Information
About lender
Ascent Funding stands out among student loan providers by offering opportunities for individuals to access funding for higher education without necessitating a co-signer, regardless of their credit history. This aspect makes it particularly appealing for students facing student loan debt challenges. Additionally, Ascent Funding extends its support to international and DACA students, eliminating the barrier of U.S. citizenship or permanent residency typically required by other loan programs.
Features
- Affordable Options. Ascent Funding offers the flexibility to select from fixed or variable interest rates, empowering students to choose a repayment plan that aligns with their financial preferences and goals.
- Effortless Application Process. Completing a loan application with Ascent Funding is a quick and seamless process, taking only minutes of your time. Moreover, you can check your pre-qualified rates without any impact on your credit score, ensuring a hassle-free experience.
- Co-Signer Support. In the event that you don't pre-qualify for a loan on your own, Ascent Funding provides the option to add a cosigner. This feature enhances accessibility to funding and expands opportunities for students who may require additional support.
- Flexible Payment Options. With Ascent Funding, students have the flexibility to choose when to start making payments. Whether it's during their academic journey or after leaving school, individuals can tailor their repayment plan to suit their unique circumstances and financial situation.
Pros and cons
Pros
Qualification Without Co-signer. Ascent Funding provides the opportunity for individuals to qualify for a loan without requiring a co-signer or established credit history, facilitating access to higher education financing for a broader range of students.
Financial Hardship Forbearance. Ascent offers up to 24 months of financial hardship forbearance, providing relief during challenging financial circumstances and ensuring flexibility in managing loan payments.
Free 1:1 Student Success Coaching. Undergraduate borrowers can benefit from complimentary 1.1 student success coaching, offering personalized guidance and support to navigate the complexities of student loans and academic endeavors.
Cons
Higher Interest Rates. Ascent may have higher interest rates compared to some other lenders, potentially resulting in increased overall loan costs for borrowers.
Limited School Eligibility. Not all schools are eligible for financing through Ascent, which may limit options for students seeking funding for their education at certain institutions.
Co-Signer Release Restrictions. Co-signer releases are not available for borrowers who are not U.S. citizens or permanent residents, potentially limiting options for individuals seeking to release their co-signer from the loan agreement.
Reliability
Ascent Funding is considered reliable. Its products are made available through Bank of Lake Mills or DR Bank, both of which are Member FDIC institutions. Additionally, Ascent Funding is registered with the Nationwide Mortgage Licensing System (NMLS#1761645), which further underscores its commitment to compliance and transparency in the lending process.
How to apply for an Ascent Funding loan
Go to the website. Visit the Ascent Funding website to begin the application process.
Choose a College Loan or Bootcamp Loan. Select the type of loan that aligns with your educational pursuit, whether it's for a traditional college education or a specialized bootcamp program.
Choose Who Is This Loan For. Indicate whether the loan is for yourself, a student, or another beneficiary.
Choose Your School. Select your designated school from the list of eligible institutions.
Fill Out the Application. Provide your personal information, including details such as your name, contact information, employment status, and income. Additionally, input relevant loan information, such as the desired loan amount and repayment preferences.
Submit. Review the application for accuracy and completeness, then submit it for processing.
Conditions
- Repayment Terms. Borrowers have the flexibility to choose from repayment terms spanning five, seven, 10, 12, 15, and 20 years, allowing for a repayment plan that suits individual financial circumstances and preferences.
- Interest Rates for Undergraduate Student Loans. Variable annual percentage rates (APRs) range from 6.16% to 16.09%, while fixed rates range from 4.09% to 15.71%, contingent upon the specific loan and the applicant's creditworthiness.
- Interest Rates for Graduate Student Loans. Variable APRs for graduate student loans fall between 6.69% and 15.19%, with fixed APRs ranging from 5.01% to 14.81%. These rates reflect the autopay discount of 0.25% and are determined based on the loan and the applicant's creditworthiness.
- Loan Amounts. Ascent Funding offers loans of up to $200,000, providing significant financial support to students pursuing higher education.
Requirements
- Enrollment with Partner Schools. To qualify for a loan from Ascent, you must be enrolled in one of its partner schools. If your college or university is not among the 2,600 schools and coding bootcamps that Ascent works with, you may need to seek financing from another lender.
- Income and Credit History. Ascent does not disclose a minimum credit score or required debt-to-income (DTI) ratio. However, you or your co-signer must earn at least $24,000 per year and have a minimum of two years of credit history to be eligible for a loan.
- Citizenship Status. Ascent's loans are available to U.S. citizens, permanent residents, DACA students, and international students. International students must have a U.S. citizen or permanent resident as a co-signer to qualify for a loan.
- Co-Signer Options. Adding a co-signer to your loan application can improve your chances of qualifying for a loan and may result in a better interest rate. Co-signer releases are typically available after making 12 qualifying monthly payments for most loans. However, not all borrowers are eligible for co-signer releases, and borrowers who are not U.S. citizens or permanent residents cannot qualify for a co-signer release.
Ways to receive the money
College loan proceeds are sent directly to the school, either electronically or by check, based on the school's preference. Upon receipt, the school applies the loan proceeds to your outstanding balance, covering expenses such as tuition, fees, and other relevant costs. If there are any remaining funds after all balances are settled, the school will follow its refund procedures to return the surplus amount to you. This ensures that the borrowed funds are efficiently utilized for educational expenses, with any excess amount promptly returned to the borrower in accordance with the school's policies.
Products
- College Loans. These loans provide financial assistance to students pursuing higher education at colleges and universities. They cover expenses such as tuition, fees, and living costs, helping students achieve their academic goals.
- Bootcamp Loans. Ascent Funding also offers loans tailored for individuals attending coding bootcamps or other specialized training programs. These loans support students in gaining valuable skills for specific careers in fields such as technology, coding, and design.
- AscentUP. AscentUP is a platform designed to support individuals in launching their careers by bridging the gap between education and employment. Through AscentUP, users gain access to relevant topics, timely resources, and expert insights to develop durable skills and confidence to achieve their career and financial goals.
Other Student Loans
Reasons you may be denied Ascent Funding loan
- Incomplete Application. Failure to complete all required fields on the application form could result in denial.
- Insufficient Income. If your income does not meet the minimum requirements set by Ascent Funding, your application may be denied.
- Unacceptable Debt-to-Income Ratio. If your debt-to-income ratio exceeds the acceptable threshold, it may lead to denial of the loan.
- School Not Eligible. If your school is not among the eligible institutions partnered with Ascent Funding, your loan application may be denied.
- Ineligible Citizenship Status. Non-U.S. citizens or permanent residents without a co-signer may be ineligible for Ascent Funding loans.
How to repay an Ascent Funding loan
To repay an Ascent Funding loan, borrowers can choose from various repayment terms ranging from five to 20 years. Flexible payment options are available for both undergraduate and graduate loans if you apply with a co-signer and meet other eligibility criteria.
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Editorial opinion
Ascent Funding offers a comprehensive range of financial solutions for students seeking to pursue higher education or specialized training, including consumer loans and ascent bootcamp loans. With flexible repayment options and an emphasis on supporting students throughout their academic journey, Ascent ensures that individuals can enroll and complete their programs with confidence. The availability of resources such as the Ascent Connect app download and expert tips further enhances the overall experience, empowering students to thrive in their chosen fields. However, while Ascent's commitment to helping students succeed is commendable, potential borrowers should carefully consider all aspects, including interest rates and repayment terms, to ensure that the loan aligns with their financial goals and circumstances. Overall, Ascent Funding provides valuable support to students navigating the complexities of financing their education in San Diego and beyond.
Important
Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.
How to Choose a Lender
Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.
Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.
Carefully review all the terms and conditions of your payday loan contract.
Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.
Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.
Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.
Additional Resources
- Ascent Customer Reviews
