Deferred options during school:
Your available repayment options depend on your school and program.
*For Thinkful, Springboard, and Bloomtech programs, additional information and stipulations can be found in the Chegg Skills Tuition Refund Policy, Springboard Job Guarantee, or Bloomtech Tuition Refund Guarantee.
Deferred options during repayment:
After you enter repayment, a borrower may request deferment through
Launch Servicing, Ascent’s loan servicer, in writing, or by completing and submitting the
Ascent Postponement/Deferment Request Form and provide the appropriate documentation requested (if applicable). 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 career loans include the following deferment and forbearance options:
- Active-Duty Military Deferment
- In-School / Residency / Internship Deferment
- Temporary Hardship Forbearance
- Natural Disaster / Declared Emergency Forbearance
- Bankruptcy Deferment
- Unemployed/Underemployed Deferment (depending on loan type)
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. Alternatively, in cases where the Servicer receives an application for Active-Duty Military Deferment in absence of eligibility documentation, Servicer may verify active-duty status in the Armed Forces with the Department of Defense (“DOD”) verification website and utilize a screen print from the DOD verification website as proof of active-duty status.
- Active-Duty Military Deferment is available up to a cumulative limit of 36-months.
- This deferment DOES extend the repayment term.
In-School / Residency / Internship Deferment Borrowers that have exited an In-School Status by separating from the Eligible School and subsequently entering a repayment status prior to re-establishing enrollment at an Eligible School may be eligible for an In-School deferment.
During the In-School Deferment period, the Borrower is required to pay at least the interest that accrues on the loan each month. Borrowers must apply for an In-School Deferment, and eligibility is based on verification of the eligibility conditions indicated above.
- This deferment DOES extend the repayment term.
Temporary Hardship Forbearance Borrowers experiencing periods of financial difficulty may be granted forbearance. The forbearance period duration may be from a minimum of one month to a maximum of three months. A maximum of twelve (12) total months of Temporary Hardship Forbearance may be granted during the life of the loan.
- This forbearance DOES extend the repayment term.
Natural Disaster / Declared Emergency Forbearance Borrowers experiencing hardship due to a natural disaster or other catastrophic event (declared by the appropriate government agency) may be granted a Natural Disaster Forbearance. The forbearance period duration may be from a minimum of one month to a maximum of three months. Continuation of the forbearance beyond the 3-month period based on the same situation requires supporting documentation from the borrower. A maximum of six (6) total months of Natural Disaster Forbearance may be granted during the life of the loan. The reason for granting the forbearance must be documented in the borrower’s loan file.
In the case of a natural disaster or a local or national emergency (declared by the appropriate government agency), the repayment term may be extended and/or unpaid interest accrued during the forbearance period may not be capitalized at the end of the forbearance period, at the discretion of the Lender.
Unemployed/Underemployed Deferment (depending on loan type) Available to Borrowers that:
- Are unemployed or have been displaced from employment, and
- Have been actively seeking employment, and
- Have been unsuccessful in obtaining employment; or
- Are employed, but have earnings that do not meet a minimum income threshold as defined by the Lender
Unemployment / Underemployment Deferment is available for up to a total of sixty (60) months.
- This deferment DOES extend the repayment term.
