6 Unique Perks of Ascent | Student Loans

Ascent is a private student loan provider that was founded in 2016. The lender offers a number of student loan programs for students and parents, including students who are not U.S. citizens or permanent residents. Here are some of the top features that help Ascent stand apart from other lenders.

The most common student loan autopay discount offered by private student loan providers is 0.25 of a percentage point in interest rate. However, Ascent’s offer is better. Borrowers who set up automatic payments from their bank accounts can get a 0.5 percentage point discount for credit-based college student loans, and a 1.00 percentage point discount on outcomes-based college student loans.

As an extra benefit, student borrowers can tap into AscentUP, a free career coaching resource. It includes self-guided features like courses and webinars, resume tips, financial wellness education, and internship and job resources and tools. Students can also connect with coaches for individualized assistance.

While Ascent does offer students loans based on traditional underwriting factors like credit score and income, it also has an option for student borrowers with thin credit files who do not wish to apply with a cosigner. Students with no credit score, or those who meet a minimum credit score but have less than two years of credit history can apply for Ascent’s outcomes-based student loan. This unique loan considers factors like grade point average, major and school, and expected graduation.

Borrowers who graduate can qualify for a 1% cash-back reward based on their original loan balance. There are some requirements for eligibility, including that you must enroll in autopay. Students must also initiate the request for the bonus. Once approved, the amount is sent electronically to the student’s bank account.

In addition to U.S. students who apply with a cosigner, Ascent has programs to meet the needs of other types of borrowers. This includes students without cosigners (with the above-mentioned outcomes-based loan), Deferred Action for Childhood Arrivals recipients and international students (with eligible cosigners).

Ascent offers borrowers the option to make no payments up to nine months after leaving school or graduation, which is longer than the standard six months offered by other private student loan lenders.

One of Ascent’s top features isn’t particularly unique, but it’s still noteworthy: It doesn’t charge any late, application, origination or disbursement fees. The lender also allows prequalification so that prospective borrowers can get an idea if they are likely to be approved and an estimated rate quote.

The main downside is that Ascent loans are only available for study in about 2,200 colleges and universities, so interested students should check if their institution is eligible. Though Ascent has a number of different loan programs, if you’re looking for student loan refinancing, you won’t find it with this lender.