Hawaiʻi Renewable Learning Fund

Hawaiʻi Renewable Learning Fund

Overview: Provides zero-interest, no-fee loans to low-income college students to cover remaining costs of attendance after grants and scholarships.

Loan Repayment Terms

• Income Threshold: $50,000 minimum annual salary
• If earning above threshold: Fixed monthly repayments for up to 5 years
• If earning below threshold: May apply for income-based deferment with $0 monthly repayment obligation
• Grace Period: No payments required while in school or during 3-month grace period following graduation, withdrawal, or dismissal
• No Interest or Fees: Zero-interest loans with no fees charged
• Payment Cap: Never charged more than face value of loan
• Maximum Repayment Term: 60 months (5 years) from end of grace period

Deferment Eligibility

Deferments may be granted for: 1. Income below $50,000 2. Active military duty 3. Natural disaster impact 4. Bankruptcy declaration 5. Extenuating personal hardship

Loan Features

• Linked to Funding Gap: Loan amount equals cost of attendance minus grants/scholarships received
• All repayments recycled: Funds returned to support future students
• Loan Origination: Richland State Bank (member FDIC) through Ascent Funding, LLC
• Loan Servicing: Launch Servicing, LLC

Geographic Scope

Hawaiʻi only

Contact Information

• Loan Application Questions: Ascent Funding - hawaii@ascentfunding.com or 877-216-0876
• Loan Repayment Questions: Launch Servicing - AscentFunding@LaunchServicing.com or 877-209-5297

Student Bill of Rights

1. Right to Transparency: Clear, complete disclosures per Truth in Lending Act (Regulation Z) 2. Right to Open Communication: Access to staff throughout loan lifecycle 3. Right to Student-Centric Financing: Cost-effective education financing linked to career success