Ascent Private Student Loan Disclosures
Before taking out private student loans, you should explore and compare all financial aid alternatives, including grants, scholarships, and federal student loans and consider your future monthly payments and income. Applying with a cosigner may improve your chance of getting approved and could help you qualify for a lower interest rate. Ascent Student Loans may be funded by Richland State Bank (RSB) or Turnstile Capital Management, LLC (TCM), which are not affiliated entities. Certain restrictions and limitations may apply. Ascent Student Loan products are subject to credit qualification, completion of a loan application, verification of application information and certification of loan amount by a participating school. All loan products may not be available in certain jurisdictions. Other terms and conditions apply. Ascent is a federally registered trademark of TCM and may be used by RSB under limited license. Richland State Bank is a federally registered service mark of Richland State Bank.
1. Ascent rates are effective as of 07/01/2018. The current LIBOR is 2.084%, which may adjust monthly. Your interest rate may increase or decrease, based on LIBOR monthly changes. Competitive rates calculated monthly at the time of loan approval.
- Ascent Independent non-cosigned loan: Variable rate loans are based on a margin between 2.00% and 9.50% plus the 1-Month London Interbank Offered Rate (LIBOR), rounded to the nearest 1/100th of a percent, resulting in an APR range between 5.50% - 12.78% . Fixed rate loans have an APR range between 7.07% - 13.74%. Click here for Ascent Independent non-cosigned loan current rates and repayment examples.
- Ascent Tuition cosigned loan: Variable rate loans are based on a margin between 4.00% and 10.75% plus the 1-Month London Interbank Offered Rate (LIBOR) rounded to the nearest 1/100th of a percent resulting in an APR range between 3.83% - 10.58% APR. Fixed rate loans have an APR range between 5.56% - 12.11%. Click here for Ascent Tuition cosigned loan current rates and repayment examples.
2.Payments may be deferred. Subject to lender discretion, forbearance and/or deferment options may be available for borrowers who are encountering financial distress.
3. Making interest only or partial interest payments while in school will not reduce the principal balance of the loan. There are three (3) flexible in-school repayment options that include fully deferred, interest only and minimum repayment.
4. Flexible repayment plans may be offered with up to a fifteen (15) year repayment term for a variable rate *Ascent Tuition borrowers who choose a fixed rate option may ONLY select a loan term of five (5) or ten (10) years (60 or 120 months, respectively). *Ascent Independent borrowers who choose a fixed rate option may ONLY select a ten (10) year repayment term.). For certain loans with low balances, the minimum monthly payment amount may cause the loan amortization schedule to be less than the selected term.
5. Interest rate reduction of 0.25% for enrollment in automatic debit applies only when the borrower and/or cosigner signs up for automatic payments and the regularly scheduled, current amount due (including full, flat, or interest only payments, as applicable) 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. If you have two (2) returned payments for Nonsufficient Funds, we may cancel your automatic debit enrollment and you will lose the 0.25% interest rate reduction. You will then need to requalify and re-enroll in automatic debit payments in order to receive the 0.25% interest rate reduction.
6. All applicants (individual and cosigner) are required to complete a brief online financial literacy course as part of the application process to be eligible for funding.
7. Eligibility, loan amount and other loan terms are dependent on a number of factors, including: loan product, other financial aid, creditworthiness, school, program, graduation date, major, cost of attendance and other factors. Aggregate loan limits may apply. The cost of attendance is determined and certified by the educational institution.
8. The legal age for entering into contracts is eighteen (18) years of age in every state except Alabama where it is nineteen (19) years old, Nebraska where it is nineteen (19) years old (only for wards of the state), and Mississippi and Puerto Rico where it is twenty-one (21) years old.
9. In order to be eligible for the 1%Cash Back Graduation Reward, borrower must meet the following criteria after graduation:
- The student borrower has graduated from the degree program that the loan was used to fund.
- The student borrower may change majors and/or transfer to a different school, but must obtain the same level of degree (e.g. – undergraduate or graduate).
- The graduation date is more than 90 days and less than five (5) years after the date of the loan’s first disbursement.
- Any loan that the student has borrowed under the Ascent loan is not more than 30-days delinquent or in a default status as of the graduation date and until any Graduation Reward is paid.