A Review of the Best Student Loan

In life, education comes as one of the best ways to prepare ourselves. Unfortunately, unless you can qualify for a full scholarship, that education tends to be pricey. Taking out student loans has become common practice for that very reason.

You might have heard about how student loans can stick with you long after college. Fortunately, there are varying student loans with different interest rates. Those who want to find the best private student loans should know that it's never been easier, so keep reading below to find out what student loans may work for you.

Why Ascent is the Best Student Loan Company

Ascent has made a name for itself with student loan offers that for both undergraduate student loans and graduate student loans. Because of their specialized approach, Ascent's best student loans tend to have the best rates and terms among the other private student loans.

Fixed-rate loans generally lie in the range of 3.34%-13.57% and 4.60%-13.57% for undergraduate and graduate, respectively. For variable rate loans, the APR range is reported to be 2.46% - 12.40% and 3.65% - 12.40%.

These lower interest rates are coupled with easier conditions for borrowers. You can classify Ascent's private student loan accounts under Ascent under three categories:

  • With a co-signer
  • Without a co-signer, with a credit history (at least 2 years)
  • Without a co-signer, future-income based

This student loan route works best for students without credit scores, a source of income, or a co-signer. Juniors and seniors can make loan applications based on their probable future income. It should be noted that the student must maintain a 2.9 GPA to qualify for these best student loans.

Top Features

There are lots of features that make Ascent's private student loans some of the best on the market, so much so that it's hard to summarize them all in one page. Needless to say, those who are in the market for an accessible student loan would do well to take note of these top features.

Covered Expenses

When we talk about student loans, these usually limit themselves exclusively to loans meant to pay for college. That's not the case with Ascent. Student loan applications with Ascent can act as financial aid towards your college housing needs as well.

This is, of course, providing you qualify. Loan-qualified borrowers are able to access loan amounts as high as $200,000, which can go a long way in lowering your overall cost of attendance.

Forgiving Fees

Another thing people have gotten used to with loans are origination fees. These fees cover all the initial paperwork that is required when applying for a loan. Ascent is one of the few private student loan lenders willing to waive that.

Granted, you still have to deal with late fees in the case of late payments. However, when you consider the flexible repayment plans offered it's really not a bad option.

Flexible Terms

Whether you want to deal with payments while in school or once you've graduated, Ascent is willing to work with what you've got. These flexible repayment options are why Ascent is the student loan provider of choice for both undergrad and graduate students alike.

Depending on what exact loan you've applied for, borrowers can choose to pay 5 years, 15 years, even 20 years from the date of the issuance.

Additionally, Ascent says graduates have a 9-month grace period before they have to start making any payments.

No Need for Credit Scores

Usually, to get a private student loan, student borrowers need to have some form of a credit score. This requirement can make it difficult for those who desperately need to take out a student loan.

Thankfully, Ascent's different types of private student loans allow students without a credit score to still apply. Their application process can be done through loans with a cosigner or through loans with probable future-income. A co-signer release can also be given after 24 months of consecutive payments.

International Students Accepted

One thing that's been missing from many loan offers is the access granted to students who come from overseas.

In an effort to make the cost of attendance feasible for all students, Ascent also provides loan terms to international students. The only difference is that you'll need a co-signer for this type of student loan, but Ascent's repayment options still stay the same.

The Application Process

Ascent accepts private student loan applications online. The process in itself is straightforward, requiring the following for the loan application:

  • Credit history (if applicable)
  • The name of the target school
  • Degree and major intended
  • Personal Information (including your Social Security number and address)
  • Annual Income (if applicable)

Once you've applied, Ascent's team will do the computations and let you know whether you qualify for a loan. If not, don't worry as applying with a co-signer might help change those results.

It is also worth noting that the payment scheme with Ascent follows a yearly pattern. That means Ascent will only release funds to you once a year. With this, borrowers should have a detailed list of expenses for the coming year and budget accordingly.

Frequently Asked Questions

Should I take out a student loan?

Of course, the best situation is where we won't need to take out any loans. That's because loans can be a risky move, especially when talking about private lenders.

If the total cost of your college education ends up being too much for you and your family, student loans might be a good option for you. The trick now is to find the best student loans for your situation with reasonable repayment terms. Note that federal student loans are also available for you.

How long does it take to pay off student loans?

The life of the loan depends on many things, foremost; the loan term, the frequency of loan payments, and the loan amount paid during monthly payments.

Longer-term student loans, such as those reaching 15 years, may mean lower monthly payments but a higher total cost in terms of the interest rate. Alternatively, students may be able to get a short-term loan that would mean a heftier price per month.

At the end of the day, the goal here is to finish your education with the least amount of liabilities. You can take a more proactive stance here by learning more about what you might need. To learn more about the types of student loans, student loan interest rates, and more, visit us at AnyCredit.com today.

Here at AnyCredit, we aim to make the most complex financial issues and topics easy to understand. In our articles, we will be making analysis, smart finance judgments, and honest conversations to help you make sense of your financial capacities and options.
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