Ascent, a San Diego, CA-based provider of financial products and student support services, has raised $45 million in a Series C funding round.
The company did not disclose its investors.
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The company plans to use the funds to grow its operations and further develop its products and services.
Ascent is a leading provider of innovative financial products and student support services. The company focuses on offering flexible financing along with respectful, personalized financial education and support, helping students gain the tools and confidence they need to succeed.
Graduate Outcomes-Based Loan Product — As changes in federal policy make graduate school harder to access, many qualified students risk being left behind. Ascent is addressing this through its Outcomes-Based Lending approach, which considers a student’s expected earnings after graduation—not just their current credit score—to offer loans they can realistically afford to repay.
Aviation Loan Program — Flight training often costs more than $100,000 and usually does not qualify for federal aid, leaving future pilots with few funding options. Ascent’s Aviation Loan program is built for early-career aviation students. It evaluates them based on their expected starting salary rather than their current credit history or a cosigner’s creditworthiness. This program builds on Ascent’s experience supporting skilled trades like electrical lineworkers, welders, and healthcare workers.
Grad School Loan Calculator — This interactive digital tool helps students understand the true cost of an advanced degree. It lets students and financial aid officers estimate total attendance costs and compare private and federal loan options, helping borrowers plan based on future earning potential rather than just their current credit profile.
Ascent’s growth is driven by a team that understands both the challenges of student financing and the real people behind every application.
Ryan Gray has been appointed Co-President and will oversee Finance, Capital Markets, Credit and Analytics, Technology, Operations, and Human Resources.
Tristan Fleming has also been appointed Co-President and will lead Sales and Marketing, Product, Impact, and Legal and Compliance.
Changes in federal policy that limit the amount students can borrow through federal loans are pushing more students to private lenders to pay for tuition. The need for private student loans is expected to double to $26 billion over the next three years, and Ascent is ready to help students continue pursuing their education goals.
Ascent has built strong momentum to meet this demand, forming partnerships with more than 2,300 schools and training providers and increasing loan originations by 30% year over year. Over the past decade, the company has provided more than $1.5 billion in education loans to over 168,000 families through a range of traditional college loans, including cosigned and non-cosigned options, as well as its outcomes-based financing programs.
With a team of more than 120 professionals based in San Diego, Ascent continues to stand out from traditional lenders by working closely with schools and families and by offering flexible financing and practical financial wellness support. This relationship focused approach helps the company expand into new markets while working toward its goal of increasing borrower income by $10 billion by 2028 and supporting credit invisible borrowers who traditional credit models often overlook.
Ken Ruggiero, Co-Founder and CEO of Ascent Funding, said the company believes a student’s potential should be driven by future success, not limited by current financial circumstances. As federal policies change and funding gaps grow, he said, Ascent’s mission to support underserved students and families in accessing education and building long-term economic stability is more important than ever. The new funding will help the company expand its efforts and provide more students with the financial support they need for their future.
Ruggiero said that Ryan Gray and Tristan Fleming have played a key role in Ascent’s growth over the past 10 years and are highly respected leaders in education finance. He added that their new roles will help Ascent move faster, launch new products more quickly, and better meet the changing needs of students and schools.
About Ascent
Founded by Ken Ruggiero, Ascent is a leading provider of innovative financial products and student support services that help more students access education and achieve academic and financial success. The company designs its products with industry experts and advanced technology to help students plan, pay for school and succeed. Its Outcomes-Based Loan supports credit invisible borrowers who may not qualify through traditional credit models. Ascent also offers Cosigned Loans, Solo Loans, Career Loans, Parent Loans, Graduate Loans, Access Loans, Enterprise Loans, and Impact Loans.
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