With the rising cost of education, many students are struggling to pay for their academic expenses. This is why student loans are becoming increasingly popular. Ascent Funding is one such student loan provider that caters to the needs of students looking for financial assistance. In this comprehensive guide, we will explore everything you need to know about Ascent Funding student loans.
What is Ascent Funding?
Ascent Funding is a student loan provider that offers loans to undergraduate and graduate students. The company offers both fixed and variable interest rates, and borrowers have the option of choosing a cosigner or going without one. Ascent Funding specializes in offering loans to students who might not have the credit history or income required to secure a traditional student loan.
Types of Loans Offered
Ascent Funding offers two types of student loans: Ascent Tuition, and Ascent Independent. The Ascent Tuition loan is meant for students who are enrolled at a degree-granting institution. The Ascent Independent loan is for students who are not reliant on their parents or guardians for financial support. Both loans have flexible repayment plans and a benefit of 1% cashback upon graduation.
Eligibility Criteria
To qualify for an Ascent Funding student loan, the borrower must be enrolled at a degree-granting institution or a trade school. The borrower must be a U.S. citizen or permanent resident, and they must also have a U.S. credit history. For Ascent Independent loans, the borrower must also have a minimum income of $24,000 or $12,000 with a cosigner. It is important to note that the borrower’s creditworthiness will be considered during the loan application process.
Pros and Cons
As with any financial product, it’s essential to weigh the pros and cons before taking out an Ascent Funding student loan. The biggest benefit of Ascent Funding is that it offers loans to students who might not qualify for traditional student loans due to lack of credit history or income. On the downside, Ascent Funding has a higher interest rate than some of its competitors, and borrowers will need to have a cosigner or a higher income to qualify for the loan.
Applying for an Ascent Funding Student Loan
Applying for an Ascent Funding student loan is easy and straightforward. The borrower can apply online, and the application process typically takes about 15 minutes. Once the application is submitted, the borrower will receive a decision within 24 hours. If the borrower is approved, the loan funds will be disbursed directly to the school.
Ascent Funding is a great option for students who might not qualify for traditional student loans. With flexible repayment options and the opportunity to earn cashback upon graduation, Ascent Financing offers an appealing package. However, it is important to consider the higher interest rates and the need for a cosigner or higher income when applying for an Ascent Funding student loan. Ultimately, students should carefully weigh their options before taking out any type of student loan.
If you are looking to refinance or just take out a student loan to help pay for college, then Ascent funding is one of the best companies out there for these options. Getting good rates on student loans is part of having Smart Financial Goals.