An education loan is a form of financial aid that must be repaid, with interest. When students receive a student loan, it is borrowing money to attend college. It is important to understand repayment options to successfully repay student loans.
Education loans come in three major categories:
- Federal Loans: student loans (Direct loans) parent loans (PLUS loans)
- Private Loans: private student loans
- Consolidation Loans: consolidation loan
Understanding Loan Types
- Federal student loans and federal parent loans are funded by the federal government.
- Private student loans are non-federal loans, made by a lender such as a bank, credit union, state agency, or a school.
- Consolidation Loans are a combination of several student or parent loans into one bigger loan from a single lender.
Comparing your student loan options is the best way to save money on the cost of borrowing. Student Loan Hero by Lending Tree has reviewed the top private student loan lenders to help you make an informed decision.
Grants, scholarships, work-study and other forms of gift aid just do not cover the full cost of a college education. Many students find that they must supplement their savings with government and private loans. The Federal education loan programs offer lower interest rates and more flexible repayment plans than most consumer loans, making them an attractive way to finance your education. You can also deduct up to $2,500 in student loan interest even if you don’t itemize deductions on your income tax return.
Student Loan Providers
ASCENT STUDENT LOAN OPTIONS WITH OR WITHOUT A COSIGNER
Ascent offers benefits that put students first:
- Over $70,000 in scholarships this year (Learn More)
- 1% CASH BACK Graduation Reward*
- NON-COSIGNED option for eligible students*
- COSIGNER RELEASE option*
- DISCOUNT for enrolling in auto payments*
- AFFORDABLE fixed or variable rates
- 100% US-BASED Customer Service
- FREE financial Tools
Check your rate without impacting your credit score.
*Ascent Student Loans are funded by Richland State Bank (RSB), Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: AscentStudentLoans.com/Ts&Cs
Rates displayed above are effective as of 01/01/2021 and reflect an automatic payment discount of 0.25% on the lowest offered rate and a 2.00% discount on the highest offered rate. 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. For Ascent rates and repayment examples please visit: AscentStudentLoans.com/Rates
1% Cash Back Graduation Reward subject to terms and conditions, click here for details.
Loan
Ascent’s private student loan options give students more opportunities to get money to pay for school with or without a cosigner. Ascent offers loan products to help undergraduate and graduate students pay for higher education.
• 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*).
• 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.)
Limits
COVER UP TO 100% college tuition and living expenses with a minimum loan amount of $1,000 and up to $200,000 (or total cost of attendance less aid received).
Rates
AFFORDABLE RATES
Undergraduate Rates:
• Fixed: 3.34% – 13.57%*
• Variable: 2.46% – 12.40%*
Graduate Rates:
• Fixed APR with ACH: 4.60% – 13.57%*
• Variable APR with ACH: 3.65% – 12.40%*
Check your rate without impacting your credit score.
Fees and Terms
AVOID FEES
• No application, origination or disbursement fees.
• NO PENALTY FEE if you pay off your loan early.
FLEXIBLE PLANS (depending on loan type)
• In-School Interest-Only Repayment
• $25 Minimum Payment
• Deferred Repayment – Start payments up to 9 months after graduation
REPAYMENT TERMS (depending on loan type)
• Undergraduate: 5-year, 7-year, 10-year, 12-year or 15-year repayment terms*
• Graduate: 7-year, 10-year, 12-year, 15-year or 20-year repayment terms*
Credible
Credible offers borrowers a “kayak-style” experience while shopping for student loans. Similar to the “Common App,” users (and co-signers) complete a single, brief form and receive personalized offers from multiple lenders. The process is free and does not impact a user’s credit score to compare offers.
Credible’s marketplace includes:
- Ascent
- Citizens Bank
- CollegeAve
- Discover Student Loans
- EDvestinU
- INvested
- Mefa
- Sallie Mae
- SunTrust
Loan
Choose between fixed and variable rate loans, as well as deferred and interest-only repayment options for your school loans.
Graduate and undergraduate loans for almost every degree type.
Repayment options range from immediate full repayment (principal and interest payments immediately after the loan is fully disbursed), interest only (interest-only payments while you are in school, and start making principal and interest payments after you leave school), full deferral while in school, flat payment while in-school, graduated repayment (payments increase over time).
Limits
COA-Aid (annual limit)
Borrow up to $170,000 through Credible’s marketplace.
Annual max (100% of school certified costs minus other financial aid received).
Lifetime aggregate loan amount 200K.
Rates
Fixed rates as low as 3.49% APR (with autopay)* and variable rates as low as 1.04% APR (with autopay)*. Access special discounts from some lenders.
*Read rates and terms at Credible.com.
Fees and Terms
No fees.
5, 7, 8, 10, 12, 15 and 20 year terms available.
