Ascent Student Loans Terms & Conditions

Ascent Student Loans Terms and 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. Ascent Student Loans may be 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 Turnstile Capital Management (TCM) and may be used by RSB under limited license.

Ascent Tuition Terms & Conditions

  1. Variable rate loans are based on a margin between 2.00% and 11.00% plus the 1-Month London Interbank Offered Rate (LIBOR) rounded to the nearest 1/100th of a percent. The current LIBOR is 2.306%, which may adjust monthly.  Your interest rate may increase or decrease, based on LIBOR monthly changes, resulting in an Annual Percentage (APR) range between 4.06% and 13.06%.  Fixed rate loans have an APR range between 5.66% and 14.73% 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 12/01/2018 and include a 0.25% discount applied when a borrower in repayment elects automatic debit payments via their personal checking account.)

  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 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. Minimum loan amount is $2,000. Click here for a Tuition loan repayment example.

  5. Interest rate reduction of 0.25% for enrollment in automatic debit applies only when the borrower and/or cosigner sign 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. 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 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 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.

 NOTE: 1% Cash Back Graduation Reward subject to terms and conditions, click here for details.

Ascent Independent Terms & Conditions


  1. Variable rate loans are based on a margin between 4.00% 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 2.306%, which may adjust monthly.  Your interest rate may increase or decrease, based on LIBOR monthly changes, resulting in an APR range between 5.72% and 13.01%.  Fixed rate loans have an APR range between 7.20% and 13.90%.  Competitive rates calculated monthly at the time of loan approval. (Rates are effective as of 12/01/2018 and include a 0.25% discount applied when a borrower in repayment elects automatic debit payments via their personal checking account.)

  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. Fully deferred repayment option does not require payments while enrolled in school at least half-time.  There are no prepayment penalties, full payments of principle and interest can be made during the deferment period.  Click here for an Independent 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.  Available for students enrolled full-time at an eligible school.  Minimum loan amount is $2,000.  Click here for an Independent 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 (including full, flat, or interest only payments, as applicable) 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 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.

NOTE: 1% Cash Back Graduation Reward subject to terms and conditions, click here for details.

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.  Ascent Student Loans include 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.

  • 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.