Ascent Funding Student Loans Review

Ascent Funding offers student loans to borrowers in all 50 states. Undergraduate and graduate loans are available. The lender specializes in providing opportunities for students to borrow loans in their own names.

  • Ascent Funding offers a 1% cash back graduation reward with the satisfaction of certain terms and conditions.
  • Co-signed loans offer the ability for borrowers to make full payments while in school and during a six-month grace period following graduation, or choose to pay interest only, a flat fee or defer payments.
  • Ascent Funding student loans have no origination, prepayment or application fees.

  • Ascent Funding does not offer parent loans or student loan refinancing.

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Student Loan Options Offered by Ascent Funding

Ascent Funding’s student loan options include:

Both fixed- and variable-rate student loans are offered by Ascent Funding. Loans range from $2,001 up to the total cost of attendance as certified by the school. There is an aggregate maximum of $200,000.

Independent borrowers can choose from a repayment term of 10 or 15 years, while co-signed loans can have a term of five, 10 or 15 years.

There is no application or origination fee. Borrowers can qualify for an interest rate reduction of 0.25 percentage points for credit-based loans or 2 percentage points for undergraduate future-income-based loans by enrolling in automatic payments from a personal checking account. Ascent Funding also awards 1% cash back upon graduation and satisfaction of certain terms and conditions.

Ascent Funding requires a minimum credit score of 540 with a co-signer and 680 for independent borrowers. Borrowers or qualified co-signers must also demonstrate an annual income of $24,000, meet a monthly debt-to-income ratio, submit proof of income and be continuously employed for the past two years.

Independent borrowers without a co-signer must be a junior, senior or graduate student to qualify. They must also be enrolled in school full-time, have a GPA of 2.9 or higher, and must be a U.S. citizen or have U.S. permanent resident status.

Co-signed loans require that the borrower be enrolled in school at least half-time.

Ascent Funding student loan repayment options depend on whether the loan is co-signed. Loans with a co-signer have several repayment options:

  • Full payments while in school.
  • Interest-only payments while in school.
  • Flat $25 monthly payments while in school.
  • Deferred payment, with no in-school payments required.

For loans without a co-signer, only the deferred payment option is available.

Borrowers who wish to postpone payments can submit a request in writing or by completing a deferment form. Ascent Funding student loans include the following deferment and forbearance options:

  • Active-duty military deferment.
  • In-school deferment.
  • Residency/internship deferment.
  • Temporary hardship forbearance.
  • Administrative forbearance.

A co-signer release is available after making the first 24 consecutive payments on time and in full, meeting the other eligibility requirements to qualify for the loan without a co-signer and opting to make automatic payments.

Ascent Funding has an A rating from the Better Business Bureau.

In 2020, the Consumer Financial Protection Bureau received one complaint about Ascent Funding. The company gave a timely response and closed the issue with an explanation.

  • Students who want to qualify for loans in their own name.
  • Students who need to use a co-signer to qualify.
  • Borrowers who would like flexible repayment options.

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