Private Student Loan Advice & College Financing Resources

We’re proud to share that Ascent has been recognized as one of Southern California’s Best Places to Work by Best Companies Group, an independent organization that honors companies creating strong workplace experiences for their teams.  Best Places to Work SoCal is a research-driven program from Best Companies Group that reviews participating companies’ practices, programs, and benefits, then gathers employee feedback about their workplace experience. Companies that meet the program’s criteria are named among the Best Places to Work SoCal. For Ascent, this recognition reflects more than our benefits or programs. It reflects the people who make our work meaningful every day.  At Ascent, we’re focused on building a workplace where people feel supported, trusted, and able to grow. Our mission is to help students access education and move toward academic and economic success, and we know that work starts with our own team. When employees feel valued and connected to the work they do, they’re better equipped to make a meaningful impact.  Our team is curious, collaborative, and open to new ideas. Leaders encourage learning, create space for feedback, and support career growth across the company. We believe great ideas can come from anywhere, and we work to make sure employees feel heard, included, and empowered to contribute.  Supporting employees means supporting the whole person. Ascent offers flexible and hybrid work options, generous PTO and leave policies, paid parental leave, wellness support, continuing education opportunities, and a 401(k) match. These benefits are designed to help team members care for themselves, grow professionally, and build sustainable careers.  Recognition is also part of how we show appreciation. Through programs like Cosmic Kudos, professional development opportunities, and company-wide celebrations, Ascent makes time to acknowledge the work happening across the team. It’s one way we help create a culture where people support each other, celebrate progress, and take pride in the impact they’re making.  “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.”  At its core, Ascent’s culture is people-first and purpose-driven. Team members support one another, celebrate wins together, and stay connected to a shared goal: helping students and families plan for, pay for, and succeed in school. That mix of mission, collaboration, and opportunity is what makes Ascent a great place to work.  We’re grateful to every employee who helps shape that culture every day and proud of what we’ve built together. As Ascent continues to grow, we’ll keep investing in our people, strengthening our culture, and creating opportunities for employees to do meaningful work while building rewarding careers. Because when our people succeed, the students and families we serve benefit too. 

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.

Ways to pay for college: Why the order matters If you're figuring out how to pay for college, the price can feel overwhelming. The good news is that most students don't pay the full sticker price. Once scholarships, grants, and other aid are applied, what you actually owe is often much lower. It also helps to know that you probably won't pay for college with just one source. Most families combine four or five different sources: free money, federal aid, work, savings, and sometimes a loan to cover what's left. The order you use them in matters. Start with money you never have to pay back, then move to federal aid, and only then consider borrowing from a private lender. This guide walks you through each step so you can build a plan that keeps your costs as low as possible. Key takeaways Know your real number first. Your cost of attendance and net price matter more than the sticker price. Start with free money. Scholarships and grants never need to be repaid. File the FAFSA. It unlocks grants, work study, and federal student loans. Work, save, and use payment plans to shrink what you borrow. Borrow federal before private. Federal loans come with fixed rates and borrower protections. Fill any remaining gap last with private student loans, after cheaper options are used. Cut costs where you can, so there's less to cover in the first place. Step 1: Know your real number Before you look at ways to pay for college, figure out what you actually need to cover. When you think about how to pay for college tuition, remember that tuition is only one piece. Start with the cost of attendance. Cost of attendance is the school's estimate of the full cost of a year of college, including tuition and fees, housing, meals, books, supplies, transportation, and personal expenses. Tuition might be only part of what you'll spend. Next, look for a net price calculator on each school's website. You enter some basic information about your family's finances, and the calculator estimates what you might pay after grants and scholarships. Two schools with very different sticker prices can end up costing about the same. Finally, know the difference between an aid offer and a bill. Your aid offer lists the grants, scholarships, work study, and loans you're eligible for. Your bill shows what you owe the school directly. Loans in your aid offer still have to be repaid, so they don't actually lower your cost, they just change how you pay it. Step 2: Scholarships and grants Scholarships and grants are free money. You never have to repay them, which is why they should be the first place you look for funding. Grants are usually based on financial need. They can come from the federal government, your state, or your school. The federal Pell Grant is the best known, with a maximum award of $7,395 for the 2026–27 award year. Scholarships can be based on grades, talent, community service, your intended major, your background, or simply entering a giveaway. You can find them through: Your school's financial aid office Your high school counselor Local businesses, community groups, and religious organizations Employers, including your parents' employers Free scholarship search websites Lenders and companies, including Ascent's no-essay scholarship giveaways Apply to as many as you reasonably can. Think of it as a numbers game: the more you apply for, the better your chances. Don't skip the small, local awards. A $500 scholarship from a community organization may get far fewer applicants than a big national award, so your odds can be much better. Several small scholarships can add up quickly. Keep a simple list of deadlines and requirements, and reuse essays where the prompts overlap. Scholarships aren't just for high school seniors, either. Many are open to current college students, so keep applying every year. Step 3: File the FAFSA The Free Application for Federal Student Aid, or FAFSA, is your key to federal aid. It's also free to file, so you should never pay anyone to submit it for you. The FAFSA unlocks: Federal grants, like the Pell Grant Federal Work-Study, which helps you earn money through a part-time job Federal student loans, which usually cost less and offer more protections than private loans Your FAFSA isn't just for federal aid. Many states and colleges use the information on it to decide who gets their own grants and scholarships, so filing it can help you qualify for even more free money. File even if you think your family earns too much. There's no income cutoff to file, and some aid, like Direct Unsubsidized Loans, isn't based on need. Many schools also require the FAFSA before they'll consider you for their own scholarships. Timing matters too. The 2027–28 FAFSA is open now, and the federal deadline is June 30, 2028. State and school deadlines are often much earlier, so file as soon as you can. You'll also need to submit a new FAFSA each year you're enrolled in school to continue receiving financial aid. To learn more, read how the FAFSA works and check your FAFSA eligibility. Step 4: Work study and part-time jobs Earning money while you're in school can reduce what you need to borrow. Federal Work-Study is a need-based program that you qualify for through the FAFSA. It helps you find a part-time job, often on campus or with a community service organization. Your aid offer shows how much you're eligible to earn, but you still have to find and work the job. Work study pay is typically sent to you as a paycheck, not applied directly to your bill. Work-Study earnings are generally taxable, but they aren't counted as income when your school calculates your federal student aid eligibility for the following year. A regular part-time job works too, on or off campus. It may pay more, but it may be less flexible around your class schedule. Be realistic about hours. Working a moderate number of hours per week can fit alongside a full course load, but working too much can hurt your grades and make it harder to graduate on time. Work income usually covers living expenses like books, food, transportation, and personal expenses. It rarely covers tuition on its own, but every dollar you earn is a dollar you don't have to borrow. Step 5: Savings and payment plans Savings and family contributions can cover a big share of college costs without adding debt. 529 plans are tax-advantaged savings accounts for education. Money grows tax free and can be withdrawn tax free for qualified education expenses, like tuition, fees, housing, books, and supplies. If your family has a 529, check the plan's rules before withdrawing so you use it for qualified costs. Family contributions can come from parents, grandparents, or other relatives, whether from savings or current income. Talk openly as a family about what everyone can realistically contribute each year so there are no surprises. Tuition payment plans let you spread your bill over monthly payments during the semester instead of paying it all at once. Many schools offer them for a small enrollment fee or none at all, and they usually don't charge interest. That means your family can pay part of the bill from monthly income rather than borrowing. Together, these options can shrink the gap you need to cover with loans. Step 6: Federal student loans If savings and payment plans don't cover everything, federal student loans are usually the next step. They're offered by the U.S. Department of Education, and you qualify by filing the FAFSA. There are two main types for undergraduate students: Direct Subsidized Loans are for students with financial need. The government pays the interest while you're in school at least half time, during your grace period, and during deferment. Direct Unsubsidized Loans are available to undergraduate students regardless of need. Interest starts adding up from the day the loan is paid out. Federal loans have fixed interest rates set by Congress, so your rate won't change over the life of the loan. For the 2026–27 award year, the rate for undergraduate Direct Loans is 6.52%. There are annual and total limits on how much you can borrow, based on your year in school and whether you're a dependent or independent student. For example, a dependent first-year student can borrow up to $5,500 per year. Federal loans offer multiple repayment options including income-driven repayment options, deferment and forbearance, and forgiveness programs such as Public Service Loan Forgiveness for eligible borrowers. Borrow only what you need, even if you're offered more. You can accept part of your loan amount and turn down the rest. Step 7: Use private student loans to cover the rest If you've used scholarships, grants, work, savings, and federal aid and still have a gap, a private student loan can help cover what's left. Private loans are supplemental. They're meant to fill a remaining gap, not replace federal aid. Here's how private student loans typically work: They're often credit based. Lenders look at credit history and income, so approval and rates will vary. A cosigner is usually needed. Most undergraduate students don't have enough credit history to qualify on their own, so a parent or other trusted adult often cosigns. A cosigner shares responsibility for the loan and may help you get a better rate. You can often choose fixed or variable rates. A fixed rate stays the same for the life of the loan. A variable rate can start lower but may change over time. Before you borrow, compare lenders on interest rates, fees, repayment options, grace periods, and whether they offer cosigner release. Eligible juniors and seniors may also be able to get a student loan without a cosigner, like Ascent's outcomes-based loan. Many lenders let you check your rate without affecting your credit score. Whether you apply with a cosigner or on your own, Ascent's undergraduate student loans can help you cover your remaining costs, with flexible options and resources so you can pay for school with confidence. Step 8: Cut the cost instead of funding it Sometimes the best way to pay for college is to need less money in the first place. Here are a few ways to lower your total cost: Start at community college. You can complete general education courses at a lower cost, then transfer to a four-year school. Check transfer agreements so your credits count. Stay in state. Public schools usually charge much lower tuition for state residents. Earn credit early. AP, IB, CLEP, and dual enrollment courses can help you skip some college classes and save on tuition. Live at home or commute. Housing and meals can be one of the biggest parts of your cost of attendance. Graduate faster. Some programs offer three-year degrees, and taking a full course load each term can help you avoid paying for extra semesters. Ask about employer tuition help. Some employers offer tuition assistance for employees, including part-time workers. If you're going back to school as an adult, make sure to ask your employer about tuition assistance first. Even one or two of these can make a real difference in your total cost. How to pay for college without parents If you're paying for college on your own because your parents aren't able to help, you still have options. Start with the FAFSA. If you're under 24, you'll usually need to include parent information. But you may qualify as an independent student if you're married, a veteran, supporting a child, a ward of the court, or experiencing homelessness, among other situations. If you have unusual circumstances, such as an unsafe home, your school's financial aid office can review a dependency override. Independent students can often receive more federal aid, including higher Direct Loan limits. If you need a private loan, a cosigner doesn't have to be a parent. A grandparent, relative, family friend, or other trusted adult with good credit may be able to cosign. If no one can cosign, look into student loans without a cosigner. Some lenders offer loans based on factors beyond credit history, such as your school, major, or expected graduation date. How to pay for college with no money saved Not having savings doesn't mean college is out of reach. Start by filing the FAFSA as early as possible. It's free, and it unlocks grants, work study, and federal loans. Students with the greatest financial need often qualify for the most grant aid. Next, stack as much free money as you can. Apply for scholarships every year, and ask your school's financial aid office about institutional grants. Finally, choose a school you can afford. Compare net prices, not sticker prices, and consider community college or an in-state public school. A school that offers more aid can end up costing less than one with a lower sticker price. How parents pay for college Parents who want to help pay for college usually use a mix of these options: 529 plans and savings. Money saved over time is usually the least expensive way to help. Parent PLUS loans. These are federal loans for parents of dependent undergraduate students. For loans first disbursed on or after July 1, 2026, borrowing is capped at $20,000 per year and $65,000 total per student. Private parent loans. Private parent loans can help cover remaining costs, with the loan in the parent's name. Cosigning. Instead of borrowing themselves, parents can cosign their student's private loan. The loan stays in the student's name and helps them build credit. To compare Parent PLUS and parent student loans in detail, see Parent PLUS vs parent student loans. A realistic example Here's how one student might stack different sources to pay for a year of college. These are illustrative numbers for example purposes only. Your costs and aid will be different. Say a student's cost of attendance is $30,000 for the year. Here's how they might cover it: SourceAmountFederal and state grants$4,000Scholarship from the school$6,000Local scholarship$1,000Federal Direct Loan$5,500Work study$2,500Family contribution and payment plan$8,000Total before a private loan$27,000Remaining gap$3,000 After using free money, work, family help, and federal aid, this student has a $3,000 gap. That's where a small private student loan could come in. Because they used cheaper options first, they borrow far less than they would if they'd started with a private loan. To see what monthly payments might look like, try our student loan calculator. Frequently asked questions What is the best way to pay for college? The best way to pay for college is to use the cheapest money first: scholarships and grants, then savings, then federal aid, then a private loan for whatever is left. Free money never has to be repaid, so it should always come first. Savings and family help can cover costs without adding debt. Federal loans come next because they offer fixed rates and borrower protections. A private loan should fill only the remaining gap. How do most people pay for college? Most families combine multiple sources to pay for college rather than relying on just one. According to NASFAA’s 2026 coverage of how families paid for college in the 2025–26 academic year, those sources can include family income and savings, scholarships and grants, and borrowing. Mixing sources helps families keep borrowing lower and spread costs across different options. Can you pay for college without loans? Yes, but it usually takes a mix of free money, working in school, choosing a less expensive school, and family help. Students who receive large grants or scholarships, start at community college, live at home, and work part time may be able to graduate without borrowing. It's not realistic for everyone, though. If you do need to borrow, keeping the amount small and choosing federal loans first can help. How do I pay for college if my parents won't help? Start by filing the FAFSA and checking whether you qualify as an independent student, which can increase the federal aid you receive. If you have unusual circumstances, ask your financial aid office about a dependency override. For a private loan, a cosigner doesn't have to be a parent. A relative or trusted adult may be able to help. You can also look into loans that don't require a cosigner. Should I take federal or private loans first? Take federal loans first, every time. Federal student loans have fixed interest rates set by Congress and don't require a credit check for undergraduates. They also offer income-driven repayment and forgiveness options that private loans don't have. Private student loans are best used to cover any gap that remains after you've used scholarships, grants, savings, and federal aid. How much should I borrow for college? Borrow only what you need to cover your remaining college costs after scholarships, grants, savings, and other financial aid. Before borrowing, consider how much you expect to earn after graduation and whether the monthly loan payments will fit within your budget. A student loan calculator can help you estimate what your monthly payments might look like after graduation. The best way to pay for college: Build your plan in order Paying for college works best when you follow the right order. Know your real number, then use scholarships and grants and file the FAFSA. Work, save, and use payment plans to shrink what you borrow, then take federal loans before anything private. Look for ways to cut costs along the way. If there's still a gap after all that, a private student loan can help you cover the rest. Ready to cover what's left? Apply Now

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. 

Understanding how student loan interest works and how it's calculated can help you manage your debt more effectively–and potentially save you money. Staying informed and making smart decisions about your student loans can help you invest in your education without sacrificing your financial future.  Key Takeaways Student loan interest is calculated daily and added to your balance monthly. Interest typically begins accruing upon disbursement. Calculate your student loan interest by finding the daily interest rate (annual interest rate divided by days in the year). Next, multiply your daily interest rate by your outstanding loan balance to determine how much interest accrues each day. Then multiply your daily interest accrual by the number of days in your billing cycle to determine your monthly interest charges. Capitalization occurs when unpaid interest is added to your principal balance. This makes your total debt bigger, so you’ll pay interest on a higher amount going forward. This typically happens after a deferment or grace period. There are two main types of interest rates: fixed and variable. Fixed rates remain the same, offering predictable payments. Variable rates fluctuate with the market, potentially affecting your monthly payment and total repayment amount. Understanding Student Loan Interest  When you take out a student loan, you're not just borrowing the amount you need for school; you’re also agreeing to pay interest, a cost calculated as a percentage of the principal amount. Interest is essentially the price you pay for the opportunity to borrow the money. Understanding how interest is calculated on student loans is crucial for managing your debt and planning your financial future.  Interest on student loans is typically calculated daily and added to your loan balance monthly. The amount of interest you owe depends on your loan's interest rate, the amount of your loan, the time it takes to repay it, and other loan terms. Generally, the longer you take to repay your loan, the more interest you'll pay.  Types of Student Loan Interest The primary types of student loan interest are fixed and variable. Let’s take a deeper look at the two and how they differ.   Fixed Interest Rate Loans Fixed interest rate loans have an interest rate that remains the same for the life of the loan. This means your monthly payments will be predictable, and you'll know exactly how much you'll pay over the loan term. Federal student loans typically have fixed interest rates, not based on credit score or financial history, but are set by law.   Variable Interest Rate Loans Unlike fixed-interest rate loans, variable interest rates fluctuate over time to mirror market conditions. Variable interest rates are typically tied to a financial index and can rise or fall based on the current market interest rates. While variable rates are sometimes lower than fixed rates, they're also less predictable. If rates increase significantly, so could your monthly payment and total loan cost.  Differentiating Principal and Interest Payments When you make a payment on your student loan, it's applied to both the principal and the interest. Initially, a large portion of your payment goes toward the interest. Over time, as the principal balance decreases, more of your payments are applied to the principal. Understanding this concept can help you make informed decisions about how to calculate interest on student loans and how extra payments or a different repayment plan might affect your total cost.  Steps on How to Calculate Student Loan Interest Let’s start by breaking down the equation for calculating student loans. Interest = Principal Balance x Daily Interest Rate x Time  Principal Balance: The initial amount borrowed on your student loan.  Daily Interest Rate: Your annual interest rate is divided by the number of days in the year.  Time: The number of days you want to calculate the interest.  You can calculate the amount of interest that accrues on your loan by plugging these values into the equation. Continue reading for the steps on how to calculate student loans:  1. Find Your Daily Interest Rate The first step in calculating your student loan interest is to find your daily interest rate. This is your annual interest rate divided by the number of days in the year. For example, if your annual interest rate is 5%, your daily interest rate would be approximately 0.0137%.  2. Determine Daily Interest Accrual Charge Next, you'll need to determine how much interest accrues each day. You do this by multiplying your outstanding loan balance by your daily interest rate. For instance, if your loan balance is $20,000 and your daily interest rate is 0.0137%, you would accrue about $2.74 in interest per day.  3. Multiply by Days in Billing Cycle to Find Monthly Payment Finally, to find out how much interest you'll be charged in a month, multiply your daily interest accrual by the number of days in your billing cycle. Continuing with the previous example, if your billing cycle is 30 days, you would accrue about $82.20 in interest for that month.  Tools and Resources for Calculating Student Loan Interest   ​​​​​From college degree ROI calculators to federal loan simulators, there are plenty of tools and resources available to help you understand how to calculate student loan interest. These tools can provide a detailed explanation of your loan, including how much of your payments are towards interest versus the principal and how extra payments or a different repayment plan might affect your total cost.  In addition to online calculators, your loan provider should give you detailed loan statements that break down your payments into principal and interest. Your provider should give you a clear picture of how your payments are applied and how much of your loan balance is still outstanding. If you’re unsure how to read your loan statement or have questions about your interest rate, don’t hesitate to reach out to your lender for assistance.  What is Capitalization of Interest? When calculating your student loan interest, it's also important to understand the concept of capitalization. Capitalization is when any unpaid interest on your student loan is added to the principal balance. This can happen at certain times, like when your loan enters repayment or after a period of deferment or forbearance.  When interest is capitalized, it increases the principal balance of your loan, which means you'll be paying interest on a larger amount. This can increase the total cost of your loan and make your monthly payments higher. This information can help you plan your payments and potentially save money in the long run.  When Student Loan Interest Starts  Interest on student loans typically starts accruing as soon as the loan is disbursed. This means that your loan could accumulate interest even while you’re still in school. However, with some types of loans, like subsidized federal loans, the government will pay the interest while you're in school, during the six-month grace period after you leave school, and during any periods of deferment. That’s why it is important to understand the difference between subsidized vs. unsubsidized loans.   For unsubsidized loans, the interest starts accruing when the loan is disbursed. If you choose not to pay the interest while you're in school or during your grace period, it will be capitalized, or added to your principal balance, when you start repayment.  The Importance of Understanding Student Loan Terms  Understanding how student loan interest works is just one part of managing your student loans effectively. It's also important to know the terms of your loan agreement, including your repayment schedule, the consequences of missing a payment, and what options you have if you're struggling to make your payments.  For example, many student loans offer deferment or forbearance options, which allow you to temporarily stop making payments or reduce your payment amount if you're facing financial hardship. However, interest may continue to accrue during these periods, which can increase the total cost of your loan.  Learn More with Ascent  At Ascent, we're committed to helping students and families navigate the world of college loans and make informed financial decisions. We offer a range of financial wellness resources to help you understand your loan options and manage your student loan debt effectively. Whether you're just starting your college journey or seeking graduate student loans to help you further your education, we're here to help you reach your academic and financial goals.  FAQ  How do you reduce the total interest paid on student loans? You can use several strategies to reduce the total interest paid on your student loans. One of the most effective ways is making a payment more than the minimum monthly amount. Paying above the minimum can help you reduce your principal balance faster, which means you'll be charged less interest over the life of the loan.  Another strategy is to refinance your student loans. Refinancing involves taking out a new loan with a lower interest rate to pay off your existing loans. Refinancing can reduce your monthly payment and the total amount of interest you pay. However, refinancing isn't right for everyone, and it's important to consider the pros and cons before deciding.  What happens if you don't make student loan payments?  You could face serious consequences if you don’t make your student loan payments. Your loan could become delinquent, and if you continue to miss payments, it could go into default. This can damage your credit score, making it harder for you to get credit cards, auto loans, or mortgages in the future.  In addition, if you default on federal student loans, the government can collect the debt, including garnishing your wages or withholding your tax refund. If you're struggling to make your student loan payments, it's important to reach out to your lender as soon as possible. They may be able to work with you to find a solution, such as changing your repayment plan, applying for deferment, or forbearance.  Do student loans have interest? Yes, student loans do have interest. The interest rate can vary depending on the type of loan and the lender. By law, federal student loans have fixed interest rates, while private student loans can have either fixed or variable rates. The interest on your student loans can significantly affect the total cost of the loan, so it's important to understand how to calculate interest on student loans and consider the interest rate when choosing a loan. 

The Free Application for Federal Student Aid, or FAFSA, is the first step in the application process for federal student aid, encompassing all federal loans. For students looking to secure financial aid for the upcoming school year, it can pay off to be proactive and file the FAFSA as early as possible.   Read on to find out why, plus we'll review important FAFSA deadlines, eligibility requirements, and tips for a successful application process. 5 Benefits of Filing the FAFSA Early Filling out the FAFSA early maximizes your chances of securing the most possible federal aid. The sooner you apply, the sooner you’ll have a clear view of the bigger financial picture. This gives you more time to seek out alternative sources of funding—like private student loans—should federal aid not cover the full cost of your tuition and expenses.  Those are just a few reasons to file the FAFSA as early as possible. Here’s the full list:  1. Maximize Financial Aid Opportunities Some federal student aid, namely grants and scholarships, areis awarded on a first-come, first-served basis. Completing the FAFSA early gives applicants the best chance of securing the maximum federal financial aid they may qualify for.  2. Access to State Grant Programs Not only is some federal aid granted on a first-come, first-served basis, but a portion of state aid is as well, especially state grant programs. Since many of these programs determine eligibility at least partially through the FAFSA, filing early may increase your eligibility for state grants and other state student aid.  3. Avoid Last-Minute Panic The college and student aid application processes can be stressful, especially when facing critical deadlines. Avoiding last-minute rushing gives you time to ensure your FAFSA submission is thorough and accurate. This can help curb your stress levels and ensure you can provide the most accurate information on the application.   4. Ease of Comparison Between Colleges  The sooner you complete the FAFSA, the sooner you may receive your financial aid award letters. This can give you more time to carefully compare the aid packages offered by different colleges and make the best possible decision for your educational (and financial) future.   5. More Time to Pursue Other Forms of Financial Aid Submitting the FAFSA and getting your results as early as possible gives you more time to explore and pursue other financial aid options, such as scholarships and private grants. It also gives you more time to pursue private student loans as a supplemental option should federal aid leave a gap between funding and your total expenses.  FAFSA Eligibility Requirements To qualify for federal student aid through the FAFSA, prospective students must meet the following general FAFSA eligibility requirements:  A demonstration of financial need as determined by information provided in the FAFSA  U.S. citizenship, U.S. national status, or eligible noncitizen status  A valid Social Security Number, unless the applicant is a citizen of the Freely Associated States  A high school diploma, GED, or other recognized ability-to-benefit alternative  Enrollment (or acceptance for enrollment) in an eligible degree or certificate program  Continued satisfactory academic progress  In addition to the above, you’ll also have to consent to have your personal tax information transferred into the FAFSA form and sign a certification statement pertaining to your intended use of funds and qualification to obtain further education. For a visual aid on the information above, check out this FAFSA eligibility infographic.   The Importance of Meeting FAFSA Deadlines Meeting FAFSA deadlines is critical for several reasons. First, it can help ensure that you receive the maximum federal financial aid you’re eligible for. Second, it can impact your ability to meet deadlines for state and institutional aid programs. Lastly, advanced planning can help your family plan for college funding and their anticipated contribution.  Conversely, missing important FAFSA deadlines can have negative consequences. The pool of available funds you’re eligible to receive might be reduced, limiting financial aid options, and the disbursement of your financial aid may be delayed. Additionally, many aid programs have strict deadlines, leaving applicants who file late submissions ineligible for certain types of aid.  With​​​​​ that in mind, here are some important FAFSA deadlines for the 2024-25 school year:  December 31, 2023 – The 2024 FAFSA goes live; the earliest possible application date  February 1, 2024 – The first state deadline for priority consideration (some states don’t offer priority consideration, and those that do have different dates)  April 2, 2024 – The first state deadline for program consideration (all states have different dates)  June 30/July 1, 2024 – The deadline for many states (most states set their deadline either at this point or before)  ​​June 30, 2025 – The last possible date a 2024 FAFSA can be submitted​​​  ​​​September 14, 2025 - The deadline for any corrections or updates to be submitted​​​​  School deadlines – Each institution may have its deadline; check with the school you’re interested in attending  ​​​     ​​​The 2025-26 FAFSA form is scheduled for public release on or before December 1, 2024. Additional deadlines will be added as they are announced, so check back for updates.​​  Although not ideal, there are still options if you submit the FAFSA late. However, it will limit your options considerably. According to StudentAid.gov, “some states and colleges continue to award aid to FAFSA latecomers.” Still, your odds of receiving aid become slim, and payouts are often lower.  Contact the financial aid offices at schools you’re considering for assistance and information on their options for late submissions. Private scholarships, grants, and loans are one possibility to potentially replace federal or state aid for students who miss deadlines.  Tips for a Successful FAFSA Application  Completing the FAFSA can significantly impact the financial aid you’re eligible to receive. Here are some tips for a successful application.  Gather the necessary documents and information immediately and keep them in a single, easily accessible location. This includes Social Security numbers, tax returns,  tax forms (such as your W-2), and other financial records.  Provide up-to-date and fully accurate information to increase approval chances and minimize delays or errors in the application process.  Complete and submit the FAFSA as early as possible to maximize possible aid.  Seek professional guidance from financial aid professionals or counselors if you are unsure about any aspect of the FAFSA.  Keep track of all federal, state, and institutional application deadlines that apply to you, and make sure you meet them.  Carefully review the confirmation page for accuracy and completeness after you submit the FAFSA and address any issues immediately.  Update your FAFSA if your financial circumstances change significantly.  Learn More with Ascent You deserve to achieve your academic dreams. But to do so, you must be able to fund them. Whether you’re looking for graduate or undergraduate student loans, Ascent is here to help with a range of options to finance your education, including cosigned student loans and no cosigner student loans.   Visit our Bright Future Hub for more resources to help you succeed in college and beyond.  FAQ Do you get more money from FAFSA if you apply early? You can often get more money from FAFSA if you apply early. There are a few reasons for this. You may be prioritized for the many federal, state, and institutional aid programs allocated on a first-come, first-served basis. You will also have more time to apply for scholarships, grants, and private student loans and to compare the financial aid packages offered by institutions you’re considering.   Why is it best to file the FAFSA as early as possible? There are many reasons why it’s best to file the FAFSA as early as possible. Some of the most important include:  Maximizing the financial aid opportunities available to you  Maximizing access to state and institutional aid programs  Receiving award notifications faster  Having more time to make informed decisions about college acceptance and financial planning  Maximizing the chances of taking part in the Federal Work-Study program  Planning and comparing financial aid packages and eligibility as soon as possible  Meeting institutional and state financial aid application deadlines  Reducing stress and last-minute panic  Minimizing the possibility of mistakes and errors that could negatively impact financial aid eligibility  When should I fill out my FAFSA? You should fill out your FAFSA as soon as possible. The FAFSA for the 2024-25 school year is live and can be filled out anytime. Be aware that each state and institution will have its own FAFSA application deadlines, as will many private scholarships and grants. The last possible day to fill out the 2024-25 school year FAFSA is June 30, 2025.