Ascent’s bootcamp loans are consumer loans for those seeking to transform their career at a bootcamp or accelerated-learning program.
For Ascent’s College Loans
For Ascent’s Bootcamp Loans
Here is how you can start referring your friends in college:
Here’s the breakdown:
Documentation requirements: The following are documentation that will be required to verify your individual resident status:
A VISA that does not expire within 6-months of the end of the enrollment period for which the loan is being requested with an acceptable category as follows: F-1, F-3, G-1, H-1B, H-1C, H-2B, H-3, J-1, L-1, M-1, M-3, T-1, TN
OR
An I-20 Form (pages 1 & 2 and signed by the school) and an unexpired passport from country of origin.
OR
Form I-797, Notice of Action and unexpired passport from country of origin from an eligible Temporary Protected Status country from this list: https://www.uscis.gov/humanitarian/temporary-protected-status.
NOTE: The option to apply to release the cosigner after making twelve (12) consecutive full principal and interest payments on-time or an equivalent prepayment amount while also meeting the other eligibility criteria to qualify is only available to student borrowers that are U.S. citizens or have U.S. permanent resident status or DACA status. (See FAQ, “Can I eventually remove the cosigner from my loan?”)
For applicants approved for our Cosigned Loan or Credit-Based Non-Cosigned Loan, you may qualify as half-time. For applicants approved by our Outcomes-Based Loan, you must be enrolled full-time*.
*Applicants graduating within 9 months may be half-time under Ascent’s Outcomes-Based Loan.
Eligible student borrowers with no credit score, or eligible students that meet a minimum credit score with or without two (2) years of credit history. (See Non-Cosigned Outcomes-Based Loan eligibility requirements.)
Students who are a U.S. citizen or have Deferred Action for Childhood Arrival (DACA) status may apply without a cosigner. Students who are not a U.S. citizen or U.S. permanent resident may apply with a creditworthy cosigner that is a U.S. citizen or U.S. permanent resident. (See FAQ, “Can students that are Non-U.S. citizens apply for an Ascent college loan?”)
Ascent’s credit decisioning criteria is proprietary, but you can check what rates you pre-qualify for in just four (4) steps without impacting your credit score.
Borrowers are eligible to receive an Automatic Payment Discount of either 0.25% for Credit-Based Loans or 1.00% for Undergraduate Outcomes-Based Loans (depending on loan terms) which is applied when eligible borrowers are making automatic payments via auto debit from their personal checking account. Borrowers will lose this benefit after two (2) non-sufficient funds payments, until they re-qualify and re-enroll in Automatic Debit payments. (See Ascent Student Loans Automatic Payment Discount Terms & Conditions)
(See FAQ, “What is SOFR?” for more info.)
Note: For all applications submitted for variable rate loans from Ascent on or after January 1, 2022, the benchmark or index used to determine the interest rates for those loans will be based on SOFR. Learn more.
LIBOR is being phased out and will eventually be unavailable for use with any consumer loan products. As a result, we’re working diligently to implement a replacement index.
New variable rate Ascent loans applied for on or after January 1, 2022, will use the Secured Overnight Financing Rate (SOFR) as the benchmark index, which will be reflected in your loan documents.
Existing variable rate Ascent loans that use LIBOR as the benchmark index will continue to use LIBOR until we convert these loans to a replacement index, likely SOFR, at some point in 2022. We will keep you updated with important information about this conversion.
New variable rate Ascent loans applied for on or after January 1, 2022, will use the Secured Overnight Financing Rate (SOFR) as the benchmark index, which will be reflected in your loan documents. Learn more.
For more about SOFR and LIBOR, click here.
Once your college loan is certified by your school, you will receive your final disclosure and be notified of your disbursement dates. Your school may certify your college loan for a lower amount and/or change your graduation dates or disbursement dates, which will require you to accept the new terms. If your school fails to certify your loan, it will be denied.
If you have questions about an existing loan, such as payment, deferment or forbearance information, please contact the loan servicer, Launch Servicing, at 877-354-2629 toll-free or log into the repayment portal at LaunchServicing.com.
Ascent’s College Loan Type | In-School Period | Grace Period |
Undergraduate | Up to 60 months | 9 months |
Graduate – Medical | Up to 48 months | Up to 36 months |
Graduate – Dental | Up to 48 months | 12 months |
Graduate – Other (MBA, Law, Health Professionals, Nursing Pharmacy, MA, MS, PhD, etc.) | Up to 36 months | 9 months |
Ascent’s College Loan Type | In-School Period | Grace Period |
Undergraduate | Up to 60 months | 9 months |
Graduate – Medical | Up to 48 months | Up to 36 months |
Graduate – Dental | Up to 48 months | 12 months |
Graduate – Other (MBA, Law, Health Professionals, Nursing Pharmacy, MA, MS, PhD, etc.) | Up to 36 months | 9 months |
Launch Servicing, LLC
P.O. Box 91910 | Sioux Falls, SD 57109
Phone: 877-354-2629
Email: [email protected]
Website: LaunchServicing.com
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.
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.
Residency / Clerkship / Internship / Fellowship Deferment
Student borrowers may be eligible for a Residency / Clerkship / Internship /Fellowship Deferment if the student:
Borrowers are limited to a total of 48 months of eligibility in increments of up to 12-months at a time for In-School & Residency / Clerkship / Internship / Fellowship 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 1 month to a maximum of 3 months. A borrower may apply for up to 4 consecutive periods of Temporary Hardship Forbearance. A maximum of 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.
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 loan holder. Interest shall continue to accrue on loans during periods of authorized forbearance. Unpaid interest is capitalized when the forbearance period ends.
Natural Disaster / Declared Emergency Forbearance
Student borrowers that are adversely affected by a natural disaster, a local or national emergency (declared by the appropriate government agency), or a military mobilization, may be granted Natural Disaster / Declared Emergency Forbearance for a period not to exceed 3 months. Interest shall continue to accrue on loans during periods of authorized forbearance. Unpaid interest is capitalized when the forbearance period ends.
(1) If the 20th day of the preceding calendar month is not a business day where the banks of both New York and London are open for the transaction of business, then the previous business day will be used to determine the current index. If the annual capitalization date is a non-business day for the Lender or Servicer, then the interest will capitalize on the next business day.
(2) The maximum loan amount may not exceed the amount requested on the application. Additionally, subject to applicable law, the Lender reserves the right to approve a final loan amount that could be less than the amount requested on the application or as certified by the school. Because the Ascent Undergraduate Non-Cosigned Outcomes-Based Loan option is available to student borrowers with no credit history or limited history students without any reliance on cosigners, several factors may come into consideration for the maximum loan amount, including: creditworthiness, school, program, graduation date, major, cost of attendance and other factors. Processing times may be longer and loan amounts may be significantly lower than the loan amount requested.
(3) Depending on loan terms, either a 0.25% (for Credit-Based Loans) or 1.00% (for Undergraduate Outcomes-Based Loans) Automatic Payment interest rate reduction is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. Borrowers lose this benefit after two (2) Non-sufficient Funds payments, until they re-qualify and re-enroll in automatic payments. Interest rate reduction(s) will not apply during periods when no payment is due, including periods of in-school, deferment, grace or forbearance. (See Ascent Student Loans Automatic Payment Discount Terms & Conditions.)
NOTE: Ascent’s bootcamp loans are consumer loans for those seeking to transform their career at a bootcamp or accelerated-learning program. There are several key differences, and we encourage students to perform their own research into this topic. However, some of the high-level differences between an Ascent consumer loan for bootcamps and a private student loan include:
In partnership with leading schools, we’ve created a financing platform that is both transparent and student-first. We’re proud of the work we do!
You can apply for an Ascent bootcamp loan to see if you pre-qualify without any impact to your credit score. After you pre-qualify, you’ll preview your monthly payments and repayment plan options. Once you choose a plan, we’ll run a hard credit check to confirm your eligibility so you can finalize your loan.
To see if you pre-qualify for an Ascent bootcamp loan, submit an application. In the pre-qualification process, we’ll conduct a soft credit check with no impact to your credit score. In addition to learning more about your eligibility, you can also see the rates and terms you pre-qualify for.
Applicants must be U.S. citizens, permanent residents, or DACA recipients with established credit history & no outstanding education loan defaults. U.S. temporary residents may apply with a creditworthy cosigner that is a U.S. citizen or U.S. permanent resident.
Adding a cosigner can help strengthen your application’s overall credit health, and may even help lower your loan’s interest rate, APR, or monthly payments.
While our application process asks for income and employment details, we won’t use income, employment, or your requested loan amount to evaluate your bootcamp application.
Documentation requirements: The following are documentation that will be required to verify your individual resident status:
A VISA that does not expire within 6-months of the end of the enrollment period for which the loan is being requested with an acceptable category as follows: F-1, F-3, G-1, H-1B, H-1C, H-2B, H-3, J-1, L-1, M-1, M-3, T-1, TN
OR
An I-20 Form (pages 1 & 2 and signed by the school) and an unexpired passport from country of origin.
OR
Form I-797, Notice of Action and unexpired passport from country of origin from an eligible Temporary Protected Status country from this list: https://www.uscis.gov/humanitarian/temporary-protected-status.
You can choose to add a cosigner before you submit your loan application, or may be given the option to add a cosigner after you apply.
If you’d like to add a cosigner when you apply, you can select this option in the application. If your cosigner is with you, they can start their portion of the application right away. If not, we’ll send them an email asking them to complete their part. Your cosigner’s portion of the application will look very similar to yours.
We’ll keep you and your cosigner updated on the status of your application throughout the process. You’ll receive an email or a notification in the application if you or your cosigner have any required steps to take.
To see the options for your program before you apply, visit your school’s Ascent partnership page. If you need to lower your loan amount or cancel after you apply, we can help!
If you receive a scholarship after you apply for a loan, we can easily lower your loan amount before we send your tuition funds to your school. To request a loan decrease, log in to your Ascent dashboard or email [email protected] with the amount of your scholarship. If you need to lower your loan amount after your funds have been sent, you can simply apply your funds to your loan balance at any time without prepayment penalty.
Although we can decrease your loan amount, we can’t increase your loan amount. If you apply for less than the maximum tuition and then realize you do need more funds, please log in to your Ascent dashboard and submit a new application.
To see if you pre-qualify for an Ascent loan, submit an application. In the pre-qualification process, we’ll conduct a soft credit check with no impact to your credit score. In addition to learning more about your eligibility, you can also see the rates and terms you pre-qualify for.
The APR for Ascent bootcamp loans includes the origination fee and interest rate.
In most cases, you’ll apply for your tuition and living expenses at the same time with just one application. When you apply, you’ll find two fields for loan amounts in the application: one for tuition and one for living expenses. Enter the amount you would like to borrow for each. You need to apply for at least $2,000 in tuition financing to add living expenses financing.
Some eligible programs offer a separate Living Expense Loan, which allows you to borrow $1,500/month during your program. To apply for a Living Expense Loan for an eligible program, you must have a Deferred Tuition Loan application in progress or have been approved for a Deferred Tuition Loan, and you must submit your application before your cohort begins. Simply submit your Deferred Tuition Loan application to gain access to the Living Expense Loan application.
To see if funds for living expenses are available for your school and program, visit your school’s Ascent partnership page.
Before you apply, you can preview the loan options available for your school and program.
Outcomes Loans or Deferred Tuition Loans (only available at Thinkful, Kenzie, Springboard, and Bloomtech): You’ll make no payments for up to a year after you complete your program, or when you receive a qualifying job offer as determined by the Thinkful Tuition Refund Guarantee, Springboard Job Guarantee, Kenzie Guarantee, or Bloomtech Tuition Refund Guarantee. Then you’ll start making full payments (interest + principal). This option is only available for programs at Thinkful, Springboard, Kenzie Academy, and Bloomtech (additional terms apply).
With our loans, you can make early payments or fully pay off your loan at any time with no prepayment fees. This can be a financially smart move, because if you make early payments, you’ll accrue less interest over the lifetime of your loan. In summary – we don’t hold you to the total cost you see in your loan offers. If you make early payments, you can reduce the interest you accrue, which reduces your loan’s total cost!
To pay your loan or ask questions about an existing loan visit Launch online or call 877-354-2629. If you applied for your loan on or before June 9, 2019, visit Aspire online or call 1-800-243-7552.
For more on Autopay, see the Automatic Payment Discount Terms & Conditions. Interest rate reduction of 0.25% applies only when the borrower and/or cosigner sign up for automatic payments and the payment amount 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, unless a regular payment amount has been arranged with the servicer. If you have two (2) consecutive returned payments for Nonsufficient Funds, we may cancel your automatic debit enrollment and you will lose the interest rate reduction. You will then need to re-qualify and re-enroll in automatic debit payments to receive the interest rate reduction.
If your job or income has been affected by COVID-19 and you are concerned about your ability to make loan payments, we encourage you to reach out to your loan servicer to learn about your options.
Ascent works with two loan servicers, and both are ready to help those who have been financially impacted.
If you are owed a refund by your school, Ascent will follow your school’s refund policies. Please refer to your school’s policies and agreements.
Regarding your tuition: You are responsible for the full amount you borrow, plus accrued interest and fees. If you are owed a refund by your partner school, the refund transaction will be made to Ascent in the amount of the refund due (but in no event greater than what that we paid to the school on your behalf). If there is a balance on your loan after any applied refund, you will be required to immediately start making monthly payments for the balance.
For Deferred Repayment, Interest-Only Repayment, or Immediate Repayment Loans, you will immediately begin making full (interest + principal) payments when you withdraw from your program. For Outcomes Loans or Deferred Tuition Loans, you will have a 3 month grace period after withdrawing from your program before you begin making payments.
Regarding any borrowed living expense funds: Because you’ve received the funds, you’re responsible for repaying them to Ascent. If there is a balance on your loan after any applied refund, you will be required to immediately start making monthly payments for the balance.
To pay your loan or ask questions about an existing loan visit Launch online or call 877-354-2629. If you applied for your loan on or before June 9, 2019, visit Aspire online or call 1-800-243-7552.
For more on Autopay, see the Automatic Payment Discount Terms & Conditions. Interest rate reduction of 0.25% applies only when the borrower and/or cosigner sign up for automatic payments and the payment amount 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, unless a regular payment amount has been arranged with the servicer. If you have two (2) consecutive returned payments for Nonsufficient Funds, we may cancel your automatic debit enrollment and you will lose the interest rate reduction. You will then need to re-qualify and re-enroll in automatic debit payments to receive the interest rate reduction.
If your job or income has been affected by COVID-19 and you are concerned about your ability to make loan payments, we encourage you to reach out to your loan servicer to learn about your options.
Ascent works with two loan servicers, and both are ready to help those who have been financially impacted.
Email your questions to [email protected].
Or talk to our knowledgeable customer support associates.