Updated: November 4, 2024
Advertising & Editorial Disclosure
Ascent provides customized repayment terms for undergraduate studies, business school, dental school, law school, medical school and general graduate school (including health professions, nursing, pharmacy, MA, MS and Ph.D.).
MoneyGeek’s Ascent student loan review can help you determine if this lender is right for you.
Ascent is a lending company that offers private student loans for undergraduate and graduate education. Its college loans are made available by the Bank of Lake Mills, Member FDIC.
Ascent gives students the option to apply with or without a co-signer. Loans of up to $200,000 per full academic term are available to cover the total cost of undergraduate or graduate education, including postgraduate degrees in medicine, dentistry, MBA, law, nursing, pharmacy and other MA and MS degrees.
If you are considering applying for an Ascent student loan, this lender offers some excellent perks, including an autopay discount of 0.25% for credit-based loans and a 1% discount for undergraduate outcomes-based loans. There’s also a 1% automatic debit discount for outcomes-based loans without a co-signer and a 1% cash back reward after graduation. Ascent also provides additional resources, such as a guide for college, career advice, budgeting hacks and financial planning tips.
Pros
Cons
Fixed APR | 4.36%–14.08% |
Variable APR | 1.47%–11.31% |
Loan Types | Undergraduate, Graduate (MBA, Law, General Graduate and Ph.D.), Dental School and Medical School |
Loan Amounts | $2,001–$200,000 (aggregate total) |
Repayment Terms | 5, 7, 10, 12, 15 or 20 years, depending on your selected loan option |
Grace Period | Nine to 36 months after graduation based on the loan type |
Co-signer Required | Only for non-U.S. citizens and temporary U.S. residents |
Time to Receive Funds | Several weeks depending on your school’s certification process |
Late Fees | 5% of the amount due, capped at $25 |
Prepayment Penalty Fees | No |
Perks |
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Mobile Application | No |
Lending companies that offer student loans can differ when it comes to rates, terms and fees. Use this guide to determine whether or not Ascent is the right lender for you.
An Ascent student loan is a solid option for someone who needs a large loan of up to $200,000 per full academic year to finance the total cost of an undergraduate or graduate education. Graduate degrees that are eligible for funding include medicine, dentistry, MBA, law, nursing, pharmacy and other MA and MS degrees.
Additionally, Ascent student loans are fantastic for U.S. temporary residents and international students. These students can apply as long as they have a creditworthy co-signer who is a U.S. citizen or U.S. permanent resident.
Ascent student loans are not ideal for students who need funds immediately. The processing time between applying and fund disbursement could take several weeks. It is also best to consider other lenders if you plan to apply for a solo loan but have a gross annual income of less than $24,000 or less than two years of credit history.
Furthermore, a financial wellness interactive module is a required activity in the application process. If you are not willing to complete this course, an Ascent student loan is not for you.
Applying for a student loan can be complicated. MoneyGeek has simplified the process for you by breaking down the steps that you need to take to apply for an Ascent student loan.
You can see the rates you prequalify for online by providing your personal details and information about your income, school and preferred loan amount. After completing the online form, you will receive a preliminary decision as well as a list of the loan packages that you qualify for. Accept Ascent’s offer and choose a repayment plan that best fits your needs and financial situation.
Upload the required documents to Ascent’s portal, which you can access through the company’s website. Have the following materials and information ready to submit:
Ascent will perform a review of your completed application. This generally takes one to two business days.
Once your loan is approved, Ascent will send you a loan agreement. Read this document thoroughly and make sure you understand the fine print, including all the terms and conditions. Taking the time to fully understand the agreement can help you avoid any fees or other charges.
If you find the terms and conditions stated in the loan agreement satisfactory and are confident that an Ascent student loan is the best option available to you, you can sign the loan agreement. This agreement can be signed electronically and submitted through the Ascent portal.
Ascent will then send your signed loan agreement and supporting documents to your school for certification. Your school will verify your enrollment status, academic progress and any financial aid package that you may have received or are expected to receive. The processing time will depend on your institution. However, in most cases, this takes several weeks.
Once your school has certified all the information in your student loan application, Ascent will send you a final disclosure and you will be notified of your loan disbursement dates. Ascent will pay your school directly.
Paying off your loan depends on your chosen repayment terms. With Ascent student loans, you can choose from four options. Your eligibility for each loan repayment option will depend on your income, credit score and if you have a co-signer.
It can be a major letdown if your student loan application is rejected. Fortunately, you still have other options if Ascent denies your application.
Before exploring your other options, you should first figure out why Ascent rejected your application. You may have been denied due to a low credit score, not meeting the minimum required income or not having enough credit history.
MoneyGeek strongly advises you to reach out to Ascent by calling their hotline or sending them an email. Knowing the exact reason why your student loan application was rejected will help you identify the shortfalls in your application. It will also allow you to make necessary adjustments to your application in order to increase your chances of getting approved should you decide to reapply for a student loan either with Ascent or another lender. If you applied without a co-signer, it might be wise to reapply with a creditworthy co-signer.
We also encourage you to speak with your school’s financial aid advisor or office for additional information and resources.
There are many factors to consider when applying for a student loan. MoneyGeek put together a list of answers to some commonly asked questions to help you decide if an Ascent student loan is the right option for you.
Ascent student loans can be used to cover up to 100% of the cost of full-time or half-time attendance at an eligible institution. This includes education-related expenses, such as tuition and fees, room and board and other costs. You can get a loan to finance your undergraduate, graduate (MBA, Law, General Graduate and Ph.D.), dental and medical studies.
Ascent does not formally disclose the minimum required credit score for its student loans. Ascent notes that the minimum credit score is subject to change and varies depending on your co-signer’s credit score. If you have a low credit score or do not have enough credit history, it would be best to have a creditworthy co-signer apply with you.
After you’ve submitted the application form and uploaded the required documents, Ascent will do their review. This takes one to two business days. Your loan will then be sent to your school for certification and validation. This could take several weeks to complete based on your institution’s processing time.
No, Ascent currently doesn’t have a mobile app. Student loan applications and payment transactions can be made online using their website.
You may borrow up to $200,000 per full academic year for undergraduate and graduate credit-based loans. However, the maximum loan amount for undergraduate outcomes-based loans that don’t have a co-signer is much lower at $20,000.
No, it will not immediately impact your credit score because Ascent only does an initial soft credit during the prequalification process.
Yes, Ascent allows borrowers to have co-signers on student loans.
An Ascent student loan can be used to cover the total cost of attendance at an eligible institution. We recommend that you check to see if your college is on Ascent’s list of eligible institutions.
About Christopher Boston
Christopher (Croix) Boston was the Head of Loans content at MoneyGeek, with over five years of experience researching higher education, mortgage and personal loans.
Boston has a bachelor's degree from the Seattle Pacific University. They pride themselves in using their skills and experience to create quality content that helps people save and spend efficiently.
