Ascent Student Loans Review 2022 – Forbes Advisor

Ascent offers several student loan options for undergraduate students. You can choose a loan type based on your credit history, income, and career prospects.

Co-signed loans

If you have a friend or family member with a stable income and good credit who is willing to co-sign your loan application, the co-signed loan option may be a good option as it has lower rates than others. loan types.

  • Loan amounts: $2,001 to $200,000 (total)
  • Loan conditions : Repay your loan over 5, 7, 10, 12 or 15 years
  • APR: You can benefit from fixed rates from 3.97% to 11.89% or variable rates from 1.47% to 9.05% (including 0.25% automatic payment discount).
  • Refund options: Ascent allows borrowers to choose between three repayment options.
    • Interest only. Only make payments for accrued interest while you are in school. After graduation, you will make full payments at the end of your nine-month grace period.
    • Deferred Payments. Pay nothing until the end of your grace period, nine months after you graduate or complete your studies.
    • Payments of $25. Make monthly payments of $25 while you’re still in college. After leaving school, you will begin making full payments at the end of your nine-month grace period.
  • Notable benefits and features: Ascent has several notable features to consider.
    • Interest rate reductions. Ascent offers a 0.25% rebate to borrowers who sign up for automatic payments.
    • Graduation award. If you graduate within five years of your first loan payment date, you may be eligible for Ascent’s 1% cash back reward. You could get 1% of your initial principal balance back by direct deposit or cheque. If your loan was $10,000, for example, Ascent would send you a check for $100.
    • Longer grace period. Enjoy a nine-month grace period after you graduate or leave school. That’s three months longer than most private lenders offer.

Credit-Based Student Loan

If you have a reliable income and a strong credit history, you may qualify for a loan without a co-signer. Ascent’s credit-based loans are available for undergraduate and graduate students.

  • Loan amounts: $2,001 to $200,000 (total)
  • Loan conditions : Repay your loan over 5, 7, 10, 12 or 15 years
  • APR: You can benefit from fixed rates from 6.60% to 13.65% or variable rates from 4.05% to 10.80% (including 0.25% discount on automatic payment).
  • Refund options: Non-cosigned loans are eligible for three different repayment plans.
    • Interest only. Only make payments for accrued interest while you are in school. After graduation, you will make full payments at the end of your nine-month grace period.
    • Deferred Payments. Pay nothing until the end of your grace period, nine months after you graduate or complete your studies.
    • Payments of $25. Make monthly payments of $25 while you’re still in college. After leaving school, you will begin making full payments at the end of your nine-month grace period.
  • Notable benefits and features:
    • Interest rate reductions. Borrowers can take advantage of an automatic payment discount of 0.25%.
    • Graduation award. Ascent non-cosigner borrowers are eligible for 1% cash back after graduation.
    • Longer grace period. Enjoy a nine-month grace period after you graduate or leave school. That’s three months longer than most private lenders offer.

Results-Based Student Loan

For borrowers who don’t have established credit or a co-signer, performance-based lending could be a useful solution. With this option, Ascent looks at a range of factors to determine your loan eligibility, including your school, program of study, expected graduation date, GPA, and cost of attendance.

The results-based loan is only available to full-time junior, senior, and graduate students; first and second year students are not eligible. International students are also not eligible for this loan; Only U.S. citizens, permanent residents, and Deferred Action for Childhood Arrival (DACA) students can take advantage of the performance-based loan program.

This type of loan has higher interest rates than other loan options and there are stricter limits on how much you can borrow.

  • Loan amounts: $2,001 to $20,000 per academic year ($200,000 total)
  • Loan conditions : Seven, 10, 12 or 15 years old. Fixed rate loans are only eligible for terms of 10 or 15 years.
  • APR: You can benefit from fixed rates from 11.13% to 12.46% or variable rates from 8.90% to 11.31% (including 1% discount on automatic payment).
  • Refund options: The results-based loan enrolls borrowers in a deferred repayment plan. You won’t pay anything until you graduate or leave school, at which time full payments will begin after a nine-month grace period.
  • Notable benefits and features: Results-based loans are eligible for the following benefits:
    • Interest rate reductions. Borrowers of results-based loans are eligible for a 1% autopay discount, four times the standard autopay discount.
    • Graduation award. Borrowers are eligible for 1% cash back after graduation.
    • Longer grace period. Enjoy a nine-month grace period after you graduate or leave school. That’s three months longer than most private lenders offer.

About Judith J. George

Check Also

How to refinance your student loans through a credit union

Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is …