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What is Ascent?
Ascent Funding, LLC is a lender that specializes in private student loans for undergraduate and graduate students. Headquartered in San Diego, California, they operate under their parent company, Goal Structured Solutions. Their primary objective is to help students expand their possibilities. To help meet that goal they offer unique loan products, including:
- Undergraduate student loans
- Graduate student loans
- Loans without cosigners
- Future income-based loans without a cosigner
Ascent Private Student Loans
Cosigned Student Loan
If you have a cosigner, you may qualify for a student loan as an undergraduate or graduate student. A cosigner is an individual with a favorable credit history and reliable income who agrees to apply for the loan with you, and to be jointly responsible.
Non-Cosigned Student Loan
It may be possible to qualify for an Ascent loan without a cosigner if you meet certain criteria on your own. Unlike many other lenders, Ascent considers factors other than creditworthiness during the underwriting process. If you do not have a credit score, you can still qualify for a loan based on your major and your future earning potential. If you do have an established credit history, you may qualify for a better rate.
If you are a full-time undergraduate junior or senior, or if you are a graduate student enrolled in a program full-time you may be eligible.
Non-Cosigned Future Income Student Loan
If you’re an undergraduate junior or senior, you may qualify for a non-cosigned student loan based on your future income potential. This is true if you have no credit score whatsoever, or if you have a minimum score, as defined by Ascent. You will need to apply to see if you qualify.
Apply for an Ascent Private Student Loan
- AFFORDABLE variable rates starting at 5.98% APR with Automatic Debit Discount*
- 1% CASH BACK Graduation Reward*
- NON-COSIGNED option may be available for undergraduate juniors and seniors.
- PAY AFTER LEAVING SCHOOL – Customize your loan with flexible repayment options – start payments after graduation.
- FORGET FEES – No application, origination or disbursement fees. No prepayment penalty if you choose to pay your loan off early.
- COVER UP TO 100% of your tuition and eligible living expenses.
* Ascent's undergraduate and graduate student loans are funded by Bank of Lake Mills, Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: www.AscentFunding.com/Ts&Cs
Rates are effective as of 6/01/2023 and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 1.00% (for undergraduate outcomes-based loans). 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. For Ascent rates and repayment examples please visit: www.AscentFunding.com/Rates
1% Cash Back Graduation Reward subject to terms and conditions. Cosigned Credit-Based Loan student must meet certain minimum credit criteria. The minimum score required is subject to change and may depend on the credit score of your cosigner. Lowest APRs require interest-only payments, the shortest loan term, and a cosigner, and are only available to our most creditworthy applicants and cosigners with the highest average credit scores.
How to Apply for an Ascent Student Loan
You should exhaust all financial aid options including scholarships, grants and federal student loans before applying for a private student loan. Ascent private loans are a good option to help fill in the funding gaps once you have exhausted other resources.
To apply for an Ascent student loan, start by entering your college/university to see if it matches Ascent’s list of schools on our website. Then simply click on “Apply Now” to be taken to the application page.
Pros and Cons of Ascent Student Loans
Doing your homework on any lender is important before applying for a new loan. Here are some of the top considerations you’ll want to evaluate for Ascent.
| Pros | Cons |
|---|---|
| Competitive fixed and variable interest rates and fees | The lowest advertised rates are not necessarily what you will qualify for; your rate could be higher based on credit history. A cosigner may be needed, especially if you are an undergraduate freshman or sophomore. |
| A combination of cosigned and non-cosigned loan options for undergraduate and graduate students | No federal subsidy (meaning there is no government assistance in paying for the loan) |
| 1% cashback graduation reward for students who graduate from a qualifying program within five years | |
| Refer a friend program where you could earn $25 if your friend submits, and is conditionally approved for, an Ascent student loan | Earning the reward is subject to your friend being approved |
| Flexible repayment terms available, including interest-only while in school | Private loans do not typically have federal-style, income-driven repayment plans |
Ascent Student Loans Cosigner Release
Another benefit that sets Ascent apart is how they treat cosigners. Many family members and friends are hesitant to cosign on loans that obligate them for a long period of time. After all, the longer the term, the greater the chance you may default on the loan. Ascent allows cosigners to be relieved of all loan obligations after the borrower makes 24 consecutive, on-time monthly payments. There is an application process to release the cosigner, and there may be other qualifying conditions to meet.
Ascent Customer Service
Ascent student loans are managed by an entity called Launch Servicing. You contact Launch Servicing for questions regarding payments, disbursements or account issues. You can reach customer service representatives by phone or email.
How Ascent Gives Back
Ascent makes a meaningful effort to give back through scholarship programs, such as their $1,000 Social Causes Student Scholarship which encourages students to share how they become enlightened on the fight against social injustices.
Ascent Student Loan Headquarters
Named 1st for "Best Places to Work in SoCal" 2022, as well as one of the "Best Places to Work" 2022 by the San Diego Business Journal and the winner of San Diego's "Best and Brightest Companies to Work for" 2022, Ascent is an employee-owned education finance company. They operate under their parent company, Goal Structured Solutions.