Just a few weeks ago, you were probably planning an epic spring break trip. Fast-forward and now you’ve probably moved back home, cut back on hours at your job and wondering how your college professor is going to continue their lecture from a virtual classroom when they could barely get the projector to work.
We understand your daily life (and budget) is changing by the minute and you’re probably thinking to yourself, “how am I going to make payments on my student loans?”. You may have recently seen the CARES Act (aka “Coronavirus Aid, Relief, and Economic Security Act”) and want to know how it’s going to benefit you.
Ascent is here to help and break it all down for you with…
Ascent is protecting you and your family from the economic impact of the coronavirus (COVID-19) pandemic by offering a new forbearance option that allows you to temporarily pause payments on your student loans in times of disasters and global pandemics like we’re experiencing today.
This forbearance option, otherwise known as Ascent’s Natural Disaster/Declared Emergency Forbearance option, allows you to postpone payments on your Ascent loans for up to 3 months in the event a natural disaster, local or national emergency, or military mobilization is declared by the appropriate governing agency.
Beginning April 1, 2020, you can contact Launch Servicing to request the Emergency Forbearance option or ask about our other forbearance options, such as:
You should know Ascent’s Disaster/Declared Emergency Forbearance option is not mandatory, so if you feel you can continue to make your monthly payments on time, you can choose to waive this forbearance option. In addition, once you enter any forbearance options with Ascent, your repayment term is extended and any unpaid interest on your loan is capitalized when the forbearance period ends.
On Friday, March 27, 2020 the CARES Act was signed into law to meet the growing public health and economic challenges in the wake of coronavirus.
Included in the act is legislation that allows student loan borrowers, like you, to suspend all payments on certain federal loans until September 30, 2020. More closely, this applies only to Direct Loans and Federal Family Education Loans (FFEL) currently owned by the U.S. Department of Education and those in which have not entered default.
Although it is unclear when the suspension will effectively take place for your federal loans, you can elect Ascent’s Disaster/Declared Emergency Forbearance option beginning April 1, 2020 by contacting Launch Servicing.
To support you further during the current health crisis, Ascent is also launching more ways to help you pay for college and college-related expenses.
As you adjust to working from home (for work or for school) it’s important to keep your mental health thriving. Here are 4 tips that may help.
For more tips on how to stay safe and well during coronavirus and more updates on Ascent’s loan options, please check back on our blog for new posts.