Refer a Friend: Borrowers are eligible to earn up to $600 (per year for referring their friends to Ascent. You will receive a $100 Gift Card for each referral (up to 6 friends) who submits an Ascent application that is approved, certified and disbursed.
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Here’s the breakdown:
VOID WHERE PROHIBITED. Open only to individuals who have created an account with the Ascent loan program at www.my.ascentstudentloans.com, are legal residents of the U.S. and are at least 17 years of age.
Non-U.S. citizens are required to upload the following documentation to verify identity as applicable to your individual resident status:
In addition to I or II above, applicants must upload the following:
Note: The option to apply to release the cosigner after making the first twenty-four (24) consecutive, regularly scheduled full principal and interest payments on-time is only available to student borrowers that are U.S. citizens or have U.S. permanent resident status. Please see “Can I eventually remove the cosigner from my loan?” for more details
§ Have no delinquencies of sixty (60) or more days during the previous twenty-four (24) months
Must submit satisfactory proof-of-income
NOTE – Ascent applicants without a cosigner AND less than two (2) years of non-student loan credit history are not tested against any minimum current annual income criteria. Instead, they are evaluated based on their school of attendance, program, major and other criteria that does not consider current annual income.
Applicants must select an interest rate option prior to accepting the loan offer. The interest rate is based on a number of factors and may be lower for a cosigned loan compared to a non-cosigned loan.
Borrowers are eligible to receive an interest rate reduction of 0.25% for payments made via Automatic Debit. Borrowers will lose this benefit after two (2) non-sufficient funds payments, until they re-qualify and re-enroll in Automatic Debit payments.
Your loan is sent to your school for certification/validation. Ascent Funding, LLC recommends reaching out to your school to find out how long their certification process takes as each schools certification process may vary.
Once your loan is certified by your school, you will receive your final disclosure and be notified of your disbursement dates. Your school may certify your loan for a lower amount and/or change your graduation dates or disbursement dates, which will require you to accept the new terms. If your school fails to certify your loan, it will be denied.
If you have questions about an existing loan, such as payment, deferment or forbearance information, please contact the loan servicer, Contact Launch Servicing at 877-354-2629 Toll-free or log into the repayment portal at www.launchservicing.com
Deferred Repayment: The Deferred Repayment option allows for the borrower to postpone principal and interest payments on the loan while the student is at least half-time enrolled at an eligible institution for a period of up to sixty (60) months. Interest accrues during this In-School period and is capitalized upon entering repayment. Repayment begins six (6) months after the student ceases to be enrolled at least half-time at an eligible institution (either by graduation or otherwise).
You can view repayment examples here: https://ascentstudentloans.com/Rates
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.
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.
Residency / Internship Deferment
Student borrowers may be eligible for a Residency / Internship Deferment if the student:
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.
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.
i If the 20th day of the preceding calendar month is not a business day where the banks of both New York and London are open for the transaction of business, then the previous business day will be used to determine the current index. If the annual capitalization date is a non-business day for the Lender or Servicer, then the interest will capitalize on the next business day.
ii The maximum loan amount may not exceed the amount requested on the application. Additionally, subject to applicable law, the Lender reserves the right to approve a final loan amount that could be less than the amount requested on the application or as certified by the school. Because the Ascent non-cosigned option is available to student borrowers with no credit history or limited history students without any reliance on cosigners, several factors may come into consideration for the maximum loan amount, including: creditworthiness, school, program, graduation date, major, cost of attendance and other factors. Processing times may be longer and loan amounts may be significantly lower than the loan amount requested.
iii 0.25% Automatic Debit interest rate reduction applies only when the borrower or cosigner signs up for automatic payments and the regularly scheduled, current amount due (including full, flat, or interest only payments, as applicable) is successfully deducted from the designated bank account each month. Borrowers lose this benefit after two (2) Non-sufficient Funds payments, until they re-qualify and re-enroll in automatic debit payments. Interest rate reduction(s) will not apply during periods when no payment is due, including periods of In-School, Deferment, Grace or Forbearance.