6 minute read
Higher education should be more accessible than it currently is, and we know that a lot of people agree with that. Funding is one of the top reasons that people don’t pursue higher education, and we think that this is a huge waste. It’s for reasons such as this that companies were set up to help those who struggled financially access education in a way that they would not be able to otherwise.
Finding a company that works for you is where the problem can come in though. However, companies like Ascent Funding always seem to be getting positive praise, so we thought that we would check this out ourselves. Down below, we’re going to be providing you with our review of Ascent Funding, so keep reading if you would like to find out more.
Who Is Ascent Funding?
Ascent Funding is a private student loan provider that was founded back in 2016. The goal was and still is to make higher education more accessible, by not focusing exclusively on credit history and income the way traditional lenders do. They aim to make it easier for students and families to access this education, and reach their career goals.
Ascent has built its reputation around helping students who have not already established a credit profile, and those who do not have access to a cosigner. They have a range of loans for various students, as well as career training programs, and more.
This company has gained recognition from several financial publications for its innovative lending model and the customer-focused approach that it has adopted. It not only provides, it educates, and that’s where they are really set apart from others.
What Can Ascent Funding Offer?
The short answer? A path to education. They are able to provide several different loan products that have each been designed so that they can cater to as many types of situations as possible. Undergraduate and graduate students are able to borrow funds to cover their tuition, accommodation, equipment, books, and other education related expenses.
If you’re an international student and you meet the criteria, they are also able to offer the chance to apply with a qualified cosigner, expanding their access to higher education funding. This also applies to DACA recipients.
The loans can be fixed or variable when it comes to interest rates, depending on the eligibility of the person, and their preference. They also are able to offer flexible repayment terms, ranging from five to fifteen years in general. Some options are even able to extend to 20 years where needed. Even more than that, students are able to determine what kind of repayment methods they would like to opt for at any given time, meaning they can look into full repayment, interest only payment, and payment deferral where necessary.
Essentially, Ascent is able to offer students a way to bridge the gap in their funding, either from their parents or from federal borrowers. It might be the case that you don’t have access to federal financial aid, or that you’ve reached borrowing limits – Ascent can help.
We do also want to point out here quickly that the application process is fast, and it doesn’t impact your credit score!
What Are The Pros Of Ascent Funding?
One of the biggest pros of Ascent Funding is the fact that they have flexible repayment options. Students are able to choose repayment plans that fit their financial situation, reducing the pressure of large repayments each month while they are trying to study. On top of this, there is no application fee, no late fee on many products, no penalties for paying loans off early, and no origination fee.
We also love that the online application process is so simple. It’s not full of complex questions that you’re not sure of the answer to. It’s commonly praised as transparent and easy to fill in, as well as containing an in-depth explanation of the terms.
They are also extremely supportive. You don’t just apply and then get left to fend for yourself. Ascent is there to offer educational content to help borrowers understand basics of finances including credit building, responsible borrowing, and what the next steps are going to be for you.
Arguably the biggest pro though is the fact that it’s accessible. Many private lenders have a heavy emphasis on credit scores, which makes it tough for young people to qualify on their own. The non-cosigned loan options provide opportunities for those who need help but have a limited credit history, who also show strong academic potential.
What Are The Cons?
It’s true to say that even with all the pros, Ascent is not the perfect lender for every student. Interest rates can vary significantly depending on the information given during the application, the loan type and other factors. As such, the interest rates can be difficult to manage, and can ultimately lead to this lender not being the right choice.
We also want to note, and this is a con of private lenders as a whole, including Ascent, there is limited protection on the loans. Federal student loans have far more protection, as borrowers here won’t have access to loan forgiveness programs, or hardship protections that federal lending offers when they choose to opt for a private lender.
What Do We Think Overall?
So, overall, would we recommend Ascent Funding to you? Yes, we definitely would. Overall, they are one of the most innovative private student loan providers that we have come across. Its willingness to consider borrowers without established credit makes it a fantastic choice for those who may struggle to qualify with any other company.
Due to things like flexible payment options and financial education resources, they really stand out as a company that cares about bringing a positive experience to the minds of tomorrow. They are definitely worth considering if you need further financial support with your studies, as long as you fully understand the costs and the responsibilities that you are taking on here.
