Minimum loan amount for borrowers with a Massachusetts permanent address is $6,001. **The minimum amount is $2,001 except for the state of Massachusetts. Lowest APRs require interest-only payments, the shortest loan term, and a cosigner, and are only available to our most creditworthy applicants and cosigners with the highest average credit scores. The minimum score required is subject to change and may depend on the credit score of your cosigner. Cosigned Credit-Based Loan student must meet certain minimum credit criteria. 1% Cash Back Graduation Reward subject to terms and conditions. For Ascent rates and repayment examples please visit: /Rates. Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent Terms and Conditions please visit: ates are effective as of and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 1.00% (for undergraduate outcomes-based loans). Certain restrictions, limitations and terms and conditions may apply. Loan products may not be available in certain jurisdictions. * Ascent‘s undergraduate and graduate student loans are funded by Bank of Lake Mills or DR Bank, each Member FDIC. Only four rounds of forbearance (up to 12 months’ worth) may be taken consecutively.Ĭo-signer release policy: Available after 12 months of consecutive automatic debit payments, if the primary borrower meets certain credit score requirements. Co-signers must have a minimum credit score which can vary.*įorbearance options: When experiencing financial hardship, borrowers can suspend payments for up to three months at a time, for a total of up to 24 months throughout the loan term. ![]() ![]() Co-signers must show income of at least $24,000 for the current and previous year. Loan amounts available: $2,001** up to total cost of attendance, to a maximum of $200,000 per academic year ($200,000 aggregate)Įligibility: Student borrowers with no credit history can qualify with a creditworthy co-signer. Check the conditions you must satisfy to qualify.Īscent was a winner of Forbes Advisor’s best private student loans of 2020 awards. (Taking this forbearance means you will repay the loan over a longer period, though.) Interest continues to accrue during forbearance, which is true for the vast majority of private student loans.Īscent also offers a graduation reward of 1% of the loan’s original principal balance. That can be useful for graduates just starting out, who will likely make more money as they move up in their careers.īorrowers also can pause payments if they’re experiencing a temporary financial hardship for one to three months at a time, up to a maximum of 24 months total. Borrowers can choose a graduated repayment plan, which provides a lower monthly payment to start that increases over time. We scored the company based on its co-signed credit-based student loan for undergraduates.Īscent stands out for its range of payment reduction and postponement options, rare among private lenders. Periods during which borrowers use income-based repayment do not qualify.Īscent offers both co-signed and non-co-signed student loans, which gives borrowers without co-signers more college funding options. Most undergraduate students will need a co-signer to qualify.įorbearance options: Forbearance available for up to 24 months.Ĭo-signer release policy: Available after 24 months of payments. ![]() Loan amounts available: $1,500 to $45,000 per year ($150,000 aggregate per borrower)Įligibility: Applicants must show a minimum income of $40,000 per year and a minimum credit score of 680. ![]() RISLA was a winner of Forbes Advisor’s best private student loans of 2020 awards. Everyone who qualifies for each of the loan types gets the same rate, which makes it easy to compare RISLA loans with others you’ve qualified for.įor borrowers who struggle to afford their loan after graduating, RISLA is one of the only private lenders to offer an income-based repayment plan, which limits payments to 15% of income for a 25-year period. One loan requires immediate repayment, and one lets you defer payments until six months after you leave school. It offers two different loan types for undergraduate students, which each come with their own fixed interest rates. Rhode Island Student Loan Authority, known as RISLA, is a nonprofit based in Rhode Island that lends to students across the country.
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