What is Ascent’s Career Loan?

Ascent’s Career and Professional Training Loan is a consumer loan for students attending eligible professional training and certification programs at select schools.

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Here’s how it works

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Preview your loan options upfront

Once you are accepted into your program of choice, you can preview your loan options upfront and find the right loan option for your needs. Whether you want to pay your loan off as fast as possible, pay nothing while you’re studying and for 3 months after or you need funds for cost of living while you study, we offer flexible loan options tailored to your needs.

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Apply in minutes

Our simple loan platform allows you to quickly apply for your loan, and you’ll know right away if you have been credit approved. If you are not approved, you could be given the opportunity to add a co-signer to strengthen your application.

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We pay your school

Once you sign your final loan documents, you’re all set! We update your school and we send tuition directly to your school.

Flexible repayment options

You get a monthly repayment plan with low payments, fixed rates, and no prepayment penalties. With Ascent’s Career and Professional Training Loan, you can also receive a 0.25% discount by enrolling in automatic payments.

See Automatic Payment Terms and Conditions

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Deferred Repayment

Make no payments in school and for three months after.

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Interest-Only Repayment

Make small interest-only payments in school and for three months after.

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Immediate Repayment

Make full payments beginning about one month after your program starts.

How does repayment for Ascent’s Career and Professional Training Loan work?

View your loan options and repayment examples.

How and when will I repay my loan?
You have several options, including automated payments! After you apply for a loan, we’ll help you set up your repayment account. You’ll make your first payment about one month after your program starts (interest-only repayment or immediate repayment) or three months after your program ends (deferred repayment).

You’ll make monthly payments until your loan is fully repaid, and we’re happy to say there’s no prepayment penalty or fee for early payments on Ascent loans. You can choose to pay the minimum monthly payment, or you can make larger payments. You have the flexibility to pay off your loan anytime before your loan term ends.

Ascent offers several repayment options.

  • Deferred Repayment Loans allow you to make no payments while you’re in school & for three months after. You’ll start making full payments about three months after your program ends.
  • Interest-Only Repayment Loans allow you to hold on to more of your savings during your training. You’ll start making low, interest-only payments about one month after your program starts and continue those payments for three months after the program ends. After this interest-only period, you’ll start making full payments (interest + principal).
  • Immediate Repayment Loans allow you to quickly get started on repayment. You’ll start making full payments about one month after your program starts.

Launch is the loan servicer for Ascent’s loans. This means Launch will collect your monthly payments during the repayment phase of your loan. You can contact Launch by visiting Launch online or calling them at 877-354-2629.

What is the repayment term for both the loan principal and interest?
Interest-Only Repayment, Immediate Repayment, and Deferred Repayment Loans: Once you’ve begun full repayment (after the grace and/or interest-only period), your loan term will be 60 months, 84 months, or 120 months.

View your loan options and repayment examples.

60 Month Loan Term

Full repayment for 60 months post-school. The examples below assume the student is financing $10,000 with an Ascent Career and Professional Training Loan.

60-Month Term High/Low Borrowed Amount Interest Rate Monthly In-School & Grace Payment Monthly Post-School Payment Total Lifetime Cost of Loan Annual Percentage Rate
Immediate Repayment
Low
High
$10,000
$10,000
8.00%
13.25%
$212.90
$240.25
$212.90
$240.25
$12,774.13
$14,415.19
10.088%
15.447%
Interest-Only Repayment*
Low
High
$10,000
$10,000
8.00%
13.25%
$70.00
$115.94
$212.90
$240.25
$13,824.13
$16,154.25
9.478%
14.863%
Deferred Repayment*
Low
High
$10,000
$10,000
8.00%
13.25%
$202.76
$228.81
$236.25
$282.37
$14,174.76
$16,942.44
9.483%
14.566%

*These sample estimates assume a 48-month In School Period plus a 3-month Grace Period prior to entering a full Principal and Interest repayment term

84 Month Loan Term

Full repayment for 84 months post-school. The examples below assume the student is financing $10,000 with an Ascent Career and Professional Training Loan.

84-Month Term High/Low Borrowed Amount Interest Rate Monthly In-School & Grace Payment Monthly Post-School Payment Total Lifetime Cost of Loan Annual Percentage Rate
Immediate Repayment
Low
High
$10,000
$10,000
8.00%
13.50%
$164.97
$193.88
$164.97
$193.88
$13,857.15
$16,286.04
9.80%
15.16%
Interest-Only Repayment*
Low
High
$10,000
$10,000
8.25%
13.50%
$72.19
$118.13
$164.97
$193.88
$14,939.97
$18,057.91
9.46%
14.85%
Deferred Repayment*
Low
High
$10,000
$10,000
8.50%
13.75%
$0.00
$0.00
$183.95
$228.89
$15,451.86
$19,227.10
9.50%
14.62%

*These sample estimates assume a 48-month In School Period plus a 3-month Grace Period prior to entering a full Principal and Interest repayment term

120 Month Loan Term

Full repayment for 120 months post-school. The examples below assume the student is financing $10,000 with an Ascent Career and Professional Training Loan.

120-Month Term High/Low Borrowed Amount Interest Rate Monthly In-School & Grace Payment Monthly Post-School Payment Total Lifetime Cost of Loan Annual Percentage Rate
Immediate Repayment
Low
High
$10,000
$10,000
8.50%
13.75%
$130.18
$161.46
$130.18
$161.46
$15,622.20
$19,374.62
9.64%
15.02%
Interest-Only Repayment*
Low
High
$10,000
$10,000
8.50%
13.75%
$74.38
$120.31
$130.18
$161.46
$16,737.82
$21,179.31
9.47%
14.87%
Deferred Repayment*
Low
High
$10,000
$10,000
8.75%
14.00%
$0.00
$0.00
$145.99
$191.56
$17,518.33
$22,987.20
9.54%
14.71%

*These sample estimates assume a 48-month In School Period plus a 3-month Grace Period prior to entering a full Principal and Interest repayment term

The Ascent difference

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Flexible options tailored for you

Want to pay your loan off as fast as possible? We offer no repayment penalties. Want to lower your payments and pay nothing while you’re studying and during your job search? We offer deferred repayment.

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Transparent & upfront loan terms

We make sure there are no surprises when it comes to your loan. With our transparent loan terms, you can see the payment options for your program’s tuition and living expenses before you apply.

Have questions about Ascent’s Career and Professional Training Loan?

We’ve got answers.

What is Ascent’s Career Loan?
Ascent’s Career and Professional Training Loan is a consumer loan for students attending eligible professional training and certification programs at select schools.
Who is eligible for Ascent’s Career and Professional Training Loan?
Students who are attending eligible professional training and certification programs at select schools may apply for Ascent’s Career and Professional Training Loan. You must also:

  • Be at least 18 years of age or the age majority in your state of residence.
  • Be a U.S. resident, permanent resident, or have Deferred Action for Childhood Arrival (DACA) status.
  • Not have defaulted on any private or government student loan.

Can I apply with a cosigner?
Yes, you can add a cosigner to your loan. There are two ways to qualify for an Ascent Career and Professional Training Loan: on your own or with a cosigner.

Depending upon your credit health, a cosigner might be required. Cosigners may strengthen your application’s overall credit health. In some scenarios, adding a cosigner may reduce your interest rate and lower your payments. If you’re concerned about your eligibility for an Ascent loan, consider adding a cosigner with strong credit health.

You can choose to add a cosigner before you submit your loan application, or may be given the option to add a cosigner after you apply.

If you’d like to add a cosigner when you apply, you can select this option in the application. If your cosigner is with you, they can start their portion of the application right away. If not, we’ll send them an email asking them to complete their part. Your cosigner’s portion of the application will look very similar to yours.

We’ll keep you and your cosigner updated on the status of your application throughout the process. You’ll receive an email or a notification in the application if you or your cosigner have any required steps to take.

How much money can I borrow?
Students can borrow a minimum loan amount of $2,000 and up to the total tuition for the professional training or certificate program. If Ascent offers living expense financing for your program, you can also borrow up to the maximum available living expenses for your program.
Can I pay off my loan faster than the initial term?
Yes, you can prepay your loan at any time without penalty. You have the flexibility to make early payments or fully pay off your loan without prepayment fees.
Do I have to pay the full “total cost” of the loan shown in my loan offer even if I make early payments?
No, you can reduce your total cost by making early payments! This is a benefit we hope our borrowers take advantage of. When you apply for a loan, we show you as many details as we can upfront. One of those details is the total cost of the loan, which is the total amount you’ll pay over the scheduled lifetime of the loan. Our calculation of the total cost assumes that you will pay off your loan by making monthly on-time minimum payments for your entire loan term, which is either 60, 84, or 120 months. The total cost includes (1) the origination fee of 5% of your loan amount, (2) the loan amount, and (3) the interest accrued over the lifetime of the loan.

With our loans, you can make early payments or fully pay off your loan at any time with no prepayment fees. Many of our borrowers graduate from their programs, land jobs, and pay off their loans early! This is a financially smart move because if you make early payments, you’ll accrue less interest over the lifetime of your loan. In summary – we don’t hold you to the total cost you see in your loan offers. If you make early payments, you can reduce the interest you accrue, which reduces your loan’s total cost!

Will my loan be refunded if I don’t complete my program or get a job?
While it is our hope that every student graduates and finds an awesome job in their chosen field, we understand that other circumstances may intervene.

If you are owed a refund by your school, Ascent will follow your school’s refund policies. Please refer to your school’s refund policies and student agreements.

Regarding your borrowed tuition funds:

  • You are responsible for repaying the full amount you borrow, plus accrued interest and fees.
  • If you are owed a tuition refund by your school, the refund transaction will be made to Ascent in the amount of the refund due (but in no event greater than what we paid to the school on your behalf). If there is a balance on your loan after any applied refund, you will be required to immediately start making monthly payments for the balance.

What’s the difference between fixed rates and variable rates?
The interest rate on a loan is the base cost of borrowing money for the duration of your loan and is a percentage of the principal loan amount. It can be fixed (it will not change over time) or variable (it could change over time). Variable interest rates can increase or decrease throughout the life of your loan, which may result in your monthly payment changing. Ascent’s Career Loans are fixed rate, so you can be confident your rate won’t go up over the life of your loan.
Can I cancel or change my loan after I apply?
You can cancel your loan application with us at any time by logging into your Ascent account at bootcamp.ascentfunding.com.
What is the status of my application?
To see the status of your loan application, visit your Ascent dashboard at bootcamp.ascentfunding.com or call Ascent at 877-279-2614. We’ll also send you emails throughout the process to keep you updated. You can save your progress in the application and return to it at any time.
Can non-U.S. citizens apply?
Yes. Individuals may apply as a borrower or cosigner based on their citizenship status as follows:

  • U.S. Permanent Residents – as a solo borrower, as a cosigner, or as a borrower with a qualified cosigner.
  • Deferred Action for Childhood Arrival (DACA) status – as a solo borrower or as a borrower with a qualified cosigner.
  • U.S. Temporary Residents – as a borrower with a qualified cosigner only.

Documentation requirements: The following are documentation will be required to verify your individual resident status:

  • For U.S. Permanent Residents: Provide a Permanent Resident Card.
  • For DACA status: Provide documentation from the U.S. Department of Homeland Security / U.S. Citizenship and Immigration Services (USCIS) that indicates DACA status that does not expire within 6-months of the end of the enrollment period for which the loan is being requested.
  • For U.S. Temporary Residents

A VISA that does not expire within 6-months of the end of the enrollment period for which the loan is being requested. with an acceptable category as follows:  F-1, F-3, G Series, H-1B, H-1C, H-3, J-1, L-1, M-1, M-3, T-1, TN

OR

An I-20 Form (pages 1 & 2 and signed by the school) and an unexpired passport from the country of origin.

Who is Richland State Bank and how is it related to Ascent?
Richland State Bank (RSB), Member FDIC, is the lender for Ascent Bootcamp and Career and Professional Training loans.
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