Heading to college in 2026 is exciting, but paying for it can feel stressful, especially if this is your first time dealing with financial aid or student loans.  

The good news is you don’t have to figure it all out at once. Starting early gives you a big advantage. You can find scholarships, understand federal aid, and figure out which student loan options make sense for you. 

In this guide, we will walk you through tips on student loans so you know what to expect and exactly how to prepare. 

Start With the FAFSA as Soon as It Opens 

One of the first steps every high school senior should take, even if you plan on taking out student loans, is completing the FAFSA (Free Application for Federal Student Aid).  This form determines your eligibility for federal grants, work-study, and federal loans and many colleges and scholarships use it to award aid, too. 

For the 2026–27 academic year, the FAFSA opened up on October 1, 2025, and the deadline to submit in time for most federal aid is June 30, 2027. Submitting early gives you the best chance at available grants and need-based aid, which don’t have to be repaid.  

Even if you don’t think you’ll qualify for need-based aid, it’s still worth submitting. You might be surprised by what you’re eligible for, and completing it keeps your options open. 

Apply for Scholarships Early and Often 

Scholarships are one of the easiest ways to reduce how much you might need to borrow for college. Start looking early and check opportunities at the local, state, and national level, including awards from colleges, community groups, and employers. 

Even smaller scholarships can add up fast, so don’t overlook them. And remember, Ascent also offers monthly scholarship giveaways! 

For more information, check out our webinar on How to Pay for College with Scholarships, here. 

Do Your Homework on Student Loan Options 

We know student loans can feel overwhelming, but taking a little time now to understand your options can make a big difference later. The goal is to find a private student loan that works for your budget and your future. 

Private student loans typically come in two types: fixed-rate and variable-rate: 

• Variable-rate loans can go up or down over time with the market. This can save you money if you plan to pay off your loan quickly, but it also comes with more uncertainty. 

• Fixed-rate loans stay the same for the life of your loan, so your payments won’t change. They can give you peace of mind, but your rate won’t drop if market rates go down. 

Doing a little research now, comparing options, and asking questions can help you pick the loan that’s right for you. And remember, you don’t have to figure this out alone. Parents, guardians, your school’s financial aid office, and the team at Ascent can help you weigh your choices and feel confident about your decision. 

Plan How Much You Really Need to Borrow 

When getting ready to apply for a private student loan, plan how much you really need to borrow and only borrow what is necessary.  

Private lenders limit loans to the cost of attendance, but this does not equal just tuition – this includes things like housing, textbooks, even a laptop. Your college will certify your cost of attendance when you apply and you can likely even see that when you decide to enroll at that school. 

Smart budgeting can help you minimize your loan amount and avoid extra interest and repayment stress after graduation. 

Consider a Cosigner for Student Loans 

If you’re new to credit or have a limited credit history, applying with a cosigner can strengthen your application. A cosigner is who agrees to share responsibility for the loan, often a parent or trusted family member.  

Because many cosigners have longer credit histories, their involvement can increase your chances of approval, improve your interest rate options and potentially unlock higher borrowing limits.  

For many students, this is a practical way to access better student loan terms while building their own credit at the same time. Also, keep in mind that some lenders, like Ascent, offer a cosigner release which helps set students up for financial success and removes cosigner’s responsibility. 

Keep Your Credit and Financial Habits Strong 

If you decide to use private student loans, your credit score (or a cosigner’s score) may affect approval and interest rates. Learn how credit works, pay bills on time, and avoid opening too many new accounts too quickly. Good habits now can set you up for better borrowing terms and financial confidence later. 

You’ve got this, and your financial planning now can set you up for success long after graduation! 

Looking for more information? Check out our Ultimate Guide to Budgeting for College Students. 

Learn More with Ascent 

Navigating the student loan application process can be challenging, and Ascent is committed to providing students and families with the financial resources needed to pursue their dreams.    

From financial wellness resources to our flexible private student loans and undergraduate student loans, we are here to help students and their families make informed decisions about their future in college, and beyond.