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You did it! All those long days studying at the library, the all-nighters to cram for midterms or finals, and the last-minute extra credit assignments – you’ve officially graduated, and we couldn’t be more excited for you!
Your college graduation marks a significant milestone in your transition from college student to finding your first job after college. But before stepping off the graduation stage into the real world, it’s important to set yourself up for success even after graduation, and that starts with understanding your student loans.
The best place to start when understanding your student loans is to familiarize yourself with the types of loans that you might have.
You can check to see if you have any federal student loans by visiting the StudentAid.gov site or calling 1-800-4-FED-AID (or 1-800-730-8913 for hearing-impaired individuals) to speak with a counselor.
Once you understand the types of loans that you have, make sure your contact information is up-to-date, so your lender knows how to get in touch with you. After you graduate and your student loans go into repayment, you will be required to make a payment regardless of whether your lender can contact you or not. The last thing you want to do is avoid making a payment on your student loans and go into default.
In lending, a grace period is the amount of time you have until you need to make your first payment on your loans without penalty.
This grace period buys you some time as you transition from college student to college graduate and embark on the next chapter of your life. If you don’t land your dream job with the salary you had in mind after graduation, the grace period can help you buy some time until you’re ready to make that first payment. But you should know, each type of loan comes with a different grace period and some lenders have none at all.
If you have an Ascent loan, the best way to understand your repayment plan and grace period are to contact Ascent’s student loan servicer, Launch Servicing, by emailing [email protected] or calling 877-354-2629.
Although payments will not be required during your grace period, interest will continue to build on your original loan amount. If you can, we recommend making a minimum payment to cover the cost of interest on your student loans but be sure to check with your lender (lenders like Ascent won’t penalize you for making payments during your grace period, but others might).
By now, you should know 1) What type of student loans you have and 2) Your grace period. Once you’ve successfully mastered tips 1 and 2, you’re ready to start understanding your repayment options.
To become more familiar with the repayment plan you selected or to change your repayment plan, please contact your loan servicer. For Ascent, you will need to contact Launch Servicing by emailing [email protected] or calling 877-354-2629.
Now comes the fun part – how do you make a payment on your student loans?
When you contact Launch Servicing, be sure to ask about enrolling in automatic payments, so you don’t forget to make your monthly payment while in-school or after you graduate. If you enroll in automatic payments, you could get either a 0.25% discount on our Credit-Based Loans or a 2.00% discount on our Future Income-Based Loans. See Automatic Payment Terms & Conditions.
Regardless of your repayment plan, you can make a payment on your Ascent loan at any time. Making payments before you go into repayment or making payments above your monthly minimum can help save you a lot of money on interest over time. With Ascent’s loans, you won’t be charged any fees or penalties if you choose to pay off your loan early.
Repaying your student loans doesn’t have to be that stressful. Understanding your options and planning ahead can help make your journey to financial wellness even brighter.