Ascent Secures $45 Million in Series C Funding to Enhance Student Lending Services
Ascent, a renowned provider of innovative educational financing options and student support services, has recently closed a significant $45 million Series C funding round. This capital influx is crucial for meeting the ever-growing demands of graduate schools and their students. Changes in federal lending policies that cap federal educational loans have caused students to increasingly turn to private lenders, compelling Ascent to expand its role in student financing. The potential for private student loan needs is projected to double to an astounding $26 billion in the next three years, and Ascent stands ready to assist these students in achieving their educational aspirations.
The latest funding round saw backing from a global asset management firm, which will empower Ascent to enhance its leadership team, broaden its innovative education financing platform, and delve into vital new educational sectors. Ascent has successfully forged partnerships with over 2,300 institutions and training programs, leading to a remarkable 30% annual growth in loan originations. Over the past decade, the company has disbursed more than $1.5 billion in loans to over 168,000 families through its diverse lineup of traditional college loans, which encompasses both cosigned and non-cosigned options, as well as its leading outcomes-based financing approach.
Ken Ruggiero, Ascent's Co-Founder and CEO, reaffirmed the company’s mission, stating that financial circumstances should not limit a student's potential but rather drive them towards their future success. He highlighted the pressing need for innovative financing solutions as federal policies change, creating larger funding gaps. The newly acquired capital will bolster Ascent's commitment to financing overlooked and underserved individuals and families, enabling them to access post-secondary education and facilitating their economic mobility.
The company prides itself on delivering innovative financing solutions along with a strong commitment to respect, dignity, and personalized financial education. These efforts equip students with the necessary tools and confidence to succeed academically and financially. To this end, Ascent has rolled out several initiatives, including:
1. Graduate Outcomes Based Loan Product: This initiative aims to address the challenges students face in accessing graduate school financing. Ascent assesses each student's expected earnings post-graduation rather than just their current credit profile, allowing for loans that align better with their repayment capabilities.
2. Aviation Loan Program: Recognizing that tuition and expenses for flight training often exceed $100,000 and are typically ineligible for federal aid, this program focuses on evaluating students based on their projected starting income rather than their current credit history, offering much-needed financing options.
3. Grad School Loan Calculator: This innovative digital tool provides immediate clarity on the costs associated with advanced degrees, aiding students and financial aid officials in modeling total attendance costs and determining the need for private loans compared to federal loans, thus enabling borrowers to assess their funding needs based on future potential rather than just credit standings.
Ascent's expansion strategy is underlined by a skilled team that comprehends the complexities of student financing and acknowledges the individual circumstances behind every application. As part of its growth strategy, Ascent has appointed Ryan Gray as Co-President, overseeing crucial areas such as finance, capital markets, and technology, and Tristan Fleming as Co-President, leading sales and marketing. These appointments are designed to accelerate innovation, expedite product development, and meet the evolving needs of students and educational institutions.
Ascent's growth is further anchored by a dedicated workforce of more than 120 professionals based in San Diego. Moving forward, the company intends to continue setting itself apart from traditional lenders by forging strong partnerships with educational institutions and families, merging flexible financing options with comprehensive financial wellness support. This collaborative model not only facilitates Ascent's expansion across various markets but also aligns with its goal of increasing borrower income by $10 billion by 2028, with a continued emphasis on serving credit-invisible borrowers typically overlooked by standard credit models.
In conclusion, Ascent is poised to significantly impact the student lending landscape, especially as the need for private financing continues to escalate amid shifting federal policies. With its innovative products and customer-focused approach, Ascent is well on its way to fulfilling its vital mission in education financing.
The latest funding round saw backing from a global asset management firm, which will empower Ascent to enhance its leadership team, broaden its innovative education financing platform, and delve into vital new educational sectors. Ascent has successfully forged partnerships with over 2,300 institutions and training programs, leading to a remarkable 30% annual growth in loan originations. Over the past decade, the company has disbursed more than $1.5 billion in loans to over 168,000 families through its diverse lineup of traditional college loans, which encompasses both cosigned and non-cosigned options, as well as its leading outcomes-based financing approach.
Ken Ruggiero, Ascent's Co-Founder and CEO, reaffirmed the company’s mission, stating that financial circumstances should not limit a student's potential but rather drive them towards their future success. He highlighted the pressing need for innovative financing solutions as federal policies change, creating larger funding gaps. The newly acquired capital will bolster Ascent's commitment to financing overlooked and underserved individuals and families, enabling them to access post-secondary education and facilitating their economic mobility.
The company prides itself on delivering innovative financing solutions along with a strong commitment to respect, dignity, and personalized financial education. These efforts equip students with the necessary tools and confidence to succeed academically and financially. To this end, Ascent has rolled out several initiatives, including:
1. Graduate Outcomes Based Loan Product: This initiative aims to address the challenges students face in accessing graduate school financing. Ascent assesses each student's expected earnings post-graduation rather than just their current credit profile, allowing for loans that align better with their repayment capabilities.
2. Aviation Loan Program: Recognizing that tuition and expenses for flight training often exceed $100,000 and are typically ineligible for federal aid, this program focuses on evaluating students based on their projected starting income rather than their current credit history, offering much-needed financing options.
3. Grad School Loan Calculator: This innovative digital tool provides immediate clarity on the costs associated with advanced degrees, aiding students and financial aid officials in modeling total attendance costs and determining the need for private loans compared to federal loans, thus enabling borrowers to assess their funding needs based on future potential rather than just credit standings.
Ascent's expansion strategy is underlined by a skilled team that comprehends the complexities of student financing and acknowledges the individual circumstances behind every application. As part of its growth strategy, Ascent has appointed Ryan Gray as Co-President, overseeing crucial areas such as finance, capital markets, and technology, and Tristan Fleming as Co-President, leading sales and marketing. These appointments are designed to accelerate innovation, expedite product development, and meet the evolving needs of students and educational institutions.
Ascent's growth is further anchored by a dedicated workforce of more than 120 professionals based in San Diego. Moving forward, the company intends to continue setting itself apart from traditional lenders by forging strong partnerships with educational institutions and families, merging flexible financing options with comprehensive financial wellness support. This collaborative model not only facilitates Ascent's expansion across various markets but also aligns with its goal of increasing borrower income by $10 billion by 2028, with a continued emphasis on serving credit-invisible borrowers typically overlooked by standard credit models.
In conclusion, Ascent is poised to significantly impact the student lending landscape, especially as the need for private financing continues to escalate amid shifting federal policies. With its innovative products and customer-focused approach, Ascent is well on its way to fulfilling its vital mission in education financing.
Topics Financial Services & Investing）
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