Ascent Funding offers private student loans with a key difference: borrowers can qualify without a cosigner through its Outcomes-Based Loans product, which evaluates academic performance and future income potential instead of credit scores. The lender launched in 2015 specifically to serve students traditionally excluded from private lending.
Ascent serves undergraduate, graduate, career training, and parent borrowers. College juniors and seniors with a 3.0 GPA or higher can access non-cosigned loans. The company also approves DACA students and international students with a cosigner. In 2024, Ascent added a parent loan product for parents, grandparents, guardians, and sponsors.
Loan amounts range from $2,001 to $200,000 for undergraduate borrowers and up to $400,000 for graduate students. Repayment terms span 5 to 15 years for undergraduates and 7 to 20 years for graduate students. Fixed rates run from 2.69% to 16.81%, while variable rates range from 3.60% to 16.51%.
Ascent charges no origination, application, disbursement, or prepayment fees. Borrowers who set up automatic payments receive up to a 1% rate reduction on outcomes-based loans. A 1% cash back graduation reward applies if you meet certain terms. The lender offers a nine-month grace period for most loans plus up to 24 months of hardship forbearance.
The non-cosigned Outcomes-Based Loans product carries higher interest rates than credit-based options and is limited to college juniors and seniors enrolled full-time in eligible programs. These loans are not available to all borrowers.