Uncategorized Archives - Ascent Funding

How to Build a Preferred Lender List: A Checklist for Schools
With Grad PLUS loans being phased out, graduate students and schools are facing new choices and considerations. While this transition brings some uncertainty, it also opens the door for schools to find new ways to guide and support students as they plan for their educational future.

February 18, 2026 | By: Ascent
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
How to Calculate Student Loan Interest: A Step-by-Step Guide
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.

August 11, 2025 | By: Ascent
Graduate PLUS Loans: Your Comprehensive Guide
Diving into advanced education is an exciting chapter in anyone's life. It's a time of personal growth, career development, and pursuing passions. But the financial side of this journey can sometimes feel overwhelming. That's where Direct PLUS or Grad PLUS Loans come in. These college loans are designed to support graduate and professional students pursuing higher education. In this guide, we'll learn about Grad PLUS Loans and explore their features, benefits, and how they may fit into your financial strategy for an advanced degree. Key Takeaways The passage of the “Big Beautiful Bill” (OBBBA) eliminates Grad PLUS loans for new borrowers after July 1, 2026. Grad PLUS Loans are federal loans for graduate and professional students that can cover the full cost of attendance—including tuition, housing, and other expenses—once other federal loan options have been exhausted. Eligibility for Grad PLUS Loans requires a credit check, enrollment at least half-time in a qualifying program, and meeting federal student aid requirements. Students with adverse credit may still qualify with a cosigner or extenuating circumstances. Grad PLUS Loans offer fixed rates and borrower protections, but private graduate loans may offer unique benefits or more competitive interest rates for borrowers with strong credit. Repayment typically begins six months after graduation or dropping below half-time. Interest accrues during this grace period, so it pays to understand how capitalization works and whether making early payments is worth it. What is a Grad PLUS Loan? A Grad PLUS Loan is a federal loan that can help cover some school costs for those pursuing advanced graduate degrees. What sets Grad PLUS Loans apart from other student loans is their ability to cover the total cost of attendance. Beyond just tuition, these loans can also apply to books, housing, and other education-related expenses, filling in the financial gaps where other types of aid may fall short. Graduate PLUS Loans are specifically available to graduate and professional students who have exhausted their eligibility for Direct Subsidized or Unsubsidized Loans. Grad PLUS loans are made available by the U.S. Department of Education and have a fixed interest rate that is set annually. Interest rates for Grad PLUS Loans may be higher than other federal student loans, so be sure to factor this in when planning repayment. Eligibility of Grad PLUS Loans While Grad PLUS Loans offer valuable financial support for graduate and professional students, they are not available to just any student. To qualify for Grad PLUS Loans, you must meet certain criteria: Enrollment Status: You must be a graduate or professional student enrolled at least half-time in a program leading to a graduate or professional degree or certificate at a school participating in the Direct Loan Program. General Eligibility for Federal Student Aid: Like other federal student loans, you need to meet the general eligibility requirements for federal student aid. This includes being a U.S. citizen or eligible non-citizen, having a valid Social Security number, maintaining satisfactory academic progress, and not defaulting on federal student loans. Satisfactory Credit History: Graduate PLUS Loans require a satisfactory credit history. While you are not required to meet a specific credit score threshold, having an adverse credit history may affect your eligibility. An adverse credit history means you’ve experienced certain negative credit events, such as bankruptcy, foreclosure, or defaulted loans. If you have an adverse credit history, you may still be eligible for a student loan with a cosigner. You may also be able to demonstrate extenuating circumstances. If you’re looking for a Ph.D. student loan or loan for your MBA, Grad PLUS Loans can be an option to cover the full cost of attendance for your graduate or professional studies. However, if you do not qualify for Grad PLUS loans or find that federal loans do not cover your full tuition expenses, you can consider private graduate student loans to help supplement this gap. Key Features of a Grad PLUS Loan Grad PLUS Loans are designed with the students’ best interests in mind, offering financial support and protections to make pursuing higher education more attainable and manageable. Before deciding, it's essential to understand all aspects of these loans and consider how they align with your unique financial needs and academic goals. Here are several of the key features of these types of loans: Loan Limits Grad PLUS Loans stand out for their flexible loan limits. Unlike other federal loans, which have set annual and lifetime limits, the Grad PLUS Loan is designed to cover the full cost of attendance. This means they can cover everything from tuition and books to housing and other education-related expenses, making them a particularly beneficial option for programs with high tuition costs. Interest Rates Interest rates can make a big difference in the total cost of a loan. With Grad PLUS Loans, you don't have to worry about fluctuating rates. Grad PLUS Loans offer fixed interest rates, which means the rate you get when you take out the loan won't change over the life of the loan. The stability of the Grad PLUS loan can make it easier to plan for your loan repayment. Borrower Protections Life can be unpredictable. Graduate PLUS Loans come with borrower protections, providing a safety net during challenging times. These protections include options for loan deferment, forbearance, and access to income-driven repayment plans. These options can provide much-needed flexibility when dealing with financial hardship or changes in income. Application and Repayment of Grad PLUS Loans Applying for a Grad PLUS Loan is a straightforward process, like other types of Federal Aid: 1. Complete the FAFSA: You can start the process by filling out the Free Application for Federal Student Aid (FAFSA). This form determines your eligibility for federal aid, including Grad PLUS Loans. 2. Submit the Direct PLUS Loan Application: After completing the FAFSA, proceed to the Direct PLUS Loan Application. This application is specific to the Grad PLUS Loan and provides information about your school, desired loan amount, and authorizing a credit check. 3. Credit Check and Eligibility: Unlike other federal loans, Grad PLUS Loans require a credit check to assess your creditworthiness. An adverse credit history may affect your eligibility, but you can still qualify by obtaining an endorser or documenting extenuating circumstances to the U.S. Department of Education. 4. Loan Approval and Award Letter: Once approved for the Grad PLUS Loan, your school's financial aid office will send you an award letter. This letter outlines the loan amount and provides instructions for accepting or declining the loan. Repayment of Grad PLUS Loans As you progress through your academic journey, understanding the repayment process for Grad PLUS Loans is crucial for your financial success. Here's a breakdown of key points to keep in mind: Grace Period: Repayment for Graduate PLUS Loans typically begins six months after you graduate, leave school, or drop below half-time enrollment. During this grace period, you have time to organize your finances and start earning an income before making payments. Interest during the Grace Period: It's essential to be aware that interest continues to accrue on the loan during the grace period. If you defer payments, the accrued interest will be added to the loan balance (capitalized) when repayment begins. Repayment Options: During the grace period, you can make interest-only payments or defer your payments. Considering your financial situation and goals will help you decide on the best repayment option for your circumstances. Grad PLUS Loans Compared to Other Options Grad PLUS Loans are a great resource, but they are just one of the financial aid options available. It's important to consider all your options and choose the best fit for your needs. Federal Loan Options vs. Grad PLUS Loans Federal loans, such as Direct Unsubsidized Loans and Direct Subsidized Loans, are often the first stop for many students. These loans typically offer lower interest rates than Grad PLUS Loans, which can result in lower overall costs. However, they also have lower loan limits, which may only cover part of the cost of attendance for some programs. This is where Grad PLUS Loans can step in to fill the gap. Private Student Loans vs. Grad PLUS Loans Private student loans are another option to consider if you want to close the gap between your federal loan coverage and your tuition costs. These loans can offer competitive interest rates (especially for borrowers with strong credit), flexible repayment terms, and additional benefits not offered with federal loans. At Ascent, we are proud to offer over 40 repayment options–more than any other lender–in addition to perks like 1% cash back at graduation, dedicated U.S.-based customer service, and access to career coaching resources and internship support. The Importance of Financial Literacy and Loan Repayment Financial literacy plays a vital role in the lives of students taking on student loans. As you embark on your educational journey, it’s important to equip yourself with the knowledge and understanding of various financial concepts related to borrowing and repaying loans. Being financially literate means comprehending the terms and conditions of your loans, the impact of interest on your total repayment amount, and the array of repayment options available to you. Financial wellness is important to Ascent, which is why our borrowers have access to extensive financial literacy throughout their application and once they are a borrower, to ensure students (and cosigners) understand the responsibilities of borrowing money to pay for college. Learn More with Ascent At Ascent, we are committed to helping students navigate the financial aspects of their educational journey. Whether you want to learn the basics of student loans or explore options for graduate student loans, we provide the necessary resources and support. Explore our financial wellness resources or contact us to learn more about Ascent’s graduate student loan options today. FAQ How Much Can You Borrow with Grad PLUS? One of the standout features of Grad PLUS Loans is their flexible loan limits. You can borrow up to the full cost of attendance minus any other financial aid received. This includes tuition, books, housing, and other education-related expenses. This flexibility can make Grad PLUS Loans a valuable resource for funding your education. What is the Difference Between a PLUS Loan and a Grad PLUS Loan? While PLUS Loans and Grad PLUS Loans are part of the federal loan program, the main difference is who can borrow the money. PLUS Loans are available to parents of dependent undergraduate students, while Grad PLUS Loans are designed for graduate and professional students. Do Grad PLUS Loans Get Forgiven? Yes, Grad PLUS Loans are eligible for certain forgiveness programs. For example, if you work in public service, you may be eligible for Public Service Loan Forgiveness. Grad PLUS Loans are also eligible for income-driven repayment plans, which cap your monthly payments at a percentage of your income and can lead to loan forgiveness after a certain period.

August 11, 2025 | By: Ascent
How to Help Your Child Plan for College (and the Cost)
Preparing for college is a big deal for students and parents alike. You want your child to have a bright future full of financial, professional, and personal success, and helping them plan for college is an important step in setting them up for success. Private college tuition and fees increased by over 4% in the 2023-24 school year, which means it is more important than ever to get ahead of financial planning. From supporting your child’s school and major choice to understanding how to cover tuition expenses, parents and guardians can play a critical role in driving informed financial decisions during this critical life stage. Encourage Financial Literacy Early One of the best ways to support your child as they prepare for adulthood is to encourage financial wellness. From budgeting basics to credit scores and interest rates, the more they understand about money now, the stronger of a foundation they will have for their future. Financial literacy helps your child learn how to effectively manage their money and achieve specific financial goals. You can improve your child’s financial literacy by helping them learn about budgeting, borrowing money, investing, and how to manage their earnings. As you and your child prepare for college, you can talk to them about paying for college and discuss the financial needs beyond just tuition. For example, if they have a job, you can encourage them to open a checking or savings account and teach them how to budget their earnings to ensure they have enough to pay for essentials like food, clothing, and transportation. These basic skills can help your child build confidence, and instill the importance of making informed financial decisions early on to help them achieve their goals down the road. Understand the Impact of Selecting a Major After the arduous process of filling out applications and awaiting those acceptance letters, it’s time to choose a school and a major. These are big life decisions that can have a lasting impact on your child’s personal and professional life, and being there to listen and share your own stories can help them feel more supported. Naturally, some students won’t know what they want to study right out the gate, while others may already be committed to pursuing a specific major. Parents can encourage their children to pursue their passion and interests, while socializing how choosing a school and major can impact the financial return on your college investment. Here are a few considerations to keep in mind when discussing school or major selection with your child: Learn about the jobs and industries your child is interested in. If you don’t know—ask! Use a college ROI calculator to help understand the impact the school and major they pursue may have on their future earning potential. Research colleges together to ensure they offer your child’s desired major, while meeting any other desired criteria such as budget or lifestyle. Compare programs based on the faculty, classes offered, student/teacher ratio, reviews, and other factors that speak to the program’s reputation. Navigate Financial Aid Options With Them You want to make sure your child is financially prepared to cover the cost of whichever college they choose. Recent statistics show that about 55% of students at public universities take out student loans, so it’s never too early to start researching financial aid options with your child so you are prepared when the time comes to apply. Here are some simple ways you can help your child get started: Encourage them to complete the FAFSA. The FAFSA is used to determine eligibility for federal financial aid and should be the first place you start. Parents can also complete the FAFSA on behalf of their dependent child. Help research scholarships and grants. Scholarships and grants are forms of aid that do not need to be repaid, making them a great place to start. Not all scholarships are need-based, and some are open to eligible students and parents—so don’t underestimate the amount of free money out there. Consider private student loans to cover any gaps. The reality is that many students do not receive enough federal financial aid or scholarship funds to cover the full cost of college. Private student loans can help cover any remaining gap between federal aid and the total expected costs of college, and in many cases can even be applied to expenses like housing and textbooks. Some lenders also offer parent student loans tailored to parents or guardians looking to take out a loan on behalf of their child. Foster an open dialogue around budget and expected costs. Understanding how much money is required to cover their essentials will help ensure your child does not overpay for college by taking out a larger loan than needed. More resources for college planning Whether you are touring colleges or helping your child get a student loan, parents can plan a huge role in helping to navigate the decisions your child will face on their path to higher education. Helping them make informed choices now can help your child pave a road for long-term personal, professional, and financial success well beyond graduation. For more tips on proactive financial planning for college, visit the Federal Student Aid website or download the Ultimate Guide to Paying for College today.

June 05, 2025 | By: Ascent
Webinar Recap: Mastering College Costs
Navigating the financial landscape of higher education can be daunting, but understanding your options and planning ahead can make a significant difference. In last week’s webinar in partnership with CollegeAdvisor, “Mastering College Costs: Essential Tips to Avoid Overpaying,” we broke down insights on unpacking college costs from an expert panel featuring Allie Danziger, SVP and GM of AscentUP, and Jess Klein, a seasoned college admissions and financial aid expert at CollegeAdvisor. Together, they shed light on critical strategies for managing college costs, understanding and selecting student loans, and maximizing financial aid. You can watch the recording here! We discussed tips for creating a four-year financial plan, understanding both direct and indirect costs, and navigating the often-confusing world of scholarships and loans. Attendees had the opportunity to learn how to differentiate between the "sticker" price of colleges and what the student will realistically pay, explore tips for budgeting effectively, and discover the role of financial aid and scholarships in reducing out-of-pocket expenses. From deciphering your college bill and choosing the right student loan lender, to leveraging financial aid resources and optimizing your budget, this webinar aimed to empower families and students with practical advice and actionable strategies. We also highlighted valuable tools and opportunities, like Ascent’s Bright Futures Engine and scholarship giveaways, to help families on their educational journey. Understanding the different pathways on how to pay for school is an important part of preparation. Our panelists break down the options of paying for school: 1) Scholarships and Grants Federal vs Institutional Federal grants come from the federal government (through the FASFA application), while institutional grants are specific to an institution. Merit vs Need Based Merit scholarships or grants are usually earned based on a certain skill, attribute, or achievement. Need based scholarships or grants are usually based on demonstrated need. Need-based aid is determined through the formula of cost of attendance minus expected family contribution (from the FASFA) to equal financial aid eligibility. Outside scholarships Not from the federal government or your educational institution. CollegeAdvisor has a lot of resources for finding these scholarships. Ascent Funding has given away over $330,000 in scholarship giveaways to date. Take a look at our no-essay scholarships: https://www.ascentfunding.com/scholarships/ 2) Payment plans Payment plans are a way to make it easier for students and families to pay for school as they break up tuition into smaller, more manageable payments over time. 3) Loans, both Federal and Private Students and families can use FASFA to apply for federal student loans, federal loans are provided by the government. Private loans are provided by banks, credit unions, and other financial institutions. It is common to use a combination of the three methods of scholarships, payment plans, and loans to pay for school. It is important to understand the ROI (return of investment) of your future school and plans while going into college. Ascent Bright Futures Engine is an algorithm that does just that! Ascent’s Bright Futures™ Engine powers students to evaluate the return of their educational investment by comparing the expected salary of students with their college major the first year after graduation with the cost of attendance for in state and out-of-state colleges. Ascent’s Bright Futures™ Engine college ROI calculator, empowers students to find the school and major that offers them the greatest return of their investment and is available to all. https://www.ascentfunding.com/bright-futures-engine/ Some other ROI related things to consider include: How do all your options stack up in relation to price, location, major, etc.? Be intentional in selecting a major and remain conscious of the salaries of that major. Consider the faculty in your decision. Is there a specific faculty member that you admire or share a passion with? Are there summer opportunities or post grad opportunities to work with professors or faculty? Be mindful of the location of the school, how will this enhance your educational, personal, and career experience? What extracurricular activities are available on campus or in the area? We understand that looking for a private loan lender can be a daunting task. Our panelists put some factors to consider while looking for a private student loan lender that best suits your needs: What is the cost of the loan? Make sure to consider this for over the duration of your higher education timeline, not just one year. Ask questions such as what the interest rate is, what is the APR, and what are the overall fees associated with the loans/ Make sure you understand the repayment options. Make sure you understand what the flexibility of repayment options are during school, post school, and immediately following graduation. Is there a grace period after graduation before loans are due? Understand what (and if) student friendly benefits are included with the loan such as ACH, grace periods, and success/ future job support. It is also extremely important to keep track of repayment options associated with your loan, so you do not lose track or fall behind. Some tips include: Sign up for an online account with your loan servicer (and download the mobile app). Set emails from your loan servicer as high importance to avoid missing them or them getting sent to junk mail. Keep a clear budget and keep updated with your payments. A smart way to do so is to sign up for auto-payments so you don’t have to manually insert your information every time a payment is due. Be sure to consolidate and track interest rates to keep on top of your loans. Lastly, add due dates to your calendar and keep records so you stay organized. Budgeting in College is an extremely helpful way not only to stay on top of your finances, but to build lifelong healthy financial habits. Here are some strategies discussed by our panelists to stay on top of budgeting: 1) Understand Income and Expenses Income is the money that is coming in. Some examples of income include part time jobs, allowances, scholarship grants, and financial aid. Fixed expenses are the expenses you can predict and plan for, what must you pay. Some examples of fixed expenses include tuition rent groceries, books. Variable expenses are less planned and less predictable, what is an option. Some examples of variable expenses are food, entertainment, and shopping. 2) Keep Track and Incentivize Yourself Use your phone to track your budget. It is an easy place to keep track of your finances and there are many apps to help you. Tracking everything is super important!! Set realistic long term and short-term financial goals. Turn budgeting into a game with personal rewards and incentives for good work. You can also ask a friend to be an accountability partner to keep you accountable to your goals. 3) Budget Wisely Look for student discounts, there are plenty of discounts available to students for many stores, museums, programs, etc. Take advantage of campus resources (or AscentUP for Ascent borrowers)! Your educational institution will likely have many resources for student success in all areas of life. Cooking, meal prepping, and using coupons are great ways to save money, eliminating little costs adds up! 4) Increase your income and build an emergency fund This sounds self-explanatory, but increasing your income even slightly can go a long way. One option is paid internships, paid interns ultimately earn $3,096/ year or more on average as shown in a study by Strada. It is important to have a cushion of money in case an unexpected cost comes up out of nowhere such as a car accident, sick pet, or weather damage. 5) Create habits to Last a Lifetime Those who create a budget are also more likely to save for retirement, pay off debt faster, and achieve their financial goals, with the bonus of being beneficial to mental health as well. Only 25% of people plan their finances, while 75% do not. However, 58% say they would plan better if they knew how (Sourced from Trend and Tactics). We know there is a lot to account for, but CollegeAdvisor and Ascent are here to help you through this process as you navigate the complex landscape of college funding and make informed decisions about your education and future. Keep a look out for more Ascent Scholarships and private loan information from Ascent!

August 19, 2024 | By: Ascent
A Different Perspective on How to Approach Paying for College | Ascent CEO Ken Ruggiero on It’s Your Business on KCBQ-AM
Click here to listen to how Ken is changing the student loan industry in his full interview with @RichardMuscio on @theAnswerSanDiego

April 22, 2021 | By: Ascent
Carrying a Credit Card Balance for the First Time
If you’ve always paid your credit card balance in full every month, it can be disconcerting to find yourself carrying a balance for the first time.

December 20, 2018 | By:
Which Credit Cards Give Free FICO Scores?
Psst!

December 20, 2018 | By: