Rates are effective as of 10/01/2022 and reflect an Automatic Payment Discount.
An APR will often provide a more accurate view of the total amount you can expect to pay back for your loan versus an interest rate.
Your APR and interest rates may also differ depending upon if you apply for an Ascent loan with or without a cosigner. Cosigned loans tend to have lower APRs because lenders factor in your cosigner’s credit history and credit score. Student loans without a cosigner may reflect higher rates because of a poor or fair credit score, or a lack of credit history.
To see Ascent’s full disclaimer, please click here.
A fixed interest rate will be your only option if you are applying for federal student loans.
Fixed student loan rates do not increase or decrease over time, meaning you’ll know exactly how much you’ll owe in repayment each month. Your payments will remain the same throughout the life of your loan.
Variable student loan rates may fluctuate depending on a specified benchmark or index, such as the Secured Overnight Financing Rate (SOFR). New variable rate Ascent loans applied for on or after January 1, 2022, will use SOFR as the benchmark index.
Existing variable rate Ascent loans that use London Interbank Offered Rate (LIBOR) as the benchmark index will continue to use LIBOR until we convert these loans to a replacement index, likely SOFR, at some point in 2022. We will keep you updated with important information about this conversion.
Most lenders reevaluate this every one to three months, which can result in changes to the variable student loan rate you’re given at the time you complete your student loan application and may impact the total amount of your loan. Check the terms of your loan agreement to confirm the frequency at which your interest rate may change.
The following examples illustrate three hypothetical first-year single disbursements in the amount of $10,000 including (i) the Annual Percentage Rate (APR), (ii) estimated monthly payments, and (iii) total cost during the life of the private loan*.
Variable rate loans are based on a margin plus the 30-day SOFR Average rounded to the nearest 1/100th of a percent. The current 30-day SOFR Average is 2.290% which may adjust monthly. Your actual student loan interest rate may be different than what is shown in the examples below and will be based on your credit history, selected repayment option, and other factors. Automatic Payment Discount is available when you enroll in automatic payments from your personal checking account and the amount is successfully withdrawn from the authorized bank account each month.
*Rates are effective as of 10/01/2022 and reflect an Automatic Payment Discount.
When it comes to reviewing undergraduate student loans, it’s important to note the different interest rates, and what they are based on. Your variable interest rate may increase or decrease, based on the 30-day SOFR Average, resulting in an APR range between 3.04% and 13.30%. Fixed rate loans will not increase or decrease over the life of the loan and have an APR range between 4.12% and 14.75%. Rates reflect an Automatic Payment Discount of 0.25% on the lowest offered rate and a 1.00% discount on the highest offered rate.
The following table shows a 48-month in-school period plus 9 months of grace prior to a full repayment term of either: 60-months (lowest fixed/variable rate), 180-months (highest fixed rate) or 180-months (highest variable rate) with examples of (i) Interest Only payments, (ii) $25 Minimum payments, and (iii) Deferred repayment options.
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.
| Repayment Option | APR | No. of Payments In-School/Grace |
No. of Payments After Graduation |
Total Cost |
|---|---|---|---|---|
| Interest Only Repayment | 3.04% | 57 @ $25.33 | 60 @ $179.87 | $12,236.50 |
| $25 Minimum Payment | 3.28% | 57 @ $25.00 | 60 @ $183.47 | $12,433.20 |
| Deferred Repayment* | 3.37% | N/A* | 60 @ $212.67 | $12,751.93 |
| Repayment Option | APR | No. of Payments In-School/Grace |
No. of Payments After Graduation |
Total Cost |
|---|---|---|---|---|
| Interest Only Repayment | 13.30% | 57 @ $110.75 | 180 @ $128.47 | $29,439.47 |
| $25 Minimum Payment | 12.13% | 57 @ $25.00 | 180 @ $191.17 | $35,835.60 |
| Deferred Repayment* | 12.89% | N/A* | 180 @ $231.47 | $41,091.94 |
*For Deferred Repayment options, eligibility for an automatic payment discount requires a minimum payment of $1. (See Terms & Conditions)
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.
| Repayment Option | APR | No. of Payments In-School/Grace |
No. of Payments After Graduation |
Total Cost |
|---|---|---|---|---|
| Interest Only Repayment | 4.12% | 57 @ $34.33 | 60 @ $184.72 | $13,040.67 |
| $25 Minimum Payment | 4.28% | 57 @ $25.00 | 60 @ $197.93 | $13,300.80 |
| Deferred Repayment* | 4.34% | N/A* | 60 @ $227.93 | $13,665.41 |
| Repayment Option | APR | No. of Payments In-School/Grace |
No. of Payments After Graduation |
Total Cost |
|---|---|---|---|---|
| Interest Only Repayment | 14.75% | 57 @ $122.83 | 180 @ $138.22 | $31,883.27 |
| $25 Minimum Payment | 13.28% | 57 @ $25.00 | 180 @ $215.18 | $40,157.40 |
| Deferred Repayment* | 13.43% | N/A* | 180 @ $244.23 | $43,343.42 |
*For Deferred Repayment options, eligibility for an automatic payment discount requires a minimum payment of $1. (See Terms & Conditions)
If you are instead pursuing an MBA, Law, General Graduate, or a Ph.D. graduate degree, you will need to review graduate student loans and the rates available for those. Your variable interest rate may increase or decrease, based on the 30-day SOFR Average, resulting in an APR range between 4.04% and 13.30%. Fixed rate loans will not increase or decrease over the life of the loan and have an APR range between 5.12% and 14.75%. Rates reflect an Automatic Payment Discount of 0.25%.
The following table shows a 36-month in-school period plus 9 months of grace prior to a full repayment term of either: 84-months (lowest fixed/variable rate), 180-months (highest fixed rate), or 180-months (highest variable rate) with examples of (i) Interest Only payments, (ii) $25 Minimum payments, and (iii) Deferred repayment options.
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. (See Terms and Conditions)
| Repayment Option | APR | No. of Payments In-School/Grace |
No. of Payments After Graduation |
Total Cost |
|---|---|---|---|---|
| Interest Only Repayment | 4.04% | 45 @ $33.67 | 84 @ $136.88 | $13,013.71 |
| $25 Minimum Payment | 4.24% | 45 @ $25.00 | 84 @ $144.70 | $13,279.80 |
| Deferred Repayment* | 4.36% | N/A* | 84 @ $163.25 | $13,659.44 |
| Repayment Option | APR | No. of Payments In-School/Grace |
No. of Payments After Graduation |
Total Cost |
|---|---|---|---|---|
| Interest Only Repayment | 13.30% | 45 @ $110.75 | 180 @ $128.47 | $28,110.47 |
| $25 Minimum Payment | 12.44% | 45 @ $25.00 | 180 @ $177.98 | $33,161.40 |
| Deferred Repayment* | 12.48% | N/A* | 180 @ $196.54 | $34,850.39 |
*For Deferred Repayment options, eligibility for an automatic payment discount requires a minimum payment of $1. (See Terms & Conditions)
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. (See Terms and Conditions)
| Repayment Option | APR | No. of Payments In-School/Grace |
No. of Payments After Graduation |
Total Cost |
|---|---|---|---|---|
| Interest Only Repayment | 5.12% | 45 @ $42.67 | 84 @ $141.92 | $13,842.24 |
| $25 Minimum Payment | 5.25% | 45 @ $25.00 | 84 @ $155.79 | $14,211.36 |
| Deferred Repayment* | 5.35% | N/A* | 84 @ $175.02 | $14,643.87 |
| Repayment Option | APR | No. of Payments In-School/Grace |
No. of Payments After Graduation |
Total Cost |
|---|---|---|---|---|
| Interest Only Repayment | 14.75% | 45 @ $122.83 | 180 @ $138.22 | $30,409.31 |
| $25 Minimum Payment | 13.67% | 45 @ $25.00 | 180 @ $198.99 | $36,943.20 |
| Deferred Repayment* | 13.49% | N/A* | 180 @ $214.91 | $38,082.64 |
*For Deferred Repayment options, eligibility for an automatic payment discount requires a minimum payment of $1. (See Terms & Conditions)
Your variable interest rate may increase or decrease, based on the 30-day SOFR Average, resulting in an APR range between 4.04% and 13.30%. Fixed rate loans will not increase or decrease over the life of the loan and have an APR range between 5.12% and 14.75%. Rates reflect an Automatic Payment Discount of 0.25%.
The following table shows a 48-month in-school period plus 12 months of grace prior to a full repayment term of either: 84-months (lowest fixed/variable rate), 180-months (highest fixed rate), or 240-months (highest variable rate) with examples of (i) Interest Only payments, (ii) $25 Minimum payments, and (iii) Deferred repayment options.
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.
| Repayment Option | APR | No. of Payments In-School/Grace |
No. of Payments After Graduation |
Total Cost |
|---|---|---|---|---|
| Interest Only Repayment | 4.04% | 60 @ $33.67 | 84 @ $136.88 | $13,518.76 |
| $25 Minimum Payment | 4.21% | 60 @ $25.00 | 84 @ $146.92 | $13,841.28 |
| Deferred Repayment* | 4.28% | N/A* | 84 @ $170.93 | $14,319.72 |
| Repayment Option | APR | No. of Payments In-School/Grace |
No. of Payments After Graduation |
Total Cost |
|---|---|---|---|---|
| Interest Only Repayment | 13.30% | 60 @ $110.75 | 240 @ $119.26 | $35,269.52 |
| $25 Minimum Payment | 12.14% | 60 @ $25.00 | 240 @ $180.51 | $44,822.40 |
| Deferred Repayment* | 12.12% | N/A* | 240 @ $203.16 | $47,627.29 |
*For Deferred Repayment options, eligibility for an automatic payment discount requires a minimum payment of $1. (See Terms & Conditions)
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.
| Repayment Option | APR | No. of Payments In-School/Grace |
No. of Payments After Graduation |
Total Cost |
|---|---|---|---|---|
| Interest Only Repayment | 5.12% | 60 @ $42.67 | 84 @ $141.92 | $14,482.29 |
| $25 Minimum Payment | 5.19% | 60 @ $25.00 | 84 @ $160.03 | $14,942.52 |
| Deferred Repayment* | 5.23% | N/A* | 84 @ $184.92 | $15,491.11 |
| Repayment Option | APR | No. of Payments In-School/Grace |
No. of Payments After Graduation |
Total Cost |
|---|---|---|---|---|
| Interest Only Repayment | 14.75% | 60 @ $122.83 | 180 @ $138.22 | $32,251.76 |
| $25 Minimum Payment | 13.19% | 60 @ $25.00 | 180 @ $219.21 | $40,957.80 |
| Deferred Repayment* | 12.94% | N/A* | 180 @ $240.09 | $42,631.63 |
*For Deferred Repayment options, eligibility for an automatic payment discount requires a minimum payment of $1. (See Terms & Conditions)
If you are instead pursuing an MBA, Law, General Graduate, or a Ph.D. graduate degree, you will need to review graduate student loans and the rates available for those. Your variable interest rate may increase or decrease, based on the 30-day SOFR Average, resulting in an APR range between 4.04% and 13.30%. Fixed rate loans will not increase or decrease over the life of the loan and have an APR range between 5.12% and 14.75%. Rates reflect an Automatic Payment Discount of 0.25%.
The following table shows a 36-month in-school period plus 9 months of grace prior to a full repayment term of either: 84-months (lowest fixed/variable rate), 180-months (highest fixed rate), or 180-months (highest variable rate) with examples of (i) Interest Only payments, (ii) $25 Minimum payments, and (iii) Deferred repayment options.
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. (See Terms and Conditions)
| Repayment Option | APR | No. of Payments In-School/Grace |
No. of Payments After Graduation |
Total Cost |
|---|---|---|---|---|
| Interest Only Repayment | 4.04% | 45 @ $33.67 | 84 @ $136.88 | $13,013.71 |
| $25 Minimum Payment | 4.24% | 45 @ $25.00 | 84 @ $144.70 | $13,279.80 |
| Deferred Repayment* | 4.36% | N/A* | 84 @ $163.25 | $13,659.44 |
| Repayment Option | APR | No. of Payments In-School/Grace |
No. of Payments After Graduation |
Total Cost |
|---|---|---|---|---|
| Interest Only Repayment | 13.30% | 45 @ $110.75 | 180 @ $128.47 | $28,110.47 |
| $25 Minimum Payment | 12.44% | 45 @ $25.00 | 180 @ $177.98 | $33,161.40 |
| Deferred Repayment* | 12.48% | N/A* | 180 @ $196.54 | $34,850.39 |
*For Deferred Repayment options, eligibility for an automatic payment discount requires a minimum payment of $1. (See Terms & Conditions)
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.
| Repayment Option | APR | No. of Payments In-School/Grace |
No. of Payments After Graduation |
Total Cost |
|---|---|---|---|---|
| Interest Only Repayment | 5.12% | 84 @ $42.67 | 84 @ $141.92 | $15,506.37 |
| $25 Minimum Payment | 5.10% | 84 @ $25.00 | 84 @ $166.81 | $16,112.04 |
| Deferred Repayment* | 5.04% | N/A* | 84 @ $200.79 | $16,848.29 |
| Repayment Option | APR | No. of Payments In-School/Grace |
No. of Payments After Graduation |
Total Cost |
|---|---|---|---|---|
| Interest Only Repayment | 14.75% | 84 @ $122.83 | 180 @ $138.22 | $35,199.68 |
| $25 Minimum Payment | 12.45% | 84 @ $25.00 | 180 @ $251.65 | $47,397.00 |
| Deferred Repayment* | 12.12% | N/A* | 180 @ $280.49 | $49,924.82 |
*For Deferred Repayment options, eligibility for an automatic payment discount requires a minimum payment of $1. (See Terms & Conditions)
At Ascent, we offer students a range of flexible payment options and the option to pause payments for up to 9 months after graduating or leaving school. These are just a few of the reasons we are recognized as Best Private Student Loan for 2021 by Forbes Advisor and NerdWallet (among others).
If you choose a variable loan, changes to the 30-day SOFR Average may affect your variable loan rate.
You can check your rates with Ascent without impacting your or your cosigner’s credit score.
Whether you’re applying for a student loan for the first time or already have one, talk to your lender if you have questions about your APR. If you’re considering applying for a student loan with Ascent, our 100% U.S. based customer service team is available to help answer your questions: