Ascent; Rachel Mendelson/Insider
The bottom line: Ascent Undergraduate Student Loans provides a variety of repayment term lengths on its student loans and low minimum interest rates on fixed-rate loans. You may also qualify for a 1% cash-back reward that will be paid to you after graduation.
Pros and cons| Pros | Cons |
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Ascent Undergraduate Student Loans has several repayment options for its loans, with terms of five, seven, 10, 12, 15, or 20 years available. The minimum rates on its fixed undergraduate student loans are lower than most competitors' rates. You may qualify for a 1% cash-back reward with Ascent after graduating.
Ascent graduate student loans Ascent Graduate Student LoansAscent Graduate Student Loans graduate student loans don't have as many repayment term options as its undergraduate loans, but you still have a range to choose from. Ascent has a lower minimum APR on fixed loans than most other competitors do on its graduate loans, but its maximum APRs on both fixed and variable are higher than what you'll find at most comparable companies.
How Ascent comparesAscent Undergraduate Student Loans has low minimum fixed rates, but higher minimum rates on variable loans than comparable lenders — though your rates will depend on your unique financial situation. However, if you or your cosigner don't have the best credit score, Ascent's maximum rates on both variable and fixed undergraduate loans are lower than competitors. Here's how Ascent compares:
 Ascent |  Sallie Mae |  College Ave Student Loans |
Undergraduate APR Fixed: 3.24% - 12.19% Variable: 1.85% - 10.35% | Undergraduate APR Fixed: 3.50% - 12.60% Variable: 1.13% - 11.23% | Undergraduate APR Fixed: 2.99% - 12.99% Variable: 0.99% - 11.98% |
Fees Undisclosed late fee | Fees Late fee of 5% of the amount due, capped at $25 | Fees Late fee of 5% of the amount due, capped at $25 |
| Ascent Undergraduate Student Loans | Sallie Mae Undergraduate Student Loans | Student Loans |
College Ave is the only company that allows you to make full payments on your loan while you're in school. All three companies offer deferred, fixed, and interest-only repayment options.
You'll pay a late payment fee with all three lenders, though Ascent does not disclose its late payment fee.
You can pick a repayment term length of five, eight, 10, or 15 years with College, while Ascent offers term lengths of five, seven, 10, 12, 15, and 20 years on its student loans. Sallie Mae will assign your term length on undergraduate loans of either five, 10, or 15 years.
How Ascent student loans workAscent Undergraduate Student Loans has student loans for many degree types, including undergraduate, graduate, law, medical, dental, PhDs, and MBAs. 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. You can apply to release your cosigner after two years of consecutive, on-time payments.
Before you apply for any private student loan, including one with Ascent, seek out federal student loan options. You can usually get better terms and protections through the government.
You need to meet the following qualifications to get a student loan:
- Be a US citizen, permanent resident, a temporary resident with an eligible cosigner, or have DACA status
- Be enrolled in a school within Ascent's network half-time or more
- Pass a credit check or have a cosigner who can pass one
- Have a minimum income of $24,000 for the current and previous year from you or your cosigner
- Without a cosigner, have two years of credit history
You'll need to provide the following information to apply for a loan online:
- Which US state your school is located in
- School you're attending
- Cumulative GPA
- Major
- Enrollment status
- Information about whether you're taking classes online, in person, or a combination of both
- Expected graduation date
- Email, address, and phone number
- Social Security number and date of birth
- Monthly rent or housing payments
- Current employment status and annual income
- Term you want the loan for and financial aid you're already receiving
- Requested loan amount
- Information about whether or not you want a cosigner
There are several options for contacting Ascent's customer support. You can call the company from 6:00 a.m. to 6:00 p.m. PST Monday through Thursday, or 7:00 a.m. to 4:00 p.m. PST on Friday and Saturday. You can also email the lender, or send physical mail to its address in San Diego.
If you're unable to make your payments due to COVID-19, you may be eligible for loan forbearance from Ascent with its Natural Disaster/Declared Emergency Forbearance option. This allows you to postpone payments on your Ascent loans for up to three months when a natural disaster, local or national emergency, or military mobilization is declared.
Unpaid interest will keep accruing while your loans are in forbearance and will capitalize — meaning it will be added to your overall loan principal — once the forbearance period is over. Reach out to Ascent to ask about this option.
What options do I have to repay my Ascent student loans?You have three options to repay your student loan after you've taken it out: deferred, minimum, and interest-only. Each option has its advantages for different types of borrowers.
| Deferred | Minimum | Interest-only |
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With deferred payments, you won't pay off any of your balance until after the grace period, so it will be the most expensive option as a whole. Interest-only payments will cost the most while you're in school, but it will cost the least overall because you won't accrue any interest while in school.
Is Ascent trustworthy?Ascent Undergraduate Student Loans has an A+ in trustworthiness from the Better Business Bureau. A top-notch BBB score means a company effectively replies to consumer complaints, is honest in its advertising, and is open about business practices.
Even though Ascent has an excellent BBB rating, you aren't guaranteed to have a good relationship with the company. You should look at online customer reviews and see if any of your friends and family have experiences with the lender.
Ascent doesn't have any controversies in the last few years, so you might decide you're comfortable taking out a student loan from the lender.
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