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Ascent Funding offers both fixed-rate and variable-rate loans to students, with flexible terms of up to 15 years for undergraduate (20 years for graduate) and APRs that start from 2.89%. You can apply for an Ascent loan with or without a cosigner, and request deferment or forbearance under certain circumstances. Ascent has been named “Best Private Student Loan of 2021” by multiple top consumer sites and is based in San Diego, California.
Ascent loans are suitable for college students at over 2,200 schools nation-wide. The flexible loan terms, including deferment and forbearance options, make it a good choice for anyone who isn’t sure how long it will take before they enter paid employment, or are thinking of entering a medical track or joining the military. The option to apply without a cosigner, and no minimum income or credit score requirements for some sole borrowers, make it ideal for borrowers without many financial resources.
Ascent’s biggest feature is the flexibility it offers when applying for a student loan. You can apply with or without a cosigner, and students can get a loan even without a cosigner or a minimum number of years of credit history. If you begin with a cosigner, you could release them later on if you make 12 consecutive full payments and meet other eligibility criteria.
Ascent has a number of options for deferment, forbearance, and flexible payments while you’re working in education, serving in the military, or taking a medical residency or internship. The grace period before making full payments can be as long as 9 months.
You can also choose a loan term up to 15 years for undergraduate and 20 years for graduate, fixed or variable rate payments, and gain an extra reduction of 0.25% (for credit-based loans) OR 1.00% (for undergraduate outcomes-based loans) if you pay with auto-pay.
Applying for an Ascent loan is done online. You’ll need to check that your prospective school is on Ascent’s list of eligible institutions, then create a secure account to continue with the application.
As part of the application process, all borrowers, including the cosigner, need to take a short online financial literacy course.
To get an Ascent loan with a cosigner, your cosigner needs a minimum gross annual income of $24,000, and must be a U.S, citizen or U.S. permanent resident. NOTE: Ascent does not consider DTI for cosigners.
If you’re applying without a cosigner, you need:
It is possible to apply for an Ascent loan without a cosigner and also without 2 or more years of credit history. If you’re in that position, you’ll just be evaluated based on your current school, program, major, and other criteria unrelated to income or credit score.
To release your cosigner, you must make 12 consecutive full principal and interest payments on-time or an equivalent prepayment amount.
In every case, application requirements include:
Ascent offers both variable and fixed-rate student loans. At the moment, variable rate loans have an interest rate that range from 4.34%. Fixed rate loans that range from 2.89%, depending on your credit rating. When you pay through automatic debit payments, you’ll get a 0.25% - 1.00% discount on your interest rate.
Your credit score affects your interest rates, but you’ll need to apply to find out your exact loan terms.
The standard student loan term for Ascent loans is up to 10 years for a fixed-rate loan or up to 15 years (or 20 for graduate) for a variable rate loan.
Ascent has flexible repayment options, including:
Ascent uses a secure website to process your information and has a transparent privacy policy that details how it collects and shares your private information.
Ascent Funding has a useful and comprehensive set of FAQs that serve as your first port of call for troubleshooting. If you need individual help, you can get in touch with a customer support representative through email, over the phone, or using the online web form. Customer support is manned from 7am to 4pm, Monday to Friday.
| Ascent | MEFA | |
|---|---|---|
| APR | 2.89% | 5.75% - 8.95% |
| Credit Score | Varies | Not specified |
| Loan amount | $2,001-$200,000* | $1,500-cost of attendance for 1 year |
| Accepts cosigners | Yes | Yes |
| Suitable for | New students | Undergrad, postgrads, and graduates |
Overall, Ascent offers student loans with very flexible repayment terms and application requirements. Ascent has been named “Best Private Student Loan of 2021” by multiple top consumer sites because it’s a good choice for students who want to apply with or without a cosigner, and who only need the funds for part of their studies. It's easy to apply to Ascent, and you can do it entirely online in minutes and see your rates without impacting your credit score. Finally, Ascent's 0.25% - 1.00% discount for autopay users and 1% Cash Back Graduation Reward discount make it even more appealing.
Ascent’s undergraduate and graduate student loans are funded by Bank of Lake Mills or DR Bank, each Member FDIC.
*Ascent’s undergraduate and graduate student loans are funded by Bank of Lake Mills or DR Bank, each Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations, terms and conditions may apply for Ascent's Terms and Conditions please visit: AscentFunding.com/Ts&Cs. Annual Percentage Rates (APRs) displayed above are effective as of 8/6/2025 and reflect an Automatic Payment Discount (ACH). The ACH discount consists of 0.25% on credit-based college student loans submitted prior to 6/1/2025, a 0.5% discount for on credit-based college student loans submitted on or after 6/1/2025 and a 1.00% discount on outcomes-based loans when you enroll in automatic payments. Loans subject to individual approval, restrictions and conditions apply. Loan features and information advertised are intended for college student loans and are subject to change at any time. For more information, see repayment examples or review the Ascent Student Loans Terms and Conditions. The final amount approved depends on the borrower’s credit history, verifiable cost of attendance as certified by an eligible school and is subject to credit approval and verification of application information. Lowest interest rates require full principal and interest (Immediate) payments, the shortest loan term, a cosigner, and are only available for our most creditworthy applicants and cosigners with the highest average credit scores. Actual APR offered may be higher or lower than the examples above, based on the amount of time you spend in school and any grace period you have before repayment begins.
1. Only Ascent college loans are eligible for no fees. Ascent career training loans are subject to a one-time origination fee of 5.0% of the loan amount. All Ascent loans are eligible for no application, disbursement, late, NSF or early payment fees.
2. Ascent’s 1% Cash Back Graduation Reward is for eligible college students only and subject to terms and conditions. Eligible students must request the graduation reward from Ascent. Learn more at AscentFunding.com/CashBack. 1% Cash Back Reward amount dependent upon total loan amount for Ascent college loan borrowers. Aggregate cash back limit of $500.
3. The final ACH discount approved depends on the borrower’s credit history, verifiable cost of attendance, and is subject to credit approval and verification of application information. Automatic Payment Discount consist of 0.25% is for credit-based college student loans submitted prior to 06/01/2025, a 0.5% on credit-based college student loans submitted on or after 06/01/2025, and a 1.00% discount on outcomes-based college student loans when you enroll in automatic payments. For more information, seerepayment examples or review the Ascent Student Loans Terms and Conditions.
4. Loan features, rates, and information advertised are valid and based on rates as of 7/1/2025. These are subject to change at any time, please visit our website at AscentFunding.com/Rates and AscentFunding.com/Ts&Cs for up-to-date information. Loans are subject to individual approval. Restrictions, terms, and conditions apply.
* The minimum amount is $2,001 except for the state of Massachusetts. Minimum loan amount for borrowers with a Massachusetts permanent address is $6,001.
