Private Student Loan Advice & College Financing Resources

Many students dream of attending top universities like UCLA, UC Berkeley, USC, or Ivy League schools such as Columbia and Cornell, but face two major obstacles: competitive admissions and high tuition costs.  A common misconception is that if you don’t get into your dream school straight out of high school, you’re stuck with your alternative. What many people don’t realize is that transferring is a strategic move—not a backup plan. By completing general education requirements at a community college, students can cut tuition costs in half while keeping their options open for prestigious four-year universities.  Why Starting at Community College Can Save You Thousands  College tuition has never been higher, making cost a major factor in choosing a school. According to the Education Data Initiative, the average cost of attendance for students living on campus at a four-year university is:  In-State Public University: $27,146 per year, which is $108,584 over four years  Out-of-State Public University: $45,708 per year, which is $182,832 over four years  Private Nonprofit University: $58,628 per year, which is $234,512 over four years  These figures don’t include expenses like textbooks, food, and transportation, which add thousands more per year.  In comparison, community college tuition is typically under $5,000 per year. Since your first two years are often focused on general education classes—completing them at a community college cuts overall tuition costs in half while still earning the same degree once you transfer.  Some states even offer tuition-free community college programs, like the California Promise or Tennessee Promise, which help eligible students attend with little to no cost. Depending on your state and financial situation, enrollment fees may also be waived.  Transfer Admission Guarantee (TAG): A Direct Path to a UC  For students attending a California Community College (CCC), the UC Transfer Admission Guarantee (TAG) program offers guaranteed admission to one of these six UC campuses:  UC Davis  UC Irvine  UC Merced  UC Riverside  UC Santa Barbara  UC Santa Cruz  While TAG does not apply to UCLA, UC Berkeley, or UC San Diego, students can still apply to those schools through the regular UC transfer process.  To qualify for TAG, CCC students (including international students) must:  Maintain at least a 3.4 GPA in transferable courses (some majors require higher)  Complete required coursework, including IGETC (Intersegmental General Education Transfer Curriculum, California’s general ed transfer pathway) and major preparation courses   Earn at least 30 transferable semester units before applying and 60 by the time of transfer  TAG applications are submitted between September 1–30, a year before transfer. Students must still complete the UC application in November.  UCLA Transfer Alliance Program (TAP)  If you’re aiming for UCLA, the Transfer Alliance Program (TAP) provides priority admission consideration for students who complete an honors program at a participating California Community College.  TAP students who aren’t accepted into their first-choice major may also be considered for an alternate major, giving them a better chance of admission in UCLA’s competitive transfer process.  Other State Transfer Guarantees   While TAG and TAP are specific to California, many other states offer similar programs:  SUNY (New York): Transfer Guarantee to a four-year SUNY school  Florida’s 2+2 Transfer Program: Guaranteed university admission after earning an AA degree  University of Texas CAP: Transfer agreements with top schools like UT Austin  No matter where you live, many universities have formal transfer agreements that allow students to start at a more affordable college before transitioning to a top university.  How to Use Student Loans (and Private Loans) Strategically  The cost of attendance for college isn’t just about tuition—it includes textbooks, supplies, food, housing, and transportation. These additional expenses can add up quickly, making financial aid and scholarships essential for many students.  Filing the FAFSA (Free Application for Federal Student Aid) is the first step to determining eligibility for financial aid such as:  Pell Grants (need-based, no repayment required)  Federal student loans (low-interest loans with flexible repayment options)  Work-study programs (part-time jobs that help students earn money while in school)  If grants and federal loans don’t fully cover your expenses, private student loans can help bridge the gap.   Private student loans are offered by banks, credit unions, and lenders like Ascent to cover extra costs such as tuition, housing, and other school-related expenses. Unlike some federal loans, private loans may require a credit check or cosigner but often provide competitive rates and flexible repayment options.  Ascent stands out by offering both cosigned and non-cosigned student loans, giving students more flexibility when financing their education. You can check your rates in less than 3 minutes without impacting your credit score. Ascent provides free resources, tools, and scholarship opportunities to help students make informed decisions about paying for college.  Scholarships for Transfer Students  Many universities and private organizations offer scholarships specifically for transfer students, helping reduce tuition costs and reliance on loans. Some notable scholarships include:  USC Transfer Merit Scholarship  UCLA Transfer Scholarship  Texas Christian University Transfer Scholarships  Jack Kent Cooke Foundation Undergraduate Transfer Scholarship  Phi Theta Kappa (PTK) Scholarships  Coca-Cola Academic Team Scholarship  In addition to these, Ascent has given away over $330,000 in scholarship giveaways to date and is always adding more scholarship opportunities—open to all students, with no essay or GPA requirement. These Ascent scholarship giveaways are a great opportunity for transfer students to earn extra money toward tuition, books, or other school expenses.  Smart Borrowing Tips  For students who need to take out loans, borrowing wisely is key to avoiding excessive debt. Here are a few smart borrowing tips:  Borrow only what you absolutely need for essential education costs  Set up autopay to qualify for interest rate discounts and avoid missed payments  Consider making monthly payments while in school—even small amounts like $25/month help you pay off your loan faster  If you’re exploring private loans, Ascent offers flexible private student loans designed for transfer students with both cosigned and non-cosigned options, competitive rates, and repayment plans built to fit your needs.  By making informed financial decisions, students can maximize the benefits of transferring while keeping costs manageable.  Bonus Resource: Ascent also offers AscentUP, which is an online platform with 50+ hours of expert content designed to help students build financial skills, stay on track academically, and prepare for their careers. It’s free for borrowers and a great way to boost your financial confidence while working toward graduation, and gain access to remote, paid internship opportunities.  Final Thoughts: Transferring is a Smart Financial Strategy  Starting at a community college is a clear and cost-effective path to a top university while keeping your education expenses under control.  When used wisely, student loans can be an investment in a better education and future earning potential. Scholarships, transfer programs like TAG and TAP, and smart borrowing strategies can help students graduate from a prestigious university with significantly less debt.  Transferring is a strategic way to earn the same degree at a fraction of the cost. With the right planning, you can position yourself for success at your dream school while keeping your financial future secure.  Whether you’re just starting out at community college or preparing to transfer to your dream school, Ascent is here to help. From flexible private student loans to monthly scholarships and resources like AscentUP, we’re committed to helping students fund their education and their future responsibly.  Explore your options with Ascent today!  About the Author                                                                                                         Kristina Nguyen is a community college student studying Business Administration with an emphasis in Marketing. As President of the Business Club and Transfer Club at her school, she helps students navigate the transfer process, connect with industry professionals, and access scholarship resources. After graduating from high school at 16, Kristina entered community college unsure of what to expect and unaware of the many opportunities available. Now, as she prepares for her own transfer to a four-year university, she’s passionate about helping other students feel confident in their journey and realizes there’s no shame in taking an alternative route to their goals. 

Major Takeaways from Ascent & SAFE Credit Union Webinar: Paying for College 101: Navigating FAFSA®, Scholarships & Loans With tuition costs on the rise, securing financial aid is key to making higher education more affordable and reducing financial stress. Understanding your options—grants, scholarships, work-study programs, and student loans—can help you navigate the process with confidence. We partnered with SAFE Credit Union to host a webinar, “Paying for College 101: Navigating FAFSA®, Scholarships & Loans.” We gathered expert panelists from Ascent including Erin Annis, School Support Coordinator, and Kumba McGill, Relationships Manager, to speak with the Event Host, Savannah Brown, Community Development Specialist at SAFE Credit Union. The discussion focused on demystifying financial aid, offering practical tips, guiding students through the FAFSA process, and answering valuable questions. If you missed the webinar, no worries! Feel free to watch it here. Understanding your financial aid options is crucial for making informed decisions about financing your education. Our panelists thoroughly reviewed four types of financial aid: federal and state grants, scholarships, work-study programs, and student loans. FAFSA®, also known as the Free Application for Federal Student Aid, is the key to accessing federal financial aid, including grants, scholarships, work-study, and loans, with many states and colleges using it for additional aid. Submitting it early maximizes funding opportunities, making college more affordable through need-based aid and low-interest loans. Our panelists suggest that if you have these qualities, you are eligible to submit an application: Financial Needs You need money to help pay for your education High School Diploma or GED U.S. Citizen and eligible non-Citizens Enrolled or accepted in an eligible degree or certificate program To maintain your eligibility, we advise you to do the following: Maintain a +2.0 GPA Do not default on any student loans Keep your non-citizen status intact Do not get it revoked Enroll in a qualifying degree/certificate program Reach the maximum amount you can borrow from the federal government for a lifetime To get you started, our panelists guided students and parents through the process of how to complete the FAFSA application. Before beginning the process, here are some quick notes: Students should start and complete this application as soon as possible and regardless of if they think they qualify Parents will have to fill out their own sections if students are dependent Under the age of 24, not married, no children, not in the military or homeless Students and parents must use different email addresses when creating their FSA ID Pro Tip: If you're unsure about a question, use the “Hint (?)” icons for guidance on providing exactly what is needed. Next, our panelists recommend you grab a cup of coffee or tea to carry you through this hefty process: To stay prepared, you should have the following documents beside you: 2023 federal tax forms and W-2's Untaxed income Child support Verterans’ non-educated benefits Supplemented Support Income (SSI) Cash and investment balances Your top schools Up to 20 options Financial aid offers Here are the steps to completing the FAFSA application: Log into FAFSA.gov Use your FSA ID Used as your electronic signature Save this along with your password! If you submitted FAFSA last year, use same FSA ID Fill out FAFSA Sections 36 questions Enter basic demographic information Insert your college choices Choose your dependency status Questions to determine your dependency If dependent, answers all questions “No” Parents need to fill out their portion Fill out parents’ information and income IRS DRT: invite, consent, and approval are required Fill out student income IRS DRT Sign, submit, and you are all done! Included are important due dates and deadlines to consider: 2025-2026 FAFSA forms are available now! Submit them by 11:59 CT, June 30, 2025 Schools send financial aid offers estimated by mid-to-late February Look out for the following: School/ state deadlines for institution or state aid/grant School offers Institution aid First come first serve Complete the application as soon as possible! Phew! Now that we have covered the FAFSA application process, you have access to a wide range of financial aid opportunities. In addition to federal and state grants, we’ve outlined three more key sources of financial aid to help support your education: Scholarships & Grants: “Free Money,”, no payment required! Federal & State Grants Free aid based on financial needs (ex. Pell Grants, FSEOG) Scholarships Merit-based, need-based, specialized opportunities Local & national databases provide access to thousands of scholarships Private companies and organizations To date, Ascent has given away over [scholarship_awards_amount] in scholarships to students and families. Enter now for a chance to win one of our easy-to-apply, no-essay scholarships! You do not need to have an Ascent loan to enter. Here are some strategies to secure a scholarship or grant: Tailor your applications to the specific scholarship/grant Write compelling essays that draw in your readers Track deadlines – apply early! Work Study Programs: Earn While You Learn Need-Based Aid Paid towards tuition Determined by FAFSA Part-Time Employment Earn money for expenses through on-campus employment Direct Pay & Earnings Wages paid directly to students, not applied to tuition How to Apply? Job Application is required Apply for and be hired by campus departments Funding for campus jobs Departments receive funding for positions, students actively seek & secure employment to utilize the award Student Loans: Federal vs. Private Federal (FAFSA required!) Lower interest rate, flexible repayment options Subsidized loans: interest is not charged while in school Unsubsidized loans: interest is charged while in school Private Best used after exhausting all federal aid options Compare lenders: interest rates, repayment terms, benefits Paying for college may seem overwhelming, but with the right resources and knowledge, you can navigate the financial aid process with confidence. From FAFSA® and scholarships to work-study programs and student loans, there are many ways to make higher education more affordable. By applying early, exploring all funding options, and staying informed about deadlines, you can maximize your financial aid opportunities and set yourself up for success. Remember, you're not alone on this journey! Ascent and SAFE Credit Union are here to support you with valuable resources, scholarships, and guidance.

Finding a cosigner for your student loan can be a difficult process. Ascent has four tips for finding a cosigner for your student loan.

More high school grads are going straight to community college after graduation. Learn why students are choosing community college after high school.

College application deadlines determine the dates student applications must be submitted to be considered for the upcoming school year. While every college is free to set its own application deadlines, many colleges have the same deadlines or at least similar ones. Most colleges offer multiple application options, including early action, early decision, regular decision, and rolling admission.  Which application deadline you submit can impact your eligibility for certain admissions or program types. It can also influence your likelihood of acceptance or the number of schools you can choose between. If you’ve been wondering when college applications are due for fall 2026, we have everything you need to know. When to Apply for College: Fall 2026 Most college application deadlines fall within narrow windows of about two weeks. This is because most colleges and high schools follow similar academic years, which simplifies the process for students and institutions. Below are some key college application deadlines to have on your radar for the 2025-2026 academic year.  Early action: November 1–15, 2025 Early decision: November 1–15, 2025 Regular decision: January 1–15, 2026 Rolling admission: No set deadline While you’ll have to start planning earlier, it’s smart to apply for early action or early decision if you can. The sooner you know what college you’ll attend, the less stress you’ll feel the rest of the year. Aim for the following college deadlines if you plan to apply for early admission for the 2026 school year:  April–May 2025: Take the ACT or SAT June 2025: Request letters of recommendation August 2025: Start writing your essays October 2025: Apply for student aid November 2025: Submit application Remember that these are just general guidelines. Application deadlines for colleges vary, so it’s important to check the official website of each school you’re interested in. Types of Application Deadlines for Colleges When college applications are due for fall 2026 is probably only your first question. You’ll also want to know what each type of application means and when you can expect a decision. Check out the chart of college deadlines below and then read on for more detailed information.  Admission TypeDescriptionApplication DeadlineAdmission DecisionEarly actionApply to a single school earlyNovember 1–15, 2025Mid-DecemberEarly decisionApply to multiple schools earlyNovember 1–15, 2025Mid-DecemberRegular decisionApply to multiple schools using the standard processJanuary 1–15, 2026Mid-March to early AprilRolling admissionOngoing admissions until all spots are filled No set deadline4–6 weeks after application Early Decision (ED) Deadlines Early decision allows you to apply to a single school (typically your top choice) early in your senior year of high school. If you’re admitted under early decision, you are committed to attending that college and must withdraw any other applications, so it’s important to be sure the school is the right fit.  Many colleges notify early-decision applicants by mid-December, giving you an earlier answer compared to other application types. However, since you must commit if you’re accepted, you won’t have the opportunity to compare financial aid offers from multiple schools. Early Action (EA) Deadlines Early action allows you to apply to a school early in your senior year of high school (often at the same or similar deadline to early decision). Unlike early decision, early action is non-binding, meaning you can apply to multiple schools and wait to make a final choice. This allows earlier awareness and more flexibility in the college decision process. Some schools offer restrictive early action, which limits how many early applications you can submit, so be sure to check each school’s policies. Regular Decision (RD) Deadlines Regular decision is the standard application process. Applications are due in late fall or early winter, and acceptances are sent out in late winter or early spring. You may apply to several colleges under regular decision deadlines without forming a binding commitment. This option gives you the most time to complete your application, gather recommendation letters, and improve your academic record before applying. Rolling Admissions Deadlines Schools with rolling admissions have no set deadline and typically accept applications from fall through spring, often from September to June, though it varies. Decisions are usually sent out within a few weeks of applying, which means you may receive an acceptance letter much sooner than with regular decision. While this offers flexibility, it’s still best to apply as early as possible, because spots may be limited later in the admission cycle. College Transfer Deadlines College deadlines for transfer students vary tremendously from institution to institution and semester to semester. For example, most colleges that accept transfer students have separate fall semester transfer deadlines, spring semester transfer deadlines, and summer semester transfer deadlines. Some schools also have priority deadlines for transfer students, which can help increase your chances of receiving financial aid or securing a spot in competitive programs. Scholarship Deadlines Applying for scholarships on time is one of the most important things you can do to improve your likelihood of both receiving financial aid and increasing the amount of aid you receive. Since deadlines vary widely, it’s a good idea to keep a list of upcoming scholarship opportunities and submit applications as early as possible. Some scholarships require essays, recommendation letters, or additional materials, so give yourself plenty of time to prepare.  Get a head start on scholarships by applying for one of Ascent’s no-essay scholarship giveaways today. Late Applications and Special Conditions Application deadlines for colleges are strict and not meeting them usually means you will not be accepted into that school (especially for more competitive schools). But if you miss a deadline, it does not mean all hope is lost. Late college applications can present special challenges, but you may have options. Here are some of the most helpful things you can do: Apply for rolling admissions: Because institutions with rolling admissions accept applications until all spots are filled, they may be an option for applicants who missed deadlines at other schools. Research late deadline options: Some colleges offer extended deadlines for specific circumstances, especially if their class has not been filled. Check admissions websites for details or contact the admissions office directly. Be prepared to explain why you could not meet the application deadline, supported by documentation. Seek a deadline extension: Even if your desired school doesn’t have an extended deadline, they might be willing to accommodate special circumstances if notified in advance. To maximize your chances of consideration, contact admissions offices as early as possible, explain the circumstances clearly and concisely, and offer a plan with a reasonable timeline.  Explain in your application: Address any challenges or adversity you have faced, especially if these circumstances impacted your ability to meet the application deadline. Many colleges provide a section where you can provide additional context or include a personal statement that can be leveraged for this purpose. Seek support from guidance counselors: High school guidance counselors can provide general support and may have advice on handling your particular circumstances.  Pros and Cons of Early Applications There are many potential benefits of meeting early application deadlines for college. However, some early application deadlines might bind you to a particular school, so it is important to be careful. Some of the most important benefits of early applications include: Increased chance of admission: Most colleges have a higher acceptance rate for early applicants. Applying early shows you’re serious about attending, especially if you’re willing to commit through early decision. Many schools take that into account. Plus, you’ll have less competition because the pool of applicants is smaller. Higher priority for financial aid: Financial aid is limited to public and private sources. Many institutions distribute aid on a first-come, first-served basis, and many private and public scholarships do the same. Reduced stress: Not only does hearing back early reduce the stress associated with waiting to hear back from college (especially if it is the student’s dream school), but it also gives both you and your family more time to plan, prepare, and apply for financial aid and scholarships. However, when college applications are due early, you might feel rushed or run into other disadvantages: Early decision is binding: If you apply early decision and are accepted, you must attend that school, which means you can’t compare financial aid offers from other colleges. This can be unfavorable if the school doesn’t offer enough financial aid to meet your needs. Less time to prepare: Early deadlines mean you have less time to improve your GPA, strengthen your extracurricular activities, or retake standardized tests. If you need more time to boost your application, applying early may not benefit you. Key College Applications Deadlines 2024 Most college application deadlines fall within narrow windows of about two weeks. This is because most colleges and high schools follow similar academic years, which simplifies the process for students and institutions.  Below are some key college application deadlines to have on your radar for the 2024-2025 academic year: Early Decision and Early Action Deadlines – November 1-15, 2024 Regular Decision Deadlines – January 1-15, 2025 Rolling Admissions – Ongoing until all spots are filled  Financial Aid deadlines – Dates vary Scholarship deadlines – Dates vary Remember that these are just general guidelines. It’s important to check the official website of each school you are interested in for that specific institution’s deadlines. Tips and Strategies for Meeting College Application Deadlines As you start thinking about when college applications are due, you should also be getting organized so you can make sure your applications are accurate, submitted on time, and paint you in the most favorable light. Here are some tips and strategies: Create a timeline: Develop a detailed timeline that includes application deadlines for the schools you want to apply to, standardized test dates, and any other relevant milestones.  Set incremental goals: Break down large tasks into smaller, more manageable steps. Identify which tasks require the most time, like completing essays and gathering recommendation letters, so you can prioritize those. Utilize digital tools: Apps like Trello, Notion, Evernote, or Todoist can help you list application deadlines, scholarship due dates, and test registration cutoffs. Set reminders to give yourself time to finalize everything. Set up a specially dedicated calendar: Calendar apps like Google Calendar allows you to color-code and categorize, set reminders, sync your calendar across devices, and share it with your supporters. Keep all documents in one place: Use Google Drive or Dropbox to store copies of your transcripts, essays, recommendation letters, and test scores so you can easily access everything you need. Apply with Confidence with Ascent While you may be wondering when college applications are due, that’s just one step in achieving your higher education goals. One of the most important decisions you must make regarding your education is how to pay for college. Although financial aid and scholarships may cover a portion of your expenses, they may not cover the full cost of attending college.  Ascent's private undergraduate student loans can help fill those gaps. Our cosigned student loan and no cosigner student loan options are designed to provide students and their families with the support they need. Let us help you achieve your financial and educational goals. FAQ When Should You Start Applying for Scholarships for College? You can start applying for scholarships as early as your junior year of high school, and some colleges even accept applications from younger students. Many scholarship deadlines fall between the summer before senior year and early spring of senior year. Applying early gives you more opportunities to secure financial aid and reduces the amount you need to borrow for college. Do You Apply for College Junior or Senior Year? Most students begin the college application process in the summer or fall of their senior year. However, junior year is a great time to start researching schools, preparing for standardized tests, and gathering application materials. Some special programs or early admissions opportunities may allow students to apply before senior year, but most regular applications open in August or September of senior year. How Strict Are College Application Deadlines? Application deadlines for colleges are typically very strict, and missing them can mean losing your chance to apply for that term. Some schools may offer late application options, but competitive programs usually have firm deadlines with no exceptions. It’s always best to submit your application early to avoid last-minute issues and ensure everything is received on time. When Are Application Deadlines for Colleges? Most early decision and early action deadlines fall between November 1 and November 15, while most regular decision deadlines fall between January 1 and January 15. However, every college can set its own application deadlines, so you should check with the official admissions website or the admissions department of every college you’re considering. What Does the FAFSA Have to Do with the Deadline to Apply for Colleges? The Free Application for Federal Student Aid, better known as FAFSA, is closely tied to college application deadlines, and its submission is a critical component of the financial aid process. Many colleges use the FAFSA to determine a student’s eligibility for financial aid, such as federal grants, work-study programs, and federal student loans. It's important to submit the FAFSA as early as possible to maximize eligibility for certain aid types and meet FAFSA deadlines. Check out the Ascent guide to FAFSA for more information.

EFC stands for Expected Family Contribution and is a number used in the FAFSA process to help calculate your eligibility for financial aid. Learn more about EFC and the switch from EFC to SAI.

Planning for college is an exciting time of life, but it can get stressful when you don't have a clear plan or know your options for paying for college, including loans for undergraduate students.With some research and planning, you can make informed financial choices that benefit you and those supporting you. Following the three steps below will help you understand different ways to pay for college, including types of financial aid, so the only thing you have to worry about is your classes – not your next tuition payment. 1. Start Saving What You Can According to the Education Data Initiative, 30% of families have a dedicated college savings fund, which may include a 529 plan that’s tax deductible. However, they also found that 54% of parents don’t even know what the 529 plan is. If you and your parents can save for college, it’s good to start early, so you understand how to pay for college or university in ways that benefit you most. Here are a couple of options: 529 savings plan: This is a popular way to pay for college because it offers tax-free earnings and withdrawals when the savings are used at eligible educational institutions. There may also be benefits when reporting income on the FAFSA form, and if it’s not spent, you or your parents may be able to roll the funds into a Roth IRA tax-free. The downside is you must spend funds on educational expenses or incur a 10% penalty on withdrawals used for other purposes.  Mutual funds: They give you or your parents the freedom to spend on whatever you want, and you can invest as much as you want. The downside is these funds are subject to taxes and count as income on your FAFSA form. Custodial accounts: These are transferred from an adult to a child when they turn 18, 21, or 25, depending on your state’s regulations. They offer the freedom to save and spend as you want but are subject to taxes.  A few other ways to pay for college include savings from U.S. bonds, a Roth IRA, and a Coverdell Education Savings Account (ESA).  1. Choose a School That Fits Your Budget Deciding how to pay for college starts when choosing your school. Before you enroll, consider the school’s cost and experience. It may seem difficult to measure these factors, but it’s easier when you break it down into your overall return on investment (ROI).  Here are five factors to consider when choosing a school: Cost: This can vary greatly, particularly when comparing public and private colleges. Private colleges are typically more expensive. Major: Consider how your chosen field of study will impact your future salary, and if it will provide the income to pay back loans efficiently. Use a college ROI calculator to estimate how much money you can expect to earn after graduation. Faculty: Good professors can help you network and potentially offer access to relevant internships and job opportunities. Location: Estimate your travel and living expenses for the area so you know what you can expect to spend. Experience: Think about what type of extracurriculars you plan on joining and what they may cost. You can set yourself up for success by finding a balance between your academic interests and your finances, both now and after you graduate. 2. Get the Most Out of Financial Aid Many people take out private student loans to help pay for college, but there are several other ways to pay for college, including financial aid.  Your eligibility for federal financial aid is determined by filling out the FAFSA, which tells you how much you can receive in grants, student loans, and scholarships to pay for college.  Federal student loans are borrowed directly from the U.S. Department of Education at a lower fixed interest rate. Direct subsidized loans (based on need) for undergrads don’t have to be paid back until you graduate, leave school, or drop to part-time status.  Federal grants: There are several types of grants for students including the Pell Grant, Federal Supplemental Educational Opportunity Grant (FSEOG), and the Teacher Education Assistance for College and Higher Education (TEACH) Grant. Eligibility and annual awards vary depending on need and field of study. Under select circumstances (like withdrawing early), you may have to repay a grant.  Your financial aid package is determined each year by you and your parent’s income and assets, and you will have to fill it out for each year you plan to attend college.  4. Apply for Scholarships Scholarships are a great way to pay for college because they don’t have to be paid back, making college more affordable for you and your parents or guardians. They may cover all college expenses or a portion, depending on the type of scholarship. Scholarships can be: Offered by your educational institution or other organization. Awarded based on need or merit. For athletes. Specific to certain groups like women or people of color. It’s important to start scholarship research early to meet application deadlines and eligibility requirements. You can find scholarships by: Contacting your school of choice. Searching online. Talking to your school counselor or advisor. Checking with nonprofits, community organizations, foundations, or religious organizations that align with your interests, beliefs, or field of study. Researching state and federal agencies. As you find scholarships, confirm they are legitimate. Searching for financial aid and scholarships is free, and organizations should never ask for money when applying. 5. Ask About Work Study College work-study programs allow you to earn money for school expenses by working a part-time job that’s typically on campus. You must fill out the FAFSA if you’re seeking a federal work-study program. If you’re eligible, you’ll be notified in your financial aid offer. If you don’t qualify for a work-study job through your FAFSA application, consider a part-time position either on or off campus to help pay for college.  A part-time job or paid internship can help cover extra costs associated with college while adding to your resume. It’s also a great way to build relationships and network with others in your field.  One potential downside to work-study programs is that your hours are capped, and wages are lower. You may also have limited job availability and more competition for work-study positions. 6. Use a Tuition Payment Plan Tuition payment plans are a great way to pay for college over time instead of all at once. Through an agreement with your college or university, you can pay tuition-related expenses on a monthly, quarterly, or semester basis. Some plans may also cover room and board if you choose to live on campus, but they typically don’t cover textbooks, personal expenses, or off-campus housing.  If you’re considering a tuition payment plan, it’s important to understand the details as some plans may have rules, fees, or penalties. Fees are typically more common if your payment plan goes beyond the academic school year.  7. Choose the Right Private Lender While your FAFSA financial aid package may include federal student loans and other support, you may still have a gap in funding for your desired school. Private student loans can help cover any shortfalls, but it’s important to compare multiple loan offers to ensure you find the solution that’s best for you and your family.  As you explore private loans, look at the following details to find the one with the best benefits for your future: Interest, fees, and APR: The cost of your loan depends on the interest rate applied to your balance and fees charged by the lender. Knowing the APR helps compare the cost of both interest and fees.  Repayment options: Understand how long your loan lasts and when payments begin.  ACH benefits: Some lenders offer borrower perks if you enroll in automatic ACH payments.  Graduation benefits: Look for additional benefits, like cash back at graduation, that may be awarded by a lender when you graduate from your program.   Cosigner support: Some private student loans require you to get a loan with a cosigner, while others do not. Find a lender that matches your family’s decision on who is responsible for the loan.  Success services: Some lenders offer complimentary access to professional development training, resources, and coaching, like AscentUP. Like choosing the right college, finding ways to pay for college involves multiple factors, including cost and borrower experience, so it’s important to do your research and make a choice that’s best for you! Get the Ultimate Guide to Paying for College As you find ways to pay for college, Ascent is here to serve as a resource for building a strong financial foundation.  From scholarship opportunities to FAFSA advice, you’ll find everything you need to take the stress out of paying for college in our Ultimate Guide to Paying for College. Being informed on how to make responsible financial decisions can help you pursue your goals and attend your dream school. FAQ What are some other ways you can pay for college? In addition to federal financial aid, student loans, and work-study programs, there are other options for paying for college. These include employer tuition assistance, 529 savings plans, and education tax credits. At what age does your parents' income not matter for college? You are considered a dependent student on the FAFSA form if you are under 24 years old. These are special circumstances when you may be considered independent under 24: You are married. You have dependents. You are an active-duty US Armed Forces member or a veteran. You are working toward an advanced degree (master’s or doctorate) the same year you’re seeking financial aid.  You have a legal guardian who isn’t a parent or step-parent, or you are emancipated You are unhoused or at risk of being unhoused. Can I get a Pell Grant without my parents? Federal Pell Grants are ways to pay for college and are typically awarded to undergraduates who need more financial assistance. You can apply for the Pell Grant without your parents' information, but only if considered an independent student per the FAFSA criteria. If you are incarcerated and part of an approved Prison Education Program, you may qualify for the Federal Pell Grant.

Interested in applying for private student loans? Learn more about the step-by-step process of how to apply for a private student loan from Ascent Funding.

Around 18 million students complete the FAFSA® annually, yet billions of dollars in federal aid go unclaimed each year.  Filling out the FAFSA doesn’t have to be stressful. Understanding how to get started and what information you need to have to fill it out can feel overwhelming – but we’re here to help. For the 2025-2026 FAFSA webinar, we gathered our experts William Wozniak, VP of Communications and Student Services at INvestEd, and Peg Keough, Director of Education at College Aid Pro, to speak with Kumba McGill, our webinar host and Relationship Manager at Ascent. Bill, Peg, and Kumba covered all the important details you need to know to navigate this year’s FAFSA. Get a beginner’s rundown of the FAFSA at 5:50 - What is the FAFSA and why is it important?  Here are the five major takeaways from our session to help you navigate the FAFSA with confidence: Not sure if you're eligible for aid? Apply anyway! The Free Application for Federal Student Aid, also known as the FAFSA, is the starting point for determining eligibility for federal grants and loans, work-study opportunities, state and institutional aid, and even some private scholarships. That’s a whole lot of opportunity in just a single application! In almost all cases, it’s better to file for the FAFSA than it is to not file for the FAFSA. The amount of aid you could be eligible for might surprise you! Skipping it could mean leaving money on the table. Learn about eligibility at 21: 20 - Who is eligible & how do I stay eligible? The 2025-2026 FAFSA has been simplified Good news! The FAFSA has been significantly streamlined. These updates are designed to make the FAFSA more accessible and less time-consuming. This year, the application has been slimmed down – from 108 questions to only 36! Instead of filling out questions you don’t even need to consider, the form uses something called “skip logic” and will skip questions that don’t apply to you, ensuring a quicker and more user-friendly experience. Additionally, tax information is now automatically pulled in from the IRS. (Hooray!) This will save time and reduce errors commonly made when transferring information from tax documents. Make Sure You Understand Key Changes Every FAFSA season brings changes, and this year is no exception. In addition to simplifying the application and importing tax information, this year’s application aims to provide overall greater access to financial aid. If you haven’t been eligible for some types of aid in the past, you may now be eligible for it this year. If it’s been a while since you’ve filled out the FAFSA, you might remember the Expected Family Contribution (EFC). This has been replaced with the Student Aid Index (SAI). The SAI is calculated slightly differently than the EFC – but many families will not see a big difference. Family size and Adjusted Gross Income (AGI) calculations have changed, which would expand eligibility for Pell Grants. Furthermore, the FAFSA is now available in more languages – making it accessible to more families. Listen to the changes in-depth at 17:15 – What's changed? Be prepared to submit additional information Being prepared to submit additional information also means being informed on deadlines. Depending on how you or your student applies for admission (early decision, early action, or regular decision), your college may prioritize your application differently. Learn more about important due dates and deadlines at 11:15 - Important due dates and deadlines If your state offers aid, submitting the FAFSA sooner than later is highly encouraged because some states award aid first-come, first-served. Check your state’s deadline on the FAFSA website. Completing the FAFSA is just the beginning. Colleges may request extra documentation, such as proof of income changes or details about special circumstances. To avoid surprises, submit your FAFSA early – ideally a week before the earliest college deadline. Documents that you will need include: 2023 Federal tax forms and W2s Information about untaxed income (e.g. child support, veterans education benefits, etc.) Current cash or investment balances For more on preparing for your application, go to 27:32 - What do I need to get started? Explore all your options While the FAFSA is an essential first step, it’s not the only resource for paying for college. Scholarships, private loans, and state-specific aid programs can also play a significant role. Filing the FAFSA can even help you identify gaps that these additional resources might fill. Hear how our experts view additional options at 1:07 – What are my other options? In Conclusion All in all, paying for college doesn’t need to be stressful – but it does take some proactive planning. Starting with the FAFSA ensures you have access to as many opportunities as possible. For a detailed breakdown of these insights, watch our webinar recording – and don’t hesitate to reach out to our team of student loan experts with any questions! https://www.youtube.com/watch?v=xYo-DDmWZq8

What happens when you default on your student loans? This question may arise in the minds of many borrowers, particularly during financially challenging times. Before accepting a college loan, it’s important to understand that neglecting student loan repayments can lead to consequences beyond immediate financial distress. These ramifications can influence your daily life and impact your financial health.  This article will discuss the potential risks associated with defaulting on student loans and provide strategies and knowledge to help prevent them. A strong understanding of your contractual obligations and the resources to help you repay your loans successfully is the first step toward maintaining your financial health.  The Importance of Paying Back Your Student Loans  Student loans, like any other loan, represent a promise. You've borrowed money to fund your education and pledged to pay it back. When you honor this promise, it's a win-win situation. Your credit score remains robust, making future borrowing easier, and it showcases your financial responsibility. You're meeting your financial obligations to your lender by repaying your student loans.  But what if things aren't going so smoothly? We know handling student loans with a cosigner or without can be tough. Life happens, work can be unpredictable, and balancing everything at once can feel like a juggling act. However, not paying student loans doesn't make these problems disappear. In fact, failing to pay back your student loans can make things much worse.  The Impact of Not Paying Student Loans If you are in a financial bind and considering defaulting on your student loans, know there are resources available to help you navigate these waters. The last thing you want to do is make a financial decision that will impact your financial well-being for years to come. The Federal Student Aid website is a great place to start. It's packed with helpful resources to guide you on your repayment journey. Remember, it's all about taking it one step at a time.  Below are some potential consequences borrowers may face for not paying back student loans.  Legal Ramifications Defaulting on student loans can lead to serious legal and financial repercussions. If you fail to make your scheduled loan payments for at least 270 days, your federal student loans enter a state of default. This can trigger a series of consequences, including wage garnishment and withholding of tax refunds.  Once your loan enters default, the entire unpaid balance and all accrued interest become due immediately—a process known as acceleration. The federal government can then garnish up to 15% of your disposable income without a court judgment. Additionally, your tax refunds and federal benefit payments may be garnished or withheld to repay your overdue student loan balances, a process known as Treasury Offset.  Consequences can vary based on the type of student loan—federal or private—and the specific terms of your loan agreement. Therefore, it's crucial to understand your loan terms and seek advice from a financial advisor or legal professional if you struggle to make payments. Ascent has a library of financial wellness resources to help you understand your options regarding responsible borrowing.   Negative Effects on Credit Score Your credit score might seem abstract, but it's a key player in your financial journey. This three-digit number can influence your ability to secure future loans, the interest rates you'll be offered, and even your eligibility for renting an apartment. If you cannot make student loan payments, it's important to know that this can lead to a dip in your credit score.   Late or missed payments on your student loan can negatively impact your credit score. Furthermore, when your loan defaults, your credit report may reflect multiple missed payments, significantly lowering your credit score.   Student loan repayment isn’t just about consequences, though. Making regular on-time payments on student loans will help you build and maintain a healthy credit score, setting you up for financial success in the future.  Ineligibility for Federal Student Aid  One of the lesser-known consequences of defaulting on your student loans is the potential ineligibility for further federal student aid. This could pose a significant barrier if you plan to return to school or pursue further education. You may put your grad school dreams on hold until your defaulted loans are resolved.  The impact of not paying back your student loans can be severe and long-lasting. Failure to pay back your student loans and the impact this decision could have on your credit score may impact your future and financial health for years to come. The penalties associated with default can also result in hefty expenses, especially for borrowers who are already financially vulnerable.   It's important to note that the consequences of defaulting on student loans can vary depending on several factors, including the type of loan, the duration of the default, and state laws. Therefore, it's crucial to understand the terms of your loan agreement and seek advice from your lender or a legal professional if you're struggling with repayment.   Exploring Alternative Repayment Options  If you're struggling to make student loan payments, it's important to know that alternative repayment options are available. These options can make your debt more manageable and help you avoid the negative consequences of defaulting on your loans.  Loan Forgiveness Programs  Loan forgiveness programs can be a lifeline for those struggling with student loan debt. These programs can eliminate part or all of your loan if you meet certain conditions. For instance, the U.S. Department of Education offers forgiveness and discharge programs for federal student loans. You may qualify to have some or all of your loans forgiven or discharged in certain situations, such as working in public service or in instances of total and permanent disability.  Repayment Plans In addition to loan forgiveness programs, repayment plans can help make your monthly payments more manageable.  Remember, the key is to take action and explore these options before your loans go into default. If you're unsure what steps to take, consider contacting your loan servicer or a financial advisor for guidance.  Seeking Professional Help for Student Loan Repayment  Navigating the complexities of student loan repayment can seem daunting, but remember, you're not alone. Professionals and resources are available to help you manage your student loan debt, understand the intricacies of your loans, explain your options like student loan forbearance or student loan deferment, and even negotiate with your lenders on your behalf.  Learn More with Ascent At Ascent Funding, we're devoted to helping students and their families understand the ins and outs of student loans. Whether you're working to manage your student loan payments or simply eager to understand more about committing to a student loan, we have many resources tailored to your needs.  No matter where you are in your journey—whether you are embarking on your college adventure or already addressing student loan repayment—explore our Financial Wellness Hub and find resources to guide your path to financial success for years to come.   FAQ What are the Implications of Not Repaying My Student Loans? Deciding not to repay your student loans carries several severe legal and financial consequences. From a legal standpoint, your creditor could take action against you to recover the debt. This might take the form of wage garnishment, where a percentage of your earnings is automatically directed toward repaying the loan, or you may face a lawsuit. In some extreme federal student loan cases, the government can withhold your income tax refund or social security benefits.  From a financial standpoint, defaulting on student loans can drastically lower your credit score. A lower credit score can lead to a series of negative outcomes. For instance, it can make it harder for you to secure loans or credit in the future, or you may be charged higher interest rates. It also makes it difficult for you to rent an apartment, get a cell phone plan, or even get a job, as some employers check credit scores. So, it's critical to understand that evading repayment of your student loans is not a sustainable strategy and can lead to significant challenges down the line.  Will My Student Loans Automatically Disappear After 7 Years?  Whether your student loans will drop off your credit report after a finite amount of time depends on the type of student loan and the statute of limitations for the state you live in. Private student loans have a statute of limitations ranging between three to ten years, depending on your state of residence. Federal student loans, however, do not have a statute of limitations, which means they can stay on your credit report indefinitely or until the loan is paid off.   How Long Can I Go Without Making Payments on My Student Loans?  The duration you can go without making payments on your student loans before defaulting depends on your loan type. For federal student loans, you're typically considered in default after you haven't made a payment for 270 days (approximately nine months). For private student loans, the time frame can vary significantly and depends on the terms set by your lender—it could be a much shorter period.  However, missing even one payment can negatively impact your credit score. It can also lead to late fees and potentially accelerated repayment of the full loan amount. It's crucial to understand the consequences of not paying student loans and to take proactive measures to avoid default. If you're struggling to make payments, contact your loan servicer. They can provide information about deferment, forbearance, or income-driven repayment plans that could provide some temporary relief. 

As with all loan types, your credit score significantly impacts your eligibility for private student loans. Your credit score may also affect critical aspects of the loan, such as the total loan amount, interest rate, lender options, and repayment terms. But what is the necessary credit score for student loans? Read more to find out.  Federal Student Loans vs Private Student Loans Credit Scores  In most cases, your credit score can impact your approval for a loan, your interest rates and loan terms, and whether you need a cosigner. The credit score requirements of federal student loans and private student loans differ significantly, as do their benefits.  Credit Requirements and Benefits of Federal Student Loans  Federal loans, including Direct Subsidized Loans and Direct Unsubsidized Loans, do not have strict credit score requirements. Instead, federal loan eligibility is based primarily on financial need and enrollment status. Additionally, federal student loans do not require a cosigner.  There are many benefits of federal student loans. Direct Subsidized Loans offer interest subsidies (meaning the government pays the interest on the loan) while the borrower is in school or during grace or deferment periods. Federal loans offer income-driven repayment plans that adjust monthly payments based on the borrower’s income.   Public Service Loan Forgiveness is available for borrowers who have made the equivalent of 120 qualifying payments and work in public service jobs, such as working for government agencies or nonprofits. Federal loan borrowers facing financial challenges may also qualify for deferment or forbearance programs to reduce or postpone payments.  Federal Loans have fixed interest rates that remain for the life of the loan, and these rates may be lower than those from private lenders. Federal student loans also have predictable, standard repayment plans, but many borrowers have the option of graduated or extended repayment plans.  Credit Requirements and Benefits of Private Student Loans The credit score requirements of private student loans vary tremendously between providers, but most loan products require a certain credit score. Your credit score and history can impact the terms of your private loans, which is why private student loans often require cosigners. This is especially true for borrowers with low credit scores or minimal credit history.   Private student loans may offer many benefits and include customizable features. They can have fixed interest rates, variable interest rates, or rates that change over time based on market conditions. Private lenders often provide greater flexibility in choosing repayment terms, allowing borrowers to customize repayment plans based on their situation. ​​For example, Ascent has up to 40 repayment options–more than any other student loan–ranging from 5 to 20-year terms, depending on your program and the loan options.   Additional benefits like zero fees, cash back at graduation, and automatic payment discounts are other common perks to look out for when evaluating lenders. Some private lenders (including Ascent) also offer cosigner release options, which will relieve cosigners from responsibility for the loan if the primary borrower meets certain criteria.   Remember that loan terms, rates, and benefits will vary significantly between lenders and borrower qualifications, so it is important to do your research and find the best fit for your needs. Often, students may apply for a combination of federal and private student loans in order to cover the full cost of tuition expenses.   Understanding Credit Score for Private Student Loans  While every lender requires different credit score requirements for specific loans and terms, understanding the general credit ranges can help predict the type of loan and loan terms you will get based on your credit score.   For example, FICO® scores are based on the credit score ranges below:  Poor Credit: 300 to 579  Fair Credit: 580 to 669  Good Credit: 670 to 739  Very Good Credit: 740 to 799   Excellent Credit: 800 to 850   ​​​  As with any type of credit-based loan, a higher credit score is generally a sign that the borrower may be more credit worthy, and therefore more likely to pay the loan back on time. ​This could have an impact on your eligibility or the loan terms you are offered. ​But​, fear not,–there ​are options for aspiring borrowers with low credit scores or no credit history at all. If you are unable to qualify for a loan on your own, you can consider applying for a student loan with a cosigner.  While many lenders do have a minimum credit score, these requirements will often vary based on the loan product, credit history, and whether you are applying with or without a cosigner. In many cases, the only way to find out how your credit score will impact your eligibility or interest rate is to apply.   How to Find Out Your Credit Score for Student Loan Applications There are several ways to determine your credit score. The easiest option for many individuals is to obtain their credit score from major credit reporting agencies, including Equifax, Experian, or TransUnion. You are also entitled to one free credit report each year from AnnualCreditReport.com. Checking your credit report annually is a great way to keep track of your credit score and does not count as a hard inquiry against your credit profile.   Some credit monitoring agencies also provide ongoing access to your credit score, and many banks and financial institutions also offer free access to credit scores through their online platforms. Some credit card statements also include your credit score.  ​​​Many lenders will also allow you to check your rate without affecting your credit score in just minutes. This can be helpful if you are looking to get an idea of your ​prequalified​ rates or compare rates across different private lenders.   Tips to Improve Your Credit Score for Student Loans  Luckily, there are many ways to improve your credit score for student loans. Some of the most important strategies you can use include:  Make timely payments on all your bills, credit cards, and loans.  Reduce your credit card balances to keep your credit utilization rate (the ratio of your credit card balances to your credit limits) below 30%  Check credit reports and dispute any errors.  Only open new credit accounts after you have completed the student loan application process.  Diversify your credit mix using various types of credit, including credit cards, installment loans, and retail accounts.  Establish a good credit history if you have limited credit history. For example, opening a low interest credit card is a strategy that many college students use to start building credit early on.   Getting Student Loans Without a Cosigner A cosigner agrees to share the obligation to repay the loan if the primary borrower is unable or unwilling to do so. Getting student loans without a cosigner can be challenging, especially if you have limited credit history or low credit scores. However, there are some strategies that you can use that will make it more likely.  Build a positive credit history.  Investigate multiple loan providers, both private and federal.  Apply to lenders that consider other factors besides credit scores.  Demonstrate stable income or employment.  Apply for scholarships and grants.  Even if you can qualify for a student loan without a cosigner, applying with a cosigner may help you qualify for a larger loan, lower interest rates, or better loan terms.  Although cosigned loans are most common for students with poor credit or little credit history, there are options available for prospective students who do not have or want a cosigner. For example, Ascent offers credit-based and outcomes-based loans without a cosigner for eligible students. In addition to credit-friendly programs, some lenders may offer secured loans, where the borrower provides collateral, such as a savings account or real estate, to secure the loan. Secured loans can be a great option for students with low or no credit and are figuring out how to pay for college.   If you do plan to apply with a cosigner, visit our blog for more tips on how to find a cosigner for your student loan.  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 college loans and undergraduate student loans, we are here to help students and their families make informed decisions about their future in college, and beyond.  Credit Score for Private Student Loan FAQ Is it Hard to Get Approved for a Student Loan?  The difficulty to get approved for a student loan depends on many factors. Borrowers with a high credit score and good credit history may find it easy to get approved for a low-interest rate loan with favorable terms. On the other hand, borrowers with poor credit scores or little credit history may struggle to get approved for a student loan, particularly if they do not qualify for federal student aid. Luckily, Ascent makes the application process as simple and easy as possible.  What Disqualifies You from Getting a Student Loan? Different lenders will disqualify you from getting a student loan for different reasons. The good news is even if one disqualifies you, another may not. Some common reasons for disqualification may include:  Defaulting on existing or previous student loans  Exceeding borrowing limits  Failure to meet satisfactory academic progress (SAP) requirements  Conviction of drug offenses  Filing for bankruptcy  Failure to register for the Selective Service (the draft)  Not being enrolled in an eligible program  Outstanding refund owed on a federal grant  Does Bad Credit Affect Getting Student Loans? Bad credit can have a tremendous impact your student loan application. Many lenders will not lend to you at all, and those that will lend to you, will often only do so if you agree to relatively unfavorable terms or to have a cosigner. Bad credit may decrease the total loan amount you are approved to borrow, and increase your interest rate.