Ascent Student Loans Announces Emergency Forbearance for Students During Coronavirus Pandemic (COVID-19)

SAN DIEGO, April 2, 2020 /PRNewswire/ -- With campuses shutting down and professors moving to virtual classrooms, students and their families are left wondering, "What's going to happen with my student loan payments?"  Ascent Funding, LLC, an award-winning private student loan company, is taking action to support students impacted by the economic effects of coronavirus (COVID-19).

Today, Ascent launched a Natural Disaster/Declared Emergency Forbearance option that allows borrowers to postpone payments on their Ascent loans for up to 3 months.

"As a result of the current health crisis, students and their families are seeing a huge hit to their weekly and monthly income," said Ken Ruggiero, Chief Executive Officer and Chairman of Ascent Student Loans. "As students adapt to the social, financial and educational challenges in the wake of this global pandemic, we want to do our part and help alleviate their concerns if they are unable to make a payment on their Ascent loan."

CARES Act Paves the Way for Private Student Loan Lenders to Help Students

On Friday, March 27, 2020 the Coronavirus Aid, Relief, and Economic Security Act, ("CARES Act") was signed to allow student loan borrowers to suspend payments on Direct Loans and Federal Family Education Loans (FFEL) currently owned by the U.S. Department of Education until September 30, 2020.

"The CARES Act and Ascent's new forbearance option are steps in the right direction to support students during this difficult time," said Kim McNealy, Chief Marketing Officer at Ascent Student Loans. "If students are struggling to make a monthly payment on their student loans, we can help; they just need to reach out and let us know."

Ascent's student borrowers can contact Launch Servicing to pause payments for up to 3 months under Ascent's Natural Disaster/Declared Emergency Forbearance option. It's critical to know once a student enters forbearance, their repayment term is extended, and unpaid interest is capitalized when the forbearance period ends.

Visit AscentStudentLoans.com/Forbearance to learn more and see more ways Ascent can help students in times of financial hardship.

More Ways Ascent is Supporting Students During Coronavirus Pandemic

Students may also experience reduced income as businesses are forced to temporarily close. To offer more opportunities for students to supplement their income, Ascent is offering:

• Multiple $1,000 scholarships in April
• Weekly gift card giveaways for students on Ascent's Instagram
• Earn up to $525 for each friend referred to Ascent

To learn more, please visit here.

About Ascent Student Loans

Ascent is built around one guiding principle: Student loans should expand possibilities, not limit them. That's why Ascent created a new private student loan program that gives students more opportunities to pay for college with or without a cosigner. Ascent loans are originated by Richland State Bank, Member FDIC. Ascent offers benefits as well as free resources that are designed to set students and families up for financial success.

Contact for Press Inquiries

Lauren Thayer | Director of Marketing
619-684-7294
[email protected] 

SOURCE Ascent Funding, LLC

Related Links

https://ascentstudentloans.com