Ascent Student Loans Review 2022 – Forbes Advisors – Forbes | Vette Leader

Ascent offers several student loan options to undergraduate students. You can choose a loan type based on your existing 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 can be a good option as it has lower interest rates than the other loan types.

  • Loan Amounts: $2,001 to $200,000 (total)
  • Loan Conditions: Pay off your loan over five, seven, 10, 12 or 15 years
  • Annual interest: You can qualify for fixed rates from 3.22% to 13.09% or variable rates from 1.75% to 10.54% (including 0.25% autopay rebate).
  • Repayment options: At Ascent, borrowers have three repayment options to choose from.
    • Interest only. Only make payments for accrued interest while you are in school. Once completed, you will make full payments when your nine-month grace period ends.
    • Deferred Payments. Pay nothing until your grace period expires, nine months after graduating or leaving school.
    • $25 payments. Pay $25 monthly while you’re still in college. After you leave school, you’ll start making full payments when your nine-month grace period ends.
  • Notable benefits and features: Ascent has several salient features to consider.
    • interest discounts. Ascent offers a 0.25% rebate for borrowers who sign up for automatic payments.
    • final reward. If you graduate within five years of the date of your first loan payment, you may be eligible for Ascent’s 1% cashback graduation bonus. You could get 1% of your original principal balance back via direct deposit or check. For example, if your loan was $10,000, Ascent would mail you a check for $100.
    • Longer grace period. Benefit from a nine-month grace period after graduating or leaving 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 no-cosigner loan. Ascent credit loans are available for undergraduate and graduate students.

  • Loan Amounts: $2,001 to $200,000 (total)
  • Loan Conditions: Pay off your loan over five, seven, 10, 12 or 15 years
  • Annual interest: You may qualify for fixed rates on a credit-based unconsigned student loan from 8.58% to 14.75% or variable rates from 6.62% to 12.30% (including a 0.25% autopay rebate). .
  • Repayment options: Unsigned loans are eligible for three different repayment schedules.
    • Interest only. Only make payments for accrued interest while you are in school. Once completed, you will make full payments when your nine-month grace period ends.
    • Deferred Payments. Pay nothing until your grace period expires, nine months after graduating or leaving school.
    • $25 payments. Pay $25 monthly while you’re still in college. After you leave school, you’ll start making full payments when your nine-month grace period ends.
  • Notable benefits and features:
    • interest discounts. Borrowers can benefit from an automatic payment discount of 0.25%.
    • final reward. Ascent borrowers who are not co-signed are eligible for the 1% cashback bonus upon closing.
    • Longer grace period. Benefit from a nine-month grace period after graduating or leaving school. That’s three months longer than most private lenders offer.

Outcome-based student loan

For borrowers who do not have an established credit history or a co-signer, the outcome-based loan could be a useful solution. With this option, Ascent considers a number of factors to determine your eligibility for a loan, including your school, field of study, expected graduation date, grade point average, and cost of attendance.

The outcome-based loan is only available to full-time college juniors, seniors, and students; First and second year students are not eligible. International students are also not eligible for this loan; Only US citizens, permanent residents, and Deferred Action for Childhood Arrival (DACA) students are eligible for the outcome-based loan program.

This type of loan has higher interest rates than other loan options and there are stricter loan size limits.

  • Loan Amounts: $2,001 to $20,000 per academic year ($200,000 total)
  • Loan Conditions: Seven, 10, 12 or 15 years. Fixed rate loans are only allowed for terms of 10 or 15 years.
  • Annual interest: You can qualify for fixed rates from 11.88% to 13.24% or variable rates from 9.91% to 12.30% (including 1% autopay rebate).
  • Repayment options: The outcome-based loan enrolls borrowers in a deferred repayment plan. You pay nothing until you graduate or leave school, then full payments begin after a nine-month grace period.
  • Notable benefits and features: The outcome-based loans are eligible for the following benefits:
    • interest discounts. Outcome-based loan borrowers may qualify for a 1% autopay rebate — four times the standard autopay rebate.
    • final reward. Borrowers are eligible for the 1% cashback bonus after closing.
    • Longer grace period. Benefit from a nine-month grace period after graduating or leaving school. That’s three months longer than most private lenders offer.

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