Planet with rings and stars
Ascent Blog

Leading Education Finance Company Launches Solution for Parents

Jul 02, 2024 | By: Ascent
Category: In the Press

SAN DIEGO, June 25, 2024 /PRNewswire/ — Ascent, a leading provider of innovative financial products and student support services that enable more students to access education and achieve academic and economic success, recently launched its Parent Student Loan. For the first time, parents, grandparents, guardians, or sponsors will be able to apply for a loan without the student.

Ascent’s Parent Loan is designed for parents, grandparents, guardians, and sponsors of a student working towards an undergraduate degree, graduate degree, or certificate education at an eligible Title IV school. Parent Loan borrowers benefit from the following features: no late or insufficient fund fees, on top of no application, origination, or disbursement fees, and no penalty if loans are paid off early; a choice of Interest-Only or Immediate Full Principal & Interest (P&I) in-school repayment options; and competitive interest rates.

While traditional student loans require students to meet specific eligibility criteria including full-time enrollment, credit score and proof of income, Ascent’s Parent Loan offers an alternative for families who do not meet all of the requirements to apply for, or be awarded, a loan. Students will not bear any financial responsibility as cosigners with the Parent Loan product; instead, their parent, grandparent, guardian, or sponsor applies for the loan and is wholly responsible for future loan payments.

Additionally, Ascent’s Parent Loan provides an opportunity for students to rebuild their credit while increasing the likelihood of their becoming eligible borrowers in the future. By enabling students with damaged credit to qualify for a loan, through their parents and where they would not otherwise, Ascent is helping fulfill its guiding principle of ensuring loans should expand students’ possibilities, not limit them. 

“With the cost of tuition continuing to skyrocket, and generally outpacing most American families’ income and financial capacity, we are always exploring innovative options to make the college dream a reality,” said Ken Ruggiero, co-founder and CEO of Ascent. “The Parent Loan is one more way in which we hope to realize a more equitable educational landscape.”

As with any Ascent product, parents can invite their student(s) to access AscentUP, a professional training platform available to Ascent borrowers that offers durable skills resources, training and coaching via relevant courses, and expert insights, empowering confidence for students to reach their career and financial goals. Additionally, Ascent recently launched the AscentUP Internship Program offering borrowers exclusive access to paid remote internships.

The Parent Loan offering is part of Ascent’s ongoing commitment to the financial future of students and families, providing multiple ways for borrowers to earn money throughout the year, including student and parent scholarships, referral programs, the ability to earn cash back through Ascent Rewards and automatic payment discounts.

To learn more about Ascent and its new Parent Loan, visit www.ascentfunding.com or contact Jenny Gustafson at [email protected] or (713) 416-7280.

ABOUT ASCENT
Ascent is a leading provider of innovative financial products and wrap-around student support services that enable more students to access education and achieve academic and economic success. Everything Ascent offers is designed by leading industry professionals and with advanced technology and innovation to increase every student’s ability to plan, pay, and succeed. Ascent’s rare Outcomes-based Loan provides funding to credit-invisible borrowers who generally do not benefit from traditional credit. Ascent products also include: Cosigned Loans, Solo Loans, Career Loans, Parent Loans, Graduate Loans, Access Loans, Enterprise Loans and Impact Loans. 

Symbol icon

Join the Ascent community!

Stay in the loop with finance tips, scholarship resources, product updates, and more.

Bag of money

Time’s Ticking! ⏰ Take advantage of new lower rates on college student loans from 3.79% to 15.86% APR*

Apply Now

*Annual Percentage Rate; See rates and repayment examples