Ascent Review: Private Student Loans

• Soft credit check to qualify and see what rate you’ll get: Yes.

• Loan terms: Five, 7, 10, 12 or 15-year repayment terms available

• Loan amounts: $2,001 minimum to $200,000 over the lifetime of a borrower. The amount for each loan period cannot exceed the total cost of attendance.

• Application or origination fee: No.

• Prepayment penalty: No.

• Late fees: Yes, a fee equal to the lesser of $10 or 5% of the amount of the past due payment applies after the payment is 10 days late.

Financial

• Minimum credit score: There is no minimum FICO requirement for co-signed student loan borrowers with a co-signer who has a credit score of 700 or higher, otherwise the student must have a minimum score of 600 or no FICO score. For the non-co-signed credit-based loan, the student must have a minimum credit score of 680 and at least two years of credit history.

• Minimum income: $24,000 for the current and previous year.

• Typical credit score of approved borrowers or co-signers: Did not disclose.

• Typical income of approved borrowers: Did not disclose.

• Maximum debt-to-income ratio: Did not disclose.

• Can qualify if you’ve filed for bankruptcy: Yes, after five years have passed.

Other

Many lenders are offering relief related to COVID-19. Check this list of private loan relief options to see what this lender offers.

In-school repayment options for co-signed loan borrowers:

• Deferred repayment: No payments while you’re in school and until your grace period ends six months after leaving school or dropping below half-time. Since there are no prepayment penalties, you may opt to make payments sooner. Interest will continue to accrue while you’re in school whether you pay or not. The interest that accrues will capitalize, or be added to your principal balance, at the end of your grace period.

• Flat-fee repayment: Pay $25 every month while enrolled in school and during the grace period. This option will save you more than deferred repayment, but slightly less than interest-only repayment. You can pay a set monthly payment while enrolled in school at least half-time.

• In-school interest-only repayment: Pay interest every month you’re enrolled at least half-time in school and during the grace period. This option will likely save you the most money.

• Other partial payment: Ascent may allow borrowers to set another partial payment amount while in-school.

Post-school and non-co-signed loan repayment options

• Grace period: 9 months.

• Income based repayment option: No.

• In-school deferment: Yes, students enrolled at least half-time are eligible for up to 24 months of deferment.

• Internship deferment: Yes.

• Residency deferment: Yes.

• Administrative deferment: Yes.

• Fellowship deferment: Yes.

• Graduated repayment: Yes, upon graduation, borrowers may be eligible for the graduated repayment option, which requires monthly payment amounts that start with an amount that is less than a fully-amortizing payment amount that step-up over time so the loan will be fully paid within the original loan term.

• Military deferment: Yes, active-duty service members can defer payments for a cumulative 36 months.

• Reduced payments for medical and dental residents: Bachelor’s degree holders can defer payments if accepted into a residency or internship program for up to 24 months.

• Forbearance: Postpone loan payments up to four consecutive periods lasting anywhere from one to three months. Borrowers have a 24-month limit on forbearance. Forbearance will not extend the loan’s repayment term, and interest will continue to accrue on the loan.

• Co-signer release available: Yes, for the co-signed loan option.

• Death or disability discharge: Yes, the loan is forgiven if the student dies or becomes totally and permanently disabled.

• Loan discharge if co-signer dies or becomes disabled: No.

Repayment preferences