Ascent Funding is one of the few student loan lenders that allow borrowers to qualify for loans without having a co-signer.
Ascent is a strong option for borrowers with limited credit history, international students, and DACA students who may not qualify for other types of loans.
The company offers multiple repayment options depending on the loan type. You can pay only the interest while still in school, defer all payments until after graduation, or make fixed $25 monthly payments while enrolled.
Ascent also stands out with a 1% cash-back graduation reward and cosigner release after just 12 consecutive on-time payments.
With fixed APRs starting at 2.69% and no origination fees, Ascent is competitive on pricing for cosigned borrowers. However, non-cosigned rates are significantly higher.
How We Rate Ascent Funding
At Financer, all lenders go through a thorough research and review process. Here’s how we rate Ascent Funding:
| Category | Rating |
|---|---|
| Affordability | ⭐⭐⭐ |
| Application process | ⭐⭐⭐⭐ |
| Loan terms | ⭐⭐⭐⭐ |
| Transparency | ⭐⭐⭐⭐ |
| Customer support | ⭐⭐⭐⭐ |
| Overall | ⭐⭐⭐⭐ |
Do We Recommend Ascent Funding?
Yes, we recommend Ascent Funding as a reliable lender. Skip to our full review below and see how we rate Ascent Funding.
Want to skip the details? Jump to our final verdict here.
Ascent Funding Overview
Ascent Funding is a private lender that offers student loans for U.S. citizens, permanent residents, DACA recipients, and international students. They offer undergraduate, graduate, and parent loans, as well as loans for coding boot camps and career training programs.
Ascent was created to increase access to student loans for borrowers who might not qualify for other types of financial aid. They work with students who have limited or no credit history, foreign students, and parents looking to help fund their child's education.
While Ascent Funding processes loan applications, it is not a direct lender. The Bank of Lake Mills issues its undergraduate and graduate loans, and Launch Servicing handles loan servicing.
Loan amounts range from $2,001 to $200,000 for undergraduates and up to $400,000 for graduate students. Fixed APRs start at 2.69%, and variable APRs start at 3.66%. Ascent offers flexible repayment options and a 9-month grace period after graduation.
Borrowers in all 50 states can apply. Both cosigned and non-cosigned options are available. Borrowers who apply with a cosigner typically qualify for lower rates.
Here's a quick summary of Ascent Funding:
| Overview | Features |
|---|---|
| Loan type: | Student loans (undergrad, grad, parent, international) |
| Loan amount: | $2,001 to $200,000 (undergrad) / $400,000 (grad) |
| Loan term: | 5 to 20 years |
| Fixed APR: | From 2.69% |
| Variable APR: | From 3.66% |
| Min. credit score: | None (cosigned) / 2 yrs credit history (non-cosigned) |
| Fees: | No application, origination, or prepayment fees |
| Grace period: | 9 months (12 months for dental students) |
| Cosigner release: | After 12 consecutive on-time payments |
| Requirements: | U.S. citizen, permanent resident, DACA or international student. Enrolled at an Ascent-approved school. Age of majority in your state. |
Ascent aims at increasing access to student loans for borrowers who might not qualify for other types of financial aid. For example, they work with foreign students as well as those without credit records.
While Ascent Funding processes loan applications, it is not a direct lender; the Bank of Lake Mills issues its undergraduate and graduate loans, and Launch Servicing is responsible for loan servicing.
Want to find out more about the full range of offerings? Read our Ascent Funding review below or view Ascent Funding reviews from customers.
Who Is Ascent Funding For?
Ascent Funding is for borrowers who may not qualify for other forms of financial aid. Ascent's eligibility criteria mean that even borrowers with limited credit histories can qualify for a loan. Ascent is a particularly good option for international students and DACA recipients looking for education loans.
If you're looking for the best loan rates and you have an excellent credit score, you may want to consider other lenders that can offer more competitive rates.
Eligibility Requirements
To qualify for a loan offer from Ascent, you have to meet the following criteria:
Be a U.S. citizen, permanent resident, DACA student, or international student.
Have a U.S. citizen or permanent resident as a co-signer if you are an international student.
For non-cosigned loans: have at least 2 years of credit history and earn at least $30,000 per year.
Be the age of majority in your state of residence.
Be enrolled at least half-time in a degree program at an Ascent-approved institution.
Who It’s For
Ascent Funding may be a good option for you if:
You have a limited credit history
You are an international student
You don't qualify for other types of financial aid
You’re looking for a loan with a longer grace period
Who It’s Not For
Ascent Funding may not be a good option for you if:
You want the lowest APR rates
You are not enrolled in an Ascent-approved institution.
How to Apply for an Ascent Student Loan
Applying for an Ascent loan is a simple and straightforward process. Here are the steps:
Visit the Website and Submit Your Details
Go to the Ascent Funding website and click on the ‘Apply Now’ button.
Get a Decision Based on Your Submission
You will get a preliminary decision based on the information you submitted.
Choose a Loan
Choose a loan and complete the full application.
Wait for Your Application to be Reviewed
Once you are done with the application, Ascent will review your information and contact your school for certification.
Sign the Agreement and Upload to the Portal
Next, you will need to sign the agreement and upload it to the portal.
What To Consider Before Applying
Before applying for an Ascent loan, ensure you are enrolled in an Ascent-approved institution.
Decide whether you want a fixed or variable interest rate and decide which repayment plan suits you best.
Ascent Funding Fees
Ascent charges late payment fees of 5% of the total payment (or $10, whichever is less) and a flat fee of $15 for returned payments. There are no application, origination, or prepayment fees.
Cosigned undergraduate loans: Fixed APRs from 2.69% to 15.04%. Variable APRs from 3.66% to 14.52%.
Non-cosigned credit-based loans (undergrad): Fixed APRs from 7.75% to 13.86%. Variable APRs from 7.26% to 13.17%.
Graduate loans: Fixed APRs from 3.49% to 15.26%. Variable APRs from 4.36% to 15.32%.
Parent loans: Fixed APRs from 4.95% to 15.21%. Variable APRs from 4.86% to 14.32%.
Rates shown reflect an automatic payment discount of 0.5% on credit-based loans submitted on or after 06/01/2025 and 1.00% on outcomes-based loans.
Ascent Funding Payment Terms
Ascent's repayment terms range from 5 to 20 years depending on loan type. The lender offers multiple repayment options:
Interest-only payments: Pay only the interest on the loan while you are in school and make full payments after graduation. This keeps the loan balance from growing while you're enrolled.
Deferred payments: Pay nothing until your 9-month grace period ends (12 months for dental students). Interest will accrue during this time, but no payments are due until the grace period expires.
$25 payments: Make fixed monthly payments of $25 while you are still in school and switch to full payments when your grace period ends. This reduces the total interest that accrues on your loan.
How Financer Rates Ascent Funding
Is Ascent Funding legit? Yes, at Financer we recommend Ascent Funding.
At Financer, all lenders go through a thorough research and review process. We don't make recommendations lightly.
Ascent student loans are competitively priced for cosigned borrowers, with fixed rates starting at 2.69% APR. The company is a reliable lender that offers cosigned loans, non-cosigned credit-based loans, non-cosigned outcomes-based loans, and parent loans. Ascent is also among the best when it comes to payment flexibility.
It's easy to check your rates without a hard credit pull, and we believe that Ascent student loans can be a good option for students, particularly those with a creditworthy cosigner or those who need a non-cosigned option.
One drawback is that interest rates are significantly higher without a cosigner. Non-cosigned undergraduate fixed rates start at 7.75%, compared to 2.69% with a cosigner.
That said, Ascent Funding is a strong choice for borrowers looking for private student loans that don't require a cosigner.
Application process
Applying for an Ascent loan is a straightforward process. You can check your rate with a soft credit pull that won't affect your credit score. However, final approval can take time since Ascent contacts your school to certify the loan.
Costs
Ascent charges no application, origination, or prepayment fees. The only fees are late payment fees (5% of payment or $10, whichever is less) and a $15 returned payment fee.
Fixed APRs start at 2.69% for cosigned undergraduate loans and go up to 15.26% for graduate loans. Variable APRs start at 3.66% and are tied to the 30-day SOFR Average, which adjusts monthly.
Payments
Ascent offers repayment terms ranging from 5 to 20 years depending on loan type. Borrowers get a 9-month grace period after graduation (12 months for dental students) before full repayment begins.
Cosigner Release
Borrowers can apply to release their cosigner after making 12 consecutive on-time full principal and interest payments, provided they meet the eligibility criteria to hold the loan independently.
Customer Service
Ascent provides customer service via phone, email, and an automated chatbot on the site. The lender also has a library of help documentation on its site.
For inquiries, you can contact Ascent at (877) 216-0876, available Monday through Thursday (7 a.m. to 5 p.m. PST) and Friday (7 a.m. to 4 p.m. PST).
You can also send an email to help@ascentfunding.com.
Privacy and Security
Due to the sensitive nature of the information it collects, the Ascent site is secured with 256-bit encryption.
Ascent Funding - FAQs
How much can I borrow with Ascent Funding?
Ascent undergraduate loans range from $2,001 to $200,000 (the minimum is $6,001 for Massachusetts residents). Graduate loans go up to $400,000. The maximum for any single year is limited to your school's total cost of attendance minus other financial aid.
Can I get an Ascent student loan without a cosigner?
Yes. Ascent offers non-cosigned credit-based loans if you have at least 2 years of credit history, earn at least $30,000 per year, and are a U.S. citizen, permanent resident, or DACA student. They also offer non-cosigned outcomes-based loans for juniors and seniors with a GPA of 2.9 or higher.
What can I use my Ascent student loan for?
When approved, Ascent sends the loan funds directly to your school. The school applies the money to tuition and fees first, then sends any remaining balance to you for other education-related expenses.
Can international students apply for Ascent loans?
Yes. International students can apply for Ascent undergraduate and graduate loans, but they must have a U.S. citizen or permanent resident as a cosigner.
Is Ascent Funding a good and legit lender?
Yes, Ascent Funding is a legitimate lender. They are accredited by the Better Business Bureau (BBB), and loans are issued by the Bank of Lake Mills, a federally regulated institution. Ascent has positive reviews on Trustpilot and processes thousands of student loans each year.
When can I release my cosigner from an Ascent loan?
You can apply to release your cosigner after making 12 consecutive on-time full principal and interest payments. You must also meet the eligibility criteria to qualify for the loan on your own, including credit and income requirements.
Ascent Funding Alternatives
Here’s a list of alternatives to Ascent Funding and how they compare:
| Lender | Loan Amount | Fixed APR | Max. Loan Term | No Cosigner? |
|---|---|---|---|---|
| Ascent | $2,001 - $400,000 | From 2.69% | Up to 20 years | Yes |
| Earnest | $1,000 - cost of attendance | From 3.47% | Up to 20 years | No |
| College Ave | $1,000 - cost of attendance | From 3.69% | Up to 15 years | No |
| Sallie Mae | $1,000 - cost of attendance | From 3.49% | Up to 15 years | No |
Should you take a loan with Ascent Funding?
If you're looking for a private student loan and have limited credit history, or if you're an international student studying in the U.S., Ascent is one of the few providers with eligibility criteria that make it possible to qualify.
Ascent's repayment flexibility is a real advantage. You can defer payments until after graduation, make interest-only payments while in school, or reduce your total interest with $25 monthly payments while enrolled.
The 1% cash-back graduation reward and cosigner release after just 12 payments are features that set Ascent apart from many competitors.
Before applying, make sure you've exhausted federal student loan options first, since federal loans typically offer lower rates and more protections like income-driven repayment and forgiveness programs.
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