Ascent Funding, or Ascent for short, has a goal of empowering students of all economic backgrounds and disciplines to access student loans. To further this goal, it offers two non-cosigner loan options for students: one assesses the borrower on their own credit score, and the other assesses the borrower on their future income-earning potential.
Loan types: Undergraduate, graduate, coding bootcamp
APRs: 5.94% - 15.83% Variable, 4.48% - 15.51% Fixed
Repayment terms: 5-15 years
Loan amount: Up to $200,000 per year for most loans; up to 20,000 year for non-cosigned future-income loan
Origination fees: No
The best APRs are reserved for borrowers with co-signers or borrowers who can show they are creditworthy without bringing a co-signer. The non-cosigned future-income based loan offers borrowers without a co-signer the opportunity to get a student loan. However, this loan comes with high APRs (starting from 12.88% variable) and a low maximum loan amount of only $20,000 per academic year. All rates include a 0.25% interest rate reduction (for credit-based loans) or 2.00% interest rate reduction (for future income-based loans) for using autopay to make monthly payments.
| Loan type | Variable APRs | Fixed APRs |
| Undergraduate - cosigned | 5.94%-15.83% | 4.48%-15.51% |
| Undergraduate - non-cosigned credit based | 9.83% -15.83% | 9.51%-15.51% |
| Undergraduate - non-cosigned future-income based | 12.88%-14.24% | 12.6%-14.24% |
| Graduate – cosigned | 6.49% - 15.83% | 5.33%-15.51% |
| MBA – cosigned | 6.95%-15.83% | 5.48%-15.51% |
| Medical – cosigned | 6.49%-15.83% | 5.33%-15.51% |
| Dental – cosigned | 6.81%-15.83% | 5.48%-15.51% |
| Law - cosigned | 6.95%-15.83% | 5.48%-15.51% |
Ascent offers a choice of six repayment terms: 5, 7, 10, 12, 15, or 20 years. As far we can tell, no lender offers more repayment term options than Ascent.
Repayments with full principal and interest begin immediately by default. You may be eligible for other repayment options while in school if you apply with a co-signer or you apply without a co-signer but meet other requirements (minimum two years history score, minimum credit score, and minimum gross annual income of $24,000 for the current and previous year). The other repayment options are:
The grace period for in-school options is an industry-leading 9 months for undergraduates, 36 months for medical school, 12 months for dental school, and 9 months for all other graduates.
A borrower may request deferment in writing or by completing and signing a deferment form and providing the appropriate documentation requested on the form. All deferments after the in-school period are provided solely at the lender’s discretion. Ascent’s college loans include the following deferment and forbearance options:
Ascent borrowers are eligible for the following discounts and rewards:
The application process is quick and straightforward. Simply fill out an application to see your pre-qualified rates. Next, customize your loan on your terms and upload supporting documents. Ascent will inform you of a credit decision within 2 days. If approved, Ascent will speak to your school for final confirmation of your loan.
Eligibility requirements vary for Ascent’s different loan types. At a minimum, you must be enrolled full-time or at least half-time at an eligible institution to qualify. Ascent accepts US citizens and permanent residents and also accepts non-US citizens with a cosigner. A student who is not a US citizen or permanent resident or has Deferred Action for Childhood Arrival (DACA) status may apply for a loan with a creditworthy signer who is a US citizen or permanent resident.
Ascent reserves its best rates for students borrowing with a creditworthy co-signer or students who can prove their own creditworthiness. US citizens or permanent residents may release the co-signer after making the first 24 consecutive, regularly scheduled full principal and interest payments on-time.
The best thing about Ascent is its future income-based student loan without a co-signer. This offers students the chance to borrow without a co-signer by demonstrating their ability to pay their loan off from future income. Such borrowers must:
Ascent’s US-based customer service team works Mondays to Fridays, 7am – 5pm PST. They can be reached by phone at 877-216-0876 or email at help@ascentprogram.com.
Ascent Funding launched in 2016 with the aim of bringing innovative solutions to the student loans marketplace. Ascent’s loans for college are made available by Bank of Lake Mills, Member FDIC. Ascent’s loans for bootcamps are made available through Richland State Bank, Member FDIC.
Ascent’s non-cosigner loan program is a welcome inclusion to the student loans market, making a college education possible for countless students who don’t have access to a creditworthy co-signer. Overall, this is an innovative tech-powered lender with repayment options, loan programs, and rewards you won’t find elsewhere.