The world of student loans is a complex one, offering a vital form of financing for students pursuing higher education.
Ascent Student Loans is a loan company that stands out for offering a variety of benefits, such as financial hardship tolerance, graduation rewards and the ability to serve international students, making it an attractive option for those seeking educational financing.
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Apply for student loans with or without a cosigner Transform your career at an eligible bootcampHow Ascent Student works
Ascent Student Loans operates by providing financing to students seeking to fund their education. The process involves several steps:
Students initiate the process by submitting an online application, which includes information about their credit history, income, and educational institution.
Upon receiving the application, Ascent assesses the student’s eligibility and financial situation. If approved, they offer various loan options that outline interest rates, repayment terms, and loan amounts.
Once approved, the loan funds become accessible either directly to the student or their educational institution, depending on their requirements.
These funds can be allocated to cover various education-related expenses, including tuition, housing, and other costs.
After graduation or during a grace period, students commence repaying the loan through monthly installments. Ascent provides assistance to manage loans effectively, offering benefits like financial hardship forbearance and discounts on interest rates.
Main benefits of Ascent Student
Ascent Student Loans provides a range of advantages for students seeking financial support for their education. These benefits include a 24-month financial hardship forbearance, offering flexibility for students facing economic challenges or attending school.
The Graduation Reward program grants a 1% cash reward upon successful loan completion. Ascent welcomes international students without stringent income requirements, making education funding more accessible.
A notable feature is the absence of a hard credit check, which benefits students without established credit histories. The extended grace period and reduced interest rates further assist in managing loan expenses during and after college.
Additionally, Ascent promotes responsible financial practices by offering a 1% interest rate discount for automatic loan payments.
These combined advantages position Ascent as an appealing choice for students seeking flexible and affordable educational financing, mitigating the financial burden often associated with student loans.
Main disadvantages of Ascent Student
Ascent Student Loans offer several benefits, but it’s equally essential to consider potential drawbacks when making financial decisions. Some key challenges and disadvantages associated with Ascent Student Loans include higher costs.
As private loans, they often come with higher interest rates than federal loans, leading to increased monthly payments and overall expenses over time.
Credit requirements are another concern. While Ascent doesn’t require a stringent credit check, applicants must have an established credit history or secure a co-signer with good credit, posing challenges for students without credit history or co-signer support.
Financial risk is a crucial consideration. Taking out student loans, regardless of the lender, means incurring debt that must be repaid post-graduation.
Students should have a well-defined repayment plan and be aware of potential financial risks, including payment difficulties. Additionally, federal loan competition is a factor to consider.
Federal student loans typically offer lower interest rates, more flexible repayment options, and loan forgiveness benefits that private loans like Ascent may not match. Some students may prefer to explore federal loan options first.
Eligibility restrictions can be a hurdle as well. Eligibility criteria for private loans can be more stringent than federal loans, limiting who qualifies.
In-school payments are different too. Unlike federal loans that often don’t require payments while a student is enrolled full-time, private loans like Ascent may necessitate interest payments or even principal payments during school.
Students must carefully evaluate both the advantages and disadvantages of Ascent Student Loans, aligning these factors with their financial needs and educational goals before committing to student financing.
How to apply Ascent Student
To apply for a student loan with Ascent Student Loans, follow these general steps: