Ascent vs SoFi: Which private student loan is right for you?
Comparing Ascent vs SoFi? Ascent favors access and flexibility (including some non-cosigned options for eligible upperclass students), while SoFi tends to reward strong credit with competitive rates and member perks. Choose Ascent if you need flexible eligibility criteria or are a DACA student; choose SoFi if you have an established credit history and value career support benefits.
In this guide, you will learn the specific differences between these two top-rated lenders, including interest rates, repayment terms, and unique borrower protections. By the end, you’ll be able to determine which lender better matches your credit profile, school situation, and financial goals.
Context: How to use this comparison
Before diving into the specific numbers, it is helpful to understand how to evaluate private student loans. Private loans are designed to fill the funding gap after you have exhausted all scholarships, grants, and federal student loans. Federal loans generally offer protections—such as income-driven repayment plans and loan forgiveness programs—that private lenders do not providing.
According to Betsy Mayotte, president of The Institute of Student Loan Advisors (TISLA), “In general, federal loans should be your first stop, but private loans can be appropriate when you’ve maxed out your federal eligibility.” For more information on your initial options, review our federal student loans guide.
When comparing Ascent vs SoFi, keep in mind that the interest rates you see advertised are typically reserved for borrowers with excellent credit (often scores of 750+). Most borrowers will qualify for rates somewhere in the middle of the advertised range. Both lenders allow you to “prequalify” or “check your rate” using a soft credit pull. This means you can see your estimated interest rate without impacting your credit score. You should only submit a full application (which triggers a hard credit pull) once you are ready to finalize your choice.
This comparison focuses on undergraduate student loans, though both lenders also offer graduate and parent loan products. We will examine these lenders based on cost, eligibility, and flexibility to help you make the most informed financial decision.
Quick comparison: Ascent vs SoFi at a glance
To help you make a quick assessment, the table below outlines the key features, rates, and requirements for both lenders. This snapshot allows you to see which lender aligns with your current credit profile and funding needs.
| Feature | Ascent | SoFi |
|---|---|---|
| Best For | Students needing flexibility, DACA students, or those without cosigners | Borrowers with strong credit (or strong cosigners) seeking member perks |
| APR Range (Fixed) | 4.29% – 15.96% | 4.99% – 14.83% |
| APR Range (Variable) | 5.62% – 16.16% | 5.99% – 14.86% |
| Min. Credit Score | 540 (with cosigner) | Does not disclose minimum (typically 650+) |
| Loan Amounts | $2,001 up to Cost of Attendance ($200,000 aggregate limit) | $5,000 up to Cost of Attendance |
| Repayment Terms | 5, 7, 10, 12, 15, 20 years | 5, 7, 10, 15 years |
| Origination Fees | $0 (No fees) | $0 (No fees) |
| Cosigner Release | Yes (after 12 or 24 months depending on loan type) | Yes (after 24 months) |
| Unique Benefit | 1% Cash Back at graduation; Outcomes-Based (non-cosigned) loans | Unemployment protection; Financial planning & career services |
Source: AscentFunding.com and SoFi.com (Rates and terms current as of October 2024). Rates include autopay discounts where applicable.
Interpreting the data: According to AscentFunding.com, Ascent generally offers a lower barrier to entry, accepting credit scores as low as 540 when a creditworthy cosigner is present. SoFi does not publicly disclose a minimum score but historically looks for higher-tier credit profiles. While SoFi’s lowest advertised rates are slightly higher than Ascent’s floor, their upper-range rates for riskier borrowers are capped lower than Ascent’s maximums.
Ascent vs SoFi: Interest rates and APR comparison
The cost of borrowing is arguably the most critical factor in your decision. Both lenders offer competitive interest rates, but the rate you actually receive depends heavily on your creditworthiness (or that of your cosigner), your chosen repayment term, and the type of rate you select.
Both Ascent and SoFi offer fixed and variable interest rates.
- Fixed rates remain the same for the life of the loan, providing predictable monthly payments. This is often the safer choice for students and families who want to budget accurately.
- Variable rates may start lower than fixed rates but can fluctuate monthly or quarterly based on market benchmarks (like the SOFR). If market rates rise, your monthly payment and total interest cost will increase.
According to Ascent’s official rate page as of October 2024, their fixed APRs are 2.89% - 15.31% with autopay, while SoFi’s fixed rates are 4.49% - 13.98% with autopay. While Ascent has a lower starting point, SoFi’s highest possible rate is lower compared to Ascent’s maximum. This suggests that SoFi may offer better terms for borrowers with good-but-not-perfect credit, while Ascent offers a wider range to accommodate different risk profiles.
Both lenders encourage responsible repayment behavior by offering an interest rate reduction when you enroll in automatic payments.
- Ascent: According to AscentFunding.com, offers a 0.25% to 1.00% discount depending on the specific loan product.
- SoFi: According to SoFi.com, offers a standard 0.25% interest rate reduction for autopay enrollment.
Why this matters
A difference in interest rates might seem small, but it adds up significantly over time. For example, on a $20,000 loan repaid over 10 years, a 0.50% difference in APR results in paying roughly $600 more in interest. Securing the lowest possible rate through a strong cosigner or autopay enrollment is one of the most effective ways to reduce the total cost of college.
Ascent vs SoFi: Eligibility and cosigner policies
While rates determine cost, eligibility criteria determine access. This is where the difference between Ascent vs SoFi becomes most distinct. Ascent is engineered to serve a broader range of students, whereas SoFi focuses on optimizing loans for those with established financial histories.
According to AscentFunding.com as of October 2024, borrowers with a cosigner can qualify with a credit score as low as 540, provided the cosigner meets income and credit criteria (typically a score of 660+ and income around $24,000+). This makes Ascent a strong option for students whose families may have fair credit.
SoFi generally targets “prime” borrowers. While they do not publish a hard minimum credit score, successful applicants usually have scores in the mid-to-high 600s or higher. SoFi also looks closely at “free cash flow,” ensuring the borrower or cosigner has enough monthly income left over after paying existing debts.
According to AscentFunding.com, Ascent is one of the few private lenders that lends to DACA (Deferred Action for Childhood Arrivals) students. DACA students can apply with or without a cosigner, depending on the specific loan program and their citizenship status. SoFi requires borrowers to be U.S. citizens or permanent residents (green card holders).
Most private student loans require a cosigner because students typically lack income and credit history. However, according to AscentFunding.com, Ascent offers a unique “Outcomes-Based” loan for college juniors and seniors. This loan bases eligibility on the student’s school, major, GPA (typically 3.0+), and graduation date rather than credit history alone. This is a critical option for upperclassmen who may not have a viable cosigner.
A cosigner release allows the primary borrower to remove the cosigner from the loan obligation after meeting specific payment requirements. This protects the parent’s credit and debt-to-income ratio in the long run.
- Ascent: According to AscentFunding.com, you can apply to release your cosigner after making 24 consecutive on-time full principal and interest payments (or 12 months for specific loan types).
- SoFi: According to SoFi.com, you can apply for cosigner release after 24 consecutive on-time principal and interest payments.
According to Mark Kantrowitz, higher education finance expert, “Cosigner release is a valuable feature offered by some private lenders, rewarding responsible repayment.” For more details on how this process works, read our guide to cosigner release.
Loan amounts and borrowing limits
Both lenders offer sufficient funding to cover most university expenses, but it is vital to borrow only what is necessary to keep future debt manageable.
Minimum and Maximums:
- Ascent: According to AscentFunding.com, offers loans starting at $2,001. The maximum is up to 100% of the school-certified Cost of Attendance (COA), with an aggregate (lifetime) limit of $200,000 for undergraduate degrees.
- SoFi: According to SoFi.com, offers loans starting at $5,000. Like Ascent, the maximum is 100% of the school-certified COA. SoFi does not publicly specify a hard aggregate cap, though approval is always subject to credit review.
The “Cost of Attendance” is determined by your university and includes tuition, fees, room, board, books, and transportation. Private lenders will not allow you to borrow more than this amount minus any other financial aid you have received. To understand what expenses you should account for, visit our college costs breakdown.
Repayment terms and options
Flexibility during repayment can prevent financial stress after graduation. Both lenders provide standard repayment options, but the variety of terms differs.
Choosing a longer term lowers your monthly payment but increases the total interest paid. A shorter term saves money but requires higher monthly payments.
- Ascent: According to AscentFunding.com, offers terms of 5, 7, 10, 12, 15, or 20 years. The addition of 12 and 20-year terms provides slightly more granularity for tailoring monthly budgets.
- SoFi: According to SoFi.com, offers terms of 5, 7, 10, or 15 years.
How you manage the loan while in school affects your balance at graduation. Both lenders offer four primary options:
- Immediate Repayment: Pay full principal and interest while in school (cheapest overall).
- Interest-Only: Pay only the accruing interest each month to prevent the balance from growing.
- Flat/Fixed Payment: Pay a small fixed amount (e.g., $25) monthly to offset some interest.
- Deferred Repayment: Make no payments until after graduation. Interest accrues and capitalizes (is added to the principal) at the end of the grace period.
According to AscentFunding.com and SoFi.com, both lenders provide a standard 9-month grace period for Ascent (for most loans) and a 6-month grace period for SoFi. This is the time after graduation before full payments begin.
Fees comparison
One major advantage of private student loans from top-tier lenders like Ascent and SoFi is the lack of upfront costs compared to federal options.
Origination Fees: Neither Ascent nor SoFi charges origination fees. For context, according to StudentAid.gov, federal Parent PLUS loans charge an origination fee of 4.228% for disbursements between October 1, 2024 and September 30, 2025, which is deducted from the loan proceeds before they are sent to the school. This makes private loans potentially competitive for parents with excellent credit who want to avoid that upfront fee loss.
Other Fees:
- Late Fees: Both lenders may charge a late fee if a payment is missed (typically 5% of the past due amount or a flat fee, depending on state laws).
- Prepayment Penalties: Neither lender charges a penalty for paying off your loan early. This is a crucial feature that allows you to save on interest if your financial situation improves.
Unique features and member benefits
Beyond the numbers, Ascent and SoFi differentiate themselves through unique programs designed to support borrowers during and after school.
Ascent’s benefits are tailored toward students building their financial independence:
- 1% Cash Back: According to AscentFunding.com, borrowers can receive 1% of the original principal amount back as a reward upon graduation, provided they meet specific criteria.
- Outcomes-Based Lending: As mentioned in the eligibility section, this program allows qualifying juniors and seniors to borrow based on their future earning potential rather than current credit.
- Financial Literacy: Ascent integrates financial education into the application process, ensuring students understand the debt they are taking on.
SoFi positions itself as a comprehensive financial partner, not just a lender. Borrowers become “members” and gain access to:
- Unemployment Protection: According to SoFi.com, if you lose your job through no fault of your own, SoFi allows you to pause payments in 3-month increments (up to 12 months total) while providing job search assistance. Interest may still accrue, but this safety net is rare in the private market.
- Career Coaching: Members have access to complimentary one-on-one career coaching and resume reviews.
- Financial Planning: Access to credentialed financial planners to help set goals beyond student debt.
- Member Rate Discounts: If you use other SoFi products (like personal loans or mortgages) in the future, you may qualify for rate discounts.
Application process and approval timeline
Applying for private student loans is a digital-first experience for both lenders, designed to be faster than traditional bank processes.
1. Prequalification: Start by checking your rate on the lender’s website. This requires basic information (name, school, requested amount, income) and involves a soft credit pull, which does not hurt your credit score. You will typically see estimated rates within minutes.
2. Full Application: Once you select a loan option, you will upload documentation. This typically includes government ID, proof of income (pay stubs or tax returns for the cosigner), and proof of enrollment. Submitting this application triggers a hard credit pull.
3. School Certification: After the lender approves you, they send the loan details to your university for “certification.” The school confirms your enrollment and that the loan amount fits within your Cost of Attendance. This step can take anywhere from a few days to a few weeks, depending on your school’s financial aid office.
4. Disbursement: Funds are sent directly to the school to pay tuition and fees. Any remaining funds are refunded to the student by the school for other expenses like books or off-campus housing.
Customer service and borrower support
When you take out a student loan, you are entering a relationship that could last 10 to 20 years. Therefore, the quality of support matters.
Ascent is known for its specialized support for students, particularly those navigating complex eligibility scenarios like DACA or non-cosigned applications. They offer support via phone and email during standard business hours.
SoFi prides itself on a high-touch customer experience. They offer support 7 days a week via phone and chat, which is beneficial for working parents or busy students. Their mobile app is highly rated and allows borrowers to manage payments and access member benefits easily on the go.
Which lender is right for you? Decision framework
Both Ascent and SoFi are reputable, top-tier lenders. The “better” choice depends entirely on your specific financial profile and what you value most in a loan product.
You should consider SoFi if:
- You (or your cosigner) have excellent credit (720+) and stable income.
- You want the lowest possible interest rate cap.
- You value career support, financial planning, and unemployment protection.
- You are a U.S. citizen or permanent resident.
You should consider Ascent if:
- You have a credit score that is fair or average (540–660 range with a cosigner).
- You are an upperclassman without a cosigner and need an outcomes-based loan.
- You are a DACA student.
- You want the flexibility of a 20-year repayment term to lower monthly payments.
- You want to earn a 1% cash back reward at graduation.
Since interest rates are personalized, the smartest move is to check your rate with both lenders. It takes only a few minutes and does not affect your credit score.
Ready to see your actual rates? Compare personalized rates from Ascent, SoFi, and other top lenders in minutes with no impact to your credit score. Trusted by 50,000+ students and families.
Frequently asked questions
Yes, but it is difficult. According to AscentFunding.com, Ascent offers specific “Outcomes-Based” loans for eligible college juniors and seniors who do not have a cosigner, basing approval on GPA and major. SoFi generally requires borrowers to have established credit and income to qualify alone, which most undergraduates do not have.
It depends on your credit profile. SoFi’s advertised rates are often slightly lower for borrowers with excellent credit. However, Ascent may offer more competitive options for borrowers with fair credit. We recommend prequalifying with both to see which lender offers you the better deal.
No. Neither Ascent nor SoFi charges origination fees, application fees, or prepayment penalties. According to StudentAid.gov, this is a significant advantage over federal Parent PLUS loans, which charge an origination fee of 4.228% for disbursements between October 1, 2024 and September 30, 2025.
Yes. Both lenders offer cosigner release programs. According to AscentFunding.com, Ascent allows release after 12 or 24 consecutive on-time payments (depending on the loan type), while SoFi.com reports that SoFi allows it after 24 months. You must meet credit and income requirements at the time of the request.
Prequalification is usually immediate. Once you submit a full application and documents, final approval can happen in a few days. However, the school certification process (managed by your university) can take 1-3 weeks before funds are scheduled for disbursement.
Choosing between Ascent and SoFi comes down to accessibility versus perks. Ascent excels at providing access to students who might otherwise be shut out of the private loan market—specifically those with fair credit, DACA status, or no cosigner. SoFi excels at rewarding high-credit borrowers with competitive rates and a suite of professional benefits that extend well beyond graduation.
Remember to always maximize your federal student loans first, as they offer protections that private lenders cannot match. If you still have a funding gap, private loans from reputable lenders like Ascent and SoFi are a responsible tool to invest in your education.
Don’t guess at which lender is cheaper—find out for sure.
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