What are my deferment / forbearance options for my Ascent college loan?

A borrower may request deferment through Launch Servicing in writing, or by completing and signing a deferment form and providing the appropriate documentation requested on the form. All deferments after the In-School period are provided solely at the lender’s discretion. Interest shall continue to accrue on loans during periods of authorized deferment. Unpaid interest is capitalized when the deferment period ends. Ascent’s college loans include the following deferment and forbearance options:
  • Active Duty Military Deferment
  • In-School Deferment
  • Residency / Internship Deferment
  • Temporary Hardship Forbearance
  • Administrative Forbearance
  • Natural Disaster / Declared Emergency Forbearance
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.
  • Active Duty Military Deferment is available up to a cumulative limit of 36-months.
  • This deferment DOES extend the repayment term.
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.
  • This deferment DOES extend the repayment term.
Residency / Clerkship / Internship / Fellowship Deferment Student borrowers may be eligible for a Residency / Clerkship / Internship /Fellowship Deferment if the student:
  • Has been accepted into a Residency / Clerkship / Internship / Fellowship program which must
    • Require that the student hold at least a bachelor’s degree before acceptance into the program; or
    • Must be a supervised training program that either:
      • Leads to a degree or certificate from an institution of higher education, a hospital, or a health facility that offers postgraduate training, or
      • Is required before the student may be certified for professional practice or service, which must be verified by the relevant state licensing agency.
  • This deferment DOES extend the repayment term.
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.
  • This forbearance DOES extend the repayment term.
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.
  • This forbearance DOES extend the repayment term.
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.
  • This forbearance DOES extend the repayment term.
(1) 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. (2) 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.)
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