2024 Ascent Student Loans Review

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.

Prequalify

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.