The Best Private Student Loans Without a Cosigner in 2022

 

It’s difficult to get approved for student loans without a cosigner. The average student loan debt for graduates in 2017 was about $26,000 — that’s a lot of money to lend to someone who might not be working, or otherwise living a modest student life. Whenever an individual seeks credit or a loan without the required credit score or history, the lender usually requires a cosigner. This makes it for people to get college student loans without a cosigner. Due to the rising costs of higher education in the U.S., many students ask their parents or other family members to cosign their student loans. 90% of all private school student loans were cosigned in the 2019/2020 academic year. Students with a cosigner are usually more likely to be approved and benefit from lower interest rates and lower costs over time.

But, not everybody has the luxury of a cosigner. Luckily, private student loan agencies, as well as the federal government, recognize that fact, and offer some loans for college students without a cosigner.

If you’re wondering, “can I get a student loan without a cosigner,” the answer is yes! Read on to learn about student loans without a cosigner.

Top 8 Private Student Loans That Don’t Require a Cosigner 

	Min. Loan Amount	Max. Loan Amount	Fixed APR	Variable APR	Loan Term
[email protected] or 844-307-3451	$1,000	$125,000	3.59% - 12.37%	No Info	5 - 15 years	See Offers
[email protected] or 877-216-0876	$1,000	$200,000	5.62%+	4.10%+	5, 7, 10, 12, or 15 years	See Offers
1-800-708-6684 for applications, and  1-866-259-3767  for student loans	$1,000	$150,000	3.23% - 10.83%	1.03% - 10.24%	15 years	See Offers
800-666-3910 or [email protected]	$1,000	Total  cost of attendance	3.50% - 12.60%	1.13% - 11.23%	10 - 15 years	See Offers
888-549-9050, or [email protected]	Not specified	Total  cost of attendance	3.99%+	2.60%+	20 years	See Offers
(866) 669-9750 or [email protected]	$2,500	$15,000	6.45% - 9.029%	6.243% - 9.065%	10 years	See Offers
Website or (888) 601-2801	$5,000 ($10,000 in CA)	$25,000	0.99%+	2.99%+	5 - 20 years	See Offers

1. U-Fi from Nelnet | Best for Refinancing

If you’re looking for college loans without a cosigner, Nelnet might be a good choice. Nelnet was founded 40 years ago to support students’ educational pursuits - U-Fi was founded to continue that support into student loans, including student loans that don’t require a cosigner. A cosigner is required if students don’t meet requirements for credit, age, or income; however, borrowers can release cosigners after making 24 consecutive payments. 

Minimum Loan Amount	$1,000
Maximum Loan Amount	$125,000
Fixed APR	3.59% - 12.37%
Loan Term	5 - 15 years
Contact Details	[email protected] or 844-307-3451
Click Here to Learn More About U-Fi from Nelnet

2. Ascent Funding | Best for Upperclassmen Student Loans, No Cosigner Needed

Ascent Funding offers a variety of private student loans, including student loans that don’t require a cosigner. They offer non-cosigned loans for undergraduate students that are either credit-based or outcome-based. However, you must be a US citizen or DACA recipient to apply without a cosigner. Ascent assesses the following for outcome-based loans: school, program, graduation date, GPA, cost of attendance, and academic performance. While Ascent looks at credit scores, they take a holistic approach in reviewing loan applications without a cosigner. Moreover, they offer outcome-based loans even to students who have no credit score, provided that they meet certain requirements, like being a US citizen or permanent resident, and maintaining a 2.9 GPA.

Ascent Funding offers no cosigner student loans that work well for upperclassmen.

Minimum Loan Amount	$1,000
Maximum Loan Amount	$200,000
Fixed APR	5.62%+
Variable APR	4.10%+
Loan Term	5, 7, 10, 12, or 15 years
Contact Details	[email protected] or 877-216-0876
Click Here to Learn More About Ascent Funding

Learn more: Ascent Student Loans Reviews 

3. Citizens Bank | Best for Smooth Approval Process

Citizens Bank offers student loans that don’t require a cosigner, but only if the applicant has the required credit score and history. For students that have a cosigner, Citizens Bank offers cosigner release after 36 months of consistent payments. 

Minimum Loan Amount	$1,000
Maximum Loan Amount	$150,000
Fixed APR	3.23% - 10.83%
Variable APR	1.03% - 10.24%
Loan Term	15 years
Contact Details	1-800-708-6684 for applications, and  1-866-259-3767 for student loans
Click Here to Learn More About Citizens Bank

Learn more: Citizens Bank Student Loan Reviews 

4. Commerce Bank | Best for Full Cost of Attendance Coverage

Commerce Bank offers student loans that don’t need a cosigner, but the interest rates are higher and approval is more difficult. Students without a cosigner can apply, but they have a much better chance with a cosigner. Moreover, students who apply with a cosigner are eligible for cosigner release but only after they graduate. In addition, borrowers who apply for cosigner release must demonstrate adequate income to cover the loan payments.

Minimum Loan Amount	$1,000
Maximum Loan Amount	Total cost of attendance
Fixed APR	3.50% - 12.60%
Variable APR	1.13% - 11.23%
Loan Term	10 - 15 years
Contact Details	800-666-3910 or [email protected]
Click Here to Learn More About Commerce Bank

Learn: Commerce Bank Review

5. LendKey | Best Lender for Minimal Fees

LendKey does not charge any loan application fees, and borrowers can apply for loans through its online web portal. Since LendKey’s loans are funded by community banks and credit unions, they tend to charge lower rates. However, LendKey does not offer merit-based loans. While students don’t require a cosigner, LendKey bases approval on credit history and score, as well as income.

Minimum Loan Amount	Not specified
Maximum Loan Amount	Total cost of attendance
Fixed APR	3.99%+
Variable APR	2.60%+
Loan Term	20 years
Contact Details	888-549-9050, or [email protected]
Click Here to Learn More About LendKey

Learn more: LendKey Student Loan Reviews

6. Sixup | Best for Good Academic Performers

Sixup is a private lender that advocates for bridging the gap between financial aid and tuition costs. Borrowers do not require credit history to apply for their student loans, but if they have one, Sixup will consider it. Their loan approval process considers academic merit, and costs actually decrease each year if you demonstrate academic progress.

Minimum Loan Amount	$2,500
Maximum Loan Amount	$15,000
Fixed APR	6.45% - 9.029%
Variable APR	6.243% - 9.065%
Loan Term	10 years
Contact Details	(866) 669-9750 or [email protected]
Click Here to Learn More About Sixup

Learn more: Sixup Student Loan Reviews 

7. MPower Financing | Best for International Students

MPower Financing specializes in student loans for international students, and also provides loans to US citizens and permanent residents. They offer student loans with no cosigner, credit history, or collateral to both undergraduate and graduate students.

Minimum Loan Amount	$2,001
Maximum Loan Amount	$50,000
Fixed APR	10.91% to 14.98%
Loan Term	11 years
Contact Details	+1-202-417-3800 (U.S.) and +1-647-503-4607 (Canada)
Click Here to Learn More About MPower Financing

Learn more: Mpower Student Loan Reviews 

8. Earnest | Best Loans for Fair Credit

Earnest offers a variety of student loans for both undergraduate and graduate students, with or without a cosigner. Applicants without a cosigner could be eligible as independent student borrowers, but must meet certain criteria, including a minimum credit score and income proof. 

Minimum Loan Amount	$5,000 ($10,000 in California)
Maximum Loan Amount	$25,000
Fixed APR	0.99%+
Variable APR	2.99%+
Loan Term	5 - 20 years
Credit Score Required	650
Contact Details	Website or (888) 601-2801
Click Here to Learn More About Earnest

Learn more: Best private student loans

Federal Student Loans Without a Cosigner

Most federal student aid doesn’t require a cosigner. Financial aid may include scholarships, grants, and federal student loans. Students should take full advantage of the lower interest rates and the possibility of loan forgiveness offered by the federal government and only look to private lenders after applying for federal aid. 

You can apply for the following federal student loans without a cosigner:

• Direct Subsidized Loans
• Direct Unsubsidized Loans
• Direct Consolidation Loans

Learn more: Federal Student Loans 

Who Is Eligible for Student Loans That Don’t Require Co-signers?

Many private lenders and corporations offer student loans that don’t need a cosigner, as shown in the list above. However, each lender has specific requirements in lending to a borrower to allow them to apply without a cosigner. Some lenders focus on merit, while others focus on income and credit. Most will require you to have an approved enrollment level (like being half-time enrolled in a standard four-year program) or at least have an approved school. You must also be of legal age.

Here are some other common criteria to be approved for student loans without a cosigner:

1) Good Credit Score and Credit History

Most private student loan companies and lenders seek borrowers with a good credit score, starting at 600. For students with little or no credit history at all, this might be quite a challenge, as some lenders might require a cosigner in this case. However, students can start building credit before entering school. Some banks offer student credit cards with very low spending power. If you pay your bill on time each month, you can slowly build your credit.   

2) Income

Most private banks these days are willing to lend to those borrowers who earn at least $25,000 annually. Summer jobs also count as income, although most students don't earn that much during summer or academic year jobs.  

3) U.S. Citizenship

Unfortunately, most private financing institutions are not willing to offer student financing without a cosigner to non-citizens of the U.S. However, many private lenders also offer loans to DACA recipients and permanent residents.

For international students that don’t have permanent residency, MPower Financing is a great lender.

Worried about your college tuition? Find the best student loans for you. 

Pros and Cons of Student Loans With No Co-signer

Having a cosigner for your loan definitely provides advantages, such as easier approval and sometimes, lower rates. However, not everyone has access to someone willing to cosign, so they must then secure the loan on their own. But what are the possible pros and cons of student loans with no cosigner?

Pros	Cons
Some students who previously would have not been able to borrow money for their education can now access funding	You might not qualify for as much money, especially if you have bad or no credit
You have sole responsibility, which means you won’t burden anyone else with repayment	You may be given a higher interest rate
	There are stricter credit and income requirements
	You may be saddled with heavy debt without any potential support

How to Choose the Best Private Student Loan Without a Co-signer

When choosing no cosigner student loans, there’s no single process or one-size-fits-all solution. This fact is precisely why you must consider every option prior to making your decision. Here are a few things you may want to consider:

 

• Loan amounts - Every loan/company offers a minimum and maximum amount you can borrow. If your amount is lower than the minimum, move on to the next option on the list. Although you can borrow from more than one lender if your total amount exceeds a lender’s maximum, it may benefit you to instead borrow from a single source rather than juggling multiple loans. Consider a lender with a high maximum amount or one that caps out at your total attendance cost.

• Requirements - Look at every company’s loan eligibility requirements so you don’t waste your time. Certain factors such as your income, credit score, age, GPA, and state of residence may have an effect on your eligibility.

• Repayment terms - Every lender offers different repayment options and loan terms. Consider how long you want your term to be, and whether you want to start paying while you are in school or defer your payments until after you graduate or leave school for any reason. Consider that the longer your loan terms are, the more you end up paying in interest.

• Discounts - Some companies can offer certain discounts for one reason or another, such as automatic payment discounts, loyalty discounts, and more. Consider choosing a lender with such discounts. For example, Ascent offers one of the best automatic payment discounts.

• Benefits - Would there be any benefits to gain from borrowing money from a specific lender? Look into what lenders may give you for choosing them.

• APRs - Your APR is the annual interest rate charged on top of your current loan balance. Consider whether you want a fixed or variable rate (each comes with their pros and cons). A lower rate is naturally better, so it can be extremely tempting to choose a low variable rate. However, know that variable rates can fluctuate greatly, depending on the market — so consider this wisely.

 

How to Get a Student Loan Without a Cosigner

As you start applying for student loans, there are a few steps you can take to ease the process and ensure you find the right funding. Check out the steps below:

1. Exhaust every federal loan option first.

Federal student loans, which are loans you can apply for once you complete your Free Application for Federal Student Aid (FAFSA), don’t require a cosigner. They also offer many benefits that private lenders do not, such as lower interest rates, access to loan forgiveness progams, and access to repayment plans that are income-driven so you don’t end up with payments you cannot afford. Before considering a private loan, make sure you’ve explored all your options first.

2. Explore every option for a possible cosigner.

Having a cosigner can significantly increase your chances of loan approval at lower interest rates and for higher amounts. If there is someone you trust who you can reasonably ask to cosign, ensure you explore that route before going for no cosigner loans.

3. Work on your credit.

If you have no federal options or cosigners available, the next best thing for you to do is work on your credit. Keep up with your bills, lower the utilization of your credit, and double and triple check your credit report for any errors. If you have no credit history, work toward building one. Better credit can improve your chances of approval and lower interest rates.

4. Plan for your repayment and your loan term.

As you consider which lender to choose, put together a rough plan of for your preferred loan terms and repayment options. Consider your interest rate and whether going for higher payments and a shorter loan term would be reasonable to save you money in the long term.

5. Take your time before you decide.

A student loan is a massive undertaking that can have significant impact on your daily life for many years to come. Before making your choice, ensure you’ve considered every aspect possible, from a lender’s benefits, rates, reviews, repayment plans, and more!

What Are Your Options if You Can’t Get a Student Loan Without a Co-signer?

Sometimes, despite your best efforts, you may not be able to secure a student loan without a cosigner. If your grants, federal aid, and scholarships aren’t enough to cover all of your costs, what can you do? You might need to step back and take another look at the situation. Consider:

 

• Choosing a less expensive school - There are many colleges and universities that provide quality education much more affordably. You can even consider an online degree, which can be significantly cheaper all around. You may also start at a community college and transfer to a different institution once you’ve completed your general education requirements to complete the rest of your degree.

• Reach out to the financial aid offices at your chosen schools - Sometimes, you may be able to ask for or negotiate financial aid with your school, especially in special circumstances. In certain cases, you might be eligible for discounted tuition fees and additional grants, loans, or some work-study positions.

• Look into alternative financing - There are some ways in which you can find more funding, such as asking your parents, guardians, or close relatives to borrow money. They can explore private loans, home equity loans, and the federal lending program Parent Direct Plus. This is not always the best option, but it can work as a last resort.

• Cut back - If you have managed to find enough funding to pay your way through college but not enough to pay for the rest (housing, textbooks, food plans, transportation, etc), find ways to cut back where you can. You may also be able to work as you study to cover the rest of your costs.

One option some may choose as a last result is to take a gap year, which allows them to start saving and building credit. If you’ve already been admitted to a school, you can try asking them for a gap year to build your finances without compromising your admission — but do this at your own risk. Know that not all institutions will approve this.

Frequently Asked Questions

What loans can a student get without a cosigner?

Thankfully, you still have options to get private student loans without a cosigner. For federal student loans, you do not need a co-signer (except for PLUS loan). For private loans, you need to have a good credit score, which many high school graduates don't have. There are certain lenders that offer no-cosigner loans, though there may be some downsides such as lower maximum loan amounts and higher interest rates.

Can I get a student loan without my parents?

Yes, provided you have a good credit score. Unfortunately, it is unlikely that you’ve built good credit at an early age. While some students can qualify for private student loans without a co-signer if they have income and good credit, most students will need to rely on parental help to qualify for private loans. Nevertheless, you can try to apply for some of the loans listed in this article.

How can I pay for college without a cosigner?

Federal loans normally don't require a credit check or a cosigner, making them the easiest student loans to obtain without a cosigner. You simply need to complete a Free Application for Federal Student Aid (FAFSA). However, if for any reason you do not qualify, you can try applying to some of these no-cosigner loans. Additionally, approach your schools’ financial aid offices to see what opportunities they may have for you.

Can a student apply for FAFSA without parents?

The U.S. Department of Education classifies students as either “dependent” or “independent” of their parents. Independent students can file their FAFSA without their parent's financial information. More information is available here.

Does Sallie Mae need a cosigner?

Yes. A cosigner is responsible for a student loan until it's paid in full. However, with some Sallie Mae loans, like the Smart Option Student Loan, the borrower can apply to have their cosigner released after meeting certain requirements.

Do All Private Student Loans Require a Cosigner?

Luckily, not all private lenders expect you to have a cosigner. Some may require a cosigner for a certain period of time, but can allow you to release your cosigner after a certain amount of time has passed with you in good standing.

How You Can Strengthen Your Application With a Cosigner?

As an undergrad, you may not meet the banks' salary or credit prerequisites.Including a cosigner improves your odds of getting approved and getting lower interest rates.

Does Sallie Mae require a cosigner? 

You must apply with a cosigner, especially if you are not yet of legal age (18 in many states). If you don't meet all requirements for the loan all alone, you may reapply with a reliable co-signer. A parent, grandparent, or any other individual who has built up a decent credit history might be an appropriate cosigner.

What happens if you don’t have a cosigner for a student loan?

If you don’t have a cosigner, you may still qualify for a loan but at higher interest rates. Taking on the loan means you carry the burden alone, unsupported.

Do private student loans require cosigners?

Private loans usually require good credit. By applying with a reliable cosigner, you increase your chances of approval and lower rates. However, not all lenders require cosigners.

How do you get a student loan without a cosigner?

If you need to pay for your education but don’t have access to a cosigner, you should first make sure you exhaust every opportunity you have at federal student loans and grants. In contrast to private loans, federal loans don’t require credit checks or other prerequisites. Otherwise, you can start looking into some of hte best student loans without cosigners — but know that you may end up paying higher interest rates.

Do you need a co-signer for a student loan?

Not always! It is possible to find loans without needing a cosigner. However, it may be more challenging to get approved for private student loans without a cosigner.

How is the interest rate on a non-co-signed student loan determined?

In certain cases, lenders may look at a few things to determine your loan’s interest rate. For example, they may look at your major to see what your future job prospects look like. They might also look at post-graduation incomes in your field of study. Some lenders may also offer a lower rate to those with high GPAs, or to upperclassmen.

Shorter loan terms or repayment periods can also mean lower interest rates. Additionally, choosing to make monthly payments from your checking account can also do the same.

Can I get a student loan with no co-signer if I have bad credit?

Having bad credit can stand in the way of your qualifying for a loan — but not always. There are certainly some loans available for you to apply for, but it’s important that you weigh every option before you apply. Loans can negatively impact your already bad credit score, and can further put you in the hole. Also, exhaust every federal loan opportunity before going for private loans.

 

If  you have no past credit history, you may still qualify for college loans without a cosigner — but there are other factors in play. Your GPA, program, graduation date, and total cost of attendance can affect your loan eligibility.

Conclusion

So if you’re still wondering, “can I get a student loan without a cosigner,” don’t fret! Many student loans don’t need a cosigner, and there are even some private student loans without a co-signer and no credit history! Take a look at this list of the best student loans without a cosigner and explore your options. It’s definitely possible to go to college and obtain a student loan without a cosigner.