Paying student loans can be one of the most challenging tasks for college students and recent college graduates. Student debt is often viewed as inevitable, but it’s important to recognize just how difficult it can be to manage and pay back loans owed to lending companies. From high-interest rates and stringent terms of repayment to the extensive amount of paperwork required and potential setbacks or delays due to unforeseen financial emergencies, student loan repayment is rarely a straightforward process. Therefore, it’s imperative for borrowers to understand the details of their loans, the fees and costs associated with them, and the best payment options available so that they can stay ahead of their debts and avoid costly mistakes in the future. Luckily, Ascent Funding is here to help.
What is Ascent Funding?
Ascent Funding offers tailored student loan solutions designed to meet a student’s individual needs. Ascent Funding is one of the few private lenders that offer loan funding to those who have no credit histories and even international students. With Ascent Funding, students and their families can borrow up to the full cost of college tuition. It is important to note, however, that Ascent Funding is not a direct lender; its loans are issued by the Bank of Lake Mills and serviced by Launch Servicing.
How Does Ascent Funding Work?
Ascent Funding works by providing students with private student loans that are tailored to their individual needs. The loan process begins with an application, which is then reviewed by Ascent Funding’s team of loan experts. Once the application is approved, borrowers can choose from a variety of repayment options and terms, including fixed or variable interest rates and repayment periods ranging from 5 to 15 years.
What Does Ascent Funding Offer?
Let’s review what financial products and resources Ascent Funding offers:
Student Loans
Ascent Funding offers private student loans designed to meet the individual needs of borrowers. These loans can be used to cover tuition, room and board, textbooks, and other educational expenses. Ascent Funding also offers loan refinancing options for borrowers who want to lower their interest rates or consolidate multiple loans into one payment.
Student Loan Refinance
Ascent Funding also offers a unique Refinance Student Loan program, which allows borrowers to refinance existing student loans at a lower interest rate. This can help borrowers save money on their monthly payments and reduce the total amount they owe over time.
Scholarships
Ascent Funding also provides scholarships for students in need of financial assistance. Scholarships are awarded based on a variety of criteria, including academic achievement, leadership qualities, community service, and financial needs. As a result, the amount of the scholarship varies depending on the applicant’s qualifications and the amount they are eligible to receive.
Financial Education
In addition to providing student loan solutions and scholarships, Ascent Funding also offers financial education resources to help borrowers better understand their loan terms and repayment options. These resources include budgeting tools, loan calculators, and other helpful information to help borrowers make informed decisions about their student loans.
Rewards Program
Ascent Funding also offers a rewards program for referring a friend or graduating within five years after loan disbursement.
Ascent Funding Loan Details
Co-signed Loans
Co-signed loans are available to borrowers who need help meeting the income requirements or credit history criteria for loan approval. Loan amounts range from $2,001 to $200,000 (aggregate). Loan terms are five, seven, 10, 12 or 15 years with fixed rate or variable rate options. Borrowers also have three different repayment options: interest-only, deferred payments, and $25 payments.
Credit-based Student Loan
Ascent Funding offers credit-based student loans for undergraduate and graduate students. These loans are tailored to the individual needs of borrowers and can be used to cover tuition, room and board, textbooks, and other educational expenses. In order to qualify for a credit-based loan from Ascent Funding, borrowers must have a reliable income and strong credit history. Loan terms and details are the same as co-signed loans.
Outcomes-based Student Loan
Outcomes-based Student Loan: Ascent Funding offers an outcomes-based student loan that takes a range of factors into account to determine eligibility, such as school, degree program, projected graduation date, GPA and the cost of attendance. The loan is only available to full-time juniors and seniors in college; first and second-year undergraduates are not eligible. International students are also ineligible for this loan option. Borrowers can receive up to the full cost of college tuition through this outcomes-based loan. This loan option has higher interest rates and stricter limits.
What are the Benefits of Ascent Funding?
These are the main benefit of using Ascent Funding to find a student loan:
- Affordable: Ascent Funding offers competitive rates that can help borrowers save money on their student loan payments.
- Quick and easy: Ascent Funding’s online application process allows borrowers to apply for a loan in minutes.
- Flexible repayment: Ascent Funding offers a variety of repayment options and terms, allowing borrowers to choose the best option for their individual needs.
- Build credit: By making on-time payments, borrowers can build their credit scores and improve their financial standing.
- Interest rate discounts: There’s a 0.25% discount for borrowers who enroll in automatic payments.
- Graduation reward: Ascent offers a 1% cashback graduation reward for those who graduate within five years of the first loan disbursement date.
- Extended grace period: Compared to most lenders, Ascent offers a longer grace period of nine months after graduation or leaving school.
How to Qualify for Ascent Funding
To qualify for Ascent Funding, borrowers must meet certain eligibility requirements. These include having a minimum credit score and income level, as well as being enrolled in an accredited college or university. Borrowers must also be U.S. citizens or permanent residents, DACA students, or international students.
In addition to meeting the eligibility requirements, borrowers must also be able to demonstrate their ability to repay the loan. This means showing a steady income and good credit score for most loans. Ascent Funding also looks at a borrower’s education and employment history when considering them for a loan.
For those who are unable to meet the requirements for Ascent Funding loans on their own, co-signers are an option. Co-signers may be family members, friends, or other trusted individuals who agree to take on responsibility for the loan if the borrower fails to make payments. If you use a co-signer, they must also meet certain qualifications in order to qualify for the loan.
Ascent Funding offers some helpful resources to help borrowers make sure they qualify for their loans. These include budgeting tools, credit counseling sessions, and other information to ensure that borrowers can make informed decisions about their student loans.
For those who do qualify, Ascent Funding provides a variety of benefits that can help borrowers save money on their loans and pay them off quickly. From competitive interest rates and flexible repayment plans to the opportunity to build credit, Ascent Funding is a great option for those who need help financing their education.
How Does Ascent Funding Compare?
Ascent Funding has generally received positive reviews from its customers. Many borrowers report that the application process was straightforward and that they were able to get their loans quickly and easily. Additionally, many borrowers have praised Ascent Funding’s customer service team for being helpful and responsive. However, some borrowers have reported that the interest rates offered by Ascent Funding are higher than those offered by other lenders.
Is Ascent Funding Right for You?
Ascent Funding is a great option for borrowers who are looking for an affordable and flexible student loan solution. The company offers competitive rates, flexible repayment plans, and helpful financial education resources. Additionally, the rewards program allows borrowers to earn points for making on-time payments and taking advantage of other loan benefits. Ascent Funding may be the right choice for you if you’re looking for an affordable student loan solution with plenty of options.
Overall, Ascent Funding is a reliable lender that provides students with tailored student loan solutions. With competitive rates and flexible repayment plans, Ascent Funding can help borrowers manage their student loan debt and stay on top of their payments.
How to Get Started with Ascent Funding?
Getting started with Ascent Funding is easy and straightforward:
- Borrowers can visit the Ascent Funding website to check if they are eligible; Ascent Funding offers a prequalification tool to make this step easier.
- You can review their loan options and find the best fit for their individual needs.
- Borrowers can fill out the online application form and submit it for review.
- Once approved, Ascent will send your application to your school for certification. During this process, the school can make adjustments regarding the terms of the loan. Once the school provides a loan certification, borrowers will receive a loan agreement.
- Finally, borrowers can review the loan and sign it to start the disbursement of funds.
