Private Student Loan Advice & College Financing Resources

Graduate school is a meaningful step toward what’s next. Paying for it can feel a little less straightforward, especially as Grad PLUS loan changes shifted on July 1, 2026 on how many students plan for graduate and professional programs.   Grants, fellowships, assistantships, federal loans, private student loans, employer support, scholarships, and personal savings can all play a role in paying for school, and understanding how they work can help you build a plan that fits your goals.  This guide walks through common ways to pay for grad school so you can choose the best option for you with confidence.   What Are Grants for Graduate School?  Grants are financial aid that usually does not need to be repaid, as long as you meet the program’s requirements. For graduate students, grants may come from your school, state programs, nonprofit organizations, professional associations, or certain federal programs.  Graduate grants can be need-based, field-specific, or connected to a service commitment. For example, some education-related grants may require recipients to teach in a high-need field or eligible school after graduation. Read the requirements closely so you understand what’s expected and whether the grant could turn into a loan if the service commitment is not completed.  Where to Look for Grad School Grants  Your graduate school’s financial aid office  Your academic department or program coordinator  State higher education agencies  Professional associations in your field  Nonprofits, foundations, and community organizations  Employer tuition assistance or reimbursement programs  Can Graduate Students Get Scholarships?  Yes. Graduate students can apply for scholarships, though the search may look a little different than it did in undergrad. Graduate scholarships are often tied to your field, academic achievement, career goals, research area, community involvement, financial need, or professional path.  Scholarships may be offered by universities, nonprofits, employers, professional associations, private companies, community organizations, and even lenders. Some are open to many types of graduate students, while others are specific to MBA, law, medical, education, STEM, public service, or doctoral programs.  Graduate scholarships can be competitive, so it helps to stay organized. Track deadlines, eligibility rules, essays, recommendation letters, and award amounts in one place. Even if one scholarship does not cover a large part of your program, several awards together can help reduce what you may need to borrow. For more tips, read out guide on how to find and win scholarships.  What Are Fellowships?  Fellowships are competitive awards that can help fund graduate study, research, professional development, or living expenses. Some are offered by universities, while others come from government agencies, foundations, research organizations, or private institutions.  Unlike assistantships, fellowships may not require you to teach, research, or work for a set number of hours each week. They often have specific eligibility requirements, application deadlines, essays, recommendation letters, and goals tied to the award.  If you’re applying to research-focused programs, especially doctoral programs, ask each school what fellowship opportunities are available before and after admission. Some programs automatically consider applicants for internal fellowships, while others require a separate application.  What Are Assistantships?  Assistantships are school-based roles that may provide a stipend, tuition support, or both in exchange for work. Common options include teaching assistantships, research assistantships, and graduate assistantships.  These roles can be helpful because they may give you hands-on experience in your field while lowering your education costs. Ask how many hours are required, whether tuition is fully or partially covered, and whether the assistantship can continue for more than one term or academic year.  How Federal Student Loans Work for Grad School  Federal loan options for graduate students are changing, so it’s worth reviewing the latest guidance before you borrow. Grad PLUS loans have historically helped graduate and professional students borrow beyond standard federal Direct Unsubsidized Loan limits to cover the full cost of attendance, minus other financial aid. Starting July 1, 2026, Grad PLUS loans are no longer available for new borrowers, which may leave some students with a larger funding gap to plan for.  Graduate students may still have access to federal Direct Unsubsidized Loans, depending on eligibility and program type. Current Ascent resources note annual federal unsubsidized loan caps of $20,500 for graduate programs and $50,000 for professional programs, which may not cover the full cost of some programs. Your school’s financial aid office can help you understand what options may apply to your program, timeline, and borrower status.  Before borrowing, review your financial aid offer and ask your school what federal aid you qualify for, how much you can borrow each year, when interest begins accruing, and what repayment options may be available after you leave school.  When Private Graduate Student Loans May Fit Into Your Plan  Private graduate student loans may help cover remaining education costs after you’ve reviewed scholarships, grants, fellowships, assistantships, savings, employer assistance, and federal aid. These loans are offered by private lenders and banks, and eligibility, rates, repayment terms, and borrower benefits can vary.  Before choosing a private student lender, compare the interest rate, repayment term, in-school payment options, grace period, fees, cosigner release options, and total cost of borrowing. Ascent’s Student Loan Calculator can help you estimate your potential monthly payment and total loan cost, so you can compare options with a clearer picture of what repayment may look like.  Estimate What You May Need to Borrow  Once you’ve added up grants, fellowships, scholarships, assistantships, employer support, savings, and federal aid, you can estimate your funding gap, or the amount you may still need to cover.  How to Compare Grad School Funding Options  As you build your plan, it can help to compare each funding source side by side. Look at what the money can be used for, whether it needs to be repaid, how competitive it is, and what obligations come with accepting it.  Funding Option Usually Repaid? Best For What to Watch Grants No Need-based, field-specific, or service-based aid Some grants may have service requirements Scholarships No Reducing out-of-pocket costs Deadlines, eligibility rules, and essay requirements Fellowships No Research, professional development, or advanced study Competitive applications and specific requirements Assistantships No, but work is required Tuition support, stipends, and experience Weekly hour commitments and renewal rules Employer Assistance No, depending on policy Working students Reimbursement limits, grade requirements, or retention rules Federal Loans Yes Eligible students who want federal borrower protections Annual limits, interest accrual, and Grad PLUS changes Private Student Loans Yes Covering remaining funding gaps Credit requirements, repayment terms, and total loan cost    Final Thoughts  Financing grad school can feel like a lot, but you do not have to figure it out all at once. Start with your total cost, look for funding you do not have to repay, understand how federal loan options and Grad PLUS changes may apply to your timeline, and use loan calculators to estimate what borrowing could look like before you make a decision.  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. 

Getting approved for a student loan is an important step in the process, but it doesn’t always mean the money is ready to be sent right away. Before your lender can send funds to your school, your school usually needs to complete one more step: certification.  Here’s what school certification means, why it matters, how long it can take, and what you can do if your loan is still waiting for certification.  What Does “Certified by Your School” Mean?  Student loan certification is the step where your school confirms your enrollment, eligible college costs, and loan amount before funds are sent. It helps make sure you’re borrowing the right amount for the right academic period and that your loan fits within your school’s cost of attendance.  When your student loan is certified by your school, it means your financial aid office has reviewed the loan request and confirmed key details with your lender. This often includes your enrollment status, academic term, expected costs, and whether the requested loan amount fits within your remaining financial need.  Put simply, certification is your school’s way of confirming that the loan amount works for your enrollment period. Once that happens, your lender can continue with final loan steps and prepare to send the funds to your school.  Why Do Schools Certify Student Loans?  School certification helps make sure your loan amount lines up with your actual school costs and makes sure you don’t borrow more than you’re eligible for. Your lender may approve you for a certain amount, but your school determines how much can be certified based on your cost of attendance and other financial aid you have already received.  Your cost of attendance, often called COA, is your school’s estimate of what it costs to attend for a specific academic period. It can include tuition, fees, housing, food, books, supplies, transportation, and certain personal expenses. Grants, scholarships, federal student loans, work-study, and other aid may lower the amount you need to borrow through a private student loan.  That means your certified loan amount may be lower than the amount you originally requested. That’s not always a bad thing. It usually means your school adjusted the loan to match your remaining eligible education expenses and ensure you don’t over-borrow.  How the Student Loan Certification Process Works  The exact process can vary by school and lender, but student loan certification usually follows a few common steps.  You apply for a student loan. After submitting your application, the lender reviews your information and may approve you for a loan amount.  The lender sends the loan request to your school. Your school’s financial aid office reviews the request and checks it against your enrollment and financial aid records.  Your school verifies your eligibility. The school may confirm your enrollment status, academic term, graduation date, cost of attendance, and other financial aid.  Your school certifies, reduces, or declines the loan amount. If the requested amount is higher than your remaining eligible costs, your school may certify a lower amount.  The lender finalizes the loan. Once certification is complete, the lender may send final disclosures and prepare the loan for disbursement.  Funds are sent to the school. Student loan funds are typically disbursed directly to your school first. If money remains after school charges are paid, your school may issue the remaining amount to you through its refund process. Because processes can vary by school, be sure to check with your financial aid office.  What Information Does Your School Verify?  During student loan certification, your school may verify:  Your enrollment status, such as full-time, half-time, or less than half-time  The academic term or period covered by the loan  Your expected graduation date  Your school-certified cost of attendance  Other financial aid you’ve already received or accepted  Whether the requested loan amount fits within your remaining eligible costs  Whether you meet school requirements, such as satisfactory academic progress, if applicable  Why Was My Student Loan Certified for Less Than I Requested?  If your student loan was certified for less than you requested, it may be because your school determined you didn’t need the full amount to cover your eligible education expenses.  Common reasons your certified loan amount may be reduced include:  You received additional grants, scholarships, or federal aid.  Your cost of attendance was lower than expected.  You requested more than your remaining financial need.  Your enrollment status has changed.  Your school adjusted the loan to match the correct academic term.  If the certified amount doesn’t look right, contact your school’s financial aid office first. Your school is typically the best source for explaining how the final certified amount was calculated.  How Long Does School Certification Take?  School certification can take anywhere from a few days to several weeks, depending on your school’s process, the time of year, and whether any information is missing. Certification may take longer during busy periods, such as the weeks before a new semester begins.  To help avoid delays, apply early, monitor your student portal, respond quickly to emails from your lender or financial aid office, and confirm whether your school needs any additional forms or steps from you.  What Should You Do If Your Student Loan is Waiting For School Certification?  If your loan status says it’s waiting for school certification, don’t panic. This is a normal part of the student loan process. That said, you can take a few simple steps to keep things moving.  Check your school’s financial aid portal for outstanding requirements.  Confirm your enrollment status for the term covered by the loan.  Make sure your requested loan amount matches your remaining costs.  Complete any private loan self-certification form if your lender requires it.  Contact your financial aid office if the status hasn’t changed after a reasonable amount of time.  Ask your lender whether anything is missing on their end.  If your tuition deadline is approaching, let both your school and lender know. Your financial aid office may be able to explain whether a pending loan certification affects your student account, payment deadline, or class registration.  Is School Certification Different for Federal and Private Student Loans?  Both federal and private student loans involve school verification, but the process may look different depending on the type of loan.  For federal student loans, your school uses information from your financial aid application and school records to determine your eligibility and loan amount. For private student loans, the lender may approve your application first, then send the loan request to your school for certification before the loan can be finalized and disbursed.  With either loan type, the goal is the same: to confirm that the loan amount aligns with your school costs, enrollment, and available financial aid.  Final Notes  If your student loan is still waiting for certification, check your student portal, respond to any lender or school requests, and reach out to your financial aid office with questions. A little proactive follow-up can help you understand where your loan stands and what may need to happen before funds are sent.  Still learning how to pay for college? Check out Ascent’s How to Pay for College Webinar for everything you need to know about financial aid — from completing the FAFSA to finding scholarships, understanding work study, and knowing when private loans make sense.   Frequently Asked Questions About Student Loan Certification  Does certified mean my student loan is approved?  Not always. Loan approval and school certification are related, but they are not the same thing. Your lender may approve your application, but your school still needs to certify the eligible amount before funds can be disbursed.  Can my school deny certification?  Yes. A school may decline to certify a loan if you are not enrolled, if the loan period does not match your enrollment, if you are not eligible under school requirements, or if your financial aid already covers your cost of attendance.  Can I change my loan amount after certification?  It depends on your lender and school. If you need to change the certified amount, contact your financial aid office and lender as soon as possible. Your school may need to review the request before any adjustment can happen.  When are funds disbursed after certification?  After certification, your lender may still need to finalize disclosures or wait through any required cancellation period before sending funds. Once disbursed, funds generally go to your school first to cover eligible charges.  Who should I contact about school certification?  Start with your school’s financial aid office because they manage certification and can explain your cost of attendance, other aid, and certified amount. You can also contact your lender to confirm whether they have received the certification or need anything else from you. 

A federal court ruling on June 25, 2026 blocked part of a new Department of Education rule just days before it was set to take effect.  For students planning to start or continue graduate school, the decision creates short-term uncertainty around how much you may be able to borrow through federal loans.  Key Takeaways  A federal judge temporarily paused part of a new Department of Education rule that would change how certain graduate programs are classified for federal student loan borrowing. The rule was scheduled to take effect on July 1.  Under the new regulations, most graduate students would be limited to borrowing $20,500 per year in federal loans, while students in qualifying professional degree programs could borrow up to $50,000 annually.  The groups challenging the policy, including the American Association of Nurse Practitioners, argued that the rule defined “professional degree” too narrowly. Their concern: some fields, including nursing and education, could be left out of the higher borrowing category, creating real funding challenges for students in those programs.  What Happened  A federal judge temporarily paused part of a new Department of Education rule that would change how graduate programs are classified for federal student loan borrowing. The rule was scheduled to take effect on July 1.  Under the new rules, most graduate students would face a $20,500 annual federal borrowing cap, while students in qualifying professional degree programs could borrow up to $50,000 per year.  The court order pauses the Department’s updated definition of “professional degree,” which had identified a limited set of degree types that could qualify for the higher borrowing limit.  That means the definition is on hold for now, but the broader federal loan limits and Grad PLUS phaseout are still moving forward.  What Was Changing  The rule is part of a broader federal student loan overhaul passed in 2025. Two major changes are still in place:  Grad PLUS loans are being phased out for new borrowers.  New federal borrowing caps are being introduced based on program type.  Under the new system:  Most graduate programs are limited to $20,500 per year, up to $100,000 total.  Professional programs, such as law or medicine, may qualify for up to $50,000 per year, up to $200,000 total.  Why the Rule Was Challenged  The court case was not about whether loan caps could exist. It was about how programs were categorized.  The Department of Education created a narrower definition of “professional degree,” which left some healthcare, education, and licensed professional programs outside the higher borrowing category.  Groups representing those programs argued that the Department went beyond what Congress intended when it rewrote the criteria.  What Has Not Changed  The ruling does not eliminate the new federal loan caps.  The broader structure created by Congress, including lower overall borrowing limits and the Grad PLUS phaseout, remains in place. The court’s decision only affects how certain programs may be classified under those limits.  What This Means for Students  In the short term, the ruling may create more flexibility for some graduate programs that would have faced stricter borrowing limits.  But the bigger picture has not changed: many graduate students may have access to less federal funding than in previous years.  That means students may need to plan for:  Funding gaps between federal aid and total school-certified costs.  More reliance on scholarships, institutional aid, savings, or payment plans.  Private student loans as one option to help cover remaining costs.  Learn More with Ascent  Ascent is here to help students, families, and schools understand what is changing, ask the right questions, and plan ahead with more confidence.  If you are trying to estimate a potential funding gap, Ascent’s Grad School Funding Calculator can help you compare your school-certified costs with the aid you may already have available.  To better understand what the Grad PLUS phaseout could mean for students and schools, check out our blog, What Does the End of Grad PLUS Loans Mean for Higher Education? 

When you start planning for college, one term you’ll see often is Cost of Attendance, or COA. It’s your school’s estimate of what one full year of college may cost, including tuition, fees, housing, food, books, transportation, and personal expenses. Once you understand COA, it becomes much easier to compare schools, plan a realistic budget, and make smarter decisions about financial aid and student loans.  If you want to go deeper, Ascent’s Guide to Paying for College and college cost calculator tools can help you connect Cost of Attendance to the bigger picture of financial aid, budgeting, and borrowing, here.  The Part Most Students Miss: It’s More Than Tuition  When people think about college costs, tuition is usually the first number they focus on, but Cost of Attendance is broader. It includes tuition and fees along with everyday costs like housing, food, books, transportation, and personal expenses, which is why it gives you a more realistic view of what college may actually cost.  What Does Cost of Attendance Include?  Every school builds its Cost of Attendance a little differently, but most use the same core categories to estimate what it costs to be a student for a full year.  A helpful way to think about COA is that it covers two types of expenses: costs billed by the school and everyday living costs you manage on your own.  Costs You Usually Pay to the School  These are the expenses that typically show up directly on your tuition bill or school account.  Tuition This is the cost of your classes and academic instruction.  Required fees Most schools also charge mandatory fees that support campus services. These can include things like technology access, student activity funds, lab usage, or program-specific fees.  On-campus housing and meal plans (if applicable) If you live in a dorm, your housing and meals are usually billed through the school. These costs can vary depending on the type of room and meal plan you choose.  Costs You Usually Pay on Your Own  These costs don’t always appear on a bill from the school, but they are still part of the full cost of attending college. Because they’re paid in smaller amounts over time, they’re often the easiest to underestimate.  Books and course materials This includes textbooks (print or digital), lab manuals, software, art supplies, or other course-specific materials.  Transportation This can include:  Gas, parking, or car maintenance if you commute   Public transportation passes   Travel costs if you go home during breaks or holidays   Off-campus housing and food (if you don’t live on campus) If you rent an apartment or live at home, schools estimate what you might spend on rent, groceries, and basic household needs.  These estimates are based on averages, not exact spending , so your real costs may be higher or lower depending on your lifestyle and location.  How Cost of Attendance Affects Student Loan Borrowing  Cost of Attendance also affects how much aid and how much in student loans you may be able to receive. Once scholarships, grants, and other aid are applied, the remaining amount is the gap you still need to cover through savings, income, or borrowing.  That’s why understanding your COA can help you borrow more thoughtfully and avoid taking on more debt than you need. If you’re trying to estimate what borrowing could look like month to month, Ascent’s student loan calculator can be a useful planning tool, here.  Why Cost of Attendance Can Look Different for Students at the Same School  There isn’t always one single Cost of Attendance number for every student. Your COA can change based on your situation, including:  Whether you live on campus, off campus, or commute from home  Whether you’re an in‑state or out‑of‑state student at a public school  Whether you’re enrolled full time or part time  When comparing schools or financial aid offers, make sure you’re looking at the Cost of Attendance that matches your situation so the comparison feels fair and accurate.  Final Thoughts  Cost of Attendance brings all the major pieces of your college budget into one place. Once you understand it, financial aid offers feel less confusing and planning how to pay for school feels more manageable.  A helpful first step is reviewing your school’s Cost of Attendance page alongside your award letter. From there, think about what you can cover with savings, income, or family support, and borrow only what you need to fill the gap.  If you want help making sense of award letters, aid packages, and college costs, our Paying for College Webinar could be a useful next step. 

Ascent, a leading provider of innovative financial products and student support services that enable more students to access education and achieve academic and economic success, has been named one of the 2026 Best Places to Work in Fintech, an awards program created in 2017 by Arizent and Best Companies Group.  This annual survey and awards program recognizes the top employers in the financial technology industry. Honorees operate across a wide range of financial services sectors, including banking, mortgages, insurance, payments and financial advisory. To be eligible, companies must provide technology products or services that support financial services delivery, have been in business for at least one year, and employ at least 15 people in the U.S.  "Each year, the Best Places to Work in Financial Technology offers a glimpse into the practices of fintechs whose employees rate their workplaces highly," said Penny Crosman, executive editor of technology at American Banker. "This year, employees appear to value remote work and schedule flexibility above all else, at a time when many traditional financial firms have enforced strict return-to-work policies."  Companies from across the United States entered a two-part survey process to determine Arizent’s Best Places to Work in Fintech. The first part consisted of evaluating each nominated company's workplace policies, practices, philosophy, systems and demographics. The second part consisted of an employee survey to measure the employee experience. The combined scores determined the top companies and the final ranking. Best Companies Group managed the overall registration and survey process, analyzed the data and determined the final ranking.  “We’re proud to have built a workplace where employees feel trusted, supported, and genuinely connected to the work they do,” said Emily Skoubo, Director of Human Resources at Ascent. “This recognition reflects the collaborative culture our team has created together and our continued focus on providing an environment where people can grow, contribute, and feel valued.”  For more information on Arizent’s Best Places to Work in Fintech program, including full eligibility criteria, visit www.BestPlacestoWorkFinTech.com or contact Penny Crosman at [email protected].  About Ascent  Ascent is a leading provider of innovative financial products and wrap-around student support services that enable more students to access education and achieve academic and economic success. Everything Ascent offers is designed by leading industry professionals and with advanced technology and innovation to increase every student’s ability to plan, pay, and succeed. Ascent’s rare Outcomes-based Loan provides funding to credit-invisible borrowers who generally do not benefit from traditional credit. Ascent products also include: Cosigned Loans, Solo Loans, Career Loans, Parent Loans, Graduate Loans, Access Loans, Enterprise Loans and Impact Loans.  

Helping future business leaders navigate funding and career readiness with greater confidence. RESTON, Va. (May 19, 2026) – GMAC (Graduate Management Admission Council), a global nonprofit association of leading business schools and central hub for business school candidates, today announced a collaboration with Ascent Funding, a leading provider of private student loan products and student support services, facilitated through its bank partners. Together, GMAC and Ascent aim to help Master of Business Administration (MBA) and other business master’s program students better plan for, pay for, and succeed in their graduate business education. According to GMAC’s latest research on prospective business school students, aspects like cost and lack of financial aid, are cited as candidates’ most common barriers to pursuing a graduate business degree. As policies around financial resources for higher education shift, many qualified and motivated learners risk being left behind. Increasingly the barrier isn’t ability - it’s access to funding. Ascent prides itself on its student-focused benefits, easy application, flexible repayment options, and commitment to expanding access to education financing through its outcomes-based funding model, which evaluates students’ expected post-graduation earning potential, rather than relying solely on current income and credit profile. Together, GMAC and Ascent are helping to provide more students with access to flexible, student-centric financing solutions that reflect the realities of today’s business talent. “We know that education has the potential to change the trajectory of someone’s life, but too often, access comes down to outdated measures like credit history or current income, not future potential,” said Ken Ruggiero, CEO of Ascent. “At Ascent, we’ve built our model around outcomes, because we believe students should be evaluated based on where they’re going, not just where they’re starting. Working with GMAC allows us to meet aspiring business school students at a critical moment and give them the tools and financing they need to move forward with confidence.” Students in the GMAC ecosystem may take advantage of a suite of financial and professional benefits provided by Ascent to support them throughout their graduate business school journey, including*: 0.5% - 1.00% autopay interest rate discount 1% cash back reward upon graduation Access to Ascent’s proprietary professional training and career readiness platform, with a 9-month post-graduation grace period before repayment begins A dedicated Ascent representative for personalized application support “For more than 70 years, GMAC’s mission has been to connect aspiring business leaders with the opportunities and resources for them to realize their potential,” said Joy Jones, CEO of GMAC. “As the path to graduate management education becomes more complex, collaborations like this play an important role in helping candidates navigate both the financial and professional aspects of their journey. By working with Ascent, we’re able to help make candidates aware of tools and support at this critical juncture, empowering them not only to enroll in business school but also to thrive during and after their programs.” To further support informed decision-making, Ascent created a proprietary Grad School Funding Calculator that helps graduate students estimate their total cost of attendance, assess federal loan limits under current policy, and identify any potential funding gap between available federal aid and program costs. By clarifying where gaps may exist, the tool gives students a clearer picture of the financing they may need beyond federal loans and other resources. For more information, visit Ascentfunding.com/GMAC. *All Ascent Funding, LLC loans are originated by Ascent’s FDIC-member bank partners. All benefits, rates, and repayment features are subject to eligibility, credit approval, and loan terms, and may vary. About Ascent Ascent is a leading provider of innovative financial products and wrap-around student support services that enable more students to access education and achieve academic and economic success. Everything Ascent offers is designed by leading industry professionals and with advanced technology and innovation to increase every student's ability to plan, pay, and succeed. Ascent’s rare Outcomes-Based Loan provides funding to credit-invisible borrowers who generally do not benefit from traditional credit. Ascent products also include: Cosigned Loans, Solo Loans, Career Loans, Parent Loans, Graduate Loans, Access Loans, Enterprise Loans and Impact Loans. For more information, visit www.ascentfunding.com.  About GMAC GMAC is a global nonprofit association of leading graduate business schools committed to connecting future business leaders with educational opportunities and advancing graduate management education worldwide. Through assessments, research, events, and recruitment solutions, GMAC provides the tools and information necessary for schools and candidates to discover and evaluate each other. With teams in China, India, the United Kingdom, and the United States, GMAC serves millions of visitors each year across its digital platforms. MEDIA [email protected]@wearecsg.com 

If you’re a student with no credit history, you might be wondering if you can still get approved for a private student loan. In many cases, the answer is yes. That said, approval often comes down to a few key details, like whether you have a cosigner, your enrollment status, and the rest of your financial picture.  We’ll walk through how private student loan lenders evaluate borrowers without credit histories, which options may work even without established credit, and a few practical steps you can take to boost your chances of approval.  Why private student loan lenders care about credit history  Private student loans are issued by banks, credit unions, and online lenders, and they typically use credit-based underwriting to estimate how likely a borrower is to repay. If you’ve never had a credit card, auto loan, or other account reported to the credit bureaus, you may have a “thin file” (limited history) or be “credit invisible” (no score at all). That doesn’t automatically mean you’ll be declined, it just means the lender may want additional reassurance, such as a cosigner, proof of income, or other qualifying factors.  So, can you get a private student loan with no credit history?  Many students can qualify for a private student loan even with no credit history. Typically, lenders look for added support (like a cosigner) or other indicators that the loan is likely to be repaid. Here are three common paths:  Apply with a cosigner. This is the most common route for undergraduates with limited credit or income.  Choose a no-cosigner loan (if available). Some lenders consider factors beyond a traditional credit score, such as your program, year in school, or income.  Limit private borrowing while you explore alternatives. You may be able to close the gap with federal loans, scholarships, a school payment plan, or a lower-cost enrollment option.  Option 1: Apply with a cosigner  If you’re a student with little or no credit history, applying with a cosigner is usually the simplest (and most common) way to get a private student loan. A cosigner is someone, often a parent, guardian, or another trusted adult, who agrees to apply with you and share responsibility for the loan.  Why do so many students go this route? Because many undergraduate private student loans are credit-based, and most students haven’t had time to build much credit or steady income yet. A strong cosigner can boost your odds of approval and may help you get a better rate. For example, Ascent borrowers who applied with a cosigner saw rates 4.92% lower on average* and were 5.8x more likely to be approved in 2025. *  You may qualify even if you have no credit score yet.  You might get a lower interest rate than you’d get on your own.  Heads-up: your cosigner is equally responsible for the loan, so staying on top of payments matters for both of you.  Lining up a cosigner doesn’t have to be a forever commitment. Some lenders offer cosigner release, which means your cosigner can be removed from the loan after you meet certain requirements (for example, making a set number of on-time payments and meeting credit and income criteria). If you qualify, the loan becomes your responsibility alone going forward.  This route can be a win-win: you may qualify more easily and potentially get a lower rate, while your cosigner can help you access funding when you need it. The tradeoff is that missed payments can affect both of your credit, and the loan may show up on your cosigner’s credit report as part of their overall debt.  If you’re planning to ask someone to cosign, it helps to have a clear plan before you bring it up: how much you want to borrow, what repayment option you’re choosing, and how you’ll stay on top of payments.   Option 2: Look for no-cosigner private student loan options  If you don’t have a cosigner (or you’d rather not ask someone), don’t stress, you may still have options. Some lenders offer private student loans with no cosigner, and instead of relying only on a traditional credit score, they may look at other parts of your application too.  What does that look like in real life? Depending on the lender and the type of loan, they might review details such as:  Your year in school and enrollment status  Your program, major, and school eligibility  Academic performance or satisfactory academic progress  Your income (if you work) and your ability to make payments  Borrowing amount relative to your school’s cost of attendance  In other words, a no-cosigner loan is often about showing you’re in an eligible program and that the loan amount makes sense for your situation, not about having a long credit track record.  Option 3: Borrow smarter by combining funding sources  If you’re trying to figure out how to pay for school, it helps to think in layers. Many students use a mix of financial aid, scholarships, and school resources first, then use a private student loan to cover the remaining gap (instead of borrowing more than they need).  Start with the FAFSA (even if you plan to borrow privately). Federal aid can include grants and work-study, and it may unlock federal loans if you need them.  Stack scholarships and tuition discounts. Every dollar you earn in scholarships is a dollar you may not need to borrow. Check your school’s portal, your department, local organizations, and employer programs (if applicable).  Use a school payment plan if it helps. Many schools let you spread tuition out over the semester. That can reduce how much you need to borrow at once (sometimes for a small fee).  Consider work-study or part-time work to cover living costs. Covering books, rent, or transportation with income can help you keep your private loan amount lower.  Borrow only what you need. A smaller loan can mean lower monthly payments and, in some cases, it may also make approval easier, especially if you’re applying without a cosigner.  As you put your plan together, building credit can help too. Even a small positive credit history may improve your approval odds and could help you qualify for better rates in the future.   FAQ: Private student loans and no credit history  Will I have a credit score if I have never used credit?  Not always. Some students have no score at all, while others have a thin file that produces a score. Either way, many lenders will want more support for the application, most commonly a cosigner.  Does having a part-time job help me qualify?  It can, especially for lenders that consider income as part of their review. Still, many undergrads need a cosigner even with income, and approval can depend on how much you want to borrow.  Can a private student loan help me build credit?  Yes, on-time payments can help build credit over time if the lender reports to the credit bureaus. The catch is that missed payments can also hurt, so only borrow what you truly need and choose a payment plan you can stick with.  When should I consider federal loans instead?  If you have not filled out the FAFSA yet, start there. Federal student loans are typically easier to access for undergrads and come with protections like income-driven repayment and potential forgiveness options for eligible borrowers.  * 5.8x higher acceptance rates were observed in 2025 across all college 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.  

If you’re comparing private student loans, you’re already doing the right thing by taking a closer look before you choose. The interest rate matters, but it’s only one piece of the decision. You’re not just choosing what you’ll pay, you’re choosing what you’ll get: whether the loan comes with fees, what repayment options you can use while you’re in school and after you graduate, whether there’s an autopay discount, how cosigner release works if you apply with a cosigner, and what kind of tools and support you’ll have along the way.  Another way to compare lenders is to look at what they offer beyond the money itself. Some lenders provide extra resources, like financial wellness tools, budgeting education, or career support. These can help you make smarter decisions while you’re in school and feel more prepared after graduation.  In this guide, we’ll break down the key features that matter most so you can compare lenders side by side and choose the option that fits your budget, your timeline, and goals.   Private student loan interest rates explained: how to compare beyond APR  Interest rate matters because it affects your monthly payment and the total interest you may pay over time. But two loans with similar rates can feel very different once you factor in fees, repayment flexibility, and benefits like autopay discounts or cosigner release.   Private student loan fees: what “no fees” really means  Fees don’t always show up in the headline rate, but they can raise what you pay out of pocket. Many private student loans are structured with no application, origination, or disbursement fees, which keeps your loan cost more straightforward. Still, it’s worth double-checking the fee schedule before you sign, especially for fees that can pop up later in repayment.   Application, origination, or disbursement fees  Returned payment fees  Prepayment penalties (many lenders don’t charge these, but confirm)  A good lender will spell out fees clearly and keep them simple. If you see “no fees,” confirm which fees are included in that promise.  For example, for Ascent college loans, we offer no application, disbursement, or prepayment fees. 1  Private student loan repayment options: what to compare before you borrow  Repayment options decide whether a loan feels manageable.  When you compare lenders, look for:  Choices for how you pay while you’re in school  Clear timing for when full repayment begins after graduation  Options that let you adjust if life changes  Clear explanations of what your payment looks like once repayment starts  Helpful rule: Choose the plan you can stick with consistently.  How this shows up with us: Ascent offers multiple repayment options 2 so you can choose what works best for you. Depending on your loan, that may include options like making no payments while in school, paying interest-only, making a low monthly payment while in school, or choosing a plan where payments start smaller and increase over time.  Autopay discounts on private student loans: how they work and how to qualify  Many lenders offer a small interest rate reduction if you enroll in automatic payments. Over the life of a loan, this can really add up, especially if you borrow for multiple years. For instance, Ascent offers an autopay discount.  Private student loan lender resources: financial wellness and career support  Some private lenders offer more than financing. In addition to loan terms, consider whether a lender provides extra resources, like financial wellness education and career support, that can help you feel more prepared for life after graduation. As an example, Ascent offers these kinds of resources through AscentUP 3, including financial wellness support and access to paid internship opportunities.  1 Only Ascent college loans are eligible for no fees. Ascent career training loans are subject to a one-time origination fee of 5.0% of the loan amount. All Ascent loans are eligible for no application, disbursement, late, NSF or early payment fees.  2 The final ACH discount approved depends on the borrower's credit history, verifiable cost of attendance, and is subject to credit approval and verification of application information. Automatic Payment Discount consists of 0.25% for credit-based college student loans submitted prior to 06/01/2025, 0.5% for credit-based college student loans submitted on or after 06/01/2025, and a 1.00% discount on outcomes-based college student loans when you enroll in automatic payments. For more information, see repayment examples or review the Ascent Student Loans Terms and Conditions.  3 Ascent applicants and borrowers that agree to the AscentUP Terms of Service and Privacy Policy, as well as students associated with an Ascent parent loan application, have access to the AscentUP platform. 

Tuition and fees are only part of the cost of college. Many students also need help covering everyday necessities like housing, food, transportation, and personal expenses. If you are considering a private student loan to help pay for those costs, it's a smart question to ask.  In this guide, we'll walk through when living expenses can be covered by a private student loan, what counts as an eligible expense and how funds are typically disbursed.   Quick answer: Yes, but only within your school’s cost of attendance  In many cases, you can use a private student loan for living expenses like housing, as long as those costs are included in your school’s cost of attendance (COA). COA is the budget your school uses to estimate what it costs to attend for a specific period of enrollment, and it sets the limit for how much total financial aid you can receive, including private student loans.  What living expenses can a private student loan cover?  Your school builds your COA (Cost of Attendance) using categories defined by federal guidelines and local estimates. Exact amounts vary by school and by whether you live on campus, off campus, or commute, but living expenses commonly include:  Housing (on-campus room and board or an off-campus housing allowance)  Food (meal plan or grocery allowance)  Transportation (commuting costs like gas, public transit, or parking, depending on your school’s budget)  Personal and miscellaneous expenses (basic necessities like laundry, hygiene items, and other everyday costs)  Books and supplies (textbooks, lab materials, required course supplies)  Computer and required equipment (in many cases, schools include an allowance for a laptop used for coursework)  Even if you receive a refund (more on that below), student loan funds are not intended for non-education spending. Think of it this way: if it does not support your ability to attend school and complete your program, it is probably not a smart use of loan money.  How private student loan funds reach you (and why you might get a “refund”)  Most private student loans are sent to your school first, not directly to you. The school applies the funds to charges like tuition and fees (and sometimes on-campus housing and meal plans). If there is money left over after your school covers those charges, the remaining amount is typically issued to you as a student refund by check or direct deposit, based on your school’s process.  This timing matters because refunds can take time. If you are counting on loan funds to pay rent or buy essentials at the start of the term, ask your financial aid office when refunds are typically released, and plan accordingly.   If you receive a refund from your school, that money is still part of your student aid and is generally meant for education-related living costs included in your school’s cost of attendance, such as off-campus housing, food, transportation, and required supplies. Because policies and timing vary by school, it is a good idea to confirm your refund and disbursement schedule with the financial aid office, set up direct deposit if available, and keep documentation for major expenses in case questions come up later.  How much can you borrow for living expenses?  Here is the key rule: you generally cannot borrow more than your school-certified COA minus other financial aid you receive. Your school usually has to certify your private student loan amount, which helps keep total borrowing within those limits.  Example: If your school’s COA is $30,000 for the year and you are receiving $18,000 in scholarships, grants, and federal loans combined, you may be able to borrow up to $12,000 in a private loan (assuming you meet lender requirements and your school certifies the amount).  Final takeaway  Yes, a private student loan can help cover living expenses, but the smartest approach is to keep your borrowing tied to your school’s cost of attendance and your real monthly needs. If you are unsure how much to request, start with your COA budget, subtract the aid you already have, and build a simple plan for rent, food, and essentials for the term.  If you want help estimating what you may need to borrow, explore Ascent’s Student Loan Calculator and financial wellness resources, and consider talking with your school’s financial aid office before you apply.  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.  FAQ: Private student loans and living expenses  Can I use a private student loan to pay rent?  Often, yes. If your school includes an off-campus housing allowance in its cost of attendance, rent is usually considered part of that category. The practical detail is timing: your school may issue any leftover funds as a refund after disbursement, so plan ahead for when rent is due.  Can I use a private student loan for groceries and bills?  Typically, yes, within the food and personal expense allowances your school uses in its COA. That may include groceries, basic toiletries, laundry, and utilities that support your ability to attend school.  Why does my school have to “certify” a private student loan?  School certification helps confirm you are enrolled and that the loan amount fits within your cost of attendance after other aid is applied. It is one way the system helps prevent overborrowing beyond education-related costs. 

Paying for college can feel overwhelming, especially when financial aid and scholarships don’t cover all your expenses. Private student loans can help fill the gap, but choosing the right repayment term is just as important as selecting the loan itself. Your repayment term, the length of time you have to pay back your loan, affects your monthly payment, total interest, and financial flexibility.   Understanding your options can help you borrow smart and plan for a secure financial future.  What Is a Student Loan Repayment Term (and Why Does It Matter?)  A student loan repayment term is the time period over which you agree to repay your loan in full. For private student loans, terms typically range from 5 to 20 years, though some lenders offer shorter or longer options.  Note: Your repayment term is how long you repay the loan, while your interest rate (and APR) affects how much borrowing costs; both work together to determine your monthly payment and total repayment.  Your term determines:  Monthly payments: Shorter terms generally mean higher monthly payments, while longer terms will lower your monthly bill over a longer period of time.  Total interest paid: Longer terms usually increase the total interest you pay over the life of the loan.  Financial flexibility: Longer terms can ease monthly budgeting but may limit how quickly you become debt-free.  Choosing the right term is a balance between affordability now and minimizing costs over time.  Repayment Term Options  Private student loans usually come in a few standard term lengths, and each comes with trade-offs.  Short-term (3–10 years)  Shorter terms let you pay off your loan faster and save money on interest. The catch is that monthly payments will be higher. This works best if you have a steady income and can comfortably manage larger monthly bills.  Medium-term (10–15 years)   Medium terms strike a balance. Your monthly payments are more manageable, and total interest stays reasonable. This is a good choice if you want to balance affordability now with paying off your loan in a reasonable amount of time.  Long-term (15–20 years or more)   Longer terms lower your monthly payments, which can be helpful if you have other expenses. The trade-off is that you’ll pay more in interest over time and carry the loan longer. This option is often best for borrowers who need flexibility now and are okay with paying a bit more overall.  How to Choose the Right Repayment Term  The best repayment term depends on your finances, your goals, and what makes sense for your life right now. Here are a few things to consider:  Your budget: Start by figuring out what you can comfortably pay each month. Choosing a term that keeps payments manageable helps avoid stress and missed payments.   Future income: If you expect your income to increase after graduation, you might handle higher payments now with a shorter term, saving money on interest down the road.   Other financial goals: Buying a home, saving for emergencies, or paying off other debts may affect your decision. A slightly longer term can provide flexibility.   Trade-offs: Remember that shorter terms save money but require higher payments, while longer terms lower monthly costs but increase total interest.   Prepayment options: Some loans let you make extra payments without penalties. If yours does, you could choose a longer term for flexibility and pay extra when you can, reducing interest and paying off the loan faster.  Tools like Ascent’s Student Loan Calculator can help you estimate your monthly payment and total cost across different terms, so you can choose what fits your budget and goals.  How Repayment Options Can Support You  Beyond the length of your term, repayment options can also shape your experience.  Some private student loan providers offer in-school repayment choices, like making small fixed payments or interest-only payments while you’re enrolled. You may also be able to defer payments until after graduation, often with a grace period (a set amount of time after you leave school before your first full payment is due) before full repayment begins.  These features can influence how much interest accrues and how your balance looks when repayment starts. They also affect how prepared you feel when that first full payment comes due.  Understanding how these options work before you borrow can help you better anticipate your total cost and repayment experience and feel more confident in the decisions you’re making along the way.  Choosing a loan with flexible repayment options can give you more control over your financial journey, both during school and after you graduate.  Learn More with Ascent   Paying for college can be daunting, and Ascent is committed to providing students and families with the financial resources and clarity 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. 

The U.S. Chamber of Commerce Foundation named Ascent a finalist in the 2025 Citizens Awards, a long-standing program that honors businesses for their leadership in solving the world’s biggest challenges.   Ascent was nominated for the Best Education and Workforce Program for its Zero Percent Loan initiative with The Forward Fund, designed to remove financial and educational barriers for adult learners to gain in-demand skills, advance their careers, and achieve lasting economic mobility in North Carolina.  “We are thrilled to be recognized as a finalist for this award,” said Ken Ruggiero, president & CEO of Ascent. “This honor celebrates the power of collaboration and innovation to expand access to education and career opportunities—creating real impact for learners and the communities they serve.”  This prestigious program recognizes the most innovative and impactful initiatives that leverage a company’s talent, resources, and expertise to improve communities.  Ascent collaborates with philanthropic investors, private funders, and public sector partners to deliver innovative, outcomes-based financing solutions that expand access to upskilling and higher education for adult learners. These partnerships fuel Ascent’s mission to unlock durable economic mobility by removing financial barriers and enabling learners to pursue high-impact training and career pathways.   “Across the country, millions of adults are eager to build new skills and advance their careers, but many are shut out by cost,” said Tristan Fleming, Chief Impact Officer at Ascent. “Our Zero Percent Loan program  helps remove that barrier, giving learners—especially those from low-income backgrounds—the skills and confidence they need to achieve lasting success and economic mobility.”  With minimal underwriting and a 90%+ approval rate, the Zero Percent Loan program allows students to pursue training with no interest or fees. It also offers protections such as payment deferral if a minimum income threshold isn’t met, plus living stipends to support program completion. The results speak for themselves: 98% of participants didn’t have a cosigner, 93% came from low-income backgrounds, and 76% had no college degree. After completing their programs, graduates report an average income increase of an impressive $24,000.  The winners of the 2025 Citizens Awards will be announced during the U.S. Chamber Foundation’s Business Solves Conference on October 28, 2025. Learn more about the awards program and register to attend the event here.    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.   Learn more about how we’re working to increase student income by $10 billion by 2028 in our Impact Report.  About the U.S. Chamber of Commerce Foundation    The U.S. Chamber of Commerce Foundation harnesses the power of business to create solutions for the good of America and the world. We anticipate, develop, and deploy solutions to challenges facing communities—today and tomorrow.