Private Student Loan Advice & College Financing Resources

Scholarships are a great way to lower your college costs, but many students don’t realize there can be rules until the money hits their account.  What you can spend scholarship funds on depends on the scholarship’s terms and, sometimes, your school’s policies.  Here’s a practical guide to what’s usually allowed, what’s commonly restricted, and tips to stay organized so you can use your scholarship money correctly.  First, Familiarize Yourself with Your Scholarship’s Rules  Before you spend a dollar, check your scholarship’s award letter or donor agreement. Look for wording like “restricted to tuition and fees,” “for educational expenses,” “renewable,” or “refunds returned to the donor.”  If anything is unclear, contact the scholarship provider (or your school’s financial aid office if the scholarship is administered through the school) and ask what expenses are allowed and how refunds are handled.  What Scholarship Money Can Usually Be Used For  Many scholarships are intended for “education expenses.” In practice, that often includes the same core costs schools use to estimate your cost of attendance. Common approved uses include:  Tuition (your class costs)  Mandatory fees (technology fees, lab fees, student services, etc.)  Books and course materials (textbooks, access codes, required readings)  Supplies and equipment required for classes (for example: calculators, art supplies, tools, nursing scrubs—when required)  Housing (on-campus housing and, sometimes, off-campus rent)  Meal plans or food (often covered when the scholarship allows “room and board”)  Transportation (commuting costs, local transit—sometimes allowed under broader “education expenses” rules)  Computer and internet (especially if needed for coursework; some scholarships explicitly allow a laptop)  Required insurance or program costs (only if the scholarship terms allow it)  How it often works: If your scholarship is sent to your school, it may be applied to your student account first (tuition/fees/housing). If there’s extra left over, you might get a refund. Whether you can keep and spend that refund—and on what—depends on the scholarship’s rules and your school’s process.  What Scholarship Money Usually Can’t Be Used For  Restrictions vary, but many scholarships don’t allow spending on personal or non-essential costs. Common examples of expenses that are often not allowed include:  Entertainment and non-school shopping (concerts, games, streaming subscriptions, decorations)  Vacations and travel that isn’t school-related  Car payments (some scholarships may allow commuting costs, but not buying a car)  Alcohol, tobacco, or other restricted products  Parking tickets, late fees, library fines, and other penalties  Gym memberships (unless required by your program)  Fraternity/sorority dues (commonly restricted)  How to Use Scholarship Money Smartly (and Avoid Surprises)  Ask where the funds will go first. Will the scholarship pay your school directly, or will you receive a check/direct deposit?  Learn the refund rule. If your scholarship creates a credit on your student account, does the leftover come to you—or does it get returned?  Keep receipts. Save bookstore receipts, housing bills, and anything the scholarship might ask you to verify later.  Use a simple tracking system. A spreadsheet or notes app is enough—track the date, amount, and what you purchased.  Prioritize essentials. Cover tuition/fees/books first, then housing/food if allowed, then anything else the scholarship approves.  Don’t assume “extra” money is free money. If you’re not sure an expense is allowed, ask before spending.  Bottom Line  If you’re asking “what can scholarship money be used for,” the safest answer is: whatever the scholarship agreement allows—and that usually starts with tuition, required fees, and required course materials. When in doubt, ask the scholarship provider or your financial aid office, and keep receipts so you can prove your spending if needed.  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.  Plus, don’t forget to check out Ascent's scholarship giveaways, here.  Ascent scholarships are easy to apply for, with no essays required, just simple applications and a chance to win money for school.  FAQ: Scholarship Money Rules Students Ask About  Can I use scholarship money for dorms or rent?  Often yes if the scholarship allows “room and board” or broader “education expenses.” Some scholarships are tuition-only, so always confirm the exact wording.  Can I use scholarship money for a laptop?  Many scholarships allow a computer if it’s needed for school, but not all do. If allowed, keep the receipt and make sure it’s clearly for coursework (not a luxury upgrade you can’t justify).  Can scholarship money be used for food?  If your scholarship includes “room and board,” a meal plan (or reasonable food costs) may be covered. If it’s tuition/fees only, food usually isn’t allowed.  What happens if my scholarship is more than my tuition bill?  Your school may apply the scholarship to your account and then issue a refund for the extra amount. But some scholarships require the unused portion to be returned, reduced, or applied to a future term—so check the policy before you spend any refund.  Will a scholarship reduce my other financial aid?  Sometimes. Schools may need to adjust parts of your aid package to stay within your total cost of attendance. If you’re expecting multiple scholarships, tell your financial aid office early so you can avoid last-minute changes. 

College can be expensive, but scholarships are a great way to make it more affordable while recognizing all the hard work you’ve put in. Even smaller awards can add up to cover tuition, books, or campus life expenses.  The trick is knowing where to look and how to apply, so your application really stands out. This guide will walk you through the process step by step, with tips and strategies to help you find scholarships that fit you and make the whole process feel way less overwhelming!  Why Scholarships Matter  Scholarships are money given to students to help cover the cost of college that you do not have to pay back. More scholarship money means less pressure to borrow student loans or work extra hours while in school. They also recognize your achievements and can make your resume stand out.  Start Your Search Early  Timing is everything when it comes to scholarships. Many awards have deadlines months before the academic year begins. High school students should begin searching as early as freshman or sophomore year, while college students should look for awards for the current year and future years as soon as applications open.  Creating a schedule that includes deadlines, requirements, and reminders can help you stay organized and ensure you never miss an opportunity.  Where to Look for Scholarships  Scholarship opportunities exist everywhere, from national competitions to local awards. National scholarship databases are a great place to start. They let you search for awards based on your grade level, major, interests, or background. Resources like Federal Student Aid, College Board Scholarship Search, Scholarships360 and Fastweb are popular starting points.  Local scholarships often have fewer applicants, which can make them easier to win. Check with your high school counselor, parent or guardian’s employer, local community foundations, and civic organizations. Even small awards add up and can significantly reduce the cost of college.  Many colleges also offer scholarships for incoming students, continuing students, or students pursuing a particular major. Keep an eye on your school’s financial aid website and department pages for announcements and updates.  Choosing the Right Scholarships  Not all scholarships are created equal. It is worth focusing on the ones that match your profile and goals. Look for awards that relate to your major, academic record, personal background, hobbies, or achievements. Creating a running list of scholarships, deadlines, and requirements will help you prioritize your time and apply to the awards with the best fit.  Writing Strong Applications  Finding scholarships is only part of the process. The application itself is your chance to stand out. Pay close attention to instructions and make sure you submit everything that is required. Missing a single document can disqualify your application.  The essay is often the most important part. Use it to show who you are beyond your grades. Tell a story about your experiences, challenges, or goals, and keep your writing clear, positive, and personal. We also recommend avoiding the use of AI as many scholarship reviewers value authenticity. Have a teacher, counselor, or family member review your essay for feedback.   Recommendation letters can also make a big difference. Choose people who know your work ethic and character, and provide them with details about the scholarship and examples of your achievements so they can write a personalized letter.  Look for Scholarships You Can Apply to More Than Once  Some scholarships reopen every month or every year, which means more chances to win. Ascent’s $1,000 “Plan, Pay and Succeed” Scholarship Giveaway is a good example. One student receives $1,000 each month, and the application takes just a few minutes with no essay required. Students ages 14 and older who are enrolled at least half-time in high school, college, or a technical training program can apply—and because the scholarship runs monthly, you can enter again for another chance to win. Students ages 14 and older who are enrolled at least half-time in high school, college, or a technical training program can apply—and because the scholarship runs monthly, you can enter again for another chance to win.  Tips for Success  The most successful scholarship seekers start early, stay organized, and put time into personalizing each application. Keep your resume updated with achievements, volunteer work, and extracurricular activities. Set weekly goals for finding and applying for awards, and celebrate each win no matter the size. Even smaller scholarships can add up and make a meaningful difference in your college budget.  Scholarships can have a big impact on your college journey if you approach the process with a plan. By following this guide, you can make scholarship finding and winning a structured part of your college funding strategy.  Start Your Scholarship Journey Today  Even a few minutes a week searching and applying can add up to hundreds—or even thousands—of dollars toward your college experience. Bookmark recurring scholarships, keep track of deadlines, and personalize each application. Every win counts, big or small, so celebrate your progress and keep moving forward toward your goals!  Not sure where to start? Check out Ascent's scholarship giveaways, here.  Ascent scholarships are easy to apply for, with no essays required, just simple applications and a chance to win money for school.   Learn More with Ascent   Paying for college 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. 

Financial wellness often starts with clarity, and understanding how you are paying for graduate school is no exception. Paying for graduate school has always required careful planning, but starting with the 2026–27 academic year, the math changes for many students.   With the elimination of Grad PLUS loans for new borrowers after July 1, 2026, graduate and professional students may have less federal borrowing capacity than in prior years. That can create a “funding gap” between your program’s total cost and what you can cover through federal loans and personal resources.  Ascent’s Grad School Funding Calculator helps you estimate that gap in under a minute. By entering your program length, cost of attendance, expected annual cost increases, and how you plan to pay (federal loans plus cash/scholarships/family support), you can quickly see what you’ll still need to finance.  Below is a quick walkthrough of what changed, what the calculator is doing behind the scenes, and how to use your results to plan your next steps.  What changed with graduate federal loans (starting July 1, 2026)  Grad PLUS loans are eliminated for new borrowers after July 1, 2026.  Graduate students are limited to Direct Unsubsidized Loans ($20,500/year for graduate programs and $50,000/year for professional programs) and lifetime caps.   For many students, this means federal loans may no longer cover the full cost of attendance.  This calculator is most useful as a planning tool: it helps you model scenarios before you commit to a program, accept an offer, or decide how much you’ll need to cover with savings, scholarships, employer support, or private student loans.  How to Use the Grad School Funding Calculator  If you’re trying to figure out what grad school might actually cost, and what you’ll need to do to cover the difference, this calculator can help. In a few quick inputs, it estimates your total program cost, how much you may be able to cover with federal Direct Unsubsidized Loans (based on annual limits), and what funding gap could be left.  You can use it whether you’ve already been accepted or you’re still comparing options: Ascent’s Grad School Funding Calculator.  Start by Entering Your Program Details  In the first section of the calculator, you’ll enter basic details about your program. The tool uses these inputs to estimate your total multi-year cost and apply the right annual federal loan cap, so the funding gap it shows you is tailored to your situation.  Program type (graduate vs. professional): Start by choosing the type of program you’re planning for. The calculator uses this choice to apply the correct annual federal Direct Unsubsidized Loan limit, because the federal borrowing cap can differ between graduate and professional programs. That annual limit is one of the key pieces the tool uses to estimate how much of your total cost could be covered with federal loans each year.  Have you been accepted? (optional): If you already have an admission offer, choose “Yes.” If you’re still applying, choose “Not yet.” Either way, you can use the calculator—the difference is how precise your inputs can be. If you’re accepted, you can plug in the cost of attendance for that exact school. If you’re not accepted yet, running a few “what if” scenarios can help you compare programs and spot a potential funding gap before you commit.  Program length: Enter how many years you expect to be enrolled (for example, 2 years). The calculator multiplies your annual cost across the number of years (and adjusts for any annual cost increases you enter) to estimate your total program cost—and your total funding needs over time.  Annual cost of attendance (tuition + living expenses): Enter the school’s published cost of attendance for one year (or your best estimate). This is the baseline the calculator uses for your “total cost,” and it typically includes tuition/fees plus housing, food, transportation, books, supplies, and personal expenses.  Cost of attendance annual increase (optional): If you expect costs to rise each year, enter a percentage. The calculator uses this to increase the annual cost in later years (so a 2–4 year program reflects real-world price growth). If you’re not sure, leaving it at 0% gives you a simpler baseline, or your financial aid office may be able to share historical trends.  Choose How You Plan to Pay Each Year  Federal loans per year: Use the slider to select how much you plan to borrow in federal Direct Unsubsidized Loans each year, up to the annual maximum shown for your program type (for many graduate programs, the calculator shows a max of $20,500/year).  Planned cash/scholarships/family contribution per year: Enter any amount you expect to cover without loans—such as scholarships and grants, savings, employer tuition assistance, veteran benefits (if applicable), or support from family.  Calculate Your Funding Gap  After you click “Calculate My Funding Gap," the tool adds up your estimated total cost and subtracts the funding you’ve already planned to use, federal Direct Unsubsidized loans and any cash contributions.   Your results break into three clear buckets: your total cost, your planned funding, and your funding gap.  The gap is the most important number to focus on. It shows where you may need to fill in the difference using a combination of options that make sense for your situation.  For some students, that means continuing to look for scholarships or grants, using employer tuition assistance, or adjusting living expenses or program timing. For others, private student loans may be part of the plan, especially when federal borrowing is capped and remaining costs can’t be covered with savings alone.   If private loans are an option you’re considering, applying with a cosigner can help improve access and may lead to more competitive rates. While it’s a personal decision that comes with shared responsibility, it can be one way to make financing feel more manageable.  Exploring these options side by side can help you understand tradeoffs like interest rates, repayment flexibility, and total cost over time.  Ascent Is Here to Help  Paying for graduate school is a major decision, especially as federal loan rules change. Taking time to understand your total costs, identify any funding gap, and compare your options can help you make a more confident choice, before you commit.  Ascent offers resources for students and families offer guidance about paying for school, better budgeting, career-readiness, and more. Amid ongoing student loan changes, Ascent remains committed to empowering student success and financial wellness.  

As graduate funding rules change, uncertainty around how to pay for graduate education is increasing. To help students and institutions plan with greater confidence, Ascent has launched two new interactive calculators that bring earlier clarity to graduate school financing in this post-Grad PLUS environment.  Designed to surface potential funding gaps before enrollment decisions are finalized, the calculators help students better understand affordability and help schools evaluate how changes to Grad PLUS access could affect programs over time. Ascent’s Grad School Funding Calculator is designed specifically for students, while our Grad School Impact Calculator supports institution‑level planning—each focused on the decisions its audience needs to make.  By helping users identify gaps sooner, these calculators support more proactive financial planning for students, and more informed program‑level decision‑making for schools and financial aid officers.  Why Grad PLUS Planning Matters Now  For nearly two decades, Grad PLUS loans helped graduate and professional students borrow beyond traditional federal limits to cover the full cost of attendance. As access to Grad PLUS loans changes, students may find that federal aid no longer fully covers program costs, while institutions may see downstream effects on enrollment, yield, and program sustainability.  These changes make timing more important than ever. Students need earlier visibility into affordability, and institutions need better tools to model how funding constraints may affect programs over time. That’s where Ascent’s Grad PLUS calculators come in.  Introducing the Grad School Funding Calculator for Students  As graduate program costs continue to rise, many students are being asked to commit to enrollment before they fully understand how their education will be financed. The Grad School Funding Calculator is designed to close that gap by helping students assess affordability earlier in the decision‑making process.  Rather than focusing on repayment or interest rates, the calculator supports forward‑looking planning. It allows prospective and current graduate students to compare their available federal funding to the total cost of their program, so they can explore options before committing to enrollment.  How the Grad PLUS Calculator Supports Students  The Grad School Funding Calculator guides students through a short set of inputs that reflect the real components of graduate education costs and federal aid limits, including:  Program length, so estimates reflect the full duration of the degree  Annual cost of attendance, including tuition and living expenses  Expected annual cost increases, if applicable  Federal Direct Unsubsidized Loan limits, which are capped annually  Using this information, the calculator estimates the difference between total program costs and available federal funding, highlighting a potential funding gap students may need to address through other resources. These may include scholarships, savings, employer assistance, institutional aid, or private loans.  By surfacing this estimate early, the calculator helps students move from uncertainty to clarity, —providing a more informed starting point for financial planning and reducing last‑minute stress as enrollment decisions approach.  The Grad School Funding Calculator complements Ascent’s broader set of student support resources, including AscentUP, which provides financial wellness guidance, career readiness tools, and coaching to help students plan, progress, and prepare for life beyond graduation.  A Calculator for Schools: Helping Institutions Plan Ahead with Greater Clarity  For institutions, the implications of reduced Grad PLUS access extend beyond individual student access. Schools must understand how changes to graduate funding could affect enrollment, revenue, and long‑term program sustainability, —often before those impacts are visible in application or yield data.  The Grad School Impact Calculator is designed to support that planning. It helps institutions model potential funding gaps at the program level, using enrollment and aid data schools already track, so leaders can evaluate risk and plan proactively rather than react later in the cycle.  How the Grad PLUS Calculator Supports Institutions   The Grad PLUS Impact Calculator allows schools to enter key details about a specific graduate program, including:  Program type and length  Annual cost of attendance, with optional cost growth assumptions  Enrollment assumptions, such as cohort size, growth rate, and attrition  Historical aid mix, including the portion of funding previously filled by Grad PLUS  Schools can input information using either percentages or dollar amounts, with default assumptions available for institutions that don’t have exact figures on hand.  Based on these inputs, the calculator estimates the total amount of funding that would need to be replaced if Grad PLUS loans are no longer available to new borrowers. The result is a multi‑year projection that helps institutions visualize potential impact, assess exposure across cohorts, and plan enrollment and funding strategies with greater confidence.  Helping Students and Schools Plan Ahead  Together, these calculators are designed to meet users where they are, helping students understand affordability at the individual level while helping institutions assess impact at the program level.  They also complement Ascent’s broader set of student support resources, including AscentUP, which provides financial wellness guidance, career readiness tools, and coaching to help students plan, progress, and prepare for life beyond graduation as well as Ascent’s ROI calculator, which helps students understand the long-term return on investment of their education.   As graduate funding continues to evolve, earlier insight creates better options. By helping users identify potential gaps sooner, Ascent’s Grad PLUS calculators support clearer decisions —for students, for schools, and for the future of graduate education.  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. 

If you’re applying for student loans, credit cards, or other financial tools for the first time, you’ve probably heard the term FICO® Score. But what does it actually mean, and why does it matter so much when you’re paying for school?

Applying for a private student loan can feel overwhelming, especially if it’s your first time dealing with things like credit, interest rates, and loan paperwork. You might be wondering how approval works, what lenders look for, or how you can improve your chances of getting approved.  The good news is that there are simple, practical steps you can take to make your application stronger from the start!  Whether you’re applying on your own or with a cosigner, preparing ahead of time can help you find better options and feel more confident in the process.  Here are seven essential tips to help you improve your private student loan application and set yourself up for success.  1. Check Your Credit Before You Apply  Your credit history plays an important role in many private student loan applications. Before you apply, take time to review your credit report and FICO® Score so you know where you stand.  Many banks and credit card companies offer free access to your score, and you can also request your credit report through Experian, Equifax, or TransUnion.   Reviewing your credit early helps you understand what’s affecting your score and where you can improve. If you’re just starting out, focus on making every payment on time, keeping credit card balances low, and avoiding maxing out your limit. Small habits like setting up autopay or paying more than the minimum when you can, can build strong credit over time and make the process feel more manageable.  2. Dispute Errors on Your Credit Report  Checking your credit is important, but accuracy matters just as much. Your credit report shows the full picture of your borrowing history, including every loan, credit card, and payment in your name. Lenders review this entire report, not just your score, when evaluating your application.   As you review it, look for anything that does not seem right, such as accounts you do not recognize, incorrect balances, or payments marked late when you paid on time.  If you find an error, take action. You can dispute inaccurate information directly with the credit bureau and the lender that reported it. Fixing mistakes early can help protect your credit and prevent small issues from affecting your approval.  3. Apply With a Cosigner When It Makes Sense  If you’re new to credit or have a limited credit history, applying with a cosigner can strengthen your application. A cosigner is someone—often a parent or trusted family member—who agrees to share responsibility for the loan.  Because many cosigners have longer credit histories, their involvement can help:  Increase approval chances  Improve interest rate options  Unlock higher borrowing limits  At Ascent, we saw 4x higher approvals offs when students apply for an Ascent loan with a cosigner*. For many students, having a cosigner is a practical way to access better 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.  4. Borrow Only What You Need  Private student loans are usually limited to your school’s certified cost of attendance, which includes tuition, housing, meals, books, and basic living expenses. Before applying, take a few minutes to review these costs and think honestly about what you really need to cover.  A helpful approach is to start with your total school costs, then subtract any money you already have from savings, scholarships, grants, or family support. The remaining amount is often a better estimate of what you actually need to borrow.  Applying for scholarships  Completing the FAFSA (Free Application for Federal Student Aid) each year to access federal student loans and other university-based financial aid  Contacting your school’s financial aid office to negotiate your financial aid offer.  Taking advantage of on-campus work-study programs to make some money during school  Borrowing only what you need now can make a big difference later. Smaller loan balances often mean lower monthly payments after graduation and more flexibility as you start your career.  5. Show Strong Financial Habits  Lenders look for signs that borrowers can manage money responsibly. Simple habits can make a meaningful difference in how your application is reviewed.  Focus on:  Paying all bills on time  Keeping credit card balances low  Avoiding unnecessary debt  Maintaining existing accounts in good standing  These habits strengthen your credit profile over time and signal reliability to lenders.  6. Do Your Research on Loan Types  When you apply for a private student loan, you usually have the choice between fixed-rate and variable-rate loans. Understanding the difference can help you pick the option that fits your circumstances.  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 can help you choose a loan type that works for you today and keeps your options open for the future.  7. Apply When You're Financially Ready Timing matters. Applying when your credit is in good shape, your cosigner is also prepared, your documents are organized, and your school information is confirmed can make the process smoother and less stressful.  Before you apply, make sure you have:  Your school and program details  Cost of attendance information  Any income documentation, if required  A cosigner lined up, if needed  Having everything ready can help prevent delays, reduce mistakes, and make it easier to get approved quickly. It also gives you a clear picture of how much you actually need to borrow so you can plan with confidence.  What If You’re Not Approved Right Away?  If your application isn’t approved on the first try, it doesn’t mean you’ve failed, and it doesn’t mean you’re out of options. Many students strengthen their applications by adding a cosigner, improving their credit, or adjusting their borrowing amount.  About Ascent   Ascent is a mission-driven fintech company committed to redefining student lending through a focus on access, affordability, and lasting economic impact. Backed by institutional capital, we offer innovative loan options for college and career training programs—helping more students qualify, with or without a cosigner.    But funding is just the start. From career readiness tools to financial wellness resources to over $330,000 in no-essay scholarships, everything we build is designed to turn education into real opportunity.    * 4x higher acceptance rates were observed between November 2024 through January 2025 across all products when a loan application is cosigned vs without a cosigner. Ascent’s minimum credit requirements vary based on loan product, credit history, and whether you’re applying with a cosigner. You can see your rates without impacting your credit score to help you determine which product could be best for you based on your unique circumstances. 

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. 

For nearly twenty years, the Grad PLUS loan program has been a major pillar of federal financial aid for graduate and professional students. These loans allowed students to borrow beyond traditional federal limits and cover their full cost of attendance, including tuition, housing, books, and living expenses. For many, Grad PLUS was the bridge that made graduate school financially possible.  However, starting July 2026, new Grad PLUS loans will no longer be available under the One Big Beautiful Bill (OBBB) Act.   This pivotal change raises a central question: What will the end of Grad PLUS loans mean for the future of graduate education?  While the full impact remains to be seen, one word comes to mind: opportunity. Opportunity to innovate, rethink graduate funding, and build smarter, more sustainable solutions for students and institutions alike.  What’s Changing: New Federal Limits   Under the new law, federal borrowing for graduate students will be capped:  Graduate (Academic) Programs: $20,500 annual limit, $100,000 lifetime maximum  Professional Programs (Law, Medicine, etc.): $50,000 annual limit, $200,000 lifetime maximum.  Borrower Category Pre-OBBBA Limit New OBBBA Limit Undergraduate Stafford (Dependent) $5,500 - $7,500 per year; $31,000 aggregate Unchanged Undergraduate Stafford (Independent) $9,500 - $12,500 per year; $57,500 aggregate Unchanged Parent PLUS (Parents of Undergrad) Full Cost of Attendance $20,000 per year; $65,000 aggregate per student Graduate Stafford (Masters/PhD/MBA) $20,500 per year; $138,500 aggregate $20,500 per year; $100,000 aggregate Graduate Professional Stafford (MD/JD/DDS) $20,500 per year; $138,500 aggregate $50,000 per year; $200,000 aggregate Graduate Grad PLUS Full Cost of Attendance Eliminated All Federal Loans Combined No lifetime cap $257,500 lifetime cap  Previously, Grad PLUS loans allowed students to borrow beyond federal limits, filling gaps left by Direct Unsubsidized Loans. Once the program is phased out, students will need to explore other options, such as private loans, scholarships, or institutional aid, to fund their education. Financial aid offices will be crucial partners in helping students navigate these choices and stay on track with their goals.  A Brief Look Back: Grad PLUS and Its Impact  Grad PLUS loans weren’t just widely used; they shaped graduate education. While only 16% of graduate students rely on the program, Grad PLUS accounted for 32% of all federal graduate lending, showing just how central it became in helping students pursue advanced degrees. These loans were especially common in high-cost programs, with nearly a quarter of students in programs costing $25,000 to $70,000 using Grad PLUS, and that share rising to 30% for programs above $70,000, according to a 2024 report from the Georgetown University Center on Education and the Workforce.  Beyond helping students, Grad PLUS also influenced institutions. The availability of additional federal funds allowed schools to expand programs, support student opportunities, and invest in resources. However, research suggests that tuition increases sometimes offset the benefits of increased federal lending. Today, according to recent federal data, about 1.8 million borrowers hold Graduate PLUS loans totaling approximately $119.2 billion in debt, a scale that demonstrates the program’s significance and the magnitude of this transition.  What’s Next: A New Era in Graduate Funding  With Grad PLUS loans being phased out, graduate education is entering a new era, one that calls for creativity, collaboration, and thoughtful planning.  For Students  For students, this shift requires the exploration of a broader mix of funding options. Scholarships, grants, and institutional aid will play an increasingly central role in covering costs, while private loans can provide flexible solutions to bridge any gaps. Engaging early with financial aid offices can help students build a comprehensive plan, minimize uncertainty, and feel more confident about their financial path through graduate school. Thoughtful planning now can reduce stress later and ensure students can focus on their studies and career goals without unexpected financial obstacles.  For Institutions  The end of Grad PLUS loans is prompting schools to rethink how graduate programs are funded. Hybrid approaches that combine scholarships, grants, and external funding can help students cover high-cost programs without relying on a single source of support.  Institutions are also exploring ways to make aid more flexible and targeted, from directing resources where they’re most needed to offering modular programs or tuition schedules that let students progress at their own pace.  Partnerships with private lenders can further support students, offering customized loan programs, streamlined processes, and flexible repayment options. Some lenders provide resources beyond financing, such as career readiness tools, coaching, and internship opportunities, to help students graduate on time and launch successful careers.  By combining these strategies, schools can create funding systems that are clear, manageable, and tailored to student needs, helping students navigate the post-Grad PLUS world with confidence.  For Private Lenders  As federal aid changes, private lenders can play a key role in supporting the graduate funding landscape post-Grad PLUS. Thoughtful partnerships open the door to solutions like customized loan programs, flexible repayment options, and streamlined processes that reduce administrative hurdles. Many lenders also provide additional support, offering resources including financial wellness tools, career readiness programs, and internship opportunities to help students successfully complete their programs and transition into their careers.  When considering private student loans, it’s important to choose a lender that’s transparent about rates and fees, offers flexible repayment options, and provides responsive support throughout your borrowing journey. Look for lenders who prioritize student needs, allow for cosigner release, and offer benefits like autopay discounts or hardship protections. Avoid companies that aren’t upfront about terms or make unrealistic promises, and always research reviews to ensure you’re partnering with a trustworthy lender who will support your goals from enrollment to repayment.  Check out our Guide to Choosing the Best Private Lender here, for more information.   Final Thoughts  The end of Grad PLUS is a moment for all stakeholders to think strategically, plan proactively, and embrace flexible solutions. With careful planning, collaboration, and thoughtful use of available resources, the post-Grad PLUS world can be a time of smarter, more sustainable funding that helps students pursue their education and institutions maintain vibrant, accessible programs with student success at their forefront.  About Ascent  Ascent is a mission-driven fintech company committed to redefining student lending through a focus on access, affordability, and lasting economic impact. Backed by institutional capital, we offer innovative loan options for college and career training programs—helping more students qualify, with or without a cosigner.  But funding is just the start. From career readiness tools to financial wellness resources to over $330,000 in no-essay scholarships, everything we build is designed to turn education into real opportunity. 

With Grad PLUS loans ending for new borrowers in July 2026, the private loan market for grad students has shifted fast. Lenders are competing harder for your business, rates vary widely based on your credit, and you've got more options than ever if you know where to look.

With Grad PLUS loans being phased out, graduate students and schools are facing new choices and considerations. While this transition brings some uncertainty, it also opens the door for schools to find new ways to guide and support students as they plan for their educational future.

Graduate funding is changing fast, and schools have an opportunity to rethink how they support students. With the end of Grad PLUS loans under the One Big Beautiful Bill (OBBB) Act, institutions will need to explore new ways to help students cover the cost of high-cost programs like law, medicine, and business. These shifts open space for innovation, helping schools expand access and showcase the value of their programs.