For Students Archives - Ascent Funding

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

February 26, 2026 | By: Ascent
How to Improve Your Private Student Loan Application: 7 Essential Tips
Applying for a private student loan can feel overwhelming, especially if it’s your first time dealing with things like credit, interest rates, and loan paperwork. You might be wondering how approval works, what lenders look for, or how you can improve your chances of getting approved. The good news is that there are simple, practical steps you can take to make your application stronger from the start! Whether you’re applying on your own or with a cosigner, preparing ahead of time can help you find better options and feel more confident in the process. Here are seven essential tips to help you improve your private student loan application and set yourself up for success. 1. Check Your Credit Before You Apply Your credit history plays an important role in many private student loan applications. Before you apply, take time to review your credit report and FICO® Score so you know where you stand. Many banks and credit card companies offer free access to your score, and you can also request your credit report through Experian, Equifax, or TransUnion. Reviewing your credit early helps you understand what’s affecting your score and where you can improve. If you’re just starting out, focus on making every payment on time, keeping credit card balances low, and avoiding maxing out your limit. Small habits like setting up autopay or paying more than the minimum when you can, can build strong credit over time and make the process feel more manageable. 2. Dispute Errors on Your Credit Report Checking your credit is important, but accuracy matters just as much. Your credit report shows the full picture of your borrowing history, including every loan, credit card, and payment in your name. Lenders review this entire report, not just your score, when evaluating your application. As you review it, look for anything that does not seem right, such as accounts you do not recognize, incorrect balances, or payments marked late when you paid on time. If you find an error, take action. You can dispute inaccurate information directly with the credit bureau and the lender that reported it. Fixing mistakes early can help protect your credit and prevent small issues from affecting your approval. 3. Apply With a Cosigner When It Makes Sense If you’re new to credit or have a limited credit history, applying with a cosigner can strengthen your application. A cosigner is someone—often a parent or trusted family member—who agrees to share responsibility for the loan. Because many cosigners have longer credit histories, their involvement can help: Increase approval chances Improve interest rate options Unlock higher borrowing limits At Ascent, we saw 4x higher approvals offs when students apply for an Ascent loan with a cosigner*. For many students, having a cosigner is a practical way to access better loan terms while building their own credit at the same time. Also, keep in mind that some lenders, like Ascent, offer a cosigner release which helps set students up for financial success and removes cosigner’s responsibility. 4. Borrow Only What You Need Private student loans are usually limited to your school’s certified cost of attendance, which includes tuition, housing, meals, books, and basic living expenses. Before applying, take a few minutes to review these costs and think honestly about what you really need to cover. A helpful approach is to start with your total school costs, then subtract any money you already have from savings, scholarships, grants, or family support. The remaining amount is often a better estimate of what you actually need to borrow. Applying for scholarships Completing the FAFSA (Free Application for Federal Student Aid) each year to access federal student loans and other university-based financial aid Contacting your school’s financial aid office to negotiate your financial aid offer. Taking advantage of on-campus work-study programs to make some money during school Borrowing only what you need now can make a big difference later. Smaller loan balances often mean lower monthly payments after graduation and more flexibility as you start your career. 5. Show Strong Financial Habits Lenders look for signs that borrowers can manage money responsibly. Simple habits can make a meaningful difference in how your application is reviewed. Focus on: Paying all bills on time Keeping credit card balances low Avoiding unnecessary debt Maintaining existing accounts in good standing These habits strengthen your credit profile over time and signal reliability to lenders. 6. Do Your Research on Loan Types When you apply for a private student loan, you usually have the choice between fixed-rate and variable-rate loans. Understanding the difference can help you pick the option that fits your circumstances. Variable-rate loans can go up or down over time with the market. This can save you money if you plan to pay off your loan quickly, but it also comes with more uncertainty. Fixed-rate loans stay the same for the life of your loan, so your payments won’t change. They can give you peace of mind, but your rate won’t drop if market rates go down. Doing a little research now can help you choose a loan type that works for you today and keeps your options open for the future. 7. Apply When You're Financially Ready Timing matters. Applying when your credit is in good shape, your cosigner is also prepared, your documents are organized, and your school information is confirmed can make the process smoother and less stressful. Before you apply, make sure you have: Your school and program details Cost of attendance information Any income documentation, if required A cosigner lined up, if needed Having everything ready can help prevent delays, reduce mistakes, and make it easier to get approved quickly. It also gives you a clear picture of how much you actually need to borrow so you can plan with confidence. What If You’re Not Approved Right Away? If your application isn’t approved on the first try, it doesn’t mean you’ve failed, and it doesn’t mean you’re out of options. Many students strengthen their applications by adding a cosigner, improving their credit, or adjusting their borrowing amount. About Ascent Ascent is a mission-driven fintech company committed to redefining student lending through a focus on access, affordability, and lasting economic impact. Backed by institutional capital, we offer innovative loan options for college and career training programs—helping more students qualify, with or without a cosigner. But funding is just the start. From career readiness tools to financial wellness resources to over $330,000 in no-essay scholarships, everything we build is designed to turn education into real opportunity. * 4x higher acceptance rates were observed between November 2024 through January 2025 across all products when a loan application is cosigned vs without a cosigner. Ascent’s minimum credit requirements vary based on loan product, credit history, and whether you’re applying with a cosigner. You can see your rates without impacting your credit score to help you determine which product could be best for you based on your unique circumstances.

February 26, 2026 | By: Ascent
Best Student Loan Tips for High School Seniors Attending College in 2026
Heading to college in 2026 is exciting, but paying for it can feel stressful, especially if this is your first time dealing with financial aid or student loans. The good news is you don’t have to figure it all out at once. Starting early gives you a big advantage. You can find scholarships, understand federal aid, and figure out which student loan options make sense for you. In this guide, we will walk you through tips on student loans so you know what to expect and exactly how to prepare. Start With the FAFSA as Soon as It Opens One of the first steps every high school senior should take, even if you plan on taking out student loans, is completing the FAFSA (Free Application for Federal Student Aid). This form determines your eligibility for federal grants, work-study, and federal loans and many colleges and scholarships use it to award aid, too. For the 2026–27 academic year, the FAFSA opened up on October 1, 2025, and the deadline to submit in time for most federal aid is June 30, 2027. Submitting early gives you the best chance at available grants and need-based aid, which don’t have to be repaid. Even if you don’t think you’ll qualify for need-based aid, it’s still worth submitting. You might be surprised by what you’re eligible for, and completing it keeps your options open. Apply for Scholarships Early and Often Scholarships are one of the easiest ways to reduce how much you might need to borrow for college. Start looking early and check opportunities at the local, state, and national level, including awards from colleges, community groups, and employers. Even smaller scholarships can add up fast, so don’t overlook them. And remember, Ascent also offers monthly scholarship giveaways! For more information, check out our webinar on How to Pay for College with Scholarships, here. Do Your Homework on Student Loan Options We know student loans can feel overwhelming, but taking a little time now to understand your options can make a big difference later. The goal is to find a private student loan that works for your budget and your future. Private student loans typically come in two types: fixed-rate and variable-rate: Variable-rate loans can go up or down over time with the market. This can save you money if you plan to pay off your loan quickly, but it also comes with more uncertainty. Fixed-rate loans stay the same for the life of your loan, so your payments won’t change. They can give you peace of mind, but your rate won’t drop if market rates go down. Doing a little research now, comparing options, and asking questions can help you pick the loan that’s right for you. And remember, you don’t have to figure this out alone. Parents, guardians, your school’s financial aid office, and the team at Ascent can help you weigh your choices and feel confident about your decision. Plan How Much You Really Need to Borrow When getting ready to apply for a private student loan, plan how much you really need to borrow and only borrow what is necessary. Private lenders limit loans to the cost of attendance, but this does not equal just tuition – this includes things like housing, textbooks, even a laptop. Your college will certify your cost of attendance when you apply and you can likely even see that when you decide to enroll at that school. Smart budgeting can help you minimize your loan amount and avoid extra interest and repayment stress after graduation. Consider a Cosigner for Student Loans If you’re new to credit or have a limited credit history, applying with a cosigner can strengthen your application. A cosigner is who agrees to share responsibility for the loan, often a parent or trusted family member. Because many cosigners have longer credit histories, their involvement can increase your chances of approval, improve your interest rate options and potentially unlock higher borrowing limits. For many students, this is a practical way to access better student loan terms while building their own credit at the same time. Also, keep in mind that some lenders, like Ascent, offer a cosigner release which helps set students up for financial success and removes cosigner’s responsibility. Keep Your Credit and Financial Habits Strong If you decide to use private student loans, your credit score (or a cosigner’s score) may affect approval and interest rates. Learn how credit works, pay bills on time, and avoid opening too many new accounts too quickly. Good habits now can set you up for better borrowing terms and financial confidence later. You’ve got this, and your financial planning now can set you up for success long after graduation! Looking for more information? Check out our Ultimate Guide to Budgeting for College Students. Learn More with Ascent Navigating the student loan application process can be challenging, and Ascent is committed to providing students and families with the financial resources needed to pursue their dreams. From financial wellness resources to our flexible private student loans and undergraduate student loans, we are here to help students and their families make informed decisions about their future in college, and beyond.

February 26, 2026 | By: Ascent
The Future of Student Loans: 2025 Trend Report
Higher education is in the midst of a major transformation, and so is how students pay for it. Drawing on Ascent’s proprietary data and leading third-party research, The Future of Student Loans: 2025 Trend Report uncovers how today’s students are making financial decisions, what’s driving their stress, and the innovative ways they’re using scholarships, grants, and digital tools to chart smarter, more confident paths to graduation. Financial Confidence Remains Limited: For many students, college isn’t just an academic challenge; it’s their first major financial one. Between managing tuition, rent, and daily expenses, students are being asked to make high-stakes decisions for the first time, often without the financial literacy or guidance to support them. This uncertainty affects everything from the schools they choose to the confidence with which they step into their careers. Students don’t just need funding; they need a financial playbook. Only 26.5% of students feel very confident managing their personal finances. 1 in 3 say financial concerns have a major influence on their academic or career decisions. 31% say better access to scholarship tools and guidance would help build financial confidence. Students are signaling a clear need: education about money and everyday finances is just as important as education funded by it. Paying for Tuition Is the Top Concern: The cost of a degree continues to define and often limit students’ choices. With tuition rising faster than wages, students are getting increasingly resourceful, combining grants, scholarships, and side hustles to make it all work. But despite their creativity, the numbers make one thing clear: paying for college remains a heavy emotional and financial lift. Nearly half (49.2%) say paying tuition or fees is their biggest financial concern. 25.9% cite finding enough scholarship or aid as their next biggest challenge. 47% rely primarily on scholarships or grants to fund their education or manage debt. However, these funds are often limited, making it difficult for many students to cover their costs fully. In fact, just 0.1% of students receive full-tuition awards. In short, while the dream of higher education remains strong, the price tag attached to it continues to be students’ biggest barrier, both financially and emotionally. First-Generation Students Face Higher Financial Stress: For first-generation students, the path to college often represents a family milestone, but also a heavier financial burden. Without the safety net of experience or inherited guidance, they’re navigating a system designed for those who already know the rules. Even with more grant support, many first-gen students still turn to loans and credit cards to bridge the gap. In Trellis’ 2023 Student Financial Wellness Survey, 38% of respondents identified as first-generation students (n=19,634). This includes 41% at two-year institutions and 35% at four-year institutions. 68% worry about paying for school, and 24% are unsure how they’ll afford their next semester. They’re more likely to receive grants (66% vs. 48%), but also more likely to take out loans (40% vs. 33%) or use credit cards for college costs (35% vs. 28%). The data highlight a persistent challenge: even with more grant support, first-generation students are still taking on more debt than their peers, reflecting the additional hurdles they face when navigating college finances without a family safety net. Student Engagement With Financial Wellness Content Is High: Students are craving clarity, and they’re finding it in financial wellness content. As they move through the application process, many are actively seeking out education around repayment, budgeting, and long-term planning. The demand points to a new kind of student mindset: one that values proactive financial learning as much as academic success. 1 in 4 users (24%) who interact with Ascent chatbots during the application process seek out financial wellness (FinWell) content. Students are 3x more likely to explore FinWell content during the application process than from their student account homepage (24% vs. 7%). This indicates that students are curious and actively seeking to educate themselves before taking out a loan, and are more often thinking about repayment when they do. Repayment plans are the most explored topic, accounting for 35% of all engagement and climbing steadily. This surge in engagement shows that students want to borrow wisely, understand how loans work, see how repayment fits into their budgets, and grasp what borrowing means for their long-term financial well-being. Ideally, they are more likely to carry that awareness into their repayment plans. Loan Requests Are Increasing, With Popular Majors Emerging: With college costs on the rise, student loan borrowing continues to increase. The story isn’t just about borrowing more, it’s about borrowing with purpose. Students are increasingly pursuing majors that align with stable, career-driven fields, signaling a pragmatic shift toward education as an investment in employability. The top five majors among approved borrowers are Nursing, Business, Biology, Psychology, and Mechanical Engineering. Students are making strategic choices and leaning into fields that promise stability, skill demand, and a clearer return on their educational investment. Conclusion: The Path Forward As the cost and complexity of higher education continue to rise, one thing is clear: today’s students are more resourceful, informed, and determined than ever. They’re seeking smarter, more sustainable ways to fund their education by leveraging digital tools, exploring scholarships, and redefining what financial wellness looks like. Looking ahead, the next era of student finance will be defined by personalization and empowerment. Students want guidance that’s as dynamic as their goals. This means giving them real-time insights, proactive support, and funding models that evolve with their needs. The institutions, lenders, and leaders that step up to meet them with transparency, technology, and trust will not only help them reach graduation but also set the foundation for lifelong financial wellness and success.

February 19, 2026 | By: Ascent
What Does the End of Grad PLUS Loans Mean for Higher Education?
For nearly twenty years, the Grad PLUS loan program has been a major pillar of federal financial aid for graduate and professional students. These loans allowed students to borrow beyond traditional federal limits and cover their full cost of attendance, including tuition, housing, books, and living expenses. For many, Grad PLUS was the bridge that made graduate school financially possible. However, starting July 2026, new Grad PLUS loans will no longer be available under the One Big Beautiful Bill (OBBB) Act. This pivotal change raises a central question: What will the end of Grad PLUS loans mean for the future of graduate education? While the full impact remains to be seen, one word comes to mind: opportunity. Opportunity to innovate, rethink graduate funding, and build smarter, more sustainable solutions for students and institutions alike. What’s Changing: New Federal Limits Under the new law, federal borrowing for graduate students will be capped: Graduate (Academic) Programs: $20,500 annual limit, $100,000 lifetime maximum Professional Programs (Law, Medicine, etc.): $50,000 annual limit, $200,000 lifetime maximum. Borrower Category Pre-OBBBA Limit New OBBBA Limit Undergraduate Stafford (Dependent) $5,500 - $7,500 per year; $31,000 aggregate Unchanged Undergraduate Stafford (Independent) $9,500 - $12,500 per year; $57,500 aggregate Unchanged Parent PLUS (Parents of Undergrad) Full Cost of Attendance $20,000 per year; $65,000 aggregate per student Graduate Stafford (Masters/PhD/MBA) $20,500 per year; $138,500 aggregate $20,500 per year; $100,000 aggregate Graduate Professional Stafford (MD/JD/DDS) $20,500 per year; $138,500 aggregate $50,000 per year; $200,000 aggregate Graduate Grad PLUS Full Cost of Attendance Eliminated All Federal Loans Combined No lifetime cap $257,500 lifetime cap Previously, Grad PLUS loans allowed students to borrow beyond federal limits, filling gaps left by Direct Unsubsidized Loans. Once the program is phased out, students will need to explore other options, such as private loans, scholarships, or institutional aid, to fund their education. Financial aid offices will be crucial partners in helping students navigate these choices and stay on track with their goals. A Brief Look Back: Grad PLUS and Its Impact Grad PLUS loans weren’t just widely used; they shaped graduate education. While only 16% of graduate students rely on the program, Grad PLUS accounted for 32% of all federal graduate lending, showing just how central it became in helping students pursue advanced degrees. These loans were especially common in high-cost programs, with nearly a quarter of students in programs costing $25,000 to $70,000 using Grad PLUS, and that share rising to 30% for programs above $70,000, according to a 2024 report from the Georgetown University Center on Education and the Workforce. Beyond helping students, Grad PLUS also influenced institutions. The availability of additional federal funds allowed schools to expand programs, support student opportunities, and invest in resources. However, research suggests that tuition increases sometimes offset the benefits of increased federal lending. Today, according to recent federal data, about 1.8 million borrowers hold Graduate PLUS loans totaling approximately $119.2 billion in debt, a scale that demonstrates the program’s significance and the magnitude of this transition. What’s Next: A New Era in Graduate Funding With Grad PLUS loans being phased out, graduate education is entering a new era, one that calls for creativity, collaboration, and thoughtful planning. For Students For students, this shift requires the exploration of a broader mix of funding options. Scholarships, grants, and institutional aid will play an increasingly central role in covering costs, while private loans can provide flexible solutions to bridge any gaps. Engaging early with financial aid offices can help students build a comprehensive plan, minimize uncertainty, and feel more confident about their financial path through graduate school. Thoughtful planning now can reduce stress later and ensure students can focus on their studies and career goals without unexpected financial obstacles. For Institutions The end of Grad PLUS loans is prompting schools to rethink how graduate programs are funded. Hybrid approaches that combine scholarships, grants, and external funding can help students cover high-cost programs without relying on a single source of support. Institutions are also exploring ways to make aid more flexible and targeted, from directing resources where they’re most needed to offering modular programs or tuition schedules that let students progress at their own pace. Partnerships with private lenders can further support students, offering customized loan programs, streamlined processes, and flexible repayment options. Some lenders provide resources beyond financing, such as career readiness tools, coaching, and internship opportunities, to help students graduate on time and launch successful careers. By combining these strategies, schools can create funding systems that are clear, manageable, and tailored to student needs, helping students navigate the post-Grad PLUS world with confidence. For Private Lenders As federal aid changes, private lenders can play a key role in supporting the graduate funding landscape post-Grad PLUS. Thoughtful partnerships open the door to solutions like customized loan programs, flexible repayment options, and streamlined processes that reduce administrative hurdles. Many lenders also provide additional support, offering resources including financial wellness tools, career readiness programs, and internship opportunities to help students successfully complete their programs and transition into their careers. When considering private student loans, it’s important to choose a lender that’s transparent about rates and fees, offers flexible repayment options, and provides responsive support throughout your borrowing journey. Look for lenders who prioritize student needs, allow for cosigner release, and offer benefits like autopay discounts or hardship protections. Avoid companies that aren’t upfront about terms or make unrealistic promises, and always research reviews to ensure you’re partnering with a trustworthy lender who will support your goals from enrollment to repayment. Check out our Guide to Choosing the Best Private Lender here, for more information. Final Thoughts The end of Grad PLUS is a moment for all stakeholders to think strategically, plan proactively, and embrace flexible solutions. With careful planning, collaboration, and thoughtful use of available resources, the post-Grad PLUS world can be a time of smarter, more sustainable funding that helps students pursue their education and institutions maintain vibrant, accessible programs with student success at their forefront. About Ascent Ascent is a mission-driven fintech company committed to redefining student lending through a focus on access, affordability, and lasting economic impact. Backed by institutional capital, we offer innovative loan options for college and career training programs—helping more students qualify, with or without a cosigner. But funding is just the start. From career readiness tools to financial wellness resources to over $330,000 in no-essay scholarships, everything we build is designed to turn education into real opportunity.

December 10, 2025 | By: Ascent
Private Loan Trends for Graduate Students in 2025-2026
With Grad PLUS loans ending for new borrowers in July 2026, the private loan market for grad students has shifted fast. Lenders are competing harder for your business, rates vary widely based on your credit, and you've got more options than ever if you know where to look.

February 18, 2026 | By: Ascent
Navigating Change: Key Takeaways from the “Understanding Student Loan Changes Amidst Uncertainty” Webinar
Whether you're currently in school, preparing to start, or managing your loan repayment, Ascent provides practical tools and insights to help you make informed financial decisions with confidence. Paying for college can be confusing, especially with all the recent changes to financial aid and student loans. To help make things a little clearer, we partnered with Mission Federal and the University of San Diego to host “Understanding Student Loan Changes Amidst Uncertainty,” a webinar designed for students and families. Ascent’s SVP and GM of AscentUP, Allie Danziger, Mission Fed's VP of Marketing and Community Relations, Neville Billimoria, and University of San Diego’s Director of Financial Aid, Kellie Nehring, shared helpful advice on FAFSA updates, scholarships, student loans, and how to plan for different college paths, whether that’s a four-year university, a community college, or something in between. If you missed the webinar, no worries! You can watch it here but we’ve also summarized the learnings below. Changes to Federal Loan Policy Big shifts are on the horizon—new federal policy changes are set to reshape repayment, forgiveness, and loan eligibility in ways that every student and family should know about. Starting July 1, 2026, federal loan regulations will undergo major updates that will directly impact how students and parents pay for college, beginning with the 2026–2027 academic year. Graduate students will no longer be able to borrow Grad PLUS Loans, a change that could make financing advanced degrees more challenging. For undergraduates, Parent PLUS Loans will still be available, but borrowing will be capped at $20,000 per year—posing funding gaps for families at higher-cost schools while having less effect at more affordable institutions. The good news? If you’re starting school this Fall and plan to use Grad PLUS or Parent PLUS Loans, your borrowing won’t be affected for the upcoming academic year. Still, these upcoming changes are prompting schools to explore creative solutions, from expanding institutional loan options to connecting families with private lenders. For students and parents alike, understanding these shifts early is key to preparing for the future of college financing. Parent PLUS Loans have unique repayment rules that families should understand before borrowing. Eligibility requires a credit check, and repayment begins just 60 days after the second disbursement, often during the spring semester of a student’s first year. These payments cannot be deferred until six months after graduation, meaning parents may need to start making payments while their student is still in school. International students aren’t eligible for federal aid, but they may still qualify for other financial aid programs and resources. Guidance for Navigating Student Loans As you plan for the road ahead, it’s important to understand the key details of student loans to stay informed and make confident financial decisions. Completing the Free Application for Federal Student Aid (FAFSA) each year is the first and most important step in determining your eligibility for federal financial aid. Depending on your situation, you may also need to fill out an institutional or state application to maximize your options. For many students, federal loans will play a key role: subsidized loans are need-based and don’t accrue interest while you’re in school, as long as your Student Aid Index is lower than your school’s cost of attendance. On the other hand, unsubsidized loans begin accruing interest right away, though repayment is deferred until six months after graduation or withdrawal. Once repayment starts, it’s critical to stay on track—missing payments, even during forbearance, can create lasting challenges. Remember, you’ll be repaying the loan servicer that manages your account, so building good habits now will set you up for success after graduation. The good news is that repayment plans can be tailored to your income, giving you some flexibility as you begin your career. Federal student loan interest rates typically shift by about 5–10% each year and reset every July 1st for the upcoming academic year. In contrast, private lenders adjust rates which can make them more competitive depending on the market. Ascent offers low rates and multiple benefits that help students plan, pay, and succeed in college. Our borrowers also receive access to our AscentUP program which provides tools, resources, and coaching, as well as access to paid internship opportunities, to support students on professional development, building confidence, developing new skills, and jumpstart dream careers. More Ways to Pay Beyond student loans, there are several ways to help make college more affordable. Campus jobs offer flexible hours and valuable experience, often available through the financial aid office, athletics department, or housing office. If you qualify, federal work-study can provide an added chance to earn money while gaining valuable experience. The key is to explore these options early at the schools you’re considering, so you can combine resources and create a strategy that makes paying for college feel more manageable. When it comes to paying for college, scholarships are the ultimate win— it’s free money you never have to pay back. There are scholarships out there for nearly everything—academics, athletics, leadership, volunteering, unique hobbies, and even your favorite ice cream flavor. The more you apply for, the more chances you have to stack up real savings. For students 14+, Ascent offers no-essay scholarships! Check out the latest opportunities and enter to win here! As you navigate paying for college, remember that you don’t have to do it alone—your school’s financial aid team is there to support you. Whether it’s asking about scholarships, staying on top of deadlines, appealing for additional aid, or finding out who to contact about repayment options, reaching out early can make a huge difference. Building a relationship with the financial aid office not only helps you avoid frustration and discouragement but also ensures you have a trusted resource to turn to whenever questions come up. Don’t hesitate to ask plenty of questions, seek advice, and lean on the broader network of support around you. By gathering input from multiple sources and staying connected, you’ll be better equipped to make confident, informed decisions about your financial journey!

September 02, 2025 | By: Jazmin Chen
Smart Money Moves: The Ultimate Guide to Budgeting for College Students
College is an exciting time to explore, grow, and gain independence—including getting comfortable with money. Budgeting might sound intimidating, but it’s really just a way to make sure your money supports the life you want to live. With the right strategy and tools, any student can manage money effectively, reduce stress, and set themselves up for future financial success. Why Budgeting is Crucial for College Students Budgeting gives you control over your money, even when it feels like you don’t have much. It helps you cover essentials, avoid debt, and still enjoy life on and off campus. Whether you’re managing a part-time income or student loans, a budget keeps you organized, prepared for surprises, and builds good habits for life after college. Step 1: Understand Your Finances – Creating a Realistic Budget Before you can build a budget that works, you need to understand where your money is coming from and where it’s going. Taking the time to get clear on your income, expenses, and savings goals is the foundation of smart money management. Track Your Income Sources: Before you can plan how to spend or save, it’s important to know how much money you have coming in. Identifying all your income sources will give you a clear starting point for your budget. Financial aid (grants, scholarships, loans) Job income Family support or allowance Know Your Expenses: Prioritize Needs vs. Wants Once you understand your income, the next step is to track your spending. Breaking your expenses into needs and wants can help you make smarter decisions about where your money goes. Fixed Expenses (Needs): Tuition, rent, utilities, insurance, credit cards, bills Variable Expenses (Wants): Food, entertainment, supplies, clothing, personal care Savings: Fund Your Future Saving might not feel urgent right now, but it’s one of the most powerful habits you can start. Even small contributions help you build a financial safety net and encourage long-term habits that will support your goals well beyond college. Savings Accounts: Emergency Fund, travel expenses, pet care High Yield Savings Account: Have higher interest rates and enable faster growth of your savings Retirement Plans (401k, Roth IRA): Tax-advantaged savings plans to help grow savings over time for retirement expenses Use a Budgeting Method Choosing a budgeting method gives structure to your financial plan and helps you stay consistent with your spending, savings, and goals. 50/30/20 Rule: 50% needs, 30% wants, 20% savings/debt repayment This rule helps individuals manage their finances by prioritizing essential expenses, discretionary spending, and long-term financial goals. 50% Needs: Essential expenses you must pay to live and work 30% Wants: Non-essential but enhance quality of life 20% Savings: Strengthening your financial future Envelope Method: Physical or digital envelopes for each category Determine budget categories Set monthly budget for each Withdraw cash and fill envelopes Spend only from those envelopes Step 2: Save Where You Can Once you’ve built a basic budget, the next step is finding ways to stretch your dollars further. The good news? As a college student, there are tons of easy ways to save without sacrificing fun or convenience. From student discounts to smart spending habits, a few small changes can make a big difference. Here’s how to make the most of what you have. Student discounts: Show student ID at restaurants, shopping stores, movie theaters, etc. Apps to get student discounts: UNiDAYS, Student Beans Textbooks: Rent, buy used, library copies Food: Cook at home, use meal plans wisely, avoid daily coffee shop habits, check supermarket ads for deals Transportation: Use public transit, bike, or carpool Most colleges provide free transportation passes Entertainment: Attend free campus events, share streaming accounts Step 3: Prepare for the Unexpected Even the best budgets can be thrown off by surprise expenses. Whether it’s a last-minute trip home, a medical bill, or an extra textbook you didn’t plan for, life happens. That’s why it’s important to build a financial cushion that helps you handle the unexpected without stress—or debt. Here’s how to stay prepared and protect your budget. Build an Emergency Fund: Aim for a $500 goal to start Plan for Irregular Expenses: Books, holidays, trips, birthdays, medical expenses Step 4: Use Tools to Stay on Track Creating a budget is a great start—but staying on track takes a little help. Thankfully, there are plenty of simple tools that can keep you organized and consistent, even on your busiest days. Whether you prefer apps, spreadsheets, or calendar reminders, the right tools can make managing your money quicker, easier, and less stressful. Let’s look at a few that can help you stay in control. Spreadsheets: Custom Google Sheets or Excel Download Ascent’s Student Budgeting Sheet here! Banking Tools: Auto alerts for low balance, spending summaries Calendar Reminders: For bill due dates and budget check-ins Block specific date/time on your calendar to sort your finances Common Budgeting Mistakes to Avoid Even with the best intentions, it’s easy to slip up. Being aware of common budgeting mistakes can help you stay on track and avoid unnecessary stress. Here are a few pitfalls to watch out for: Underestimating daily spending: Every purchase adds up! Not reviewing your budget monthly: Adjust for changes Overlooking one-time costs: Move-in costs, graduation fees, etc. Relying on your credit cards: Make sure you have the funds to pay them back Building Healthy Financial Habits Good budgeting isn’t just about numbers—it’s about building habits that support your goals over time. With a few consistent practices, managing your money can become second nature. Here’s how to turn smart choices into lasting habits: Track every dollar: Even small purchases add up Set time aside time to review your account weekly Set your goals: avoid overdrafts, reduce credit card use Stick to your budget for 3 months? Treat yourself (responsibly)! Final Thoughts Budgeting is an essential skill that can make your college experience less stressful and more empowering. It’s not about getting everything right the first time—it’s about starting small, staying flexible, and learning from your experiences. With a little effort and consistency, you’ll build habits that not only help you thrive in college but also set you up for long-term financial success.

July 02, 2025 | By: Jazmin Chen
A Student’s Guide to Smart Summer Spending & Saving
It’s finally summer! Whether you're kicking off your mornings with a run, gaming with friends, or soaking up the sun poolside, this is your time to unwind. While the season is all about fun and freedom, it’s also a great opportunity to be mindful of your money. The choices you make now—both in spending and saving—can set you up for a smoother, more stress-free school year. Save this Summer Open a Savings Account Even small deposits from a paycheck or birthday card can add up fast. Credit unions often offer student-friendly savings accounts that help you set goals, earn interest, and build smart financial habits. You can even automate your deposits—just set it and forget it! SAFE Credit Union has some great savings account options—from traditional savings to high-dividend savings accounts—so you can start your savings journey now. Apply for Scholarships Applying for scholarships is a wonderful way to save money this summer! Ascent Funding offers a $1,000 scholarship giveaway every month; no essay required! Budget Around Plans but Leave Room for Spontaneity Create a simple monthly budget based on your known expenses—like back-to-school shopping, beach days, or a friend’s birthday. Then, add a “spontaneous spending” cap. Whether it’s $30 or $100, this lets you enjoy last-minute BBQs or froyo runs without wondering where your money went. Use SAFE Credit Union’s financial guides or your favorite app to stay on track. Apply the 24-Hour Rule Thinking about that $65 pair of sunglasses or a $90 concert outfit? Wait 24 hours. Still want it tomorrow? Go for it. For bigger purchases, wait 48–72 hours. It gives you time to check your budget and see if it’s really worth it. Use Student Discounts Student status = Savings. Apps like UNiDAYS and Student Beans offer deals on clothes, tech, food, and gym memberships. Always ask: “Do you offer student discounts?” You’d be surprised how often the answer is yes! Try a No-Spend Challenge Pick a weekend—or even just a day— where you only spend on necessities. It’s a fun, low-pressure way to reset your habits, be more intentional, and boost savings. Go on a Staycation You don’t need a passport to have fun. Explore your city like a tourist—check out local concerts, free museum days, night markets, or hiking trails. You’ll save hundreds on travel while still making memories. Smart Summer Splurges Invest in Timeless Summer Staples Choose breathable, durable fabrics like cotton and linen. Stick to neutral colors and classic styles that won’t go out of fashion. Think cost-per-wear for long-term savings. Prioritize Health: Buy the Sunscreen Sunscreen isn’t optional—it’s both self-care and long-term financial protection. A $10 bottle now is less than future medical costs. Pro tip: Buy in bulk or check for student discounts at local stores. Final Thoughts There are infinite ways to spend and save responsibly. It’s an easy way to stay in control of your money this summer, and come fall, you’ll be glad you did! 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.

June 26, 2025 | By: Kristina Nguyen
SAVE Payment Plan Blocked: What This Means for Borrowers
Student loan borrowers have a lot on their minds–and for good reason. Executive orders threatening the possible elimination of the Department of Education and a variety of other student loan changes introduce new disruptions to an already stressful situation. The 8th U.S. Circuit Court of Appeals’ recent decision to block the Biden administration’s SAVE Plan introduced even more uncertainty. Many borrowers on the Saving on Valuable Education (SAVE) Plan now find themselves in limbo, not paying on their loans or accruing interest, but not progressing toward loan forgiveness. Students, borrowers, and their families need to understand how recent decisions and actions by courts and Congress can impact their loans and repayment plans. Key Takeaways The 8th U.S. Circuit Court of Appeals upheld an injunction blocking the Biden administration’s Saving on Valuable Education (SAVE) Plan in February 2025, halting its implementation. The Biden administration created the SAVE Plan in 2023 as an income-driven repayment plan to streamline loan payments and forgiveness for many borrowers. As a result of the court’s decision, SAVE Plan enrollees currently have their loans in forbearance, with no payments due or interest accrued. On March 26, 2025, the U.S. Department of Education reopened applications for Income-Based Repayment (IBR), PAYE, and ICR plans. Ascent provides tools to help students understand the benefits and drawbacks of student loans, including how the cost of education can impact their chosen degree’s return on investment. Understanding the SAVE Plan and Court Actions The SAVE Plan is an income-driven repayment (IDR) program introduced by the Biden administration in 2023. It replaced the Obama-era program, which was formerly known as Revised Pay As You Earn (REPAYE). The goal of this plan was to lower monthly student loan payments and offer borrowers a faster path to forgiveness that considered their income and family size more heavily than previous plans. However, in February 2025, a federal court injunction prevented the U.S. Department of Education from implementing the SAVE Plan and parts of other IDR plans. As a result, IDR and online consolidation applications became temporarily unavailable. The legal challenges to the SAVE Plan have been ongoing, with the following key dates: August 2023: The SAVE Plan officially launched, replacing the REPAYE Plan. Borrowers could enroll to access lower monthly payments and interest protections. October 2023: Major elements of the SAVE Plan took effect, including an increased income exemption and a stoppage of unpaid interest growth for qualified borrowers. March 2024: Multiple Republican-led states challenged the SAVE Plan, arguing overreach of executive authority. July 2024: A preliminary injunction via a federal court blocked full implementation in July 2024. August 2024: The Supreme Court declined to fast-track an appeal, meaning the SAVE Plan remained blocked while litigation continued. February 2025: The 8th U.S. Circuit Court of Appeals upheld the injunction, citing concerns over the Education Department’s authority and potential financial impacts on states. The online IDR application is available again (as of March 26, 2025). Borrowers can still apply for Income-Based Repayment (IBR), Pay As You Earn (PAYE), and Income-Contingent Repayment (ICR) plans. Loan consolidation is also available. What Happens to Borrowers Enrolled in the SAVE Plan? Borrowers on the SAVE Plan are directly impacted by these legal battles. Currently, SAVE Plan participants are placed into administrative forbearance; they’re not legally required to make monthly payments, and the interest on their loans won’t accrue. For those on a tight budget, that can be helpful. That said, forbearance isn’t forgiveness, and months spent in forbearance don’t count toward loan forgiveness programs like the Public Service Loan Forgiveness (PSLF) or traditional income-driven repayment forgiveness. The U.S. Department of Education expects this pause to continue until at least December 2025, unless court rulings change the situation. If you’re a borrower in forbearance, stay up to date on the status of your loans. Ensure your loan servicer has your up-to-date contact information, and check in with studentaid.gov for the latest student loan news. How Are Loan Forgiveness Options Affected? The SAVE Plan block greatly impacts loan forgiveness paths, including PSLF. Because enrolled borrowers are now in administrative forbearance, the months they spend without making payments don’t count toward the 120 qualifying payments for PSLF or the 20 to 25 years necessary for IDR forgiveness. That pause could delay borrowers’ progress unless future policy changes address the gap. SAVE Plan borrowers may want to explore alternative IDR plans like PAYE or IBR to stay on track toward PSLF or IDR forgiveness. Alternatively, if you’ve already completed 120 months of qualifying employment, the PSLF Buyback program lets you “buy back” certain months spent in forbearance, helping you stay on track toward loan forgiveness. Knowing what other repayment options are available can make a world of difference when managing student debt. What Will Happen to Other Income-Driven Repayment Plans? Given the news about the SAVE Plan, many borrowers might have concerns about other income-driven repayment options. As previously noted, the U.S. Department of Education has reopened applications for certain IDR plans, including IBR, PAYE, and ICR, as of March 26, 2025. Borrowers can now apply for or recertify these student loan repayment plans through the online application. However, the broader political climate around student loan reform suggests changes might be on the horizon. Future administrations or legislative actions could aim to retool or modernize IDR plans, especially if the SAVE Plan remains permanently blocked. Borrowers can prepare for any future changes by making proactive decisions: Stay enrolled in current IDR plans and continue making qualifying payments. Monitor official updates from the Department of Education for any policy changes. Explore alternatives if you’re nearing forgiveness milestones or need to adjust your payment strategy. Consult your loan servicer when uncertain about your plan’s status or your next steps. The biggest takeaway for any student loan borrower is to keep up with student loan news over the coming months, especially as the state of repayment and forgiveness programs continues to change. Considerations for Future Borrowers While following student loan news is important for current borrowers, it’s just as critical for future borrowers, students, and parents to stay up to date. Future college students should think carefully about how they will finance their education. The uncertainty of programs like the SAVE Plan and potential reforms to other IDR plans highlights why incoming students should prioritize grants, scholarships, and other financial aid whenever possible and consider the return on investment of their chosen degree. Completing the Free Application for Federal Student Aid (FAFSA) is a key step to financing education, even in the face of changes to federal loan programs. The FAFSA gauges loan eligibility and is often the only way to qualify for need-based Pell Grants, work-study jobs, and campus aid. Complete the FAFSA as early as possible to avoid missing out on potential aid opportunities. And before you take out student loans, use tools like our College Degree ROI Calculator to help estimate the average annual cost of a degree against the first-year salaries in your chosen field. Ascent Is Here to Help Understanding student loan repayment can help you avoid financial headaches, but it’s easy to feel overwhelmed by ongoing changes and shifting policy updates. Ascent is here to help. In addition to our variety of private student loans, we have a library of student success resources to support students and their families in college—and beyond. Plus, when you’re ready to jump-start your dream career, our AscentUP program can provide professional development training and coaching to help you build confidence and develop the skills you need for your next chapter. Check out our blog for more resources and information surrounding education, student loans, and financial wellness today. FAQs What happens now that the SAVE plan is blocked? Borrowers currently enrolled in the SAVE Plan have been placed in administrative forbearance. During this time, monthly payments are not required, and interest does not accrue. Borrowers should keep in mind that months spent in forbearance don’t count toward forgiveness programs, which might prolong the process of paying off your loans or having them forgiven. Why was the SAVE plan blocked? The SAVE Plan faced many legal challenges from Republican-led states, which argued that the Department of Education exceeded its authority in creating the program without congressional approval. On February 18, 2025, the 8th U.S. Circuit Court of Appeals upheld a preliminary injunction against the SAVE Plan, agreeing with the states that the plan's provisions—particularly those related to loan forgiveness—went beyond the Department of Education's statutory authority. Is there any chance the SAVE plan will be reinstated? Given the current political climate and other actions taken by the Trump administration, it’s unlikely that the SAVE Plan will be reinstated anytime soon. Can I still apply for income-driven repayment (IDR) plans like PAYE or IBR? Yes, you can still apply for certain income-driven repayment (IDR) plans like Income-Based Repayment (IBR), Pay As You Earn (PAYE), and Income-Contingent Repayment (ICR). Following a temporary suspension due to a court injunction in February 2025, the U.S. Department of Education reopened applications for these plans on March 26, 2025. Can private loans offer similar terms to what SAVE would’ve provided? Most private student loans do not offer the same payment structures or forgiveness options as federal programs like SAVE. That said, some private lenders offer forbearance or income-based options. Carefully compare terms before you refinance or choose a private student loan provider.

May 27, 2025 | By: Ascent
The Forward Fund, NCAHEC and Ascent Funding Partner to Tackle North Carolina’s RN Shortage
North Carolina’s nursing shortage is projected to reach nearly 12,500 by 2033. To address this shortage, The Forward Fund (TFF) and the North Carolina Area Health Education Centers (NC AHEC) have joined forces to provide zero-interest loans to individuals enrolling in the NC AHEC RN Refresher program offered in collaboration with the University of North Carolina at Chapel Hill School of Nursing. “This partnership is an excellent opportunity to provide RN Refresher students with funding support to eliminate cost as a barrier -to enrollment in the program and subsequently return to nursing workforce. It is a win-win for the RN Refresher and the nursing workforce in North Carolina,” said Dr. Felicia Mosley-Williams, Statewide AHEC Nursing Liaison and Director of the NC AHEC RN Refresher Program. The RN Refresher program provides accelerated, asynchronous education and training for registered nurses with a lapsed license or an active RN looking to update their knowledge. “The RN Refresher program is committed to helping more nurses return to the field, opening a variety of career pathways, and investing in nursing’s commitment to improve the state of healthcare in North Carolina,” said Dr. Jill Forcina, Director of Education and Nursing at NC AHEC. The program consists of 24 self-paced, online modules taught by faculty at the University of North Carolina at Chapel Hill School of Nursing, and a 140-hour clinical practicum managed by local AHECs. Costs for the program are relatively low, however, financial barriers exist preventing RNs from taking advantage of the program. That’s where The Forward Fund’s partnership fills the gap. The Forward Fund will offer zero-interest cost of living loans to individuals enrolling in the RN Refresher program. Loans will vary from $2,000 to $5,000 to cover the cost of living like housing, childcare, and transportation, so RNs can focus on their training and upskilling. “We are proud to partner with NCAHEC and regional area education centers to provide zero-interest financing to support RNs to reenter the workforce,” said Meaghan Dennison, CEO and founder of TFF. “We are thrilled to expand our loan offering to the healthcare space with this partnership.” Loan terms include no minimum credit score, a 3-month grace period upon program completion and a minimum income threshold of $30,000, which accounts for part-time employment. Nurses that do not meet the minimum salary threshold may request income-based deferment, during which period they would have no payments due and remain in good standing with their loan. TFF loans are powered by Ascent Funding as the loan origination and master servicing partner. Once approved, loans are disbursed directly to the student. “We’re thrilled to partner with The Forward Fund and NCAHEC to address the coming nursing shortage by lowering the financial barriers for students,” said Michele Shank, VP, Impact & Senior Counsel from Ascent Funding. “Programs like ours help North Carolina nurses return to work, which only means improved healthcare for all." Interested students learn more about the RN Refresher program here and identify the local contact to be introduced to this financing opportunity. About the Forward Fund The Forward Fund, headquartered in Wilmington, North Carolina, is the state’s only pay-it-forward fund. Dedicated to empowering students, The Forward Fund provides tailored financial support to help students enroll in educational programs, graduate, and secure high-wage employment. This innovative model invests in individual success and ensures local employers gain access to a skilled workforce essential to North Carolina's growth. Website: https://theforward.fund/ LinkedIn: https://www.linkedin.com/company/theforwardfund Contact TFF: https://theforward.fund/contact/ About Ascent Ascent is a leading provider of innovative financial products and wrap-around student support services that enable more students to access education and achieve academic and economic success. Everything Ascent offers is designed by leading industry professionals and with advanced technology and innovation to increase every student’s ability to plan, pay, and succeed. Ascent’s rare Outcomes-Based Loan provides funding to credit-invisible borrowers who generally do not benefit from traditional credit. Ascent products also include: Cosigned Loans, Solo Loans, Career Loans, Parent Loans, Graduate Loans, Access Loans, Enterprise Loans and Impact Loans. For more information, visit www.ascentfunding.com.

May 12, 2025 | By: Ascent