SAN DIEGO, March 14, 2023 /PRNewswire/ — Ascent, a leader in outcomes-based lending and student success, announces its new Social Impact Platform to enable impact investors, philanthropies, corporations, and employers to deploy their cause capital in more scalable ways. The new platform allows Ascent to co-create programs with partners, using its origination technology, loan products, vendor network, and compliance infrastructure to deliver funding programs that support economic mobility of learners working with its partners.
In partnership with impact investing nonprofit Social Finance and training provider Merit America, Ascent developed an Outcomes-Based Loan that carries a zero percent interest rate for students seeking career advancement through specific partner programs. In addition to no interest and other protections, repayment of the loan can be paused if the borrower does not land a job with a salary over a minimum threshold. This loan is the first-of-its-kind and the first financing product created under the company’s new platform.
“When we see an opportunity to change the way people invest in education, we go for it,” said Ascent Chairman and Chief Executive Officer, Ken Ruggiero. “Our new Social Impact Platform enables access to skills training education for more people and builds on our mission to deliver innovative products that create pathways for students and families.”
Ascent’s Social Impact Platform aims to meet the growing demand of students who are interested in continuing their education but may not have access to the financing needed for the investment. The platform launched in the fourth quarter of 2022 and Ascent anticipates that this year it will help over 5,000 adult learners pursue and earn their way to higher paying jobs. It adds to the company’s existing suite of innovative products and services, such as its non-cosigned student loan, Student Success program, and accessibility initiatives for Deferred Action for Childhood Arrivals (DACA) students.
“Ascent has been a committed partner in building a financing solution to fit the needs of the people we aim to support,” said Social Finance Managing Director, Michael Grossman. “We are excited about the potential for this Outcomes-Based Loan to meaningfully improve the lives of thousands of learners and their families. We’re proud to partner with Ascent and training providers like Merit America to help more people access training and education to help them find well-paying jobs.”
For more information about the Ascent Outcomes-Based Loan for Merit America, visit https://partner.ascentfunding.com/meritamerica/. To learn more about Ascent and its loan products, visit https://www.ascentfunding.com/.
About Ascent
Ascent Funding is an award-winning company committed to student success. Ascent is revolutionizing how students and families plan, pay, and succeed in higher education at more than 2,600 traditional schools and coding bootcamps.
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