Private Student Loan Advice & College Financing Resources

When I started college, I knew I’d be taking on student loans. However, I didn’t realize just how much it would weigh on my mind. As much as I try to focus on my classes, internship, and the overall plans for my future, the looming cloud of student debt has always been there. It’s hard to enjoy the moments of college when happiness is tied to a price tag. Over time, I’ve discovered some strategies, and small mindset shifts that have helped manage this anxiety.   If you’re dealing with similar feelings, know you are not alone: according to WalletHub, 70% of students are stressed about student loans-. Loan anxiety is a shared experience for many students trying to navigate higher education. The feelings of long-term debt, worry of future job security, and fear of falling behind on payments are all common. Here are steps I’ve taken to better manage that anxiety:   1) Understand the Source   For me, student loan stress comes from different sources. First, there’s the long-term commitment, knowing I’ll be making payments for years, and potentially decades, after graduation. I worry about missing payments or how one mistake can ruin things such as my credit score. Another stress I deal with is finding a job, one that can pay me enough to pay off my loans. Whether these uncertainties come from family, friends, or external pressures, they all add fuel to my anxiety.   Thankfully, there are resources out there to help ease some of the stress. Ascent has great tools available to borrowers, including AscentUP, an online platform with over 50 hours of on-demand content from industry experts that supports students with financial wellness and aims to help students graduate faster, get a job that matches their needs, and earn a higher starting salary. AscentUP* helps borrowers with their  academics, identifying career goals, and building confidence on how to save. It is self-paced and can be done anywhere from your mobile device.   2) Educate Yourself on Loans & Finances  One of the best ways I’ve found to manage student loan anxiety is to understand exactly what I owe and how the repayment process works. Each loan type is different; whether you have taken out federal or private loans, understanding the type, term, interest rate, and repayment options will help your loans feel more manageable.   For Federal Student loans, you have options:   SAVE: Repayment Option: This is an income-driven repayment plan. FASFA describes it as a “plan [that] calculates your monthly payment amount based on your income and family size.” The benefits of the SAVE plan have interesting benefits. If you make your full monthly payment but fall short on paying for your monthly interest, the government will cover it! Borrowers who originally borrowed $12,000 or less receive forgiveness after 10 years.   Fixed Repayment: You choose a base of monthly payments based on your income. When it comes to Fixed Repayment, there are three types.   Standard Repayment Plan: A fixed monthly payment for a 10-year period. If you don’t choose a repayment plan, your loan servicer will automatically enroll you in this option. - https://studentaid.gov/manage-loans/repayment/servicers   Graduated Repayment Plan: Lower payments that increase every two years, designed to be able to financially support yourself and gradually afford higher payments.  Extended Repayment Plan: Offers lower fixed payments over a longer term, which is helpful for students pursuing lower-paying careers.  TIP: What is Forbearance? Life can be unpredictable, especially when dealing with student loans. Forbearance is built for when life throws you curveballs and you need a temporary pause or reduction in payments.   I know this seems like a lot. And each loan is different, but this is why it’s important to do research to understand your loan type. It may seem insignificant now, but loans add up and your research could potentially save hundreds, if not thousands, of dollars. The biggest takeaway is that, unlike Federal Student Loans, private student loans vary depending on the lender chosen. This is where private student loans, like Ascent, can help. Ascent offers multiple options for undergraduate loans  of students to help meet their unique financial needs.  For Ascent Private Student there, you also have many options:  Cosigned Loans: Ideal for students with limited credit history or income. Allows students to have a credit worthy cosigner such as a parent or guardian.   Non-Cosigned Loans Based on Credit: Available for students who qualify independently based on their own credit score and income. This is a great opportunity for a student to take full responsibility for their loans  Non-Cosigned Outcomes Loan: This is specifically designed for juniors and seniors in college. It is an option for those that want to still support themselves ideally but might not have the facts to back it up. Instead of relying on credit scores, eligibly is determined by factors such as academic performance and projected future income.    Parent Loans: This option allows parents to take out a loan on behalf of their child to help educational costs. It offers competitive rates and flexible repayment options tailored to parents.  While in school, even small payments can make a big difference. Whether it’s $1, $10, or $20 a month, every contribution helps reduce the overall interest on your loan over time. Ascent allows you to make these manageable payments while still in school, giving you a head start on repayment and potentially saving you hundreds or even thousands of dollars in the long run. It's a simple way to take control of your financial future without feeling overwhelmed. I understand how easy it is to get overwhelmed when there is so much information coming to you all at once- that's exactly why I’m here to help simplify things for you.  3) Building Your Finances   Starting your financial journey can be scary and intimidating. If you're not sure where to start, Ascent is here to help. With any journey you take, you have to know where to go. Trust me, as a fellow student I have been exactly where you are now. While feelings like overwhelm never disappear, there are ways to control them. Here are my personally- tested and proven tips to help during college's challenging moments.   Start by creating a goal and tracking your progress.  Figure out where you are financially and where you want to be to help set your goal. If you are looking for guidance with practical tips  the most effective is to ask students like yourself.  We have a huge list of tips for budgeting money as a college student. Once you decide what you are working towards, you can start tracking it. It will be hard to get into the habit, but forming healthy spending habits will save you in the long run.   Check for student discounts and promo codes.  Many popular companies, from streaming services like Hulu and Spotify to large tech companies such as Apple and Microsoft offer discounts for students.  Some perks include free trial or reduced subscriptions. Most times to take advantage of these deals all you have to do is present your Student ID or sign in using your school email address. Here is a list of my favorite deals.  Apply for scholarships.   Take advantage of scholarships to reduce your reliance on loans. Start by researching options offered by your school, local organizations, and online. There are countless databases that will offer you aid based on your background, major, or even personal interest.  Even small scholarships add up over time, and every dollar you earn through scholarships is one less dollar you must borrow.   TIP: Never stop applying for scholarships!! Check out these easy no-essay scholarships from Ascent.  Ascent has awarded over [scholarship_awards_amount] in scholarships to students.   4) Seeking Support and Resources   Student loans can feel overwhelming, and like any kind of stress, it’s necessary to keep it all bottled up. Make sure you’re sharing your concerns and frustrations with someone you trust– whether you speak to your parents, friends, or counselor, it’s a big help to get it off your chest. And if there is no one in person you can speak to there are forums with students and professionals on College Confidential about how to deal with this anxiety.  Managing student loans and the anxiety that comes with loans as it is an ongoing process; but not an impossible one. With the right tools and mindset, you can focus on moving forward with your education and future! But most critically, remind yourself that you are not alone in this journey. College is about growth and discovery, so don’t let student loans take away from what you can accomplish. College is about growth and discovery so do not let the stress of loans take away from that experience. With the right plan and support you can embrace on all the different experiences and achievements college has to offer.  About the author:   Maelia (Mia) Madariaga-Ilagan is a fourth-year student at University of San Diego (USD) pursuing a degree in Marketing with a minor focus in Visual Arts. Coming from a large family where all siblings are encouraged to attend college, she understands firsthand the financial pressure that student loans can bring. However, she believes that the struggle of student loans should not shadow the opportunities college brings. During her time at USD, Mia has excelled both academically and within the campus community. She has served as the Public Relations Chair for USD Associated Students and become an active member of many student organizations. These experiences and many more have shaped her growth and given her opportunities to thrive.

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

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Learn about Expected Family Contribution (EFC), now called the Student Aid Index (SAI), and its role in determining financial aid eligibility.

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).

From forbearance and deferment options to general debt management, if you’re having trouble making student loan payments check out these 7 tips from Ascent Funding.

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

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.

If college savings or financial aid falls a bit short, you may find yourself exploring different loan options to help fund your student’s education. However, that can feel like navigating through a wild maze of options. Thankfully, there are loans to help you support your student, including two loan types for parents: private parent loans and federal parent PLUS loans.   These loan options have their own set of rules, benefits, and downsides and the choice you make could affect your finances and your student’s academic path. Understanding federal parent PLUS loans vs. private loans can help you make smart financial decisions that meet your needs while ensuring that your student gets a great education.  At a Glance: Parent PLUS Loan vs. Private Loan  ​​​Understanding the difference between federal parent PLUS loans vs. private student loans is a crucial first step to financing your student’s future. Here’s a quick side-by-side comparison of each college student loan:  Feature Private Parent Loans Parent PLUS Loans Type of Interest Fixed or variable Fixed Interest Rates 3.39%-17.99% (Source) 9.08% for 2024-25 school year (Source) Origination Fees Varies by lender; Ascent’s Parent Student Loan has no application, origination, or disbursement fees 4.228% Repayment Terms Varies by lender; typically 5-25 years Varies by loan balance and repayment plan; 10-25 years Deferment Options May offer deferment or forbearance options based on the lender Deferment or forbearance options are available, though terms may vary Borrowing Limits Up to cost of the school's attendance; some lenders have set borrowing limits Up to the cost of the school's attendance minus federal financial aid Credit Requirements Varies based on the lender; typically above 600 Additional application requirements for those with adverse credit histories FAFSA Requirement? No Yes Degree Type Undergraduate or advanced degrees Can only be used for undergraduate degree  What Is a Parent PLUS Loan? Parent PLUS loans, now known as Direct PLUS loans, are federal loans with fixed interest rates and fees currently set by the U.S. Department of Education. Parents of dependent undergraduate students can apply for these loans to cover education expenses for college and select trade schools, or other career training institutions. The fixed interest rate provides more stable repayment options but can come with a higher interest rate compared to private student loans.  To be eligible for a parent PLUS loan:  You need to be the biological or adoptive parent of a dependent undergraduate student (legal guardians or grandparents are only eligible if they legally adopt the student).  You must meet minimum credit requirements based on a credit check.  Students must meet the overall financial aid eligibility requirements.  Students must be a U.S. citizen or eligible non-citizen.  The student can’t have student loan defaults unless resolved or consolidated into another federal loan.  What Is a Private Parent Loan?  A private parent loan, often referred to as a parent student loan, can help parents secure a loan to cover any costs that exceed what federal loans and financial aid cover for your student’s education, including non-tuition expenses.   When comparing private parent student loans vs. private student loans for students, a private loan:  Allows a legal guardian to apply if their student is working toward an undergraduate or a graduate degree, or certification education at an eligible school.   Gives other options for families who do not meet all the loan requirements.   Can offer more competitive rates.  Can provide the additional funding needed to fully cover education costs but may have more stringent credit requirements.  May offer flexible repayment options and allow borrowers to defer payments while your student is in school.  Not all schools are eligible to certify a parent student loan, so be sure to check with the student’s school before applying. You can check your rate with Ascent without impacting your credit score here.    Parent PLUS Loans vs. Private Student Loans: What’s the Difference? Each college student loan type offers unique benefits and challenges that can influence your financial roadmap. Below is a summary comparison of parent PLUS loans vs. private student loans:   Interest rates: Private student loans may offer varying interest rates depending on your credit score, while parent PLUS loans have a fixed interest rate set by the government.  Fees: Both loan types may come with fees, but the types of fees and amounts can differ. It’s important to understand what fees you may incur, so you’re not paying more than you need to. (An Ascent Parent Student loan has no fees, ever.)  Repayment terms: Private parent loans may provide a range of repayment options depending on the lender. Ascent’s Parent Student loan features both Interest-Only and Immediate Full Principal & Interest (P&I) in-school repayment options. Parent PLUS loans have three repayment options: Standard Repayment, Graduated Repayment, and Extended Repayment.  Deferment options: Some private loans may offer deferment options while your student is enrolled in school. Parent PLUS loans also offer deferment options, though the terms may vary. Remember that during deferment, interest continues to accrue on the loan.  Eligibility criteria: Private lenders may have unique credit and income eligibility requirements, so check the eligibility requirements to make sure you qualify. You cannot have an adverse credit history with Parent PLUS loans and must meet general eligibility requirements. In either case, a hard credit check may be done.  Loan amounts: The loan amounts for private parent loans can vary depending on your credit history, while a parent PLUS loan amount is limited to the full cost of your child’s education, including tuition, room, board, and other associated costs.  How to Decide Between a Parent PLUS Loan and a Private Student Loan Choosing the right student loan option will depend on your financial situation and unique needs. Before deciding, consider the financial aid package your student may receive, which will outline the cost of attendance and the federal loans and/or grants they’re eligible for.  Your creditworthiness, income, and budget are also important factors that may influence your decision between a parent PLUS loan vs. a private loan.   When a Parent PLUS Loan Might Make Sense  A parent PLUS loan may be a good option if:  You have an average or mediocre credit score: Since parent PLUS loans are based on when you borrow, rather than on creditworthiness, you don’t have to have good or excellent credit to benefit. You must show that you don’t have an adverse credit history that includes issues like bankruptcy.  You work for a nonprofit or are a public servant: You may be eligible for the Public Service Loan Forgiveness (PSLF) program if you took out a parent PLUS loan.   You want to consolidate into a federal student loan: Many people with federal loans make use of income-driven repayment plans, but those apply to federal student loans, not parent PLUS loans. However, you may consolidate into a federal loan if you are eligible and thus qualify for income-driven repayment plans.  When a Private Loan Might Make Sense  A private loan may be a good option if:  You have a good to excellent credit score: Interest rates for private loans are partially based on the borrower’s creditworthiness. When comparing parent PLUS loans vs. private loans, you’ll likely get a better rate on a private loan if you have great credit.   You prefer a shorter loan term: Private loans often have more repayment term options.   ​​You can pay the loan quickly: Private loans may offer variable interest rates. If you borrow while rates are low and can pay it back quickly, you could capitalize on those low interest rates.​​​  ​​​You are trying to build your credit: Borrowing private student loans can help build and improve your credit history when managed responsibly. Since private student loans are reported to credit bureaus, making on-time payments consistently can strengthen your credit score over time. A strong credit profile can open doors to better interest rates on future loans, credit cards, and even housing opportunities. ​​  Alternatives to Parent Student Loans While parent student loans are a common solution for covering education costs, other options are available. Research may uncover other financing options that better fit your budget and needs to help cover your student’s school expenses. Other financing options include:  Cosigned loans: This allows a parent or cosigner to share the financial responsibility for the loan with their student. Cosigned loans can make it easier for your student to qualify for a loan or secure a better interest rate, especially if you have a good credit history. For a deeper dive into cosigning, check out our article: why do you need a cosigner?  Researching scholarships: Explore private scholarships available for your child’s field of study or extracurricular activities.​ Ascent has awarded over $330,000 in scholarship giveaways to date. ​  Discussing alternative financial aid options with your college or trade school: Engage early with financial aid offices at prospective colleges to understand all available options to ensure you maximize available aid.  Exploring savings plans: Consider establishing an education savings plan early to help offset future education costs.   Considering work-study programs: Work-study opportunities can help your family cover education costs while providing your student with valuable work experience. You can check to see if you’re eligible for work-study programs by completing the Free Application for Federal Student Aid (FAFSA®).  Choosing an affordable school: Consider colleges or trade schools that fit your budget, so you don’t have to borrow as much. In-state institutions, public universities, and trade schools may be more affordable if you’re on a tighter budget.  Learn More with Ascent Navigating the financial path to higher education can be challenging for parents and students, and understanding your options is the key to making informed decisions about your future and finances. Whether you’re a parent, guardian, or student borrower, Ascent is here to help you decide between a parent PLUS loan vs. a private loan so you can achieve your financial goals. For more tips and resources, check out our financial wellness center or follow our blog for new updates. FAQ  What Are the Negatives About Parent PLUS Loans?  Potential drawbacks of a parent PLUS loan are that they are non-transferable, may have higher interest rates, and have no grace period (parents are expected to start paying on the loan within 60 days of loan disbursement).   Do Parent PLUS Loans Get Forgiven When a Parent Dies?  Yes, if ​a parent​​, ​or the qualifying student​,​ dies, the loan will be discharged.   Do Parent PLUS Loans Have Lower Interest Rates?  No, parent PLUS loans typically have higher interest rates because eligibility isn’t based on creditworthiness. If you have good credit and desire lower interest rates, private lenders may offer better rates for student loans.  What Disqualifies You from a Parent PLUS Loan?  An adverse credit history may disqualify you for a parent PLUS loan. Adverse history occurs if you have issues like bankruptcy or foreclosure on your record. You may be able to appeal or add a cosigner to receive a parent PLUS loan.   Is It Better for a Parent or Student to Take Out a Private Loan?  Generally, if the parent has a good credit score, they may qualify for better interest rates and terms. However, if your student qualifies for financial aid and federal student loans, it may be beneficial to start there so you’re only taking out additional loans for what you need.