Ascent Funding FAQs

Ascent offers private student loans to help undergraduate and graduate students pay for college.

• Undergraduate students have the option to apply for a Cosigned Credit-Based Loan, Non-Cosigned Credit-Based Loan or Non-Cosigned Future Income-Based Loan (for eligible juniors and seniors – see eligibility requirements.)
• Graduate students have the option to apply for a Cosigned Credit-Based Loan or Non-Cosigned Credit-Based Loan. Ascent created customized repayment terms for:
  • Business School (MBA)
  • Dental School (DMD, DDS)
  • Law School (JD, LLM)
  • Medical School (MD, DO, DVM, VMD, DPM)
  • General Graduate School (Health Professionals, Nursing, Pharmacy, MA, MS, PhD), etc.)

Yes, borrowers are eligible to receive the following incentives with Ascent’s college loans:

• Automatic Payment Discount: Borrowers can get either a 0.25% (for Credit-Based Loans) or 2.00% (for Undergraduate Future Income-Based Loans) interest rate reduction if payments are made by automatic payment. The 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if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month.  (See Automatic Payment Discount Terms & Conditions.)
• 1% Cash Back Graduation Reward: Borrowers are eligible to receive a 1% cash reward after graduation and upon meeting certain qualifying criteria. Learn More »
• Refer A Friend in College: Earn up to $525 for each friend in college you refer – There’s no limit to what you can earn! See below for additional details or Learn More »

For full details about Ascent’s Refer A Friend Program for college students, visit AscentFunding.com/Refer.

 

Here is how you can start referring your friends in college:

• Sign in or create an Ascent account.
• Using the Ascent Referral Page, get your unique referral code.
• Share your unique referral code via social media, text or email.

 Here’s the breakdown:

• You can earn $25 if someone you refer to Ascent submits an application using your referral code and is conditionally approved for a college loan. This requires that the applicant be new to Ascent and that the applicant completes and submits the application as required.
• You can earn an additional $500 if your friend’s college loan application is approved and is funded.
• Your referred friend can earn $100 if the loan application is approved and the loan is funded.
• VOID WHERE PROHIBITED. Open only to individuals who have created an account with the Ascent college loan program at AscentFunding.com, are legal residents of the U.S. or District of Columbia (excluding Vermont and Michigan) and are at least 18 years of age.

Your college may not be on our list of eligible institutions at this time. Please contact your financial aid office for other financing options.

Yes. A student who is not a U.S. citizen or U.S. permanent resident or has Deferred Action for Childhood Arrival (DACA) status may apply for a college loan with a creditworthy cosigner who is a U.S. citizen or U.S. permanent resident.

 

Non-U.S. citizens are required to upload the following documentation to verify identity as applicable to your individual resident status:

1. U.S. Permanent Resident Aliens: Permanent Resident Card (USCIS form I‐551); or
2. Non-Permanent Resident Aliens (temporary residents): Valid visa – acceptable forms: F-1; J-1, M-1; E-1; H-1; L-1; G series; TN-1; TN-2; OR I-20 Form (pages 1 & 2 signed) AND Unexpired Passport from country of origin; and,

In addition to 1. or 2. above, applicants must upload the following:

1. Unexpired foreign passport; and
2. A copy of a government issued document or identification that includes your national identification number. NOTE – For countries that include the national identification number on the passport, confirmation therein is sufficient.

1. DACA status: Documentation from the U.S. Department of Homeland Security / U.S. Citizenship and Immigration Services (USCIS) that indicates DACA status that does not expire before the end of the enrollment period for which the loan is being requested.

NOTE: The option to apply to release the cosigner after making the first twenty-four (24) consecutive, regularly scheduled full principal and interest payments on-time is only available to student borrowers that are U.S. citizens or have U.S. permanent resident status and is not available to DACA students. (See FAQ, “Can I eventually remove the cosigner from my loan?”)

Students enrolled full-time or at least half-time at an eligible institution may qualify. Certain limitations may apply for such applicants that apply without a cosigner.

 

For applicants approved for our Cosigned Loan or Credit-Based Non-Cosigned Loan, you may qualify as half-time. For applicants approved by our Future Income-Based Loan, you must be enrolled full-time*.

 

*Applicants graduating within 9 months may be half-time under Ascent’s Future Income-Based Loan.

Ascent’s credit decisioning criteria is proprietary and subject to change, but you can check what rates you pre-qualify for in just four (4) steps without impacting your credit score. We consider credit history and several other factors including, but not limited to, credit score.

• Cosigned Credit-Based Loan for undergraduate and graduate students
  • Student borrowers must have a minimum credit score. The minimum score required is subject to change and may depend on the credit score of your cosigner.
  • Cosigners must have a minimum credit score. The minimum score required is subject to change and may depend on the credit score of your borrower.
• Non-Cosigned Credit-Based Loan for undergraduate and graduate students
  • Student borrowers must have more than two (2) years of credit history with a minimum credit score.
• Non-Cosigned Future Income-Based Loan for undergraduate (juniors and seniors ONLY)

Eligible student borrowers with no credit score, or eligible students that meet a minimum credit score with or without two (2) years of credit history. (See Non-Cosigned Future Income-Based Loan eligibility requirements.)

• If you are an undergraduate student borrower with or without a cosigner AND have less than two (2) years of credit history, OR a graduate student borrower with a cosigner:
  • There is no minimum income requirement. See NOTE below.
• If you are a student borrower without a cosigner and have at least two (2) years of credit history.
  • You will be tested against the following criteria to determine your eligibility for the most favorable rates and terms available:
  • Minimum gross annual income of $24,000 for the current and previous year; and
  • Must meet a monthly debt-to-income (DTI) ratio.
• If you are a cosigner:
  • Minimum gross annual income of $24,000 for the current and previous year; and
  • Must submit satisfactory proof-of-income.

The maximum loan amount for Ascent college loans is limited to the total cost of attendance for a period not to exceed one full academic year, less any financial aid, as certified by your school. Note: Your maximum loan amount may be less than the amount requested on your application due to school certification or other underwriting factors.

• Minimum:$2,001
• Maximum:$200,000 (aggregate total)
• Maximum for academic year:
  • $200,000 for Undergraduate and Graduate Credit-Based Loans
  • $20,000 for Undergraduate Non-Cosigned Future Income-Based Loans

Not necessarily. Ascent considers several factors including: creditworthiness, school, program, graduation date, major, GPA, cost of attendance, and other factors that allow for undergraduate students to potentially obtain a Non-Cosigned Future Income-Based Loan in their own name without a cosigner. Nevertheless, applying with a cosigner may result in a lower interest rate.

 

Students that have Deferred Action for Childhood Arrival (DACA) status or are not a U.S. citizen or U.S. permanent resident may apply with a creditworthy cosigner that is a U.S. citizen or U.S. permanent resident. (See FAQ, “Can students that are Non-U.S. citizens apply?”)

A cosigner agrees to take equal responsibility for the college loan. This means that if the student borrower is not able to make the payments, the cosigner is still legally obligated to pay the loan. Either party can make the required monthly payments.

Interest is the price paid for the use of borrowed money. It is typically expressed as a percentage rate over a period of time.

Ascent’s college loans are offered with a variable interest rate OR a fixed interest rate option.

• Variable Rate: A variable interest rate may fluctuate over the duration of the loan.
• Fixed Rate: Remains unchanged for the duration of the loan.

 

Ascent’s credit decisioning criteria is proprietary, but you can check what rates you pre-qualify for in just four (4) steps without impacting your credit score.

• The interest rate is based on a number of factors and may be lower for a Cosigned Credit-Based Loan compared to a Non-Cosigned Future Income-Based Loan.
• You will know your exact interest rate percentage after applying and selecting a repayment option.
• Applicants must select an interest rate option prior to accepting the loan offer.

Borrowers are eligible to receive an Automatic Payment Discount of either 0.25% for Credit-Based Loans or 2.00% for Undergraduate Future Income-Based Loans (depending on loan terms) which is applied when eligible borrowers are making automatic payments via auto debit from their personal checking account. Borrowers will lose this benefit after two (2) non-sufficient funds payments, until they re-qualify and re-enroll in Automatic Debit payments. (See Ascent Student Loans Automatic Payment Discount Terms & Conditions)

Ascent’s college loans using a variable interest rate are adjusted monthly using the LIBOR index. (See FAQ, “What is LIBOR?”)

“LIBOR” stands for London Interbank Offered Rate. LIBOR is a benchmark rate that some of the world’s leading banks charge each other for short term college loans and is among the most common interest rate indices used to make adjustments to variable rate consumer loans. Ascent’s college loans using a variable interest rate are adjusted monthly using the LIBOR index. i (See FAQ, “What is the interest rate?”)

APR stands for Annual Percentage Rate. The APR gives you an “apples-to-apples” comparison of loans with different terms, represented as an annual rate that includes repayment plans, repayment terms, the interest rate and any origination fees (unlike Ascent, some lenders actually charge origination fees to apply for a loan). Ascent publishes a range of APR’s for our student loan options to help you compare the cost of our college loans with other lenders.

Interest is calculated on a daily simple interest basis, using the outstanding principal balance each day of the term of the college loan. The daily interest rate is equal to the annual interest rate in effect on that day, divided by the actual number of days in the current calendar year.

Interest will begin to accrue as of the disbursement date on the principal amount of the college loan and will continue to accrue on any outstanding balance. Interest will also accrue during periods of non-payment, including periods of authorized deferment or forbearance. Interest is capitalized upon entering a repayment period status and at the end of any authorized deferment or forbearance.

Whenever you have gone through an authorized period during which you are not required to make payments, such as during an in-school, grace, deferment or forbearance period, as well as during periods of repayment wherein your regularly scheduled monthly payment does not satisfy the interest amount due for that period, interest will continue to accrue on your college loan and be added to the principal balance when you start making payments again. You will learn more about capitalization when you complete our application and the financial wellness course.

Ascent Funding, LLC, the loan processor, will work to process college loan applications quickly and efficiently but will need your help to speed the process along. Ascent’s college loan process is broken out into 4 easy steps:

1. Submit your application and receive a preliminary decision.
2. If pre-qualified, accept your offer and choose a repayment plan.
3. Complete your tasks and upload your required documents to the Ascent Portal (1-2 business days for review).
4. Your college loan is sent to your school for certification/validation.
   TIP: We recommend reaching out to your school to find out how long their certification process takes as each school’s certification process may vary, but typically may take several weeks.

Once your college loan is certified by your school, you will receive your final disclosure and be notified of your disbursement dates. Your school may certify your college loan for a lower amount and/or change your graduation dates or disbursement dates, which will require you to accept the new terms. If your school fails to certify your loan, it will be denied.

If you are looking for information regarding your Ascent college loan application in process or pending disbursement(s):

• Visit College.AscentFunding.com to log into the borrower portal
• Call Ascent Customer Service directly at 877-216-0876

If you have questions about an existing loan, such as payment, deferment or forbearance information, please contact the loan servicer, Launch Servicing, at 877-354-2629 toll-free or log into the repayment portal at LaunchServicing.com.

Ascent includes an interactive course on financial wellness as a no-cost feature for college students and cosigners to complete as part of the application process. It is a required activity within the college loan application process because we believe it is an important component of supporting the financial wellness of our Ascent college student borrowers.

Yes, if you are approved for a college loan, your loan will be onboarded to the Launch Servicing platform after disbursement. You will then have the opportunity to designate an authorized third-party representative via the servicer, Launch Servicing.

Yes. You can apply to release your cosigner after making the first twenty-four (24) consecutive, regularly scheduled full principal and interest payments on-time and meeting the other eligibility criteria to qualify for the loan without a cosigner, including meeting the program requirements for a solo student borrower, as well as electing to make payments via Automatic Debit. The student borrower must make the request to release a cosigner directly with Launch Servicing or the loan holder. Note: The option to apply to release the cosigner is only available to student borrowers that are U.S. citizens or have U.S. permanent resident status and is not available to DACA students.

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No. With Ascent’s college loans, you will not incur any fees or penalties if you prepay your loan (either in whole or in part) before the repayment term ends.

Please see Ascent’s repayment examples for undergraduate students and repayment examples for graduate students.

• You may be eligible for the following repayment options if you:
  • Apply with a cosigner; (or)
  • Apply without a cosigner and have more than two (2) years credit history, meet the minimum credit score, are prequalified, and have a minimum gross annual income of $24,000 for the current and previous year

• Interest Only Repayment: The Interest-Only Repayment option requires that while the student is enrolled at least half-time at an eligible institution, the borrower will pay at least the interest that accrues on the loan each month. Upon graduation or if no longer enrolled at least half-time, the borrower will make full principal and interest payments for the remaining term of the loan.
• $25 Minimum Repayment: The $25 Minimum Repayment option requires that while the student is enrolled at least half-time at an eligible institution, the borrower will pay a monthly payment of at least $25. Upon graduation or if no longer enrolled at least half-time, the borrower will make full principal and interest payments for the remaining term of the loan. Any unpaid interest will accrue and capitalize upon entering full principal and interest repayment.
• Deferred Repayment: The Deferred Repayment option allows for the borrower to postpone principal and interest payments on the loan while the student is at least half-time enrolled at an eligible institution. Interest accrues during this in-school period and is capitalized upon entering repayment. Repayment begins once the grace period ends, after the student ceases to be enrolled at least half-time at an eligible institution (either by graduation or otherwise). The in-school and grace period varies depending on the Ascent loan type as indicated below:

Ascent’s College Loan Type	In-School Period	Grace Period
Undergraduate	Up to 60 months	9 months
Graduate – Medical	Up to 48 months	Up to 36 months
Graduate – Dental	Up to 48 months	12 months
Graduate – Other (MBA, Law, Health Professionals, Nursing Pharmacy, MA, MS, PhD, etc.)	Up to 36 months	9 months

• Terms: Flexible 5-year, 7-year, 10-year, 12-year, 15-year or 20-year repayment terms may be available depending on the loan options you select. There’s no penalty for early repayment. Ascent borrowers who choose a loan term of 15 years or 20 years WILL ONLY receive a variable interest rate. For certain loans with low balances, the minimum monthly payment amount may cause the loan amortization schedule to be less than the selected term.
• You may be eligible for the following repayment options if you:

• Apply without a cosigner and DO NOT meet the current income or credit requirements
• Deferred Repayment: The Deferred Repayment option allows for the borrower to postpone principal and interest payments on the loan while the student is at least half-time enrolled at an eligible institution. Interest accrues during this in-school period and is capitalized upon entering repayment. Repayment begins once the grace period ends, after the student ceases to be enrolled at least half-time at an eligible institution (either by graduation or otherwise). The in-school and grace period varies depending on the Ascent college loan type as indicated below: 

Ascent’s College  Loan Type	In-School Period	Grace Period
Undergraduate	Up to 60 months	9 months
Graduate – Medical	Up to 48 months	Up to 36 months
Graduate – Dental	Up to 48 months	12 months
Graduate – Other (MBA, Law, Health Professionals, Nursing Pharmacy, MA, MS, PhD, etc.)	Up to 36 months	9 months

• Upon graduation or no longer being enrolled at least half-time from school, you may be eligible to customize your repayment plan with the Progressive Repayment option. Ascent’s Progressive Repayment option helps make payments more affordable for students who are making payments on their Ascent loan upon graduation or are no longer enrolled at least half-time. If you submitted an Ascent college loan on or after 05/17/2019, you may be eligible for Ascent’s Progressive Repayment option allowing you to reduce your current monthly payment that would gradually increase over time so that the loan would be fully paid off within the original loan term.

• If you choose the Deferred Repayment plan, you will not be required to make payments until your grace period ends. The first payment due is typically thirty (30) to forty-five (45) days thereafter.  Repayment begins once the grace period ends, after the student ceases to be enrolled at least half-time at an eligible institution (either by graduation or otherwise). The grace period varies depending on the Ascent college loan product:
  • 9-month grace period for Ascent Undergraduate, MBA, Law, and Graduate and Health Professionals Loans.
  • 12-month grace period for Ascent Dental Loans.
  • Up to 36-month grace period for Ascent Medical Loans.
• If you choose the “Interest Only” or “$25 Minimum” repayment plans, the first payment due is typically thirty (30) to forty-five (45) days after the first disbursement on the loan. (See FAQ, “What are my Repayment Options and Terms?”)

You can get either a 0.25% or 2.00% (for Credit-Based Loans) or 2.00% (for Undergraduate Future Income-Based Loans) interest rate reduction (depending on loan terms) if payments on your Ascent loan are made by automatic payment. The Automatic Payment Discount is available if you are enrolled in automatic payments from your personal checking account and the amount is successfully withdrawn from the authorized bank account each month.  (See Automatic Payment Discount Terms & Conditions.)

The easiest and most convenient way to change your automatic payments is to log in to your account on LaunchServicing.com and update your recurring automatic payment settings online. You can also call Launch Servicing at 877-354-2629.

Ascent’s Progressive Repayment option helps make payments more affordable for students who are making payments on an Ascent college loan upon graduation or are no longer enrolled at least half-time. If you submitted an Ascent college loan on or after 05/17/2019, you may be eligible for Ascent’s Progressive Repayment option allowing you to reduce your current monthly payment that would gradually increase over time so that the loan would be fully paid off within the original loan term. To calculate your adjusted monthly payment amounts under the Progressive Repayment Option, please contact your loan servicer, Launch Servicing, directly after your loan has been disbursed:

Launch Servicing, LLC

P.O. Box 91910 |  Sioux Falls, SD 57109

Phone: 877-354-2629

Email: [email protected]

Website: LaunchServicing.com

A borrower may request deferment through Launch Servicing in writing, or by completing and signing a deferment form and providing the appropriate documentation requested on the form. All deferments after the In-School period are provided solely at the lender’s discretion. Interest shall continue to accrue on loans during periods of authorized deferment. Unpaid interest is capitalized when the deferment period ends. Ascent’s college loans include the following deferment and forbearance options:

 

• Active Duty Military Deferment
• In-School Deferment
• Residency / Internship Deferment
• Temporary Hardship Forbearance
• Administrative Forbearance
• Natural Disaster / Declared Emergency Forbearance

 

Active Duty Military Deferment

A borrower is eligible for an Active Duty Military Deferment upon submitting an application for such and eligible documentation to the repayment Servicer showing that he or she is serving on active duty during a war or other military operation or national emergency or performing qualifying National Guard duty during a war or other military operation or national emergency.

• Active Duty Military Deferment is available up to a cumulative limit of 36-months.
• This deferment DOES extend the repayment term.

 

In-School Deferment

Student borrowers that have exited an in-school status, either by separating from school (or dropping to less than half-time enrollment) and subsequently entering a repayment status prior to re-establishing at least half-time enrollment at an eligible institution, or by using the maximum allowable months of in-school status, may be eligible for an In-School Deferment. Student borrowers must apply for an In-School Deferment, and eligibility is based on verification of at least half-time enrollment at an eligible institution.

• This deferment DOES extend the repayment term.

 

Residency / Clerkship / Internship / Fellowship Deferment

Student borrowers may be eligible for a Residency / Clerkship / Internship /Fellowship Deferment if the student:

• Has been accepted into a Residency / Clerkship / Internship / Fellowship program which must be a supervised program; and
• Require that the student hold at least a bachelor’s degree before acceptance into the program; and
• Must either:
  • Lead to a degree or certificate from an institution of higher education, a hospital, or a health facility that offers postgraduate training, or
  • Be required before the student may be certified for professional practice or service, which must be verified by the relevant state licensing agency.
• This deferment DOES extend the repayment term.

 

Borrowers are limited to a total of 48 months of eligibility in increments of up to 12-months at a time for In-School & Residency / Clerkship / Internship / Fellowship Deferment described above.

 

Temporary Hardship Forbearance

Borrowers experiencing periods of financial difficulty may be granted forbearance. The forbearance period duration may be from a minimum of 1 month to a maximum of 3 months. A borrower may apply for up to 4 consecutive periods of Temporary Hardship Forbearance. A maximum of 24 total months of Temporary Hardship Forbearance may be granted during the life of the loan. Interest shall continue to accrue on loans during periods of authorized forbearance. Unpaid interest is capitalized when the forbearance period ends.

• This forbearance DOES extend the repayment term.

 

Administrative Forbearance

An administrative forbearance may be used for temporary suspension of collection activity while researching borrower disputes, awaiting bankruptcy and death documents, or for other circumstances as approved by the loan holder. Interest shall continue to accrue on loans during periods of authorized forbearance. Unpaid interest is capitalized when the forbearance period ends.

• This forbearance DOES extend the repayment term.

 

Natural Disaster / Declared Emergency Forbearance

Student borrowers that are adversely affected by a natural disaster, a local or national emergency (declared by the appropriate government agency), or a military mobilization, may be granted Natural Disaster / Declared Emergency Forbearance for a period not to exceed 3 months. Interest shall continue to accrue on loans during periods of authorized forbearance. Unpaid interest is capitalized when the forbearance period ends.

• This forbearance DOES extend the repayment term.

 

(1) If the 20th day of the preceding calendar month is not a business day where the banks of both New York and London are open for the transaction of business, then the previous business day will be used to determine the current index. If the annual capitalization date is a non-business day for the Lender or Servicer, then the interest will capitalize on the next business day.

 

(2) The maximum loan amount may not exceed the amount requested on the application. Additionally, subject to applicable law, the Lender reserves the right to approve a final loan amount that could be less than the amount requested on the application or as certified by the school. Because the Ascent Undergraduate Non-Cosigned Future Income-Based Loan option is available to student borrowers with no credit history or limited history students without any reliance on cosigners, several factors may come into consideration for the maximum loan amount, including: creditworthiness, school, program, graduation date, major, cost of attendance and other factors. Processing times may be longer and loan amounts may be significantly lower than the loan amount requested.

 

(3) Depending on loan terms, either a 0.25% (for Credit-Based Loans) or 2.00% (for Undergraduate Future Income-Based Loans) Automatic Payment interest rate reduction 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. Borrowers lose this benefit after two (2) Non-sufficient Funds payments, until they re-qualify and re-enroll in automatic payments. Interest rate reduction(s) will not apply during periods when no payment is due, including periods of in-school, deferment, grace or forbearance. (See Ascent Student Loans Automatic Payment Discount Terms & Conditions.)

At Ascent, we partner with schools we believe in and help students pay their tuition and living expenses. We’ve now helped thousands of bootcamp students afford career training programs and raised the bar for quality and outcomes in education!

 

In partnership with leading schools, we’ve created a financing platform that is both transparent and student-first. We’re proud of the work we do!

Yes, several of them. While we’re mindful of the fact that Ascent isn’t a regulatory body or an accreditor, we commit to doing our absolute best to ensure we’re only partnering with schools that deliver a tangible “Return On Education.” (That’s our way of saying you get your money’s worth and can start a better future.)

 

Despite our diligent efforts, sometimes we’re just not a fit – perhaps culturally or operationally. Other times, we develop concerns that a partner school will not be able to deliver on the promises they’ve made to bootcamp students.

For this reason, our quality assurance efforts are continuous and never ending. We’re always checking up on our partners. We believe every bootcamp student deserves their maximum Return On Education, and we’re committed to helping make it happen for our students.

There are several key differences, and we encourage students to perform their own research into this topic. However, some of the high-level differences between an Ascent consumer loan for bootcamps and a private student loan include:

• For private student loans, interest paid may be tax deductible. For consumer loans for bootcamps, interest is not tax deductible.
• Consumer loans for bootcamps may be treated differently in the event of a borrower bankruptcy.
• Private student loans may typically only be used for qualified education expenses as defined by the IRS.

To start the online loan application, click “Apply Now” in the top right corner of this website. Or, visit your school’s Ascent partnership page to see more details about the loan options for your program before applying. 

 

You can apply for an Ascent bootcamp loan to see if you pre-qualify without any impact to your credit score. After you pre-qualify, you’ll preview your monthly payments and repayment plan options. Once you choose a plan, we’ll run a hard credit check to confirm your eligibility so you can finalize your loan.

Our goal at Ascent is to help students from all walks of life and with a broad range of backgrounds get access to the programs that interest them. We offer two possible ways to qualify for an Ascent loan: on your own or with a cosigner. 

 

To see if you pre-qualify for an Ascent bootcamp loan, submit an application. In the pre-qualification process, we’ll conduct a soft credit check with no impact to your credit score. In addition to learning more about your eligibility, you can also see the rates and terms you pre-qualify for.

 

Ascent applicants must be a U.S. citizen or a permanent resident with established credit history and no outstanding educational loan defaults. A student who is not a U.S. citizen or U.S. permanent resident or has Deferred Action for Childhood Arrival (DACA) status may apply with a creditworthy cosigner who is a U.S. citizen or U.S. permanent resident.

 

Adding a cosigner can help strengthen your application’s overall credit health, and may even help lower your loan’s interest rate, APR, or monthly payments. 

 

While our application process asks for income and employment details, we won’t use income, employment, or your requested loan amount to evaluate your application.

Yes. A student who is not a U.S. citizen or U.S. permanent resident or has Deferred Action for Childhood Arrival (DACA) status may apply for a bootcamp loan with a creditworthy cosigner who is a U.S. citizen or U.S. permanent resident.

 

Non-U.S. citizens are required to upload the following documentation to verify identity as applicable to your individual resident status:

1. U.S. Permanent Resident Aliens:Permanent Resident Card (USCIS form I‐551); or
2. Non-Permanent Resident Aliens (temporary residents):Valid visa – acceptable forms: F-1; J-1, M-1; E-1; H-1; L-1; G series; TN-1; TN-2; OR I-20 Form (pages 1 & 2 signed) AND Unexpired Passport from country of origin; and,

In addition to 1. or 2. above, applicants must upload the following:

1. Unexpired foreign passport; and
2. A copy of a government issued document or identification that includes your national identification number. NOTE – For countries that include the national identification number on the passport, confirmation therein is sufficient.
3. DACA status: Documentation from the U.S. Department of Homeland Security / U.S. Citizenship and Immigration Services (USCIS) that indicates DACA status that does not expire before the end of the enrollment period for which the loan is being requested.

NOTE: The option to apply to release the cosigner after making the first twenty-four (24) consecutive, regularly scheduled full principal and interest payments on-time is only available to student borrowers that are U.S. citizens or have U.S. permanent resident status and is not available to DACA students. (See FAQ, “Can I eventually remove the cosigner from my loan?”)

Yes, you can add a cosigner to your loan. There are two ways to qualify for an Ascent bootcamp 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.

For bootcamp tuition, you can apply for as little as $2,000 up to the maximum tuition for your school, program, and location. Depending on your program, you might have the option to borrow living expense funds, which you can use to help cover your living costs. You need to apply for at least $2,000 in tuition to add living expenses.

 

To see the options for your program before you apply, visit your school’s Ascent partnership page. If you need to lower your loan amount or cancel after you apply, we can help!

You can apply for an Ascent bootcamp loan at the same time as applying for scholarships – in fact, we recommend it! Scholarships are a great way to supplement your funding. You can also apply for a loan if you already have a scholarship, or even if you plan to apply for scholarships in the future. 

 

If you receive a scholarship after you apply for a loan, we can easily lower your loan amount before we send your tuition funds to your school. To request a loan decrease, log in to your Ascent dashboard or email [email protected] with the amount of your scholarship. If you need to lower your loan amount after your funds have been sent, you can simply apply your funds to your loan balance at any time without prepayment penalty.

 

Although we can decrease your loan amount, we can’t increase your loan amount. If you apply for less than the maximum tuition and then realize you do need more funds, please log in to your Ascent dashboard and submit a new application.

We work with our bootcamp partner schools to ensure students have access to competitive financing. To see the fixed interest rates and APRs currently available for your school and program, visit your school’s Ascent partnership page.

 

To see if you pre-qualify for an Ascent loan, submit an application. In the pre-qualification process, we’ll conduct a soft credit check with no impact to your credit score. In addition to learning more about your eligibility, you can also see the rates and terms you pre-qualify for.

The Annual Percentage Rate (APR) is the big picture on your loan. It outlines the annual cost of your loan and includes the origination fee, financing charges, capitalized interest, and the interest rate to reflect the total annualized cost of the loan. Like a stand-alone interest rate, it’s shown as a percentage. APRs are a great way to gauge the total cost of your loan. At Ascent, we commit to including APR anywhere we communicate interest rates so you can make an informed decision. 

The APR for Ascent bootcamp loans includes the origination fee and interest rate.

You will be charged a one-time origination fee of 5.0% of your loan amount for an Ascent bootcamp loan. This will be added to the amount you borrow and is included in the total loan principal amount you finance. It helps cover the administrative fees associated with originating the loan. It is the only fee charged for taking out this loan, and it is factored into your loan’s Annual Percentage Rate (APR).

Depending on your program, you might have the option to borrow funds for living expenses, which you can use to help cover your living costs while attending your program.

In most cases, you’ll apply for your tuition and living expenses at the same time with just one application. When you apply, you’ll find two fields for loan amounts in the application: one for tuition and one for living expenses. Enter the amount you would like to borrow for each. You need to apply for at least $2,000 in tuition financing to add living expenses financing.

Some eligible programs offer a separate Living Expense Loan, which allows you to borrow $1,500/month during your program. To apply for a Living Expense Loan for an eligible program, you must have a Deferred Tuition Loan application in progress or have been approved for a Deferred Tuition Loan, and you must submit your application before your cohort begins. Simply submit your Deferred Tuition Loan application to gain access to the Living Expense Loan application.

To see if funds for living expenses are available for your school and program, visit your school’s Ascent partnership page.

Depending on your school and program, you’ll have the choice between several repayment plans. Your repayment plan will determine how and when you’ll repay your loan.

• Deferred Repayment: You’ll make no payments while you’re in school and for three months after. Then you’ll start making full payments (interest + principal).
• Interest-only Repayment: you’ll start making smaller interest-only payments roughly one month after your program begins. Three months after your program ends, you’ll start making full payments (interest + principal).
• Immediate Repayment: You’ll start making full payments (interest + principal) roughly one month after your program starts.
• Outcomes Loans or Deferred Tuition Loans: You’ll make no payments for up to a year after you complete your program, or when you receive a qualifying job offer as determined by the Thinkful Tuition Refund Guarantee, Springboard Job Guarantee, or Kenzie Guarantee. Then you’ll start making full payments (interest + principal). Only available for programs at Thinkful, Springboard, and Kenzie Academy (additional terms apply). You’ll make no payments for up to a year after you complete your program, or when you receive a qualifying job offer as determined by the Thinkful Tuition Refund Guarantee, Springboard Job Guarantee, or Kenzie Guarantee. Then you’ll start making full payments (interest + principal).

 

Before you apply, you can preview the loan options available for your school and program.

Yes! Ascent offers two deferred options for bootcamp loans to help you focus on your education and job search. To see if these options are available for your school and program, visit your school’s Ascent partnership page.

• Deferred Repayment: You’ll make no payments while you’re in school and for three months after. Then you’ll start making full payments (interest + principal). This option is available at most of our bootcamp partner schools.

Outcomes Loans or Deferred Tuition Loans (only available at Thinkful, Kenzie, and Springboard): You’ll make no payments for up to a year after you complete your program, or when you receive a qualifying job offer as determined by the Thinkful Tuition Refund Guarantee, Springboard Job Guarantee, or Kenzie Guarantee. Then you’ll start making full payments (interest + principal). This option is only available for programs at Thinkful, Springboard, and Kenzie Academy, additional terms apply.

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 36 or 60 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!

You have several monthly payment options, including automated payments! After you are approved for a loan, we’ll help you set up your repayment account with our loan servicer. Launch and Aspire are the loan servicers for Ascent’s bootcamp loans. Our servicers send your statements, process payments, and help you with any payment questions. 

 

To pay your loan or ask questions about an existing loan visit Launch online or call 877-354-2629. If you applied for your loan on or before June 9, 2019, visit Aspire online or call 1-800-243-7552.

As of 2020, Ascent bootcamp borrowers have the option to enroll in Autopay. There are many benefits to making automatic payments on your loan with Autopay:

• Save on interest: If you’re using Autopay, you receive a 0.25% reduction in the interest rate on your loan!
• Avoid stress and late fees. With Autopay, your monthly loan payments are automatic, so you’ll never have to worry about missing a loan payment or paying late fees.
• Protect your credit: Making monthly, on-time payments on a loan is one of the best ways to help maintain your credit health. Autopay protects your credit by making sure you pay your loan on time every month.

 

For more on Autopay, see the Automatic Payment Discount Terms & Conditions. Interest rate reduction of 0.25% applies only when the borrower and/or cosigner sign up for automatic payments and the payment amount is successfully deducted from the designated bank account each month. Interest rate reduction(s) will not apply during periods when no payment is due, including periods of in-school, deferment, grace or forbearance, unless a regular payment amount has been arranged with the servicer. If you have two (2) consecutive returned payments for Nonsufficient Funds, we may cancel your automatic debit enrollment and you will lose the interest rate reduction. You will then need to re-qualify and re-enroll in automatic debit payments to receive the interest rate reduction.

For customers financially impacted by COVID-19, our servicers offer forbearance options.

If your job or income has been affected by COVID-19 and you are concerned about your ability to make loan payments, we encourage you to reach out to your loan servicer to learn about your options. 

 

Ascent works with two loan servicers, and both are ready to help those who have been financially impacted.

• Visit Launch online or call 877-354-2629 if you applied for your loan on or after June 10, 2019.
• Visit Aspire online or call 1-800-243-7552 if you applied for your loan on or before June 9, 2019.

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 policies and agreements.

 

Regarding your tuition: You are responsible for the full amount you borrow, plus accrued interest and fees. If you are owed a refund by your partner school, the refund transaction will be made to Ascent in the amount of the refund due (but in no event greater than what that 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.

 

For Deferred Repayment, Interest-Only Repayment, or Immediate Repayment Loans, you will immediately begin making full (interest + principal) payments when you withdraw from your program. For Outcomes Loans or Deferred Tuition Loans, you will have a 3 month grace period after withdrawing from your program before you begin making payments.

 

Regarding any borrowed living expense funds: Because you’ve received the funds, you’re responsible for repaying them to Ascent. 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.

You have several monthly payment options, including automated payments! After you are approved for a loan, we’ll help you set up your repayment account with our loan servicer. Launch and Aspire are the loan servicers for Ascent’s bootcamp loans. Our servicers send your statements, process payments, and help you with any payment questions. 

 

To pay your loan or ask questions about an existing loan visit Launch online or call 877-354-2629. If you applied for your loan on or before June 9, 2019, visit Aspire online or call 1-800-243-7552.

As of 2020, Ascent bootcamp borrowers have the option to enroll in Autopay. There are many benefits to making automatic payments on your loan with Autopay:

• Save on interest: If you’re using Autopay, you receive a 0.25% reduction in the interest rate on your loan!
• Avoid stress and late fees. With Autopay, your monthly loan payments are automatic, so you’ll never have to worry about missing a loan payment or paying late fees.
• Protect your credit: Making monthly, on-time payments on a loan is one of the best ways to help maintain your credit health. Autopay protects your credit by making sure you pay your loan on time every month.

 

For more on Autopay, see the Automatic Payment Discount Terms & Conditions. Interest rate reduction of 0.25% applies only when the borrower and/or cosigner sign up for automatic payments and the payment amount is successfully deducted from the designated bank account each month. Interest rate reduction(s) will not apply during periods when no payment is due, including periods of in-school, deferment, grace or forbearance, unless a regular payment amount has been arranged with the servicer. If you have two (2) consecutive returned payments for Nonsufficient Funds, we may cancel your automatic debit enrollment and you will lose the interest rate reduction. You will then need to re-qualify and re-enroll in automatic debit payments to receive the interest rate reduction.

For customers financially impacted by COVID-19, our servicers offer forbearance options.

If your job or income has been affected by COVID-19 and you are concerned about your ability to make loan payments, we encourage you to reach out to your loan servicer to learn about your options. 

 

Ascent works with two loan servicers, and both are ready to help those who have been financially impacted.

• Visit Launch online or call 877-354-2629 if you applied for your loan on or after June 10, 2019.
• Visit Aspire online or call 1-800-243-7552 if you applied for your loan on or before June 9, 2019.