Terms & Conditions

TERMS & CONDITIONS

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.

Ascent Tuition Terms & Conditions

  1. Variable rate loans are based on a margin between 2.25% and 9.00% 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 LIBOR monthly changes, resulting in an Annual Percentage (APR) range between 3.27% and 9.52%.  Fixed rate loans have an APR range between 4.89% and 11.38%. Competitive rates calculated monthly at the time of loan approval. (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 $25 minimum repayment.  Click here for a Tuition repayment example.

  4. Flexible repayment plans may be offered with up to a fifteen (15) year repayment term.  Click here for a Tuition repayment example.

  5. Interest rate reduction of 0.25% for enrollment in automatic debit applies only when the borrower 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.

Ascent Independent Terms & Conditions

  1. Variable rate loans are based on a margin between 2.75% and 12.25% 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 LIBOR monthly changes, resulting in an APR range between 3.77% and 12.52%.  Fixed rate loans have an APR range between 5.38% and 14.38%.  Competitive rates calculated monthly at the time of loan approval. (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 $25 minimum repayment. Click here for an Independent repayment example.

  4. Flexible repayment plans may be offered with up to a fifteen (15) year repayment term. Click here for an Independent 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 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.

Deferment & Forbearance

A borrower may request deferment 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. The Ascent Funding Program includes the following deferment options:

  • 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.
    – The maximum deferment period under the In-School deferment is 24-months.
    – 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:
        o Be a supervised program; and
        o Require that the student hold at least a Bachelor’s Degree before acceptance into the program; and
        o 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.
     Residency/Internship Deferment is subject to the following, additional limitations:
    – The maximum deferment period under any the Residency / Internship Deferment is 24-months.
    – This deferment DOES extend the repayment term.

Temporary Hardship Forbearance
Borrowers experiencing periods of financial difficulty may be granted forbearance. The forbearance period duration may be from a minimum of one month to a maximum of three 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 NOT extend the repayment term.