Ascent Funding Terms & Conditions

Automatic Payment Discount Terms & Conditions

These Terms and Conditions are applicable to eligible loan applications received on or after 01/27/2020.

• The current offered Automatic Payment Discount is an interest rate reduction of either 0.25% (for Credit-Based Loans) or 2.00% (for Undergraduate Future Income-Based Loans).
• Eligibility for the Automatic Payment Discount is limited to borrowers that have an Ascent loan that was originated by Richland State Bank prior to 02/01/2021 or an Ascent loan originated by Bank of Lake Mills thereafter and are enrolled in and making automatic debit payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month with the loan servicer.
• The loan must be current. Loans in a delinquency and/or default or charge-off status, or loans in modified or reduced repayment programs other than the Ascent Progressive Repayment program are not eligible.
• Your required minimum monthly payment amount must successfully be made on time.
• If you have a deferred repayment plan, you will still need to make a monthly payment of $1.00 or more while in school to be eligible for the Automatic Payment Discount.

Eligibility for the Automatic Payment Discount by repayment plan or status:

• Interest-Only Repayment: You are eligible to receive the Automatic Payment Discount when you are enrolled in automatic debit payments with the loan servicer and pay at least the in-school interest payment amount on-time each month during the in-school and grace periods. Full principal and interest payments will be debited when the loan enters repayment at the end of the grace period.
• $25 Minimum Repayment: You are eligible to receive the Automatic Payment Discount when you are enrolled in automatic debit payments with the loan servicer and pay at least the $25 minimum payment amount on-time each month during the in-school and grace periods. Full principal and interest payments will be debited when the loan enters repayment at the end of the grace period.
• Deferred Repayment: You are eligible to receive the Automatic Payment Discount only when a payment amount of at least $1.00 is debited from your account. You may satisfy this requirement by enrolling in automatic debit payments with the servicer and authorizing an optional additional fixed payment amount of at least $1.00 more than the minimum monthly payment. During deferment, the minimum monthly payment is zero ($0.00), but the fixed amount will be debited. When the loan enters repayment at the end of the grace period, full principal and interest payments plus the fixed payment amount will be debited.
• Full Principal and Interest Repayment (and Progressive Repayment): You are eligible to receive the Automatic Payment Discount when you are enrolled in automatic debit payments with the loan servicer and pay at least the required minimum principal and interest payment amount on-time each month.

Under any repayment options listed above, you may elect to include an optional additional fixed payment amount to be debited in addition to the required monthly minimum.

Automatic Payment Discounts are applied as a reduction in the rate at which interest accrues on an eligible student loan. This may change the amount of your minimum monthly payment, may change the total number of payment necessary to pay off your loan and may change the amount of your final payment.

The amount of the Automatic Payment Discount offered is dependent upon proprietary credit decisioning criteria used in rendering a loan approval. The available Automatic Payment Discount for a particular loan is disclosed to applicants upon presentation of the loan offer.

• It is your responsibility to notify the loan servicer if you believe the Automatic Payment Discount has not been applied correctly.
• No more than one Automatic Payment Discount may be applied to an eligible student loan.
• To enroll in automatic payments, you must contact Launch Servicing, directly after your loan has been disbursed:

Launch Servicing, LLC
P.O. Box 91910 | Sioux Falls, SD 57109
Phone: 877-354-2629
Email: [email protected]
Website: LaunchServicing.com

• The Automatic Payment Discount will begin after successful completion of your first payment that is made through automatic debit.
• If you cancel your enrollment in automatic debit, the Automatic Payment Discount will be discontinued as of the date of the last payment made through automatic debit.

These Terms and Conditions are subject to change without notice. We may change them at any time including, but not limited to, changing the eligibility criteria or imposing additional conditions.

Your Options to Modify or Pause Payments

Progressive Repayment Option

Upon graduation or no longer being enrolled at least half-time, borrowers may be eligible for the Progressive Repayment option. The Progressive Repayment option requires monthly payment amounts that start with an amount that is less than a fully-amortizing payment amount that step-up over time such that the loan would be fully paid within the original loan term. Ascent’s Progressive Repayment option helps make payments more affordable for students who are making payments on their Ascent loan upon graduation or are no longer enrolled at least half-time. If you submitted an Ascent loan on or after May 17, 2019, you may be eligible for Ascent’s Progressive Repayment option allowing you to reduce your current monthly payment that would gradually increase over time so that the loan would be fully paid off within the original loan term. To 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:

Phone: 877-354-2629
Email: [email protected]nchServicing.com
Website: LaunchServicing.com

Deferment & Forbearance

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 Student 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 be a supervised program; and
• Require that the student hold at least a bachelor’s degree before acceptance into the program; and
• Must either:
* Lead to a degree or certificate from an institution of higher education, a hospital, or a health facility that offers postgraduate training, or
* Be 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 Lender. 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.