Every child should be able to aspire to a college education, but actually getting there and paying for it is another matter. While savings plans and budgets can help you pave the way, sometimes it’s not enough. Exploring your options, such as scholarships and state funding, can help, but when dealing with rising tuition costs and living expenses, the right loan provider can make a huge difference.
Taking out any loans, especially as a student, has to be done with care, which is why we’re taking a closer look at Ascent Funding, a company that positions itself as not just a loan provider, but a financial service that helps students invest in their future more responsibly. We’ll look at what they provide, the pros and cons, and whether or not they really live up to that promise.
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Who is Ascent Funding?
A private student lending company, Ascent Funding, specializes in helping students finance their higher education as well as career training programs. The company was founded with the aim of making education funding more accessible and, as such, has gotten a reputation for offering more flexible lending options than other traditional private lenders.
Having grown rapidly over the decade since its founding, the team has worked with over 220,000 borrowers, providing more than $.18 billion in education loans, while providing access to educational tools, career resources, and financial literacy support through their AscentUP platform.
Is student loan financing the right option for you?
While there are many approaches to acquiring the funding necessary for a higher level of education, student loan financing is making college accessible for millions of students. Tuition fees are on the rise. While budgeting and saving for college can help, more families are struggling to cover the full cost of education and professional training programs without assistance.
Federal student loans are often the first choice for their borrower protections and standardized interest rates, but many students fall in the gaps between borrowing limits and the actual total costs of attendance.
Private lenders exist to fill those gaps, taking into account not just tuition costs, but housing, books, transportation, and other expenses. They are especially important for graduate students, students attending specialized programs, or individuals pursuing career-focused education outside traditional university systems.
However, the responsibility that comes with a loan also demands attention and care regarding how they are managed, which is one point where Ascent Funding stands out.
What does Ascent Funding offer?
Ascent Funding offers a wide range of student financing products, designed to meet a range of different needs. This includes undergraduate loans, graduate school loans, MBA loans, health professional and law school loans, and more.
Flexibility is a key part of their offerings, with up to 40 flexible repayment options to ensure that borrowers are able to choose plans that best align with their financial situation. This includes provisions like deferred repayment, fixed repayment, interest-only repayment, and immediate repayment plans, allowing students to choose plans that reduce financial pressure while they’re completing their studies.
These loans are made even more accessible by a lack of common added fees, including application fees, origination fees, disbursement fees, prepayment penalties, or late fees. They also allow both cosigned and non-cosigned loan options, allowing students to either secure lower interest rates or access loans based on academic performance and future earning potential rather than traditional credit metrics alone.
The strengths of Ascent Funding
Ascent Funding does stand out from the pack in a host of ways, including the following:
- Accessibility: By not prioritizing high credit scores and established financial histories like many lenders, Ascent opens the door for younger borrowers through its outcomes-based model.
- Flexibility: They offer up to 40 repayment options with plans designed to fit a range of budgets and long-term financial goals.
- Fee-free structure: Ascent eliminates a lot of the additional fees that can add to the costs of a loan over time, helping borrowers save money and make their repayments more reliable.
- Career development: Ascent focuses not only on lending money, but also on a host of career development tools and internship resources to help students make the most out of their educational opportunities.
- Financial literacy focus: Rather than aiming to take advantage of those with less financial experience, Ascent actively helps students learn financial literacy with a host of student resources, and their AscentUP platform that helps with career planning and education.
- Success-oriented: Autopay discounts and graduation rewards can further reduce borrowing tools, with educational resources designed to help borrowers reach their educational goals.
- Mission-driven philosophy: Ascent’s approach stands out in a competitive market, viewing students through academic achievement and earning potential, which makes financing more inclusive and accessible.
The weaknesses of Ascent Funding
No private lending service is perfect, and there are some caveats you may want to keep in mind when looking at Ascent’s offerings:
- Private lending model: Like all private student lenders, its loans do not match the borrower protections associated with federal student loans, such as federal forgiveness programs and the extent of hardship protections.
- Varying interest rates: While flexible lending criteria do offer wide options, interest rates can still vary significantly based on the borrower’s profile. Their most competitive rates might not be available to all applicants.
- Qualification outcomes can seem strict: Although there are various ways to qualify for both cosigned and non-cosigned loans, they can still require strong academic performance, school eligibility standards, or minimal GPA requirements to apply.
- International student limitations: International students might face limitations as certain borrower benefits and loan options aren’t available to everyone, such as those staying in the US on international visas.
The final verdict
Ascent Funding certainly stands out as one of the more innovative private lenders in the education financing space, with a real focus on the student. Their combination of flexible repayment options, accessible lending models, and tools to support both educational success and financial literacy makes them one of the most supportive lenders we’ve ever seen in the space.
Private student loans should always be approached with care, but Ascent Funding offers a very strong option for those who need that extra support.
