Best Part-Time Student Loans June 2022 – Forbes Advisor

Ascent offers co-signed and non-co-signed student loans, giving borrowers without co-signers more college financing options. We rated the company based on its co-signed credit-based student loan for undergraduates.

Ascent stands out for its range of discount and payment deferral options, rare among private lenders. Borrowers can choose a progressive repayment plan, which has a lower monthly payment to begin with that increases over time. This can be useful for grads just starting out, who will likely make more money as they progress in their careers.

Borrowers can also suspend payments if they experience temporary financial difficulty for one to three months at a time, up to a maximum of 24 months in total. (Taking this forbearance means you’ll repay the loan over a longer period, however.) Interest continues to accrue while forbearing, which is true of the vast majority of private student loans.

Ascent also offers a graduation reward of 1% of the initial loan principal balance. Check the conditions you must meet to benefit from it.

Ascent won the Forbes Advisor Award for Best Private Student Loans of 2020. Learn more here.

Additional details

Loan conditions : 5, 7, 10, 12 or 15 years old

Loan amounts available: $2,001 up to the total cost of attendance, up to a maximum of $200,000 per academic year ($200,000 total)

Eligibility: Student borrowers with no credit history may qualify with a creditworthy co-signer. Co-signers must have an income of at least $24,000 for the current year and the previous year. Co-signers must have a minimum credit score of 660 if the student has a score below 700, and a minimum credit score of 620 if the student has a score of 700 or higher.*

Opt-out options: In the event of financial hardship, borrowers can suspend payments for up to three months at a time, for a total of 24 months over the life of the loan. Only four abstention cycles (up to 12 months) can be followed consecutively.

Release policy for co-signers: Available after 24 months of consecutive direct debits, if primary borrower meets certain credit score requirements.

*For Ascent Terms and Conditions, please visit: Rates are effective as of 06/15/2022 and reflect an automatic payment discount of 0.25% (for credit-based loans) OR 1.00% (for future income-based loans from first cycle). For Ascent rates and reimbursement examples, please visit: 1% cash back for graduation, subject to terms and conditions. Student borrowers of a co-signed credit-based loan must have a minimum credit score. The minimum required score is subject to change and may depend on your co-signer’s credit score.

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