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Maybe you’re cramming for your first college finals ever or getting ready to apply for graduation. Either way, we get it. The last thing you want to worry about is paying off your private student loans. However, avoiding a phone call to your lender or not setting up a repayment plan can impact your financial wellness for years to come.
Ascent is here to help you understand your options so you can focus more time on school and less time worrying about your private student loans. If you have an Ascent student loan, here are 3 tips to set you up for success before your first payment is due.
Your repayment options for an Ascent loan depend on the type of loan you have.
For Ascent’s Cosigned and Non-Cosigned Credit-Based Loans, you can choose from 3 repayment options:
Pro Tip: If you’re in school and having trouble making payments on a $25 Minimum or Interest-Only repayment plan, you can request to change it to Ascent’s Deferred Repayment option which gives you up to nine months after graduating before your first payment is due.
For Ascent’s Non-Cosigned Future Income-Based Loans, there is one option available to you:
Pro Tip: Regardless of your repayment plan, you can always choose to make a payment at any time. With Ascent loans, you won’t incur any fees or penalties if you pre-pay your loan.
Ascent’s Progressive Repayment option can help make your payments more affordable after graduation or if you’re no longer enrolled at least half-time in school. If you submitted an Ascent loan on or after May 17, 2019, you may be eligible for Ascent’s Progressive Repayment option, where you start with lower payments that slowly increase over time so that you still meet your original loan term.
To check your eligibility and calculate your adjusted monthly payment amounts under the Progressive Repayment option, please contact your loan servicer, Launch Servicing, directly after your loan has been disbursed:
The great thing about this option is that your payments are lower when you start your career and are making less money, so it is more affordable in the beginning. We know this may be a little confusing to understand, so we’ve provided an example for you.
If your loan balance is $12,784.32, and your interest rate is 6.93% at the time you enter repayment, then you’re probably set up to make 120 payments of $147.98.
If you choose to call Launch Servicing and opt-in for Ascent’s Progressive Repayment option, your payments may look like this when you enter repayment:
If you have an Ascent loan and have questions regarding the repayment options available to you, check out our FAQs.
In times of financial hardship, you can defer or request forbearance to pause payments on your private student loans temporarily. Ascent offers different deferment and forbearance options for unique situations, like becoming active duty military or during national emergencies like a pandemic (COVID-19).
If you have a loan with Ascent, you may be eligible for three different deferment options.
It’s important to know that for these three options, your repayment terms will be extended. Suppose you were planning to finish paying your loans within five years. In that case, it can be extended for another 3 or 4 years, depending on the deferment option you request. At the same time, interest will continue to add to your original loan amount, so you may end up paying more in the long run.
If you think you might be eligible for any of these deferment options, please contact Launch Servicing, to submit a request. To learn more about Ascent’s deferment options, visit the page below.
Similar to Ascent’s deferment options, you may be eligible for different forbearance options depending on your situation.
To request Ascent’s Natural Disaster/Declared Emergency Forbearance, please contact Launch Servicing.
We understand, life happens, and money can get tight. Before you miss a payment and your account may become delinquent (which can impact your credit), consider requesting a different repayment option with Launch Servicing. You can also check to see if your situation qualifies for forbearance or deferment which can give you extra time before your next payment is due.
To give students more time to pay, late fees are assessed 10 days after the past due date. To keep late fees to a minimum, we charge 5% of the unpaid amount that’s past due or $10, whichever is less. After so many missed payments, your Ascent student loans may enter default.
In the event you default on your student loans:
The ugly truth is, even after you’ve defaulted on your student loans, you still owe your full loan amount. Remember, this may be avoided by making a phone call to Launch Servicing (877-354-2629) and setting up a repayment plan that works best for you.
We know this is a lot to take in, so to recap: