1 1% Cash Back Graduation Reward
a. Eligibility
In order to be eligible for the 1% Cash Back Graduation Reward, borrower must meet the following criteria after graduation:
- The borrower must initiate the request for the granting of the graduation reward.
- The borrower has graduated from the degree program that the loan was used to fund.
- The borrower must provide adequate documentation to verify proof-of-graduation under the requisite degree program.
- The borrower may change majors and/or transfer to a different school, but must obtain the same level of degree
(e.g. Bachelor’s, Master’s, Doctorate, etc).
The graduation date is more than 90 days and less than five (5) years after the date of the loan’s first disbursement. - Any loan that the student has borrowed under the Ascent loan is not more than 30-days delinquent or in a default status as of the graduation date and until any Graduation Reward is paid.
- The loan must not have been refinanced or consolidated with another lender prior to redeeming the reward.
- The borrower must enroll in Automatic Debit payments for repayment of the loan.
- The borrower must provide information that enables Ascent to deliver the funds electronically.
- Ascent (or loan owner at the applicable time) will calculate the 1% Cash Back Graduation Reward based on the original principal balance of the applicable loan. Such amount will be sent to the borrower in an agreed upon format, such as direct deposit or check.
- The student borrower is only eligible to receive the reward one time.
- The Ascent Parent Loan is not eligible for this reward.
b. Additional Terms
This reward is considered taxable income and may be reported on IRS Form 1099-MISC. We recommend you consult a tax professional for advice.
2 4x Cosigner Approval
4x higher acceptance rates were observed between November 2024 – January 2025 across all products when a loan application is cosigned vs without a cosigner. Ascent’s minimum credit requirements vary based on loan product, credit history, and whether you’re applying with a cosigner. You can see your rates without impacting your credit score to help you determine which product could be best for you based on your unique circumstances.
3 AscentConnect Mobile App
Please note, the AscentConnect mobile app is powered by Launch Servicing, LLC and Ascent Funding, LLC. Mobile carrier fees may apply. Ascent Funding, LLC products loans are made available through Bank of Lake Mills or DR Bank, each Member FDIC. Skills Fund, LLC (d/b/a Ascent Skills Funding) products are made available through Richland State Bank or DR Bank, each Member FDIC. See Official Terms.
4 AscentUP
Ascent applicants and borrowers that agree to the AscentUP Terms of Service and Privacy Policy, as well as students associated with an Ascent parent loan application, have access to the AscentUP platform. Only Ascent borrowers are eligible to apply for the Bridge Program. Eligibility criteria and programs terms are subject to change.
5 Automatic Payment Discount
a. Eligibility
These Automatic Payment Discount Terms & Conditions are applicable to eligible loan applications received on or after 07/1/2021.
Eligibility for the Automatic Payment Discount is limited to borrowers that have an Ascent loan that was originated by either DR Bank or BOLM 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.
Additional eligibility terms include:
- 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 Progressive Repayment program are not eligible.
- The required minimum monthly payment amount must successfully be made on time.
- If a borrower has a deferred repayment plan, they will still need to make a monthly payment of $1.00 or more while in school to be eligible for the Automatic Payment Discount.
Eligibility for the Automatic Payment Discount by repayment plan or status:
- Interest-Only Repayment: Borrowers are eligible to receive the Automatic Payment Discount when they 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: Borrowers are eligible to receive the Automatic Payment Discount when they 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: Borrowers are eligible to receive the Automatic Payment Discount only when a payment amount of at least $1.00 is debited from their account. Borrowers 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 Progressive Repayment): Borrowers are eligible to receive the Automatic Payment Discount when they 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, borrowers may elect to include an optional additional fixed payment amount to be debited in addition to the required monthly minimum.
b. Additional Terms
The 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 a borrower’s minimum monthly payment, may change the total number of payment
necessary to pay off a borrower’s loan, and may change the amount of a borrower’s final payment.
The amount of Ascent’s Automatic Payment Discounts are based upon proprietary credit decisioning criteria used in
rendering a loan approval. Your specific Automatic Payment Discount will depend on the type of loan you have and the submission date of your loan application. The available Automatic Payment Discount for a particular loan is disclosed to applicants
upon presentation of the loan offer.
No more than one Automatic Payment Discount may be applied to an eligible student loan.
Notice to borrowers:
- It is your responsibility to notify the loan servicer if you believe the Automatic Payment Discount has not been applied correctly.
- To enroll in automatic payments, you must contact Ascent’s loan servicer, Launch Servicing, directly after your loan has been disbursed
Ascent Funding, LLC
c/o Launch Servicing, LLC
P.O. Box 91910 | Sioux Falls, SD 57109
Phone: 877-209-5297
Website: AscentFunding.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.
c. Automatic Payment Discount Details
The current offered Automatic Payment Discounts for Ascent private education loans are an interest rate reduction of either 0.25% (for Credit-Based Loans with applications submitted prior to 06/01/2025), or 0.50% (for Credit-Based Loans with applications submitted on or after 06/01/2025), or 1.00% (for Undergraduate Outcomes-Based Loans).
- 0.25% and 0.50% (depending on application submission date) Automatic Payment Discount can be applied when eligible borrowers are making automatic payments on their Ascent credit-based student loan via auto debit from their personal checking account.
- 1.00% Automatic Payment Discount applied when eligible borrowers are making automatic payments on their Ascent non-cosigned outcomes-based student loan via auto debit from their personal checking account.
Automatic Payment Discounts are applicable to eligible loan applications funded by BOLM and received on or after February 4, 2021, or funded by DR Bank and received on or after June 28, 2023. Ascent and BOLM, and DR Bank reserve the right to amend these Borrower Benefits at any time, without notice.
6 Bankruptcy Discharge
Ascent college loans are private education loans and, therefore, generally cannot be discharged like other forms of unsecured consumer debt in a bankruptcy petition without proving “undue hardship” and an extra step in the process called an “adversary proceeding.”
For new Ascent college loans originated beginning June 5, 2023 (“Eligible Ascent Loans”), we have created a process for discharge that does not require a showing of an “undue hardship.” For Eligible Ascent Loans, a borrower or cosigner may obtain a discharge after either (a) making sixty (60) regularly scheduled full principal and interest payments or (b) being in default for five (5) years, if the following conditions (outlined in the terms of your promissory note) are met:
- List Eligible Ascent Loans in bankruptcy petition and schedules;
- File an adversary proceeding complaint seeking to declare the Eligible Ascent Loans dischargeable pursuant to Section 523(a)(8) of the United States Bankruptcy Code (the “Complaint”);
- Serve the Complaint and an accompanying summons in accordance with the Federal Rules of Civil Procedure;
- Include in the Complaint a sworn statement signed by borrower/cosigner that all statements in the Complaint are true and accurate and that the proceeds of the Eligible Ascent loan were used solely to pay for qualified higher education expenses (as defined by IRS code); and
- The court must grant an order for discharge.
If your Eligible Ascent Loan is cosigned, then you and your cosigner must follow these requirements to obtain discharge of your respective obligations.
7 Cosigner Release
a. Eligibility
For loan applications submitted prior to 7/1/2022
Borrowers can apply to release their cosigner based on the following eligibility requirements:
- The borrower must meet the eligibility criteria requirements for an Ascent Non-Cosigned Credit-Based Loan; and
- The borrower must have demonstrated satisfactory repayment performance on each loan for which a cosigner release is being requested by making the first twenty-four (24) regularly scheduled, full principal and interest payments on-time. Payments made during the in-school and grace periods (or “Interim Period” as defined in the Loan Agreement(s)), including any payments made under any interest only or minimum payment repayment plans do not count towards this requirement. On-time payments must be made within ten (10) days of their scheduled due date.
OR
- The borrower meets the same criteria as for applications submitted on or after 7/1/2022 as outlined below.
For loans originated applications submitted on or after 7/1/2022
Borrowers can apply to release their cosigner based on the following eligibility requirements:
- The borrower must have demonstrated satisfactory repayment performance on each loan for which a cosigner release is being requested by prepaying an amount equal to the required twelve (12) principal and interest payments or by making the required twelve (12) consecutive full principal and interest payments on-time. Payments made during the in-school and grace periods (or “Interim Period” as defined in the Loan Agreement(s)), including any payments made under any interest only or minimum payment repayment plans do not count towards this requirement. On-time payments must be made within ten (10) days of their scheduled due date; and
- None of the loans for which the borrower is requesting a cosigner release have been in any form hardship forbearance or modified repayment program (including any graduated or progressive repayment program) during the twelve (12) months preceding the date of the cosigner release request; and
- The borrower must have minimum verifiable income of at least $24,000 annually and provide proof of such income (e.g. – two pay stubs, including one current paystub within the last 60-days, a most recent W-2 or tax return along with a current paystub, or Social Security income/disability award letters); and
- The borrower must pass a credit review that demonstrates a satisfactory credit history, including but not limited to the following:
- Must not have defaulted on any private or government student loan; and
- Have no reported bankruptcy within the past five (5) years; and
- Have no unsatisfied repossessions, judgments, tax liens, foreclosures or garnishments by creditors; and
- All of the borrower’s outstanding Ascent loans are current and have been current for the past twelve (12) months; and
b. Additional Terms
In order to be eligible for a cosigner to be released from an Ascent loan, all of the following terms and conditions must be met:
- The borrower must submit a completed and signed Cosigner Release Application (“Application”), which may be downloaded from the Ascent website here:
- For loans submitted prior to 7/1/2022: Cosigner Release application.
- For loans submitted on or after 7/1/2022: Cosigner Release application.
- The borrower must make the request to release a cosigner directly with Ascent’s loan servicer, Launch Servicing, or the loan holder.
- The borrower must meet the age of majority requirements in the borrower’s state of residence to enter into a legally binding contract, which is 18 years of age in all states except Alabama (19), Nebraska (19) and Puerto Rico (21).
- The borrower must be a U.S. citizen or U.S. permanent resident alien at the time the request is submitted. If the borrower’s citizenship / residence status changed since originally applying for the loan(s) in question, the borrower must provide proof of U.S. citizenship or U.S. permanent residence.
- A cosigner release is only available for loans that are in an open and active status.
Ascent’s loan servicer, Launch Servicing, LLC will notify the borrower within ten (10) business days of applying to release their cosigner if they have been approved or they will be advised if additional information is needed.
Full eligibility requirements are described in the Cosigner Release Application(s) which are available through the links provided above.
Please be aware that these Cosigner Release terms are subject to change.
8 Cover up to 100% of your college expenses
The minimum loan amount is $2,001, except for the state of Massachusetts. The minimum loan amount for borrowers with a Massachusetts permanent address is $6,001. The maximum loan amount is $200,000 for credit-based loans and $20,000 for outcomes-based loans ($200,000 aggregate total for all loans). The final amount approved depends on the borrower’s credit history, verifiable cost of attendance as certified by an eligible school and is subject to credit approval and verification of application information.
9 Parent Loan
The Ascent Parent Loan is eligible for Automatic Payment Discount of 0.25% in interest rate reduction. The remaining eligibility criteria and terms listed in Disclaimer #5 on this page apply to the Parent Loan as well. The Ascent Parent Loan is not eligible for the 1% Cash Back Graduation Reward. Cosigner release is not applicable to the Ascent Parent Loan, which does not have a cosigned option.
10 No Fees
Only Ascent college loans are eligible for no fees. Ascent career training loans are subject to a one-time origination fee of 5.0% of the loan amount. All Ascent loans are eligible for no application, disbursement, late, NSF or early payment fees.
Last Updated: July 15, 2025.
