When it comes to private student loans, your credit is key. Private lenders typically look for borrowers with good to excellent credit. If you don’t meet that criteria, you usually need a cosigner — someone with good credit willing to take on responsibility for the loan — in order to get approved.
That means if you don’t have great credit, or you don’t know anyone who is willing to cosign a loan for you, you could be out of luck.
Ascent Funding is different, though. Ascent offers private student loans for undergraduate, graduate and career training students, as well as parents, guardians and sponsors. It does have traditional cosigned loan options, but it also has a non-cosigned loan that allows students with limited credit histories to take out a loan without a cosigner — a unique product in the student loan industry and the reason Ascent is one of our top private student loan picks.
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Ascent Student Loans Overview
Ascent Funding is a relatively young company. It was launched in 2015, and was specifically created to help students who are traditionally underserved by student loan companies. Students without cosigners, international students and Deferred Action for Childhood Arrivals (DACA) students can qualify for loans through Ascent. In 2024, the lender added to its offerings with a parent student loan designed for parents, grandparents, guardians and sponsors who want to help pay for college.
- Non-cosigned options available
- DACA and international students are eligible
- 1% cash back graduation reward and higher-than-normal autopay discount
- Borrowers can access career training and financial planning resources
- Nine-month grace period for most loans
- Offers a $10,000 summer scholarship giveaway
- Non-cosigned options aren’t available to all borrowers
- Some loan options have high APRs
Unlike other student loan companies that base their decisions entirely on borrower credit histories and income, Ascent Funding has options that are outcomes-based. Borrowers who may not have access to a cosigner or established credit can use this option to take out money for college.
Ascent also serves borrowers who are traditionally underserved. Private student loan lenders often only provide loans to U.S. citizens and permanent residents, while international and DACA students are often excluded. By contrast, Ascent Funding offers loans to international students if they have a cosigner, and DACA students can qualify for loans with or without a cosigner.
As an Ascent borrower, you can take advantage of up to 24 months of hardship forbearance if you have financial difficulties, giving you time without student loan payments to financially recover. Ascent has other benefits, including a rate reduction as high as 1% on Outcomes-Based Loans® if you set up automatic payments and a 1% cash back graduation reward if you meet certain terms. Ascent doesn’t charge origination fees, application fees, disbursement fees or prepayment penalties.
Although Ascent could be useful for many borrowers, its non-cosigned Outcomes-Based Loans® aren’t available to everyone. To qualify, you must be a college junior or senior and enrolled full-time in an eligible program. You must be a U.S. citizen, permanent resident or DACA student. And because some of Ascent’s loans are non-cosigned and outcomes-based, they may have higher APRs than you can find elsewhere.
For credit-based loan options, the lender allows you to check your eligibility and via loan options without undergoing a hard credit inquiry.
Ascent’s Services
Ascent Funding initially offered student loans for international and DACA students, but it has expanded its products to include loans for traditional undergraduate students, graduate students and parents, guardians and sponsors of undergrads. It also offers career training and trade school loans.
Students without cosigners can qualify for either a credit-based loan or an outcomes-based loan. With the second, rather than looking at your credit score and current income, Ascent considers your academic achievements, school, GPA, graduation date and future income potential to determine your eligibility for a loan.
What they offer: Private student loans
Ascent Undergraduate Loans
|
Cosigned credit-based |
Non-cosigned credit-based |
Non-cosigned outcomes-based |
Parent credit-based |
|
|---|---|---|---|---|
|
Borrower type |
Students with a creditworthy cosigner, including U.S. citizens, DACA and international students |
Students that can qualify with their own income and credit history. For U.S. citizens and DACA students |
College juniors and seniors with a 3.0 GPA or higher and no credit score |
Parents, grandparents, guardians and sponsors with an undergraduate student |
|
Loan amounts |
$2,001 to $200,000 |
$2,001 to $200,000 |
$2,001 to $200,000 |
$2,001 to $200,000 |
|
Loan repayment terms |
5, 7, 10, 12 or 15 years* |
5, 7, 10, 12 or 15 years* |
10 or 15 years* |
5, 7, 10, 12 or 15 years* |
|
Repayment options (in addition to immediate repayment) |
Deferred Interest-only $25 flat Immediate |
Deferred Interest-only $25 flat Immediate |
Deferred
|
Interest-only Immediate |
|
Interest rates |
Fixed: 2.19% – 15.49%* Variable: 3.60% – 14.59%* |
Fixed: 2.19% – 15.49%* Variable: 3.60% – 14.59%* |
Fixed: 2.19% – 15.49%* Variable: 3.60% – 14.59%* |
Fixed: 5.75% – 17.51%* Variable: 5.05% – 16.01%* |
Other Ascent Student Loans
|
MBA, law and general graduate school programs |
Dental school |
Medical school |
|
|---|---|---|---|
|
Loan amounts |
$2,001 to $400,000 |
$2,001 to $400,000 |
$2,001 to $400,000 |
|
Loan repayment terms |
7, 10, 12 or 15 years* |
7, 10, 12, 15 or 20 years* |
7, 10, 12, 15 or 20 years* |
|
Repayment options (beyond immediate repayment) |
Deferred Interest-only $25 flat Immediate |
Deferred Interest-only $25 flat Immediate
*12 month grace period, plus 48 more if you’re in a residency program |
Deferred Interest-only $25 flat Immediate
*36 month grace period, plus 48 more if you’re in a residency program |
|
Interest rates |
Fixed: 2.69% – 16.81* Variable: 3.60% – 16.01* |
Fixed: 2.69% – 16.81* Variable: 3.60% – 16.51* |
Fixed: 2.69% – 16.81* Variable: 3.60 – 16.51%* |
Depending on the type of loan you apply for, you can typically borrow between $2,000 and $200,000 for undergraduate, and up to $400,000 for graduate school. Ascent Funding has multiple repayment options, so you can defer your payments until after graduation, make interest-only payments while in school or make partial payments to reduce the accrued interest. Ascent’s nine-month grace period (the amount of time after leaving school before you’re required to make payments) is longer than most other lenders. Longer grace periods are allowed for some graduate loans.
As an added perk, some students can qualify for a 1% cash-back benefit upon graduation, giving you money based on your original loan amount. For example, if you borrowed $30,000 for your education and graduated from your program on time, Ascent will give you a $300 cash-back graduation reward.
Another bonus? The lender’s AscentUP program offers undergraduate borrowers career readiness training and financial advice through webinars, videos, one-on-one-coaching and group coaching sessions.
What they don’t offer
Although Ascent Funding can be a useful lender for some borrowers, there are some limitations to keep in mind:
- Does not offer student loan refinancing: Unlike other lenders, Ascent Funding only provides in-school loans. It doesn’t offer student loan refinancing. If you have loans you’d like to refinance, you’ll have to work with another lender.
- Ultra low-interest loans: With the exception of the undergraduate credit-based loan, Ascent’s loans tend to have higher starting APRs than other lenders. That’s not surprising considering its target audience is borrowers without credit histories and international students. Borrowers who are U.S. citizens with good credit — or who have a cosigner with good credit — may be able to find lower rates elsewhere.
Ascent’s Credentials
Ascent operates in all 50 states, and it also issues loans to international and DACA students. However, Ascent isn’t a lender. Instead, its partner banks issue its loans. Its college loans are issued by Bank of Lake Mills or DR Bank, while Ascent’s career training loans are issued by Richland State Bank or DR Bank. All three banks are FDIC members.
Licenses and Registrations
Ascent and its partner banks are licensed to issue loans in all 50 states.
Awards and Certifications
Ascent is frequently recognized as a leading student loan lender by a variety of personal finance publications (including Money.) Both NerdWallet and Forbes Advisor selected it as a top private student loan company.
The company has also been named a “Best Place to Work in Fintech” by American Banker several times and has also made the “Best Places to Work” list published by the San Diego Business Journal.
Third-Party Ratings
Like other companies that only handle private student loans, Ascent Funding hasn’t been evaluated by credit rating agencies.
Regulatory Actions
Ascent hasn’t faced regulatory actions or lawsuits. Over 90 Ascent customers have filed student loan-related complaints in the past three years with the Consumer Financial Protection Bureau (CFPB). That’s significantly more than a previous iteration of this review noted.
Ascent’s Accessibility
Ascent provides comprehensive customer support and educational materials.
Availability
Ascent doesn’t operate in-person locations. Borrowers can apply for loans entirely online. Customer support is available via phone, chat or email.
Contact Information
If you need help with your application, Ascent is available Monday through Friday from 7 a.m. until 5 p.m. PST. You can contact customer support at 877-216-0876. You can also reach customer support via chat, or by emailing help@ascentfunding.com.
User Experience
Ascent’s website is easy to use, and provides educational content in the form of articles and YouTube videos. The lender has a prequalification tool to check eligibility and rates without affecting your credit score. It also has a calculator you can use to estimate the return-on-investment on your college degree.
Limitations
Ascent Funding doesn’t offer around-the-clock customer service. If you do take out a loan through Ascent, any questions about monthly payments or interest will go through another company; Ascent uses a third-party loan servicer — Launch Servicing — to handle loan accounts after the loan disbursement.
You can reach Launch Servicing Monday through Friday from 7 a.m. until 7 p.m. CST via phone or email. You can call 877-354-2629, or you can email ascentfunding@launchservicing.com.
Ascent’s Customer Satisfaction
Generally, Ascent has average to positive reviews for its loan products and customer service. However, Ascent is a relatively young company, so there aren’t many customer reviews available yet.
Customer Complaints
Ascent is accredited by the Better Business Bureau, and it has a 3.52 rating (out of five stars) on the BBB website. The lender has had 33 complaints over the past three years. Ascent fares better on TrustPilot. Customers gave Ascent a 4.5 out of five rating on TrustPilot, putting it in the “Excellent” category. The reviews there praise the smooth and quick application process, as well as the customer service.
Third-Party Reviews
Ascent has not been rated by third-party consumer groups.
Ascent Student Loans FAQ
How long does it take to get a loan from Ascent?
It can take up to several weeks. Ascent will review your application and notify you of their decision within a couple business days. Once approved, the loan can only be disbursed after a school certifies your information, which may take a couple days or up to a few weeks.
What is the interest rate on Ascent loans?
Fixed-rate undergraduate loans range from about 2% to nearly 16%. Variable-rate undergraduate loans range from about 4% to 15%. Graduate school loans and parent loans have higher starting rates. Borrowers can reduce their interest rate by enrolling in automatic payments. Depending on the type of loans you have, the autopay discount can range from 0.25% to 1.00%.
Ascent Funding is a legitimate and reliable student loan lender. It works with major banks to issue its loans, and both banks are FDIC members.
Can you pay off Ascent loans early?
Yes, you can make extra payments or pay off the loan early. There are no prepayment penalties.
Is Ascent good for student loans?
Ascent is a good choice for student loans, particularly if you don’t have a good credit score or cosigner. The lender offers what it calls “outcomes-based loans,” which allow you to qualify on things like your academic achievements, school, GPA, graduation date and future income potential. Ascent also offers student loans for international students and DACA students.
