Ascent Student Loan Requirements

About Ascent Student Loan

Ascent Student Loan Requirements- Ascent Funding was established in 2016, and one of its primary goals has been to introduce novel approaches to the market for student loans. Bank of Lake Mills, a member of the FDIC, is the financial institution that facilitates Ascent’s student loan program. Richland State Bank, a member of the FDIC, is the financial institution that handles the processing of loans for boot camps offered by Ascent.

Ascent Funding gives you the opportunity to forgo using a co-signer and instead base your application on the likelihood of you earning more money in the future.


Ascent Student Loan In a Nutshell

Ascent Funding, also known simply as Ascent, has set for itself the mission of making it easier for students of all economic and academic backgrounds to get student loans. It does this by providing students with two different kinds of non-cosigner loan options: one evaluates the borrower based on the borrower’s own credit score, and the other evaluates the borrower based on the borrower’s potential for producing income in the future.

Ascent Student Loan Pros and Cons


  • Up to 1% cash back on loan after graduation
  • Two non-cosigned loan options
  • Coding Bootcamp loans


  • Max. $20,000 funding for non-cosigned future income loans
  • 1-2 days to credit decision (most lenders decide instantly)

Ascent Student Loan at a Glance

Loan types: Undergraduate, graduate, coding Bootcamp


APRs: 2.14% – 12.94% variable, 3.61% – 14.50% fixed

Repayment terms: 5-15 years

Loan amount: Up to $200,000 per year for most loans; up to 20,000 years for non-cosigned future-income loan


Origination fees: No

Ascent Student Loan Interest Rates and Fees

Borrowers who can prove that they are creditworthy without the assistance of a co-signer are eligible for APRs that are lower than those offered to borrowers who need a co-signer. Borrowers who do not have a co-signer have the ability to apply for and get a student loan through the non-cosigned future-income-based loan. On the other hand, this loan comes with high annual percentage rates (beginning at 8.94% variable) and a low maximum borrowing amount of only $20,000 every academic year. When you use autopay to make your monthly payments, you will receive a discount on the interest rate of either 0.25% (for credit-based loans) or 2.00% (for future income-based loans). This discount is included in all of the rates.

Loan type Variable APRs Fixed APRs
Undergraduate – cosigned 2.14% – 10.36% 3.61% – 12.00%
Undergraduate – non-cosigned credit based 3.86% – 10.36% 5.45% – 12.00%
Undergraduate – non-cosigned future-income based 8.94% – 12.94% 10.27% – 14.50%
Graduate – cosigned 2.17% – 11.87% 3.68% – 13.50%
MBA – cosigned 2.17% – 11.87% 3.68% – 13.50%
Medical – cosigned 2.11% – 11.86% 3.52% – 13.50%
Dental – cosigned 2.15% – 11.86% 3.62% – 13.50%
Law – cosigned 2.17% – 11.87% 3.68% – 13.50%

Ascent Student Loan Repayment Options

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.

By default, repayment of the whole principal as well as all accrued interest begins immediately. If you apply with a co-signer or apply without a co-signer but fulfill the other conditions (minimum two years history score, minimum credit score, and minimum gross annual income of $24,000 for the current and prior year), you may be eligible for various repayment choices while you are in school. The following are the other methods of repayment:

  • Interest-only repayment. During school, the borrower only pays the interest that accrues on the loan each month.
  • Fixed repayment. During school, the borrower pays $25 each month, with unpaid interest added to the loan once full payments begin.
  • Deferred repayment. This option allows the borrower to postpone principal and interest payments on the loan while enrolled at least half-time at an eligible institution. Interest accrues during this in-school period.

The grace period for in-school students is nine months for undergraduate students, thirty-six months for medical school students, twelve months for dental school students, and nine months for all other graduates.

A borrower has the option of submitting a written request for postponement, as well as completing, signing, and submitting an official deferment form together with the required supporting evidence. After the grace period for students, the lender has complete discretion over whether or not to grant any further deferments. The following are the deferment and forbearance options that are available with Ascent’s student loans:

  • Active duty military deferment
  • Residency/internship deferment
  • Temporary hardship forbearance
  • Administrative forbearance
  • Natural disaster / declared emergency forbearance

Ascent Student Loan Bonuses, Discounts, and Rewards

Ascent borrowers are eligible for the following discounts and rewards:

  • 1% cash back graduation reward. The borrower must graduate from the degree program that the loan was used to fund.
  • Refer-a-friend bonus. Earn up to $525 for each friend you refer, with no limit on what you can earn.
  • Scholarship giveaways on social media. Ascent gives away a $1,000 student scholarship every month. Follow, like, or subscribe to Ascent on at least one social media channel (Instagram, Facebook, YouTube, LinkedIn, or Twitter), and use the online entry form on the Ascent website to enter.

Ascent Student Loan Application Process

The application process can be completed in a short amount of time and without much difficulty. To view the pre-qualified rates that are available to you, you need only complete an application. The last step is to personalize your loan according to your terms, and then upload any supporting papers. Within the next two days, Ascent will let you know what their decision is regarding your credit. If the application is successful, Ascent will contact your institution to obtain final confirmation of the loan.

The many sorts of loans offered by Ascent each have their own unique set of eligibility restrictions. To be eligible, you must be enrolled at a qualifying institution either for the full academic year or for at least half of the academic year. Ascent accepts applications from citizens of the United States and permanent residents automatically, in addition to accepting applications from non-citizens who have a co-signer. It is possible for a student who is not a citizen of the United States, a permanent resident of the United States, or who has DACA status to apply for a loan if they have a creditworthy signer who is a citizen of the United States or a permanent resident of the United States.

Ascent Student Loan Co-Signer Options

The best interest rates offered by Ascent are reserved for students who can either demonstrate their own creditworthiness or who borrow money through a creditworthy co-signer. After the first 24 consecutive, regularly scheduled, full principal and interest payments have been made on time by US citizens or permanent residents, the co-signer may be released from their obligation to the loan.

The fact that Ascent offers a future income-based student loan without requiring a co-signer is the company’s strongest selling point. Students have the opportunity to borrow money without the need for a co-signer when they can demonstrate that they will be able to pay back the money they borrow from future earnings. Such debtors are required to:

  • Be a college junior or senior enrolled full-time (or with an expected graduation date within 9 months of the date the loan application is submitted) in a degree program at an eligible institution;
  • Be a US citizen or have US permanent resident status;
  • Have satisfactory academic performance of 2.9 GPA or greater; and
  • Be at least 18 years of age or at the age of majority in the respective state of residence.

Ascent Student Loan Customer Service

Ascent’s US-based customer service team works Mondays to Fridays, 7 am – 5 pm PST. They can be reached by phone at 877-216-0876 or by email at


The non-cosigner loan program offered by Ascent is a welcome addition to the market for student loans. This program enables a large number of students who do not have access to a creditworthy co-signer to obtain a college education. In general, this is an innovative lender that is powered by technology and offers lending plans, repayment options, and prizes that you won’t find anywhere else.


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