2024 Ascent Student Loans Review

Updated: December 28, 2023

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.

At a Glance: Ascent Student Loans

  • Ascent

    • 4.36%–14.08%Fixed APR Range
    • 1.47%–11.31%Variable APR Range
    • $2,001–$200,000Loan Amounts
    • Nine to 36 monthsGrace Period
    • Non-U.S. citizens and temporary residentsCo-signer

    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.


    • All credit-based loans are eligible for a 0.25% discount
    • 1% cashback reward after graduation
    • No application, origination or disbursement fees
    • No prepayment penalty fees
    • Allows co-signers


    • Fixed APR can be as high as 14.08%
    • Does not offer loan refinancing
    • Loan approval and funding may take several weeks
    • Has a late fee of 5% (capped at $25)
    • Fixed APR Range: 4.36%–14.08%
    • Variable APR Range: 1.47%–11.31%
    • Loan Amounts: $2,001–$200,000 (aggregate total)
    • Grace Period: 9–36 months after enrollment ceases (depending on loan type)
    • Co-signer: Optional

MoneyGeek Breakdown: Ascent Student Loan Details and Requirements

Ascent Details

Fixed APR


Variable APR


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

Ascent Student Loan Application Requirements

You must be a U.S. citizen or permanent resident or have deferred action for childhood arrival (DACA) status to qualify as a solo borrower.
If you are a temporary U.S. resident, you need a creditworthy co-signer who is a U.S. citizen or permanent U.S. resident.
You must be enrolled at least half-time at an eligible institution.
Applicants for outcomes-based loans must be enrolled full-time.
You must have a minimum gross annual income of $24,000 and meet a monthly debt-to-income (DTI) ratio if you are a student borrower without a co-signer. You should have at least two years of credit history.
You must complete an interactive online financial wellness course at no extra cost.
Borrowers must use the loan for education-related expenses (i.e., tuition and fees, room and board, books, etc.) at an eligible institution.
You must provide your personal details and information about your income, school and preferred loan in your application form to see the rates you prequalify for.

Is Ascent Right for You?

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.

Type of Student Ascent Is Perfect For

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.

Who Should Not Choose Ascent

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.

How to Apply for an Ascent Student Loan

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.

Fill Out Application Form

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:

  • Government-issued ID
  • Social Security number
  • Proof of U.S. residency
  • School information (estimated graduation date and academic term)
  • Loan amount
  • Amount of financial aid that you expect to receive
  • Proof of income (if without a co-signer)
Wait for Approval

Ascent will perform a review of your completed application. This generally takes one to two business days.

Review Loan Agreement

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.

Sign Loan Agreement

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.

Receive or Direct Funds

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.

Make Payments

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.

  • Immediate repayment: You may decide to start making payments toward your loan principal and interest while you’re still pursuing your degree or right after graduation. You will not incur penalties and fees for paying off your loan early.
  • Deferred repayment: By choosing this option, you can postpone payments on the loan principal and interest while you are still enrolled at least half-time at an eligible institution. However, interest still accrues during this in-school period. Your loan repayment will start once you stop being enrolled at least half-time, which is also when your grace period ends. Depending on your loan type, this grace period ranges from nine to 36 months.
  • Interest-only repayment: You can start paying the interest of your loan while you are still enrolled at least half-time.
  • Partial repayment: Pay $25 per month while still enrolled at least half-time.

What to Do if You Are Rejected From Ascent

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.

Frequently Asked Questions About Student Loans

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.

What can I use an Ascent student loan for?
What credit score do I need for an Ascent student loan?
How long does Ascent take to approve a student loan?
Does Ascent have a mobile app?
What is the maximum amount I can borrow from Ascent?
Will applying for an Ascent student loan affect my credit score?
Does Ascent accept co-signers on student loans?
Can I use Ascent student loans at my college?
*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
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