Ascent Funding | 8B Lender Review

by | Feb 23, 2022 | Finance

International students can apply for Ascent student loans if they have a cosigner who is a U.S citizen or permanent resident. Ascent is founded on the belief that student loans should expand your possibilities, not limit them. That’s why they provide more opportunities for students to qualify for loans. There are no application, origination, or prepayment fees. You have three in-school repayment options and six payback terms to choose from, with fixed-rate loans lasting up to 15 years and variable-rate loans lasting up to 20 years.

Ascent Funding | 8B Lender Review

International Student Qualifications

To qualify for loans from Ascent, international students must have  a cosigner who is a US citizen or permanent resident.

Eligibility Requirements

The general requirements include:

  • You must be the age of majority in your state.
  • You must be a U.S. citizen, permanent resident, or have DACA status
  • International students require a creditworthy cosigner US cosigner
  • You must be enrolled at an eligible institution full-time or half-time.

If you’re borrowing with a cosigner, they must:

  • Be a US citizen or permanent resident
  • Have a gross annual income of at least $24,000 for the current and previous year
  • Meet the minimum credit score requirements, which are subject to change
  • Submit satisfactory proof-of-income

International Student Loans From Ascent Funding

Here are some features of Ascent Funding loans to consider as you do your research.

  • Loan Amounts: $2,000 up to the total cost of attendance or $200,000 total aggregate, whichever is lower
  • Repayment Terms: 5, 7, 10, 12, or 15 years
  • Late fees: 5% of the amount of the past due payment applies after the payment is 10 days late. The minimum late fee is $5; the maximum is $25, except where prohibited by law
  • Cosigner requirements: International students require a US citizen or permanent resident cosigner
  • Cosigner release: After 24 consecutive, on-time monthly payments, you can request a cosigner release (international students don’t qualify)
  • Repayment options: Deferred, fixed, and interest-only
  • Discounts: Co-signed loans are eligible for a 0.25% interest rate reduction for enrolling in autopay; all borrowers are eligible for a 1% cashback reward once they graduate
  • Forbearance: 1 to 3 months at a time, you can apply for up to 4 consecutive periods of forbearance, with a maximum of 24 months

Types of Loans from Ascent Funding

The table below showcases the different types of loans offered by Ascent.

  • Cosigned Student Loans: Fixed Rates 3.44%–11.41% and Variable Rates    1.47% to 9.05% (only available on loan terms of 5 or 10 years)
  • Graduate School Loans: Fixed A PR 3.51–13.16% and Variable APR 1.48–10.81%
  • MBA Loans: Fixed APR 3.51–13.16% and Variable APR 1.48–10.81%
  • Dental School Loans: Fixed APR.1.45–13.16% and Variable APR 1.47–10.80%
  • Medical School Loans: Fixed APR 3.36–13.15% and Variable APR 1.46–10.80%
  • Law School Student Loans: Fixed APR 3.51–13.16% and Variable APR 1.48–10.81%

Best Features of Ascent Funding Student Loans

  • Flexible repayment options
  • Pre-qualification with a soft credit check that doesn’t affect your credit score
  • Up to 24 months of hardship forbearance available
  • Cashback graduation award of 1% for students who graduate within 5 years of loan disbursement

Repayment Options

Ascent Funding offers three repayment options:

  • Deferred Repayment: You only start making payments nine months after graduation
  • Fixed Repayment: You make $25 monthly payments while in school at least half-time
  • Interest-Only Repayment: While enrolled at least half-time, you make interest-only payments


Ascent borrowers have these benefits:

  • Referral program: If you refer other students and their application is successful, you can earn up to $525 per referral. There’s no limit to the number of referrals you can make.
  • Graduation reward: You’re eligible for a 1% (of the original loan principal) cashback reward when you graduate

How to Apply for a Student Loan From Ascent Funding

To complete the application, you have to provide this information:

  • Permanent address
  • Social Security Number
  • School details
  • Loan amount you’re requesting
  • Expected financial aid
  • Current rent or mortgage payments
  • Income and employer information (if applicable)

After submitting the online application, you’ll receive a preliminary decision within a few minutes. The next step is to choose your preferred loan term and repayment option and complete the application by uploading the required documents.

The lender will review your documents and issue a decision within two business days. If successful, Ascent Funding will contact your school for certification (which can take weeks). If you need the money quickly, contact your school’s financial aid office.

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