Ascent Student Loans
Ascent Student Loans
Student loans should expand your possibilities, not limit them. Ascent’s private student loan gives students more opportunities to qualify for a loan! Ascent offers benefits that put students first, like 1% Cash Back Graduation Reward at graduation and more.
Ascent Student Loans are funded by Richland State Bank (RSB), Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: www.AscentStudentLoans.com/Ts&Cs
The key salient features of Ascent Student Loans are :
- Interest Rates : Ascent APRs with the 0.25% discount applied effective as of 05/01/2020:
- Variable APR with ACH : 3.18% – 13.92% – Variable rates are changeable subject to general prevailing LIBOR monthly rates. The change generally happens every month. The spread between the LIBOR and your rates remain fixed during the tenure of the loan.
- Fixed APR with ACH : 4.00% – 14.92% – They are not subject to any changes. Any positive or adverse effect of change in LIBOR would not affect your loan interest rate.
- Rates are effective as of 05/01/2020 and reflect an automatic payment discount of 0.25% on the lowest offered rate and a 2.00% discount on the highest offered rate. Automatic Payment Discount 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if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent rates and repayment examples please visit: www.AscentStudentLoans.com/Rates
- Cash Back Offer : 1% Cash Back Graduation Reward subject to terms and conditions. Click here for details.
- No application, origination or disbursement fees : Ascent does not charge any origination fees, nor application fees. The entire process on online.
- No Prepayment Penalty : No penalty fee if you pay off your loan early. In case you pay your loan early you would be paying lower monthly payments when you graduate.
- Moratorium Period : Flexible plans with an option to postpone payments until after leaving school. During your application you would have to choose your plans as per your convenience. You could look for complete postponement, partial or interest only payment or complete payment while you are in school. The interest rate may vary for each type of payment.
- Discount on Automation : Get a discount if you setup automatic payments. Once you reach the U.S. and you setup an Automatic Debit facility you would receive a further discount of 0.25%.
- Loan Amount : Cover up to 100% of your college tuition and living expenses. Minimum loan amount of $2,000 up to $200,000 (or total cost of attendance less aid received). Ascent would provide funding as per I20 value and the entire amount semester wise would get credited to the University. Once the University has the entire fees the University would credit the student account with the living expenditure.
- Tools for Financial Success : It’s wrong to lose your financial freedom before you’ve even had a chance to earn it! As your financial partner, Ascent sets you up for future financial success. Ascent offers you free financial tools as part of the application process.
- Loan Proceeds : Door Step Home Service Available. Initially the documents are submitted by students to Dedicated Relationship Managers (RM’s) who are linked with the Loan Centre’s (Area Wise) & have The Credit Team / Underwriters, who get the Valuation & Legal Formalities done, post which they decide on the Sanctioning of the Loan. Once the loan is Sanctioned, Disbursements happen from these Loan Centre’s.
- Eligibility : Ascent considers several factors which may include: creditworthiness, school, program, graduation date, major, cost of attendance and other factors. Ascent loans are for college students (both undergraduate and graduate) that are at least half-time enrolled in a degree program at an eligible institution. Non-U.S. citizens are required to upload the following documentation to verify identity as applicable to your individual resident status:
- U.S. Permanent Resident Aliens: Permanent Resident Card (USCIS form I‐551); or
- Non-Permanent Resident Aliens (temporary residents): Valid visa – acceptable forms: F-1; J-1, M-1; E-1; H-1; L-1; G series; TN-1; TN-2; and In addition to I or II above, applicants must upload the following:
- Unexpired foreign passport; and
- Copy of government issued document or identification that includes your national identification number.
- NOTE – For countries that include the national identification number on the passport, confirmation therein is sufficient.