Ascent stands out for its range of payment reduction and deferral options, which are 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% cash back on the initial loan principal balance. Check the conditions you must meet to qualify.

Additional details

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

Loan amounts available$2,001 up to full cost of attendance, 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. Principal applicants or co-signers must demonstrate an income of at least $24,000 for the current year and the previous year.

Abstention ooptions: 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 cycles of abstention (up to 12 months) can be followed consecutively.

Cosigner Release Policy: Available after 24 months of consecutive direct debits, if primary borrower meets certain credit score requirements.