Private Student Loan Advice & College Financing Resources

 U.S. News & World Report, the global authority in rankings and consumer advice, has named Ascent the winner of the Best Private Student Loans for Parents as part of the 2026 Lending Awards.  “Being recognized by U.S. News & World Report as a Best Private Student Loan for Parents award winner underscores our focus on expanding access to education and driving economic mobility for student, that ultimately supports the entire family and future generations. We remain committed to delivering transparent, flexible solutions that support students and the parents and families who invest in their success,” said Ken Ruggiero, Co-Founder and CEO of Ascent Funding.  The awarded lenders were determined using a comprehensive, data-driven methodology which assessed factors including rates and fees, affordability, eligibility requirements, and customer service for lenders. For more information, read the Lenders Awards methodology.    “The 2026 Lending Awards recognize exceptional institutions, while also providing current and prospective borrowers with informed insights on financial institutions that can best support their personal financial needs and goals,” said Greg Garrison, consumer banking analyst at U.S. News.  U.S. News publishes consumer lending advice, calculators, mortgage rate forecasts, and more to help readers make the best money-related decisions for them. Consumers can find advice about personal and student loans, and much more at Money.USNews.com.  Why Ascent Stands Out  Ascent offers a range of benefits designed to support families navigating the costs of higher education:  Cosigner release opportunities* – Many students initially apply with a cosigner, with the option to release the cosigner later. This can be a significant benefit for the cosigner and the student, helping reduce long-term financial responsibility for the parents, and help the student borrowers establish their own strong credit.  No application, origination, or disbursement fees1 – Borrowers can focus on funding their education without added costs along the way.   Flexible repayment terms that fit every student – Ascent offers multiple repayment plans with fixed and variable interest rates, giving students the freedom to choose what works for them. Undergraduate students can start payments up to 9 months after graduation, while graduate and professional students have extended grace periods tailored to their programs (up to 36 months for medical, 12 months for dental).    AscentUP and internship program2 – Wrap-around support services and career-building opportunities designed to help students succeed in school, and prepare for the workforce, including access to exclusive paid internship opportunities.  Support for multiple programs – From traditional undergraduate and graduate degrees to career and trade school programs, Ascent offers options that meet diverse educational paths.  1% cash back graduation reward* – Eligible borrowers who meet terms and conditions can earn a reward when completing their program.  DACA eligibility – Eligible DACA students may apply for an Ascent loan, expanding access for students who may have fewer private loan options.  How Winners Are Selected  U.S. News evaluates lenders through a combination of quantitative metrics and editorial review, analyzing multiple key areas:  Interest rates and fees – Lenders are assessed on cost competitiveness, including any hidden or upfront charges.  Repayment flexibility – Options that allow borrowers to adjust schedules or choose terms that fit their budget are prioritized.  Cosigner support and release policies – For parents or students with limited credit history, these options can be a deciding factor.  Hardship programs – Availability of deferment, forbearance, or other protections when financial challenges arise.  Accessibility – Including eligibility for non-U.S. citizens, borrowers with shorter credit histories, and students in nontraditional programs.  Only lenders that balance affordability, transparency, and borrower support are recognized as winners. Being named a Best Private Student Loans for Parents signals that Ascent excels in these areas, helping families make informed financial decisions.  About U.S. News & World Report  U.S. News & World Report is the global leader for journalism that empowers consumers, citizens, business leaders and policy officials to make confident decisions in all aspects of their lives and communities. A multifaceted media company, U.S. News provides unbiased rankings, independent reporting and analysis, and consumer advice to millions of people on USNews.com each month. A pillar in Washington for more than 90 years, U.S. News is the trusted home for in-depth and exclusive insights on education, health, politics, the economy, personal finance, travel, automobiles, real estate, careers and consumer products and services.  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, including eligibility requirements, terms, and conditions, please visit https://www.ascentfunding.com/ascentbenefitsterms  1Only Ascent college loans are eligible for no fees. Ascent career training loans are subject to a one-time origination fee of 5.0% of the loan amount. All Ascent loans are eligible for no application, disbursement, late, NSF or early payment fees.  2 Ascent applicants and borrowers that agree to the AscentUP Terms of Service and Privacy Policy, as well as students associated with an Ascent parent loan application, have access to the AscentUP platform.  Please note: Ascent Funding, LLC products are made available through Bank of Lake Mills or DR Bank, each Member FDIC. Subject to credit approval.  Please borrow responsibly by maximizing scholarships and free financial aid, comparing federal and private student loans, and choosing the loan that best fits your needs. 

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

As a parent or guardian of a college-bound student, it’s important to ensure your child is financially prepared to cover the cost of higher education. And as Decision Day approaches, you might wonder whether your child can get a student loan on their own, or if they will need your financial support. Read on to learn if parents or guardians can apply for student loans, which student loan options are available to parents, and what to be aware of when taking out a student loan in your name. Key Takeaways Parents, guardians, or sponsors can support students by cosigning private loans or taking out loans in their name, such as federal Parent PLUS Loans.  Parent PLUS loans come with fixed interest rates, income-based repayment options, and potential loan forgiveness. Private student loans vary by lender but may offer higher loan limits, lower interest rates, and cosigner release. Parent-borrowed loans may offer better terms based on credit, but also come with full repayment responsibility. Compare interest rates, terms, and protections carefully. A financial aid advisor can help guide your decision. Can a Parent or Guardian Take Out a Student Loan for Their Child? Parents or guardians can take out a student loan for their child, which can be beneficial for several reasons. One key advantage is that you may qualify for a substantially larger loan amount than your child could on their own. Creditworthiness is generally a major factor in the loan approval process, and it is not uncommon for students to have little or no credit history. In some cases, students may be unable to qualify as solo borrowers. You may also qualify for a lower interest rate on a student loan than your child could for similar reasons. Securing a lower interest rate can save your child a considerable amount over the lifetime of the loan. Additionally, depending on your qualifications, you could receive more favorable loan terms in other ways, such as more flexible repayment options. Applying for a parent student loan or a cosigned student loan are two options parents can consider, with one major difference. With a parent student loan, you (the parent), or the grandparent, guardian, or sponsor taking out the loan is solely responsible for repayment. With a cosigned student loan, on the other hand, you are accepting shared responsibility for repaying the loan if the primary borrower cannot.  A parent student loan does not require the student to qualify, nor does the student carry any financial obligation to repay the loan. Opting for a cosigned student loan, however, can help your child build their credit history, if the loan is paid back on time. Types of Student Loans Available to Parents Two primary types of student loans are available to parents or guardians: federal parent PLUS loans and private student loans.  Federal Parent PLUS Loans Federal parent PLUS loans, also known as Direct PLUS loans, are provided by the federal government and are designed for biological or adoptive parents. Parent PLUS loans cover the difference between the amount of federal student aid a student receives and the full cost of attendance, which is also the maximum amount of a parent PLUS loan. To apply for a parent PLUS loan, your child must fill out and submit the Free Application for Federal Student Aid (FAFSA®).  Like any financial decision, taking out a parent PLUS loan should be evaluated carefully. While this loan type may provide more funding than other financial aid programs, parents should be conscious of borrowing only what they need—and can repay—to avoid long-term financial repercussions. Private Student Loans Various lenders, such as banks, credit unions, and other organizations, provide private student loans directly to parents, or as a cosigner. The application process and eligibility requirements vary by lender and loan type, as do the loan terms. Some lenders, like Ascent, also offer undergraduate student loans designed specifically for parents or guardians and cosigned student loans.  Private Student Loans for Parents vs. Parent PLUS Loans There are several key differences between private student loans and federal parent PLUS loans.  Advantages of parent PLUS loans include: Interest Rates: Whereas private loan rates will depend heavily on the market and the borrower’s qualifications, a parent PLUS loan offers a fixed interest rate set by the federal government.   Repayment Plans: Parent PLUS loans have various repayment plans, including standard, graduated, and income-contingent options. These plans provide flexibility for those looking for a plan that most closely aligns with their financial situation. Deferment and Forbearance Options: Parent PLUS loans typically have many deferment and forbearance options, which can be a lifeline should you experience economic hardship. Loan Forgiveness Programs: Parent PLUS loans may be eligible for the Public Service Loan Forgiveness (PSLF) program, which is highly advantageous for parents with qualifying public service jobs. Key features of private student loans include: Loan Terms: Private student loans offer more variety in terms of interest rates, and repayment plans, meaning that parents choose the best terms for their financial situation. Cosigner Release Options: Some private student loans offer the option of releasing the parent cosigner from loan obligations after the student meets certain loan repayment criteria. Approval Process Timeline: Private loans typically have faster application and approval processes than federal loans. Lending Limits: Private loans may allow parents to borrow significantly higher amounts, in some cases, the full cost of attendance. It’s important to note that the amount a particular parent borrower qualifies for will vary based on creditworthiness and lender. Additional benefits: Private student loan providers often offer additional benefits including cash back rewards, automatic payment discounts, or access to coaching resources like AscentUP. Pros and Cons of Taking the Loan Out in Your Name While there are many advantages to taking out a student loan for your child in your name, there are also some disadvantages. Let’s explore the pros and cons. Benefits of Parents Taking out a Student Loan Access to More Funding: Parents typically have more established credit histories than their children, so they can often qualify for higher loan amounts. Potentially Lower Interest Rates: While the federal government sets parent PLUS loans’ fixed interest rates, parents can often qualify for lower interest rates than their children on private loans. Alleviating Immediate Debt for the Student: A loan in your name removes some of the student's immediate financial burden, allowing them to focus on their studies. Things to be Mindful of When Taking out a Student Loan Responsibility Falls on You: You are ultimately responsible for repaying the loan, regardless if your student completes their program  Impact on Your Credit: Taking out a loan can impact your credit, especially if it is for a large amount. Late or missed payments can hurt your credit score, and the loan will impact your debt-to-income ratio (DTI), which can impact your ability to secure other forms of credit. Opportunity for Open Discussion around Finances  with Your Child: Mixing family and finances can be tricky, and the financial obligation of the loan should be met with openness and honesty. Open communication about expectations, repayment plans, and financial responsibilities can help prevent misunderstandings.  Overview of the Student Loan Application Process for Parents Every private student loan has a different application process, so you must contact each lender to discuss the process for their graduate or undergraduate loans. However, the application process for federal parent PLUS loans is similar. For parent PLUS loans, the steps look like this: Complete the FAFSA. This determines eligibility for most federal student aid programs. Log in to StudentAid.gov. After submitting the FAFSA, use your FSA ID to log in to the Federal Student Aid website. Select “Apply for a PLUS Loan.” Use the “Apply for Aid” tab and choose “Apply for a Parent PLUS Loan” for the relevant award year. Complete the parent PLUS loan application. Provide the required personal and financial information on the application form, such as income, employment, and contact information. You must undergo a credit check. Unlike other federal student loans, the Department of Education assesses your credit history to determine eligibility. Sign the Master Promissory Note (MPN). If approved, you must sign the Master Promissory Note on the studentaid.gov website. This legal document outlines the terms and conditions of the loan and documents your promise to repay it. Receive a loan decision. The Department of Education will notify you whether you’ve been approved for the loan, along with the loan amount and terms. Accept or decline the loan. You can accept the full loan amount, choose a lower amount based on your child’s specific needs, or decline the loan if you no longer need it or have found a better option. Tips on How to Determine Which Type of Student Loan Is Right for Parents Now that we’ve established that parents can take out student loans for their children, the next step is figuring out which loan type best suits their needs. Here are some tips for determining which loan is best for your financial future and your child’s education. Evaluate Your Financial Situation. Assess your income, savings, existing debts, and overall financial capacity to determine what loan repayments you can afford. Research Available Options. Understand federal and private options regarding interest rates, repayment plans, borrower protections, and other terms to determine which best aligns with your needs. Compare Interest Rates. Consider whether fixed or variable rates are more advantageous to you and the specific rates offered on specific loans. For example, if you value the predictability of a fixed rate with ample deferment and forbearance options, a parent PLUS loan might be your best bet. Compare Loan Limits to Need. Different loans have different limits, which may or may not meet your child’s needs. Understand Repayment Options. Different loans offer different repayment options, some of which may be more advantageous for your situation. Assess Your Creditworthiness. Evaluate your credit history and credit score to understand how they might impact your loan approval, interest rates, and available loan terms. Consider Cosigning. Evaluate whether it would be better to be a cosigner yourself or find another cosigner, especially one with a strong credit history. Review Available Borrower Protections. Consider whether deferment, forbearance, loan forgiveness programs, and cosigner releases are available. Seek Professional Advice. Financial aid advisors and student loan experts can provide personalized guidance based on your circumstances and needs. Contact our support team today!  Learn More with Ascent Ascent is committed to helping students achieve their goals in college and beyond. That's why we offer a library of financial wellness resources and a variety of loan options to meet your financial needs.  Learn more about our college loan options for parents. FAQ Do parents need to cosign student loans for their children? Parents often do not need to cosign student loans for their children if the student borrower can qualify independently. However, cosigning a loan for your child may increase the total loan amount available, reduce interest rates, and secure more favorable terms. Can my child get a student loan on their own? Whether your child can get a student loan independently depends on several factors, including their financial need, creditworthiness, credit score, and the school’s total attendance costs. The best way to determine this is to have them fill out the FAFSA, apply for federal student aid, and then apply for private student loans to address any remaining funding gaps. Application criteria will also vary by lender. How do you get private student loans for parents with bad credit? Although getting private student loans for parents with bad credit can be more difficult, there are options. Some lenders may have more flexible credit requirements or allow collateral to secure the loan. You can also investigate lenders who specialize in helping borrowers with bad credit.

Although cosigners can be beneficial, you should know how to remove them from a student loan. Learn how to remove a cosigner with Ascent.

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

Subsidized and unsubsidized loans are part of the federal direct loan program and offer students various loan options. Learn more.

Wondering if you qualify for federal financial aid? Learn more about the eligibility requirements while submitting your Free Application for Federal Student Aid (FAFSA).

Ascent Funding explains what student loan forbearance is and what the pros and cons of forbearance are. Learn more and see if you qualify.

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.

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