Ascent Health Overview

Ascent Health: Academic Year 2017/2018

With the Ascent Health loan, schools can assist their under-graduate and graduate nursing students attain additional funding to pay for their eligible education related expenses. Ascent Health is designed to provide tuition revenue as opposed to offering grants, scholarships and other forms of tuition discounting to fund their students.

 

It’s easy to get started!

Schools can easily add Ascent Health to their school profile online through their ELM Select or Great Lakes FASTChoice™ account.  Click here to download the Quick Start Guide.

What You Should Know

Affordable
Variable Rates

Variable rate loans are based on a margin between 5.75% and 12.50% plus the 1-Month London Interbank Offered Rate (LIBOR) rounded to the nearest 1/100th of a percent. The current LIBOR is 1.019%, which may adjust monthly. Your interest rate may increase or decrease, based on 1-Month LIBOR changes, resulting in an Annual Percentage Rate (APR) range between 6.77% and 13.02% based on your credit worthiness and your selected program. (Rates are effective as of 06/01/2017.)

Discount

0.25% interest rate reduction for payments made via automatic debit.

No Application Fees

No origination, disbursement, or loan application fees.

Repayment Terms

Repayment term is based on selected repayment plan (10-years for Interest-Only and Deferred; 12-years for Immediate Repayment/Full P&I). There is no prepayment penalty if you pay your loan off early.

Repayment Options

Click here for repayment examples.

  • In-School Interest-Only Repayment: Pay interest only while enrolled at least half-time.
  • Deferred Repayment: Start payments up to six months after leaving school.
  • Immediate Repayment: Full principal and interest payments beginning 30 – 45 days after disbursement.

Loan Amounts

Minimum:  $1,000
Maximum:  $200,000 (aggregate)

Eligibility

Ascent Health loans are for undergraduate and graduate college students that are at least half-time enrolled in a degree program at an eligible institution.  Student applicants and cosigners must be U.S. citizens or permanent residents.

Loan Forgiveness & Forbearance

The Ascent Health loan includes deferment and forbearance options: Active Duty Military Deferment, In-School Deferment, Residency / Internship Deferment and Temporary Hardship Forbearance. See Terms & Conditions for more details. The loan is forgiven if the student dies or becomes totally and permanently disabled.

Cosigner Release

After making 24 consecutive on-time payments, you may request that the cosigner is released from your loan.

Help & Support

From your first application to your final payment, we’re committed to helping your every step of the way. Our 100% US-based Ascent Customer Service Team is here for you. Call our toll-free number at 866-524-7756 or email us at Help@AscentProgram.com.

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.  The Ascent Program for Funding Education may be funded by Richland State Bank (RSB) or Turnstile Capital Management, LLC (TCM), which are not affiliated entities. Certain restrictions and limitations may apply. The Ascent Program for Funding Education products are subject to credit qualification, completion of a loan application, verification of application information and certification of loan amount by a participating school. All loan products may not be available in certain jurisdictions. Other terms and conditions apply. The Ascent Program for Funding Education is a federally registered trademark of TCM and may be used by RSB under limited license. Richland State Bank is a federally registered service mark of Richland State Bank.


  1. Variable rate loans are based on a margin between 5.75% and 12.50% plus the 1-Month London Interbank Offered Rate (LIBOR) rounded to the nearest 1/100th of a percent. The current LIBOR is 1.019%, which may adjust monthly. Your interest rate may increase or decrease, based on 1-Month LIBOR changes, resulting in an Annual Percentage Rate (APR) range between 6.77% and 13.02% based on your credit worthiness and your selected program. (Rates are effective as of 06/01/2017.)

  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 that include fully deferred, interest only and immediate repayment.  Click here for a repayment example.

  4.  A repayment term of up to twelve (12) years is available under the full principal and interest (immediate repayment) plan, and a repayment term of up to ten (10) years is available under the interest only plan or deferred repayment. Click here for a repayment example.

  5. Interest rate reduction of 0.25% for enrollment in automatic debit applies only when the borrower and/or cosigner signs up for automatic payments and the regularly scheduled, current amount due is successfully deducted from the designated bank account each month. Interest rate reduction(s) will not apply during periods when no payment is due, including periods of In-School, Deferment, Grace or Forbearance. If you have two (2) returned payments for Nonsufficient Funds, we may cancel your automatic debit enrollment and you will lose the 0.25% interest rate reduction. You will then need to re-qualify and re-enroll in automatic debit payments in order to receive the 0.25% interest rate reduction.

  6. All applicants (individual and cosigner) 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 a number of factors, including: 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.

What is the Ascent Program for Funding Education?
The Ascent Program for Funding Education is an innovative private student loan program that provides access to higher education funding for an expanded population of students, while encouraging the financial wellness of students and their families through financial literacy.


Why should I choose an Ascent loan?
Ascent loans consider criteria other than just credit history and current income when evaluating a student loan applicant. This allows for more students to gain access to higher education funding – in some cases without a cosigner. Additionally, the Ascent loans are competitively priced and offer three flexible repayment options to help students manage loan repayment.


 

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