Private Student Loan Advice & College Financing Resources

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. 

The Free Application for Federal Student Aid (FAFSA) is a form current and future students need to fill out to get financial aid. Learn more from Ascent Funding.

SAN DIEGO, Sept. 11, 2024 /PRNewswire/ -- Ascent, a leading provider of innovative financial products and student support services, enabling students to access education and drive durable economic mobility, is proud to announce the closing of its second public securitization, and its first securitization of career education consumer loans. Ascent's career loans provide funding to students attending skills training programs with high return on investment of their education, including coding, automotive, cybersecurity and other trade skills. The issuance included three classes of fixed-rate notes: Class A, Class B, and Class C, all of which were rated by Morningstar DBRS. Atlas SP acted as structuring agent and Atlas SP and Cantor Fitzgerald acted as bookrunners for the deal. This comes on the heels of the student success company's first public securitization of college loans in a $287 million offering.   With an estimated 57% of high school graduates never enrolling in college and 44 million students attending but not graduating college, Ascent's career loans provide a much-needed alternative, empowering adult learners to attend high ROI programs that drive economic mobility. These learners can benefit from faster program completion and lower tuition due to shorter programs. To date, Ascent has provided $450 million to over 42,000 skills training students, enabling these learners to increase incomes and improve the FICO score of 98% of its borrowers. "At Ascent, we are passionate about developing innovative products that make entry into the workforce a reality for as many adult learners as possible," said Ken Ruggiero, co-founder and CEO of Ascent. "After our first successful public securitization, I'm proud to have completed our first-ever securitization of career education consumer loans which will help us continue to offer affordable financing to learners and enable growth with more training providers." "We were able to attract several new investors which allowed us to create this new ABS asset class." said Ryan Gray, Chief Financial Officer and Chief Operating Officer of Ascent. "This securitization is transformative to our platform as we continue to provide access for adult learners to pursue skills training for high demand jobs at lower costs. Ascent is committed to building durable economic mobility for its students. The company is more than a student lender, focused on helping students plan, pay and succeed before, during and after school, remaining steadfast in its goal of improving the income of its borrowers by $10 billion dollars in five years. View the 2023 impact report here. ABOUT ASCENTAscent 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. 

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.   

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! 

How Much College Aid Are Students Leaving on the Table?

Sending your child to college is a major milestone, and one that can have a big impact on your family's finances. Whether you're exploring undergraduate student loans or other funding options, understanding the full cost is essential. With the rising cost of college, many students may be wondering if they can afford a college education and whether they are making the right financial choices along the way. As a parent, you can play a pivotal role in supporting your child through this journey, especially when it comes to offering financial guidance. Here are some valuable tips you can share with your child to help them avoid overpaying for college and set them up for future success.    Budget for expenses beyond tuition Tuition is typically the first thing most people think of when considering the cost of college, but college expenses go far beyond just that. Additional expenses like meal plans, transportation, books, living arrangements, and spending money can add up quickly, and must be factored into budget planning. Understanding how to budget can help you and your child when discussing different types of financial aid - such as scholarships, grants, and student loans - they’ll use to pay for college. Many forms of financial aid can be applied beyond tuition, while other forms are paid to the schools directly and may not be enough to cover total tuition and lifestyle expenses. Teaching your child how to budget can help them plan out monthly expenses and avoid spending more money than they have available. Most importantly, if your child plans to take out financial aid, having an accurate picture of their total expenses will help ensure they do not overborrow in student loans. Explore and pursue scholarship opportunities Scholarships are a great place to begin looking for college financial support because, unlike private student loans, they don’t need to be paid back. Thousands of scholarships are available every year including from colleges, non-profits, employers, private organizations, and religious or social groups.  Scholarships can be merit-based, need-based, or set aside for a particular group of people such as women and military families. Finding these scholarships can take time, but there are several resources to help you and your child find scholarships including online scholarship directories, college financial aid offices, high school counselors, foundation or organization websites, employers, or your state’s grant agency.  If your child is planning to apply for scholarships, help them research early and check the deadline and requirements for each application, as they can differ. There is no limit to how many scholarships a student can apply to, and some scholarships may even extend eligibility to parents. Remember: every dollar received in scholarships is a dollar saved toward paying for college. [cross_promotion_banner] Put in the time to fully understand loan options Ensuring your child completes the FAFSA is the first step to supporting them in securing financial aid. Once you know how much federal financial aid your child qualifies for, you can better support and plan for any gaps between their expected expenses and the federal aid available to them. Knowing the differences between federal and private student loans can also help educate them on supplemental student loan options, if needed. Some private student loans offer perks like flexible repayment terms, access to college and career coaching, and even cash back at graduation, so it can pay to do your research. Understanding the total amount they will need to borrow–and be responsible for paying back–is critical before applying for any loan. As you and your child consider colleges and loan options, also encourage them to think about their expected salary and how much they’ll be able to afford in monthly loan payments post-graduation. Using a college ROI calculator can help them make informed choices about their major or school selection based on their expected income after graduation. Ascent also offers a variety of flexible loan options you can explore, including student loans with no cosigner, parent loans, and cosigned student loans. Improve your financial literacy (and your child’s) Preparing for college is an exciting time for both you and your child. It’s also a great opportunity to learn alongside them and improve your own financial literacy while helping them succeed. Learning how to budget responsibly to understanding how factors like credit score and interest rates can impact personal finances are invaluable concepts when it comes to avoiding or taking on debt responsibly and saving for the future. It’s never too early to teach your kids (or yourself) about the importance of making informed financial decisions.  There is a plethora of free financial wellness resources, loan counseling, and financial aid guides to help parents and students unpack everything they need to know about paying for college, and making smart financial decisions in general. Investing in your child by facilitating open dialogue around finances and the importance of planning early can help ensure they do not overpay for college and set them up for future success.

As the cost of education increases, scholarships have become a lifeline for countless students looking to pursue their academic dreams. However, with so much competition and so many options, the scholarship search can be disheartening. Understanding the nuances of scholarship applications, finding the right opportunities, and writing a winning scholarship essay remain daunting tasks for many. Luckily, Ascent and Road2College joined forces to discuss scholarship options, featuring panelists Will Greiger, Allie Danziger, and Debbie Schwartz. In case you missed our webinar, “Cracking the Code: Your Guide to Unlocking Scholarships,” you can watch some of the recording here: https://www.youtube.com/watch?v=X53OnJ5VQp0 What are the different types of scholarships? Understanding what types of scholarships are available is critical when trying to decide which ones to apply for. Will Greiger, CEO and Co-founder of Scholarships360, breaks down the four main types of scholarships: 1. Federal & government scholarships: These include grants such as the Pell Grant and other types of aid awarded through the Free Application for Federal Student Aid (FAFSA ®). Some states also have aid programs that fall into this category as well. 2. Scholarships from colleges: Like government scholarships, a college may also use information gleaned from your FAFSA to award you need-based aid. Many college scholarships are based off academics or talents (aka merit-based scholarships). A subset of college scholarships is a departmental scholarship, which you might earn for being in a specific area of study, studying abroad, or being a part of a club. 3. Non-profit scholarships: Non-profits are well-known for their generosity in scholarship awards. Some examples of these organizations would be the Elks Club, the Girl Scouts, or a smaller, local non-profit in your community. 4. Scholarships from private organizations: Many private companies also give out scholarships! To date, Ascent has given away over $330,000 in scholarships to students and families. Enter now for a chance to win one of our no-essay student scholarships – it only takes a few minutes! You do not need to have an Ascent loan to enter. https://www.ascentfunding.com/scholarships/ Common scholarship myths To get you started on the right foot, we take a moment to break down and debunk these top misconceptions about applying for scholarships: 1. “Only top achievers & athletes get scholarships” - While being a star athlete or straight A student can be a great thing to mention when applying for scholarships, there are plenty of opportunities out there if that’s not you. Researching for more niche scholarships that align with your unique passions, or entering more content style scholarships could be the best way to go. Plus, many scholarships are focused more on the financial need of the applicant, meaning federal and government scholarships may be a great fit for you! 2. “Scholarships are too competitive, so don’t bother applying!” - Applying for financial aid may feel competitive, but researching and applying for scholarships that align with your talents to boost you toward the top of the applicants. Applying for local scholarships will also mean less competition. 3. “Start researching for scholarships your senior year of high school” - While there may be plenty of scholarship opportunities out there during your senior year, there are scholarships available to you as early as your freshman year and plenty to keep exploring throughout your college journey. 4. “You must be a great essay writer to win scholarships” - Essay scholarships can feel daunting, and you should always invest time and effort into your submissions, but showcasing your creativity and who you are as an individual in your essay can be just even more valuable. Starting your scholarship search: Before diving into your scholarship hunt, our panelists suggest a quick look inward to find what you should be looking for in a scholarship: - Consider what makes you unique and start there. This will give you insight on the types of scholarships you should look for based off your passions, talents, and life experiences. - Be specific when you consider all the qualities of yourself that you might include in your scholarship research. Even the smallest or strangest interests could generate scholarship opportunities! - The more niche, the better! Finding a scholarship opportunity revolving around a lesser-known hobby or interest can mean less competition and a better chance of winning that money for school. A few key takeaways: As you embark on your journey of paying for college, we’ll leave you with these four key takeaways to keep your scholarship search successful: 1. Scholarships offer invaluable financial support for students and families on their educational journey. 2. Start your scholarship search early to maximize your opportunities 3. Leverage your various scholarship research tools, including online platforms, educational institutions, and organizations 4. Apply for as many scholarships as you can! Congrats to our latest scholarship winner! One of our top priorities at Ascent is to contribute to the success of all students. That’s why we have given over [scholarship_awards_amount] in scholarships to date! Join us in congratulating our most recent scholarship winner below: Kamiyah B., Pace University, Unlocking Scholarships $500 Scholarship Giveaway

Kumba McGill, Ascent’s Relationship Manager, recently attended the National Association of Student Financial Aid Administrators (NASFAA) Conference in Milwaukee, Wisconsin. She walked away with valuable insights that are sure to benefit our borrowers and the colleges and universities we partner with.  Ultimately, Kumba left the conference excited and invigorated by how much Ascent is already doing to empower the future of our students, and where we can continue to innovate.   More from Kumba below:   My Unforgettable Experience at NASFAA 2024   Stepping into NASFAA 2024 for the first time was both exhilarating and nerve-wracking. As I arrived in Milwaukee, I couldn’t help but feel a mix of excitement and anticipation. This was my chance to represent Ascent and connect with the very people who help shape students' futures.  Day 1: First Day Jitters    While I started the conference with first-day jitters (as I’d imagine many of our students experience when they walk into their first day of college), my anxieties immediately dissipated. Through Community Day, I was able to solidify our coveted relationships with College Financial Aid Officers. Together, we explored the city, including the beautiful scenery of Lake Michigan. Over a shared meal, I experienced my first “aha moment” of the conference: whether we are student lenders or within collegiate financial aid offices, we all share the common and hugely important goal of supporting students’ educational journeys.  Day 2: A Charitable Start    Together with hundreds of conference participants, I laced up my running shoes and ran in the charity 5K which raised funds for All-In Milwaukee (AIM). This was especially meaningful as its mission closely mirrors ours at Ascent. AIM is a college completion program that provides financial aid, advising, program and career support to high-potential, limited-income, diverse Milwaukee students, helping them complete college, build meaningful careers, and transform the Milwaukee community.  Sound familiar? At Ascent, we fill the gaps between financial aid and the cost of tuition AND we invest in their success during and after college, as well.  Through our AscentUP^2 platform, Ascent offers one-on-one coaching and ongoing career development and financial wellness training, which has empowered 82,000+ students since we began offering it to borrowers. I encourage you to check it out, as we even offer it to career services offices at higher education institutions: (Ascent UP for Schools: https://www.ascentfunding.com/ascentup/schools/)  Similarly, we contribute to the financial journey of limited-income students, with 93% of our borrowers last year who qualify as low income, as according to the 2023 Impact Report.  Of course, our goal at Ascent isn’t simply to fund college, but to send students out into the world prepared to find a job, be hired for that job, succeed in that job, and to end the cycle that limits students’ ability to build durable economic mobility, increasing both salaries and FICO scores.  First-Time Attendee Session  After the 5K, I attended what felt like a Cliff’s Notes version of the conference, the First-Time Attendee Session. Here, I was able to once again break the ice and connect with others who share my role and the financial aid officers we work so closely with.  The Meat of the Conference  It was affirming to see that we’re doing it right at Ascent, and I’m excited to bring new ideas and inspiration back to our team and students. Just a few of the sessions I found impactful included “FAFSA Simplification: Expectations vs. Reality,” “Advancing Success for Undocumented Students,” and “Decoding Financial Aid Offers: Insights from the College Cost Transparency Initiative.”  Surprise and Delight Experiences  The outgoing NASFAA President & CEO, Justin Draeger, entered the conference on a motorcycle to a roaring crowd, which reiterated our passion for this industry and the impact we’re making on students’ financial futures. Thank you for your leadership over the past 14 years, Justin!   Conversations that Matter   My favorite moments of the conference were the meaningful conversations I had with financial aid administrators about Ascent, and how we empower bright futures through our undergraduate and graduate student loan programs and the wrap-around career and financial support services they engage with throughout the life of the student’s loan. I loved seeing their awe when I brought up our latest and greatest offerings, including Ascent’s:  Zero Fees Policy: No late or insufficient funds, application, origination, disbursement, or early repayment fees  New Parent Loan1: Launched in April to help parents, guardians, and sponsors fund their students’ education when they might not be eligible for loans otherwise  Of course, I reminded them about our ongoing commitment to our long-time innovative offerings which can benefit their students, including Ascent’s:  Flexible repayment plans, including immediate repayment and discounts with autopayments1 Monthly $1,000 scholarship giveaways4 Rewards and cash-back programs1 Unique AscentUP2 program and access to paid, remote internship3 opportunities Leaving Inspired  By the end of the NASFAA 2024 conference, I felt a profound sense of purpose, especially with our administrators’ overwhelmingly positive feedback and affirmation that what we’re doing matters. I’m leaving Milwaukee with a renewed passion for my work and a deeper appreciation for our larger financial aid and lending community who, together, empower students’ educational realities.  Thank You NASFAA  Thank you NASFAA for a fantastic conference experience and for your ongoing commitment to ensuring financial aid supports students’ futures.  If you made it to the end of this lengthy post, I’m hopeful that you are equally as energized by our mission and want to be involved in the critical work we’re doing. We’d love to hear from you.  If you’re one of the many colleges or universities, we already work with: Thank you! Let’s meet again soon to ensure you’re up to date on our recent product offerings!  If you’re a school, we haven’t had the pleasure of partnering with yet: Let’s explore how we can be added to your preferred lenders’ list and how we can best support your students’ needs.  Learn more about the amazing benefits we offer our schools, comment below, or schedule a meeting with me here. Together, we can change the lives of even more students!  1. Ascent loans are funded by Bank of Lake Mills or DR Bank, each Member FDIC. Certain restrictions, limitations, terms and conditions apply. For complete terms and conditions visit AscentFunding.com/Ts&Cs. For rates and repayment examples, visit AscentFunding.com/Rates. For borrower benefits, visit AscentFunding.com/BorrowerBenefits.  2. To be eligible for coaching through AscentUP, the student borrower must be an undergraduate who has been completed and approved for an Ascent college loan application and has agreed to the AscentUP terms of service. Ascent’s consumer loans for bootcamps and graduate student loans do not qualify for AscentUP coaching.  3. Eligibility for the AscentUP platform requires that an applicant be enrolled in an Ascent approved institution who has been conditionally approved for an Ascent loan, either as the borrower or through a parent, grandparent, guardian, or sponsor. Ascent’s graduate student loan applicants and consumer loan applicants qualify for access to the AscentUP platform if their approved school has granted access. All Ascent borrowers have access to free AscentUP resources through the AscentConnect mobile app and are eligible to apply for the AscentUP Internship Program. Eligible students must agree to the AscentUP terms of service and privacy policy before accessing the AscentUP platform. Please note that eligibility criteria and program terms are subject to change.  4. See Ascent’s Scholarship Giveaway Official Rules here. 

How long does it take to get a student loan? Factors such as when you submit the Free Application for Federal Student Aid (FAFSA®), your credit score, and the loan certification process all play a role in determining when you will receive your student loan funds. However, we understand that you must get your student loans in time to pay for tuition, books, and other college expenses. Let’s unpack how long the application and review process takes for federal and private student loans and the steps you can take to get ahead of the process.  Key Takeaways Start your student loan application as early as possible—ideally right after your college acceptance—to give yourself enough time to complete paperwork, resolve issues, and secure funding before tuition is due. Federal student loans typically take several weeks to a few months to process, depending on when you complete the FAFSA and how quickly your school certifies the loan. Private student loan timelines vary by lender but often take anywhere from a few days to a few weeks, depending on eligibility checks, credit evaluations, cosigner involvement, and school certification. Loan disbursement usually happens shortly before the academic term begins, with funds going directly to the school to cover tuition and fees. Monitor your loan status using lender-specific portals or federal tools like the FAFSA mobile app, and contact your lender directly if you haven’t received your loan funds by the expected date. When to Apply for Student Loans The best time to apply for student loans is as soon as possible. For most students, this is shortly after their acceptance.  There are several reasons for this timeline. Overall, loan providers (including the federal government) receive increasing applications as the school year approaches. Some loans and other forms of student aid are granted on a first-come-first-served basis, meaning that an earlier application makes it more likely you will receive them. Because timing fluctuates considerably from applicant to applicant, it’s challenging to estimate exactly how long it takes for student loan approval. However, you should still be aware of the general timeline for the process. Starting the loan application process as early as possible will help save you some stress in the long run and may even increase your chances of securing funding. It’s also important to consider that even if you qualify for federal loans, these may only cover part of the cost of college attendance. Because of this, it’s common to apply for other financing options, such as private student loans, or alternative forms of financial aid, such as grants and scholarships. Starting the application as soon as possible will give you more time to find supplemental funding if needed. How Long Does it Take to Get Federal Student Loans? How long does it take to get a student loan from the federal government? The average time to receive your funds can vary significantly based on several factors, primarily when you fill out your FAFSA application. The process generally takes several weeks to a few months, depending on how many applications they receive. Here is a general list of steps to be completed to receive your funds: Create an FSA ID: The Federal Student Aid (FSA) is your electronic signature for the FAFSA and other federal student aid documents. To create your FSA ID, visit https://studentaid.gov/fsa-id/create-account/launch. Gather necessary information: You will need your Social Security Number, full name, date of birth, tax information, and other details about your family’s financial situation. Complete and submit the FAFSA: The Free Application for Federal Student Aid is the application for federal student aid and will determine your qualifications for federal student loans. Receive and review your Student Aid Report (SAR): After processing your FAFSA, the government will send you your SAR. Review for accuracy and make any necessary corrections. Review financial aid offers: Colleges and universities you have applied to will send you financial aid offers once your FAFSA has been processed. Accept or decline federal student loans: If you choose to accept the loans, you will follow the instructions provided by the school.  Complete entrance counseling: If you are a first-time borrower of federal student loans, you must complete entrance counseling to learn about your rights and responsibilities as a borrower.  Sign the Master Promissory Note (MPN): The MPN is a legal document in which you promise to repay your federal student loan.  How Long Does It Take to Get a Private Student Loan? Like federal loans, the typical timeline can vary. This is because each lender has its process, and each applicant must navigate it uniquely. Generally, most applications take a few days to several weeks or months. Here is a general list of steps to complete when working with Ascent to receive your funds: Determine loan amount – Calculate the amount you need to borrow, including tuition, fees, living expenses, and other educational expenses. Remember that private loans can cover up to 100% of the total cost of attendance, minus other aid received. Check your eligibility – Every lender has eligibility requirements for borrowers, but most consider credit history, income, enrollment status, and similar factors. Gather necessary information – The exact information required will vary but will likely include personal, academic, and financial information. Apply for the loan – Most loan applications can be completed online or at a lender’s office.  Pass the credit check – Most lenders require a credit check to determine your creditworthiness. With Ascent, you can check your rate in under 3 minutes without impacting your credit score.  Find a cosigner if necessary – If you lack sufficient credit history or do not meet the eligibility requirements of the loan, you may need a cosigner. (Even if you qualify without a cosigner, applying with one may qualify you for a lower rate or better terms). Get the loan approved – The lender will review your application after it’s submitted. Review and accept loan terms – If you are conditionally approved, you must carefully review all the loan terms, including interest rate, fees, and repayment terms. Then, you must decide whether to accept the loan offer. Complete school certification – Once you accept the loan offer, the school’s financial aid office may need to certify the loan amount by confirming your enrollment status and ensuring the loan amount adheres to the school’s cost of attendance. Finalize the loan – Complete any additional requirements the lender demands, such as signing the loan or providing additional documentation.  Once your loan is finalized, review your loan terms and conditions to determine when the payment will be issued to your school. For example, Ascent’s student loans are distributed to schools on the second Wednesday after the program starts. How to Monitor Your Student Loan Status For a federal student loan, you must first access your personal FSA account to monitor your federal student loans. From there, you can view loan details and identify the loan servicer for each loan. You can also create an account on studentaid.gov using our FSA ID to access your federal student aid information and manage your loans. There is also a Federal Student Aid Mobile App that can help monitor your federal loan status. The process of monitoring your private student loans will vary significantly from lender to lender. The best way to begin is to contact your lender directly. Check your loan agreement or the lender’s website for contact information. Many lenders have an online portal where you can log in to view your account, while some (including Ascent) may offer a mobile app for added convenience. If you have specific questions or concerns about your student loan, contact your lender’s customer service department or the phone number on your monthly statement. If you’d like to contact your dedicated Ascent college student loan specialist, contact us at 877-216-0876 or [email protected]. Private Student Loans vs. Federal Student Loans: What’s Right for Me? Choosing what type of loan is right for you is entirely determined by your unique needs and circumstances. Some students will find that federal loans alone will meet their needs, but most will find they will need additional funding sources. Similarly, the amount of aid available to students will dramatically differ based on needs. The only way to know for sure whether federal, private, or both student loans are the right choice for you is to complete the application process and compare your options. Whatever option you choose, you must begin the process as soon as possible to give yourself the most time and options. For more information about student loans, visit our Student Loans 101 page or learn how to get a student loan. Learn More with Ascent Prioritizing your student financial aid and ensuring it is all in place before you start your college education is crucial to your success with the loan process. That means you should start the student loan application process as soon as possible. Luckily, you can start the process today. Ascent offers a variety of undergraduate student loans and graduate student loans to help you achieve your financial goals and academic dreams. With cosigned student loans and no cosigner student loans, you can find a loan type that best fits your unique needs. How Long Does it Take to Get a Student Loan FAQs How Long Do Student Loans Take to Process? The time it takes to process a student loan varies significantly by the lender and the school. While some loans may be processed in as little as a few days, others may take several months. Are Student Loans Given to You Immediately? Most student loans are paid out after some time and will be disbursed directly to the school shortly before the start of the school year. Why Hasn’t My Student Loan Been Disbursed? The only way to find out why your student loan hasn’t been disbursed is to contact your lender and speak with one of their representatives. Some common reasons why a lender would not have disbursed a student loan include incomplete loan requirements, enrollment status, school certification delays, incomplete verification process, incomplete loan acceptance, or the loan not yet scheduled to be disbursed.

Pursuing a career as a lawyer can set you up for a rewarding future in the legal field, but the path to passing the bar requires a significant investment of time and finances. Paying for law school might seem like a big hurdle, but you can still achieve your dream with preparation and research. Understanding the cost of your education and finding the financial aid that works best for you is crucial to your success. Continue reading for some tips and cost breakdowns to get you on your way to paying for law school.  Calculating the Cost of Law School: What Your First Year May Look Like If you’re ready to become a lawyer, understanding how you plan to pay for law school should be your first step. Remember, law school expenses extend beyond tuition; costs like textbooks, living expenses, and bar exam preparation can add up.  The first step in your financial planning should be to calculate the total cost of your law school education. Tuition can vary widely depending on whether you attend a public or private institution or are an in-state or out-of-state student. Be sure to include other expenses like books, supplies, and living costs such as rent, utilities, and food. Sample Budget for the First Year of Law School Here's a sample budget for what the first year of law school might look like, broken down by category: Yearly Tuition and Fees Public School Tuition (in-state): $13,000 - $40,000 Private School Tuition: $45,000 - $69,000 Student Fees (library, gym): $1,000 - $2,000 Books and Supplies Textbooks: $1,000 - $1,500 Notebooks, pens, and other supplies: $100 - $200 Living Expenses Rent: $800 - $1,200 per month ($9,600 - $14,400 per year) Utilities (electricity, water, internet): $150 - $250 per month ($1,800 - $3,000 per year) Food: $300 - $500 per month ($3,600 - $6,000 per year) Transportation Public Transit: $70 - $120 per month ($840 - $1,440 per year) Car (if applicable): $200 - $400 per month ($2,400 - $4,800 per year) Health Insurance Student Health Plan: $1,500 - $3,000 per year Miscellaneous Personal Expenses (clothing, entertainment): $100 - $200 per month ($1,200 - $2,400 per year) Emergency Fund: $500 - $1,000 Total Estimated Cost for the First Year Public School (In-state): $45,000 - $68,000 Private School: $65,040 - $90,000 These figures are just estimated ranges, and the actual costs for your specific program can vary based on your location, personal spending habits, and other factors.  How to Pay for Law School: 4 Tips After budgeting for school and living expenses, it’s time to get hands-on with the best tips to pay for law school. Utilize Financial Aid Resources Using all the financial aid resources available is crucial to determining how to afford law school. Start by filling out the Free Application for Federal Student Aid (FAFSA®) to determine your federal grants and loan eligibility.  After assessing your FAFSA eligibility, make an appointment with your law school's financial aid office. They can usually provide students with personalized guidance and may know of school-specific scholarships or grants you can apply for. Other sources of financial aid, such as private loans or employer tuition reimbursement programs, may also be available if you're currently working and meet other eligibility criteria. Note: Stay up-to-date on the latest FAFSA deadlines here. Research Grants and Scholarships Scholarships and grants are invaluable resources that you don't have to pay back. Scholarships are often merit-based, while grants are usually need-based. Your first stop for both should be your law school's financial aid office, which can provide information on institution-specific opportunities.  Legal organizations like the American Bar Association (ABA) and local bar associations also offer valuable scholarships to law students. Don't overlook your school's alumni network; many alumni groups fund scholarships for incoming students. In addition to federal grants, state governments offer grants, especially for residents attending in-state law schools. Law schools also offer need-based grants, so consult your financial aid office for details on your eligibility.  Lastly, it’s a good idea to check with private organizations and foundations, such as the Law School Admission Council (LSAC), and your local, regional, or state bar association to see whether you qualify for grants based on either need or merit. Using Student Loans to Pay for Law School Utilizing student loans is a great option to pay for law school if you notice a gap in your financing. When considering using student loans, it's crucial to understand the terms and conditions of your loan and select a repayment plan that fits your budget and financial plans to maximize your financial wellness. Here are some tips for navigating the process: Research graduate school loans: Before embarking on your law school journey, understand the impact of attending law school on your financial future and carefully review the terms and conditions of potential loans. Graduate school loans are a great option for many.  Explore all options: There are two main student loan options: federal and private law school loans. Federal loans often have lower interest rates and more flexible repayment options, but they may not cover all your educational expenses. Private law school loans can help fill the financial gap left by federal loans but may come with higher interest rates and less flexible terms. Plan early: After securing loans, plan your repayment strategy. Private loans offer grace periods and deferment options so you can focus on school and start paying off your loan after graduation, but it is still helpful to start budgeting for this as soon as possible. At Ascent, students can get up to a 1% discount when they sign up for automatic payments. Plus, when you enroll in auto payments, you never have to worry about missing a payment and what that may do to how much you owe.  Be proactive: To minimize interest payments over the life of the loan, consider paying more than the minimum if your loan provider and budget allow it. Proactively planning your loan repayment can alleviate future stress and result in long-term cost savings. Learn More with Ascent From paying for college guides to undergraduate loans, Ascent is here to provide the tools and resources to make informed decisions about your education. Whether you're an undergraduate considering law school or already knee-deep in law study, explore our financial wellness resources for more tips on achieving your goals. FAQs Will FAFSA pay for law school? The Free Application for Federal Student Aid (FAFSA®) is the gateway to federal financial aid, including loans and grants for law school. While FAFSA itself doesn't pay for law school, it enables you to apply for federal financial aid that can help cover tuition and other expenses.  It's important to fill out the FAFSA as early as possible to maximize your eligibility for federal aid. Law students often qualify for Federal Direct Unsubsidized Loans and Graduate PLUS Loans, which can substantially amountsto cover your school costs. Make sure to review the terms and conditions carefully to understand your repayment obligations. How do I waive my LSAT fee? The Law School Admission Test (LSAT) fee can be expensive for some prospective law students. However, the Law School Admission Council (LSAC) offers fee waivers for those who can demonstrate extreme financial need. The waiver covers the cost of two LSAT exams, the Credential Assembly Service fee, and a set number of law school reports. To apply for an LSAT fee waiver, you must provide detailed financial information to LSAC for review. This often includes tax forms and other financial documents. Approval can take several weeks, so try to apply before your  LSAT test date to ensure you receive the waiver in time. What is the maximum federal loan for law school? The maximum amount you can borrow through federal student loans for law school varies depending on the type of loan and your circumstances. For Federal Direct Unsubsidized Loans, the maximum annual limit for graduate or professional students, including law students, is $20,500.  However, you may also be eligible for a Graduate PLUS Loan, which can cover the remaining cost of attendance after other financial aid has been applied. There is no fixed maximum amount for Graduate PLUS Loans; instead, the limit is determined by your school's calculated cost of attendance minus any other financial aid you receive. Remember that both types of loans come with different interest rates and repayment terms.