Ascent is proud to partner with College Cents.

Please note our Terms & Conditions below.

*Certain restrictions, limitations; and terms and conditions may apply below.  1% Cash Back Graduation Reward subject to terms and conditions. Click here for details.

Before taking out private student loans, you should explore and compare all financial aid alternatives, including grants, scholarships, and federal student loans and consider your future monthly payments and income. Applying with a cosigner may improve your chance of getting approved and could help you qualify for a lower interest rate. Ascent Student Loans are funded by Richland State Bank (RSB). Certain restrictions and limitations may apply. Ascent Student Loan products are subject to credit qualification, completion of a loan application, verification of application information and certification of loan amount by a participating school. Loan products may not be available in certain jurisdictions and certain restrictions, limitations; and terms and conditions may apply. Ascent is a federally registered trademark of Ascent Funding, LLC, the loan processor, and may be used by RSB under limited license.

1. Variable rate loans are based on a margin between 4.90% and 16.50% plus the 1-Month London Interbank Offered Rate (LIBOR) rounded to the nearest 1/100th of a percent. The current LIBOR is 0.929%, which may adjust monthly. Your interest rate may increase or decrease, based on LIBOR monthly changes, resulting in an Annual Percentage (APR) range between 5.20% and 14.18%. Fixed rate loans have an APR range between 5.88% and 15.00% based on your credit worthiness and your selected program. Competitive variable rates calculated monthly at the time of loan approval. Rates are effective as of 04/01/2020 and reflect an Automatic Payment Discount of 0.25% on the lowest offered rate and a 2.00% discount on the highest offered rate. Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. (See Automatic Payment Discount Terms & Conditions.)


2. Payments may be deferred. Subject to lender discretion, forbearance and/or deferment options may be available for borrowers who are encountering financial distress.


3. Making interest only or partial interest payments while in school will not reduce the principal balance of the loan. There are three (3) flexible in-school repayment options[1] that include fully deferred, interest only and $25 minimum repayment. Click here for a repayment example.


4. Flexible repayment plans may be offered with up to a fifteen (15) year repayment term for a variable rate loan and ten (10) year repayment term for a fixed rate loan. Students must be enrolled at least half-time at an eligible school[2]. Minimum loan amount is $1,000. Click here for a repayment example.


5. Interest rate reduction of either 0.25% or 2.00% (depending on loan terms) applies only when the borrower and/or cosigner sign up for automatic payments and the payment amount is successfully deducted from the designated bank account each month. The amount of the discount is dependent upon the loan product and credit history of the borrower at the time of application. Interest rate reduction(s) will not apply during periods when no payment is due, including periods of in-school, deferment, grace or forbearance, unless a regular payment amount has been arranged with the servicer. If you have two (2) consecutive returned payments for Nonsufficient Funds, we may cancel your automatic debit enrollment and you will lose the interest rate reduction. You will then need to re-qualify and re-enroll in automatic debit payments to receive the interest rate reduction. (See Automatic Payment Discount Terms & Conditions.)

 

Ascent Loan Type Discount
Non-Cosigned Future Income-Based Loan 2.00%
Non-Cosigned Credit-Based Loan 0.25%
Cosigned Credit-Based Loan 0.25%

6. All student applicants are required to complete a brief online financial literacy course as part of the application process to be eligible for funding.


7. Eligibility, loan amount and other loan terms are dependent on several factors which may include: loan product, other financial aid, creditworthiness, school, program, graduation date, major, cost of attendance and other factors. Aggregate loan limits may apply. The cost of attendance is determined and certified by the educational institution.


8. The legal age for entering into contracts is eighteen (18) years of age in every state except Alabama where it is nineteen (19) years old, Nebraska where it is nineteen (19) years old (only for wards of the state), and Mississippi and Puerto Rico where it is twenty-one (21) years old.


9. Student borrowers with no credit score, as well as student borrowers that pass the minimum credit requirements, but fail income or repayment capacity requirements for the loan product may qualify for the Non-Cosigned Future Income-Based Loan on the basis of a payment-to-future-income calculation based on several alternative factors which may include: school, program, graduation date, major, cost of attendance, and other factors that could allow for students to obtain a loan in their own name without a cosigner. Such borrowers are limited to selecting a deferred repayment plan, may not select a 5-year repayment term, and a fixed rate is only available upon selecting 10-year repayment term. Additionally, students must:

• Be a college junior, senior or graduate student enrolled full-time (or with an expected graduation date within 9-months of the date the loan application is submitted) in a degree program at an eligible institution.
• Be a U.S. citizen or have U.S. permanent resident status.
• Have satisfactory academic performance of 2.5 GPA or greater.


[1] See Item 9 for limitations on students that qualify on the basis of a payment-to-future-income calculation.

[2] See Item 9 for limitations on students that qualify on the basis of a payment-to-future-income calculation.

Automatic Payment Discount Terms & Conditions

These Terms and Conditions are applicable to eligible loan applications received on or after 01/27/2020.

  • The current offered Automatic Payment Discount is an interest rate reduction of either 0.25% or 2.00% (depending on loan terms).
  • Eligibility for the Automatic Payment Discount is limited to borrowers that have an Ascent Student Loan that was originated by Richland State Bank and are enrolled in and making automatic debit payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month with the loan servicer.
  • The loan must be current. Loans in a delinquency and/or default or charge-off status, or loans in modified or reduced repayment programs other than the Ascent Graduated Repayment program are not eligible.
  • Your required minimum monthly payment amount must successfully be made on time.
  • You are not eligible for the Automatic Payment Discount if your monthly debited payment amount is less than $1.00.

 

Eligibility for the Automatic Payment Discount by repayment plan or status:

  • Interest-Only Repayment: You are eligible to receive the Automatic Payment Discount when you are enrolled in automatic debit payments with the loan servicer and pay at least the in-school interest payment amount on-time each month during the in-school and grace periods. Full principal and interest payments will be debited when the loan enters repayment at the end of the grace period.
  • $25 Minimum Repayment: You are eligible to receive the Automatic Payment Discount when you are enrolled in automatic debit payments with the loan servicer and pay at least the $25 minimum payment amount on-time each month during the in-school and grace periods. Full principal and interest payments will be debited when the loan enters repayment at the end of the grace period.
  • Deferred Repayment: You are eligible to receive the Automatic Payment Discount only when a payment amount of at least $1.00 is debited from your account. You may satisfy this requirement by enrolling in automatic debit payments with the servicer and authorizing an optional additional fixed payment amount of at least $1.00 more than the minimum monthly payment. During deferment, the minimum monthly payment is zero ($0.00), but the fixed amount will be debited. When the loan enters repayment at the end of the grace period, full principal and interest payments plus the fixed payment amount will be debited.
  • Full Principal and Interest Repayment (and Graduated Repayment): You are eligible to receive the Automatic Payment Discount when you are enrolled in automatic debit payments with the loan servicer and pay at least the required minimum principal and interest payment amount on-time each month.

Under any repayment options listed above, you may elect to include an optional additional fixed payment amount to be debited in addition to the required monthly minimum.

Automatic Payment Discounts are applied as a reduction in the rate at which interest accrues on an eligible student loan. This may change the amount of your minimum monthly payment, may change the total number of payment necessary to pay off your loan and may change the amount of your final payment.

The amount of the Automatic Payment Discount offered is dependent upon proprietary credit decisioning criteria used in rendering a loan approval. The available Automatic Payment Discount for a particular loan is disclosed to applicants upon presentation of the loan offer.

  • It is your responsibility to notify the loan servicer if you believe the Automatic Payment Discount has not been applied correctly.
  • No more than one Automatic Payment Discount may be applied to an eligible student loan.
  • To enroll in automatic payments, you must contact Launch Servicing, directly after your loan has been disbursed:

Launch Servicing, LLC
P.O. Box 91910 | Sioux Falls, SD 57109
Phone: 877-354-2629
Email: [email protected]
Website: LaunchServicing.com

 

  • The Automatic Payment Discount will begin after successful completion of your first payment that is made through automatic debit.
  • If you cancel your enrollment in automatic debit, the Automatic Payment Discount will be discontinued as of the date of the last payment made through automatic debit.

These Terms and Conditions are subject to change without notice. We may change them at any time including, but not limited to, changing the eligibility criteria or imposing additional conditions.

Graduated Repayment Option

Upon graduation or no longer being enrolled at least half-time, borrowers may be eligible for the Graduated Repayment option. The Graduated Repayment option requires monthly payment amounts that start with an amount that is less than a fully-amortizing payment amount that step-up over time such that the loan would be fully paid within the original loan term. (See FAQ, “What is the Graduated Repayment Option?”)

Deferment & Forbearance

A borrower may request deferment through Launch Servicing in writing, or by completing and signing a deferment form and providing the appropriate documentation requested on the form. All deferments after the In-School period are provided solely at the lender’s discretion. Interest shall continue to accrue on loans during periods of authorized deferment. Unpaid interest is capitalized when the deferment period ends. Ascent Student Loans include the following deferment and forbearance options:

  • Active Duty Military Deferment
  • In-School Deferment
  • Residency / Internship Deferment
  • Temporary Hardship Forbearance
  • Administrative Forbearance
  • Natural Disaster / Declared Emergency Forbearance

Active Duty Military Deferment

A borrower is eligible for an Active Duty Military Deferment upon submitting an application for such and eligible documentation to the repayment Servicer showing that he or she is serving on active duty during a war or other military operation or national emergency or performing qualifying National Guard duty during a war or other military operation or national emergency.
• Active Duty Military Deferment is available up to a cumulative limit of 36-months.
• This deferment DOES extend the repayment term.

In-School Deferment

Student borrowers that have exited an In-School Status, either by separating from school (or dropping to less than half-time enrollment) and subsequently entering a repayment status prior to re-establishing at least half-time enrollment at an eligible institution, or by using the maximum allowable months of In-School Status, may be eligible for an In-School Deferment. Student borrowers must apply for an In-School deferment, and eligibility is based on verification of at least half-time enrollment at an eligible institution.
• This deferment DOES extend the repayment term.

Residency / Internship Deferment

Student borrowers may be eligible for a Residency / Internship Deferment if the student:
• Has been accepted into a Residency / Internship program which must be a supervised program; and
• Require that the student hold at least a bachelor’s degree before acceptance into the program; and
• Must either:
* Lead to a degree or certificate from an institution of higher education, a hospital, or a health facility that offers postgraduate training, or
* Be required before the student may be certified for professional practice or service, which must be verified by the relevant state licensing agency.
• This deferment DOES extend the repayment term.
Borrowers are limited to a combined total of forty-eight (48) months of eligibility for In-School & Residency / Internship Deferment described above.

Temporary Hardship Forbearance

Borrowers experiencing periods of financial difficulty may be granted forbearance. The forbearance period duration may be from a minimum of one (1) month to a maximum of three (3) months. A borrower may apply for up to four (4) consecutive periods of Temporary Hardship Forbearance. A maximum of twenty-four (24) total months of Temporary Hardship Forbearance may be granted during the life of the loan. Interest shall continue to accrue on loans during periods of authorized forbearance. Unpaid interest is capitalized when the forbearance period ends.
• This forbearance DOES extend the repayment term.

Administrative Forbearance

An administrative forbearance may be used for temporary suspension of collection activity while researching borrower disputes, awaiting bankruptcy and death documents, or for other circumstances as approved by the Lender. Interest shall continue to accrue on loans during periods of authorized forbearance. Unpaid interest is capitalized when the forbearance period ends.
• This forbearance DOES extend the repayment term.

Natural Disaster / Declared Emergency Forbearance

Student borrowers that are adversely affected by a natural disaster, a local or national emergency (declared by the appropriate government agency), or a military mobilization, may be granted Natural Disaster / Declared Emergency Forbearance for a period not to exceed 3 months. Interest shall continue to accrue on loans during periods of authorized forbearance. Unpaid interest is capitalized when the forbearance period ends.

  • This forbearance DOES extend the repayment term.