Ascent Student Loans Review 2022 – Forbes Advisor

Ascent Student Loans Review 2022 – Forbes Advisor

Ascent offers several student loan options for undergraduate students. You can choose a loan type based on your credit history, income, and career prospects.

Co-signed loans

If you have a friend or family member with a stable income and good credit who is willing to co-sign your loan application, the co-signed loan option may be a good option as it has lower rates than others. loan types.

  • Loan amounts: $2,001 to $200,000 (total)
  • Loan conditions : Repay your loan over 5, 7, 10, 12 or 15 years
  • APR: You can benefit from fixed rates from 3.97% to 11.89% or variable rates from 1.47% to 9.05% (including 0.25% automatic payment discount).
  • Refund options: Ascent allows borrowers to choose between three repayment options.
    • Interest only. Only make payments for accrued interest while you are in school. After graduation, you will make full payments at the end of your nine-month grace period.
    • Deferred Payments. Pay nothing until the end of your grace period, nine months after you graduate or complete your studies.
    • Payments of $25. Make monthly payments of $25 while you’re still in college. After leaving school, you will begin making full payments at the end of your nine-month grace period.
  • Outstanding benefits and features: Ascent has several notable features to consider.
    • Interest rate reductions. Ascent offers a 0.25% rebate to borrowers who sign up for automatic payments.
    • Graduation award. If you graduate within five years of your first loan payment date, you may be eligible for Ascent’s 1% cash back reward. You could get 1% of your initial principal balance back by direct deposit or cheque. If your loan was $10,000, for example, Ascent would send you a check for $100.
    • Longer grace period. Enjoy a nine-month grace period after you graduate or leave school. That’s three months longer than most private lenders offer.

Credit-Based Student Loan

If you have a reliable income and a strong credit history, you may qualify for a loan without a co-signer. Ascent’s credit-based loans are available for undergraduate and graduate students.

  • Loan amounts: $2,001 to $200,000 (total)
  • Loan conditions : Repay your loan over 5, 7, 10, 12 or 15 years
  • APR: You can benefit from fixed rates from 6.60% to 13.65% or variable rates from 4.05% to 10.80% (including 0.25% discount on automatic payment).
  • Refund options: Non-cosigned loans are eligible for three different repayment plans.
    • Interest only. Only make payments for accrued interest while you are in school. After graduation, you will make full payments at the end of your nine-month grace period.
    • Deferred Payments. Pay nothing until the end of your grace period, nine months after you graduate or complete your studies.
    • Payments of $25. Make monthly payments of $25 while you’re still in college. After leaving school, you will begin making full payments at the end of your nine-month grace period.
  • Notable benefits and features:
    • Interest rate reductions. Borrowers can take advantage of an automatic payment discount of 0.25%.
    • Graduation award. Ascent non-cosigner borrowers are eligible for 1% cash back after graduation.
    • Longer grace period. Enjoy a nine-month grace period after you graduate or leave school. That’s three months longer than most private lenders offer.

Results-Based Student Loan

For borrowers who don’t have established credit or a co-signer, performance-based lending could be a useful solution. With this option, Ascent looks at a range of factors to determine your loan eligibility, including your school, program of study, expected graduation date, GPA, and cost of attendance.

The results-based loan is only available to full-time junior, senior, and graduate students; first and second year students are not eligible. International students are also not eligible for this loan; Only U.S. citizens, permanent residents, and Deferred Action for Childhood Arrival (DACA) students can take advantage of the performance-based loan program.

This type of loan has higher interest rates than other loan options and there are stricter limits on how much you can borrow.

  • Loan amounts: $2,001 to $20,000 per academic year ($200,000 total)
  • Loan conditions : Seven, 10, 12 or 15 years old. Fixed rate loans are only eligible for terms of 10 or 15 years.
  • APR: You can benefit from fixed rates from 11.13% to 12.46% or variable rates from 8.90% to 11.31% (including 1% discount on automatic payment).
  • Refund options: The results-based loan enrolls borrowers in a deferred repayment plan. You won’t pay anything until you graduate or leave school, at which time full payments will begin after a nine-month grace period.
  • Notable benefits and features: Results-based loans are eligible for the following benefits:
    • Interest rate reductions. Borrowers of results-based loans are eligible for a 1% autopay discount, four times the standard autopay discount.
    • Graduation award. Borrowers are eligible for 1% cash back after graduation.
    • Longer grace period. Enjoy a nine-month grace period after you graduate or leave school. That’s three months longer than most private lenders offer.

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