Ascent Student Loans: 2025 Review

Undergraduate student loans

Ascent offers four undergraduate loan options. The lowest rates go to students who qualify with a cosigner. Parent loan APRs are slightly higher but give students the option to have a parent, grandparent or guardian take loans to fund their education. Cosigners may apply to be released after 12 consecutive months of on-time payments, which is much less than the minimum 36-month period other student loan lenders require.

Qualified students also have two non-cosigned options from which to choose. The first is approved based on the student's credit and income. Alternatively, there is an outcomes-based option that depends on academic performance, but it has the highest APRs and lowest maximum amount.

Students may be eligible for a 1 percent cash-back reward for completing their degree within five years of taking out their first Ascent loan. The lender also offers a longer grace period of nine months after graduation before payments must begin. Most private lenders only offer a six month grace period.

Hardship forbearance is also available for up to 24 months during the life of any Ascent loan. Five repayment options are available while attending school:

• Interest only: Students enrolled at least half time can make interest-only payments each month while in school and during the grace period. Afterward, they will start paying full principal and interest payments for the rest of the loan term.
• Minimum $25 payment: Students can opt for a minimum monthly payment of $25 each month as long as they stay enrolled at least half time. Full principal and interest payments will start after the grace period. 
• Deferred payment: This option allows students to postpone any payments until graduation as long as they remain enrolled half-time at an Ascent-approved school. Interest will accrue during their enrollment, and repayment will commence after the grace period.
• Immediate repayment: Borrowers can begin making full payments on the loan balance immediately, the first payment starting 30 to 60 days after the loan disbursement.
• Progressive repayment option: In special circumstances, students may be eligible for a lower temporary payment that increases over time so that the loan term will end at the originally expected time.

Graduate student loans

Students pursuing medical degrees may be eligible for grace periods of up to 36 months, while graduates pursuing dental programs have up to 12 months. Graduate students who choose a variable rate may also be eligible for longer 20-year terms instead of 15.

Ascent also offers several scholarship options for graduate students and a $250 Amazon gift card incentive that rewards both the referrer, as well as the friends referred to the lender.

Where Ascent Bank stands out

• Longer grace periods before repayment begins: Graduating students can take advantage of three more months of deferment before payments begin than you would get with many other lenders.
• Multiple options without cosigners: If you don’t have a cosigner, you can choose from several options, including one that rewards academically strong students. 
• Low minimum rates with no fees: Ascent’s minimum rates are among the lowest offered by private student loan lenders. 

How this lender compares

It’s always best to compare a few other student loan lenders before you finalize your borrowing decision. Check out the rates, grace periods and repayment terms to see which is the best fit for your education plans.

Ascent vs. College Ave

If you’re unsure about finding a job in your intended field right after graduating, Ascent gives you an extra three months for job hunting before payments begin compared to what College Ave offers to undergraduates. If you're looking to refinance, College Ave has options where Ascent is lacking. 

Ascent vs. Sallie Mae

Ascent offers more repayment terms, with five-, 15- and 20-year options, compared to Sallie Mae, which  offers 10-, 15- and 20-year repayment terms.  Ascent borrowers are also eligible for forbearance of up to 24 months as part of their loan agreement, while Sallie Mae doesn’t publish a set guideline for forbearance. 

Sallie Mae offers more flexibility with repayment extensions and has a clear process for loan modifications for students that Ascent doesn’t offer. You can also borrow up to 100 percent of your education costs with Sallie Mae, whereas you are limited by loan amount maximums at Ascent.

How Bankrate rates Ascent

Methodology

The Bankrate team uses a 16-point system to evaluate student loan lenders. This scoring criteria measures how lenders perform across three main categories.