreditation is a good sign that they're committed to transparency and fair business practices.
There are no notable lawsuits pending against Ascent at the moment, which suggests they're doing something right.
Ascent has flexible loan products that are more customized to the borrower, making them a great option for those who don't have an established credit history.
Cons of Using

Using a private student loan can come with some drawbacks, and it's essential to be aware of them before making a decision.
Ascent private student loans have a future income-based loan option, but it's only available to qualifying juniors and seniors. This means that if you're not a junior or senior, you'll have to consider credit-based loan options that may require a cosigner.
One of the notable limitations of Ascent is that they don't offer refinancing options for their originated loans or other private and federal student loans. However, you can refinance with another lender when you're ready.
Another drawback is that Ascent doesn't offer parent loans, which can be a significant limitation for families with multiple students in college.
Here are some key cons of using Ascent private student loans:
- Future income-based loan is only available to qualifying juniors and seniors.
- No refinancing option for Ascent originated loans.
- No option for parent loans.
Why You Should Trust Us: Our Rating Method
We take pride in our transparent and data-driven approach to rating student loan products. Our overall rating is a weighted average that takes into account seven different categories.

We've weighted each category based on its importance to your overall borrowing experience. For instance, interest rate accounts for 20% of the rating, while fees also account for 20%. This ensures that we're considering the most critical factors that affect your borrowing experience.
Our rating system is designed to be comprehensive and fair. We've allocated 15% of the rating to term lengths, repayment options while in school, and borrower accessibility. This reflects the importance of flexibility and accessibility in a student loan product.
Here's a breakdown of the categories and their corresponding weights:
- 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)
This system allows us to provide a nuanced and informed rating that considers multiple aspects of a student loan product.
Private Lending Options
Ascent is a private lending option that offers flexible loan products customized to the borrower. It's a great option for borrowers with and without a cosigner.
Ascent works with borrowers who don't have an established credit history, making it a viable option for those who don't have a creditworthy cosigner.
If you're considering Ascent, you should compare rates and terms from at least three private lenders to find the best offers.
Here are some key features of Ascent and other private lenders:
Types
Ascent offers a range of private student loan options, including undergraduate and graduate loans, making it a versatile choice for students.
There are both cosigned and non-cosigned options available, catering to different needs and credit histories.
Ascent Non-Cosigned Credit-Based Loans allow you to qualify based on your own credit history and score, making it a good option if you have established credit and a good payment history.
Non-cosigned loan options that aren't based on your credit are also available, known as "outcomes-based" loans, which allow you to qualify based on alternative factors such as your school, degree program, GPA, major, graduation date, or other factors.
Cosigned loans take into account both your and the cosigner's credit history and score, making it easier to qualify for the loan and potentially securing a lower interest rate.
Here's a breakdown of the different types of Ascent loans:
Ascent's outcomes-based loan is a great option for juniors and seniors who don't pre-qualify for the credit-based non-cosigned loan, and it's also open to DACA students.
Other Private Lenders
Ascent's rates are competitive with or even lower than similar private student lenders, but your rates will depend on your unique financial situation.
One notable difference between Ascent and College Ave Student Loans is that College Ave allows you to make full payments on your loan while you're in school, a feature not offered by Ascent.
College Ave undergraduate loans offer a range of repayment term lengths, including five, eight, 10, or 15 years, compared to Ascent's five, seven, 10, 12, and 15 years.
Sallie Mae's current rates are right on par with Ascent's, and they also offer an auto-payment discount of 0.25%.
ELFI Student Loans have comparable rates to Ascent for both variable and fixed rates, but they don't offer as long of a grace period and don't have cosigner release.
Here are some key features of Ascent Student Loans:
- Check mark iconA check mark. It indicates a confirmation of your intended interaction.No prepayment or origination fees
- Check mark iconA check mark. It indicates a confirmation of your intended interaction.Low APRs
- Check mark iconA check mark. It indicates a confirmation of your intended interaction.Multiple ways to contact customer support
- Check mark iconA check mark. It indicates a confirmation of your intended interaction.May be eligible without a cosigner
- Check mark iconA check mark. It indicates a confirmation of your intended interaction.Cashback reward after graduation
You can apply for Ascent Student Loans through your computer, and customer service is available via phone, email, and physical mail.
Cosigned and Non-Cosigned Loans
Ascent offers cosigned and non-cosigned loan options, giving borrowers flexibility in their financial planning. 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.
If you do have a cosigner, you can apply to release them after two years of consecutive, on-time payments. This can be a huge relief for both you and your cosigner, freeing you from the financial responsibility of the loan.
Ascent doesn't charge an origination fee or a fee for paying back your loan early, which can save you money in the long run.
Deferment and Forbearance
If you're having trouble making your student loan payments, you may be able to request deferment, which allows you to pause payments for a certain period of time while you get back on your feet.

There are deferment options while you're still in school or if you're on an active duty military assignment.
Ascent offers forbearance for temporary hardships, giving you another option for pausing payments when you fall on hard financial times.
Interest will continue to accrue even while your payments are deferred or in forbearance.
Benefits of Cosigned Loans
Cosigned loans offer several benefits that make them an attractive option for students. By having a creditworthy cosigner, borrowers can qualify for a lower interest rate compared to the Ascent Non-Cosigned Loan.
One of the most significant advantages of cosigned loans is that they can be more accessible to international students and non-U.S. citizens. With a qualified, creditworthy cosigner who is a U.S. citizen or permanent resident, these students can qualify for an Ascent student loan.
Cosigned loans also provide more flexibility when it comes to repayment. Ascent permits forbearance and deferment options for active duty military deferment, in-school deferment, and residency/internship deferment.
Another benefit of cosigned loans is the opportunity to apply for temporary hardship forbearance. Borrowers can apply up to four months at a time for a maximum of 24 months, which is one of the longest forbearance programs in the student loans industry.
Here are some key benefits of cosigned loans at a glance:
- Lower Rate With Cosigner: Lower interest rate with a creditworthy cosigner
- International Students: Qualify for an Ascent student loan with a qualified, creditworthy cosigner
- Deferment: Forbearance and deferment options for active duty military deferment, in-school deferment, and residency/internship deferment
- Hardship Forbearance: Temporary hardship forbearance up to 24 months
- Student Loan Servicer: Ascent uses University Account Services as its student loan servicer
- 1% Cash Back Reward: 1% Cash Back Reward to students on their loan principle amount upon graduation
Core Benefits of Non-Cosigned Financing
One of the biggest advantages of non-cosigned loans is that they don't require a cosigner, which can be a huge relief for students who don't have a creditworthy co-signer.
You can qualify for an Ascent Non-Cosigned Loan with a qualified, creditworthy cosigner who is a U.S. citizen or permanent resident, even if you're an international student.
Another perk is the flexibility in deferment options, which allows you to temporarily stop making payments due to certain circumstances, such as active duty military service or in-school deferment.
Hardship forbearance is also available, allowing you to apply for temporary hardship forbearance up to four months at a time for a maximum of 24 months.
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Ascent's student loan servicer, University Account Services, handles loan payments and provides customer support.
If you graduate and make timely payments, you can even earn a 1% Cash Back Reward on your loan principle amount.
Final Thoughts
As I wrap up my investigation into Ascent School Loaning Service, I'm left with some crucial takeaways. Ascent School Loaning Service is not a traditional lender, but rather a financing partner that connects borrowers with various lenders.
One thing is clear: Ascent School Loaning Service is not a scam, but it's also not a one-stop-shop for all your loan needs. They have a network of lenders, but you'll still need to apply and be approved by one of their partners.
It's worth noting that Ascent School Loaning Service offers fixed and variable interest rates, and their rates are generally competitive with other lenders. However, the actual rate you'll qualify for will depend on your creditworthiness and other factors.
Ultimately, Ascent School Loaning Service can be a good option for borrowers who need a flexible loan product, but it's essential to carefully review the terms and conditions before committing to a loan.
Frequently Asked Questions
Is Ascent loan legit?
Ascent loan is a legitimate option for borrowers with no credit history or international students, but be prepared for potentially higher interest rates. Consider Ascent if you're struggling to qualify for a loan through traditional means.
Does Ascend do student loans?
Yes, Ascend offers a range of student loan options, including traditional credit-based loans and outcomes-based options. Students can also finance education at approved institutions like boot camps.
Is school loan forgiveness real?
Yes, school loan forgiveness is a real option through the Public Service Loan Forgiveness (PSLF) program, which forgives remaining balances after 10 years of qualifying payments. To qualify, you must work full-time for a government or nonprofit and repay loans under an Income-Driven Repayment (IDR) plan.
Who services Ascent student loans?
Ascent student loans are serviced by Launch Servicing, a dedicated partner that provides direct support and payment options. You can reach them at 877-209-5297 or through the AscentConnect mobile app.
Sources
- https://www.businessinsider.com/personal-finance/student-loans/ascent-student-loans-review
- https://www.studentloanplanner.com/ascent-private-student-loans-review/
- https://thecollegeinvestor.com/23514/ascent-student-loans-review/
- https://www.investopedia.com/ascent-student-loans-review-4801060
- https://www.mentormoney.com/ascent-student-loans-review/
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