Best Student Loans Without Cosigner

How Did We Pick The Best Student Loan Refinancing Companies

Personal Finance Insider’s mission is to help you make the best, most informed decisions with your money. To do that, we combed through many student loan companies, comparing interest rates, terms, and fine print so you don’t have to. We also compared our findings to other personal finance sites. We looked for several factors in determining the best student loans without cosigners, including:

• Interest rates: We looked for lenders offering competitively low interest rates, and we prioritized lenders with the lowest interest rates for both fixed and variable loans.
• No credit history required: We tried to pick lenders that didn’t require a lengthy credit history to qualify.
• Variety of term lengths: We picked lenders that offered term lengths that fit many borrowers’ different situations.
• No or few fees: We looked for lenders that charge minimal fees.

Yes, you can get a student loan without a cosigner, though many private lenders do require one for students without credit histories. All the companies we’ve listed above don’t require a cosigner. Federal unsubsidized and subsidized loans never need a credit check.

Getting approved without a cosigner usually includes factors outside of your credit score. Lenders may take into account GPA, major, projected future earning potential, and more when making approval decisions.

Federal Student Loans For International Students Without Cosigners

All federal student loans do not require cosigners.

The bigger problem that international students face is meeting the eligibility requirements for federal loans.

Only qualified noncitizens are eligible for federal student loans, including:

You can apply for federal student loans by filling out the FAFSA. This will also determine your eligibility for other forms of federal financial aid such as scholarships, grants, and work-study programs.

Below are the types of federal student loans you may be eligible for. Note that all federal student loans have origination fees. You can see current rates and fees here.

Make Sure Youve Filled Out Your Fafsa

Most students rely on loans to pay for college, but loans have to be paid back with interest. That means theyll end up costing more than the original amount borrowed.

On the other hand, financial aid is money you dont have to pay back. It comes from a variety of sources: federal government programs, state government programs, and college or university scholarships and grants.

If youre planning on going to college, its important that you fill out the Free Application for Federal Student Aid as soon as possible after January 1st each year. The FAFSA will determine your eligibility for financial aid based on your income and assets as well as other factors, such as whether your parents are divorced or separated, or if there are other children in your household attending college.

Once you know how much aid youre eligible for based on income and other factors like household size and family assets, then you can start figuring out how to pay the rest of your tuition bill.

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Best For International Graduate Students: Prodigy

• Must be a U.S. citizen, permanent resident, or DACA recipient over the age of 18
• Must be enrolled full-time
• Must be an undergraduate student in a bachelors degree program at an eligible four-year, not-for-profit college
• Meet the minimum GPA and graduation rate thresholds for borrowers and institutions depending on your class year

Does Sallie Mae Require A Cosigner For Student Loans

The popular and longstanding lender Sallie Mae is among those companies that dont require you to apply with a cosigner. With that said, its highly recommended. Sallie Mae contends on its website that youre about four times more likely to be approved with cosigner support. Also, 88% of its new undergraduate borrowers apply with a cosigner.

Fortunately, many private lenders operate this way, leaving open the possibility for creditworthy individuals to get funding when they dont have a cosigner.

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How To Choose The Best Student Loan Provider

If you need to borrow student loans, spend time getting to know how student loans work. This can help you figure out what you need and want in a student loan to make an informed decision.

As you compare federal and private student loan offerings, focus on the costs of borrowing. The interest rates and fees youll face will determine how much it will cost you to repay this debt in the future. Choosing a student loan with lower monthly costs can save you hundreds or thousands of dollars in interest over the life of your loan.

Beyond cost, look at other factors that may affect how affordable or burdensome this debt will be to repay:

• In-school deferment that ensures you can focus on your studies
• Loan terms have a direct impact on your monthly payments
• Deferment or forbearance options to protect you from default in cases of financial hardship
• Options to add or release a co-signer for more access and options
• Features and benefits specific to the type of loan or degree youre pursuing, such as deferment during residency for medical school loans
• Fees such as late fees, origination fees, and more

What Are The Downsides To Cosigning A Student Loan

Remember that there are serious consequences for borrowers and cosigners alike if student loan payments arent made on time. If the borrower is unable to pay their student loans, the cosigner is liable for the debt. If a payment is missed, both parties face a hit to their credit.

Getting a student loan cosigned may make it easier for you to get approved for financial aid, but it can often be hard to release a cosigner when one is no longer needed. Even worse, some student loan borrowers faced auto default when their cosigner died or went bankrupt, in which case the loan balance was due in full.

Since the majority of federal student loans dont require a cosigner and come with a host of government-backed benefits, its a good idea to take advantage of these first. Then if you need to borrow more money, research your private student loan options.

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Salliemae: Best For Cosigner Release

Sallie Mae doesnt charge application, origination, or disbursement fees. After making 12 on-time principal and interest payments, you can apply to have your cosigner released from the loan.

• Minimum credit score: Does not disclose
• Terms: 10 to 15 years
• Maximum loan amount: Up to cost of attendance

You can compare private student loan rates from multiple lenders in minutes using the Credible marketplace.

Basic Qualifications For International Students

Many private student loan companies only offer loans to United States citizens and permanent residents, which rules out international students from the start. Or, they offer international student loans, but only to international students loans with a cosigner who is a U.S. citizen or permanent resident.

Among the lenders that offer no-cosigner loans to international students, the basic requirements may include:

• Attend an approved school

• Come from a qualifying country

• Be enrolled at least half-time in an eligible degree-granting program

• Finish your program within two years

• Live in the U.S. while attending school

• Qualify for a student visa for entry into the U.S.

• Verify your identity

In addition to meeting the basic qualifications, youâll also need to pass the lenderâs underwriting review.

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How To Continue Your Education When You Cant Afford Full

Delaying your education might not be an option for you. If you cant figure out how to get a student loan without a cosigner, check out a few options to get the ball rolling on your education while you work to build credit:

• Find a full-time job and take one or two night classes. You can earn credits and increase your income, which will help you get approved for private student loans without a cosigner.
• Find a part-time or full-time job with a company that offers tuition reimbursement. You can earn money and credits, as well as tuition money you wont have to repay.
• Consider attending a lower-cost school. Enrolling in a community college or staying closer to home could decrease expenses for tuition, as well as room and board.
• Contact your schools financial aid office about work-study programs and other opportunities. These programs enable students to work for money that will go toward their tuition.
• Exhaust every scholarship opportunity you can think of. This includes not only academic scholarships, but also those based on your specific interests, talents, heritage and even area of study.

If youve already begun your education and currently owe student loans, you might be tempted to take a gap year but dont underestimate that delaying your education could make it more difficult to return.

Income Share Agreements: An Alternative To Student Loans

Best for: Students willing to give up a percentage of their future salary later to avoid student loan debt now.

Colleges and universities are looking for creative ways to help students pay their higher education expenses without student loans. One way theyre doing that is with Income Share Agreements, or ISAs.

ISAs are contracts in which a school, company, or lender agrees to give a student money for their education now. Instead of making loan payments after the student graduates, the student agrees to give the other party a share of their future income.

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Best For Juniors And Seniors: Ascent

• Fixed or variable rates between 4.05% and 14.08% APR
• Borrow between $2,001 and $200,000
• Only no cosigner loan that allows you to defer payments until after school
• Receive 1% cash back upon proof of graduation

Ascent is a student loan lender offering multiple types of loans with a 1% cash back reward at graduation. The Ascent Non-Cosigned Future Income-Based Loan is available to juniors and seniors without a cosigner.

If you dont meet the credit or income requirements, Ascent will use alternative factors to determine eligibility. These factors can include your school, your program, graduation date, major, cost of attendance, and more.

There is a simple four-step process to apply for a loan. The process begins with you entering some personal information like your school and income and then applying to see your pre-qualified rate. After this, youll be able to customize your loan for your needs. Once you select a loan package, youll upload the rest of your documents, and if approved and certified, your money will be disbursed.

Repayment options

With the Ascent Non-Cosigned Future Income-Based loan, borrowers can choose between 10 or 15 years for their repayment term. However, if you choose a fixed rate the only repayment term available is for 10 years. You can pay off your loan early with no prepayment penalty.

• Must be a U.S. citizen or permanent resident
• Be a junior or senior
• 2.5 GPA or higher and meet your schools SAP requirements
• At least 18 years old

International Student Loan No Cosigner

Many private student loan companies offer student loans without a cosigner to U.S. students. But if you are aninternational student, they might only offer loans to you with a U.S.-based cosigner a citizen or permanentresident of the United States who joins your application.

Although a cosigner is typically required by most lenders, international students attending certain colleges anduniversities in the U.S. and Canada are able to apply without one. If youre not able to find a cosigner then thistype of loan could be a good option for you.

With no-cosigner loans, instead of looking at credit history, the lender will look at your academic success andcareer path. A few factors they will take into consideration include your home country, graduation date and whatschool you attend.

Here are the common requirements to qualify:

• Attend a school that is approved by the lender
• Come from a country on the lenderâs approved list
• Be enrolled a minimum of half-time on a degree-level program
• Be less than 2 years from completing your degree or program
• Live in the U.S. during your studies
• Hold the appropriate visa status to allow you to study in the US
• Be able to prove your identity to the lender

You will also need to meet the lenderâs checks into your creditworthiness.

Meeting all of the requirements to qualify for a loan still doesnât mean that you are guaranteed to be offered one.

Your acceptance or approval for a loan may depend on specific factors such as:

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How To Find A Student Loan Without A Cosigner

A cosigner is a person who agrees to repay a loan if you dont make your payments anyone who meets a lenders eligibility requirements can cosign a student loan for you. When you apply for a student loan, you have two options: private and federal.

The federal government offers federal student loans. Most federal student loans dont require you to have a cosigner. And they typically dont require a credit check, so it may be easier to qualify.

Private lenders offer private student loans, which arent backed by the federal government. Although most private student loan lenders require a cosigner, some give loans to borrowers without a cosigner if they meet certain requirements. Even if you have to initially apply for a private student loan with a cosigner, most lenders give you the option to release or remove a cosigner after youve made a certain number of on-time payments.

Best Private Student Loans Of 2023

Editorial Note: The content of this article is based on the authors opinions and recommendations alone. It may not have been reviewed, commissioned or otherwise endorsed by any of our network partners.

Private student loans for college are worth considering if you dont have enough federal financial aid to pay for your tuition and other costs. But before you sign anything, youll want to shop around for the best private student loans.

To start your search, consider these 6 borrowing options we recommend based on factors such as rates, terms, amounts, fees and reviews.

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Private Student Loans Without A Cosigner For Students Paying For School

There are private lenders who do not require a cosigner and have different options for paying off your loans. Heres a list of those lenders to check out:

College Ave has customizable student loan plans that make it easy for graduate and undergraduate borrowers. You can choose from four different repayment plan options and choose the terms of your loans, including the years of repayment.

Can I Get A Student Loan Without My Parents

Yes, provided you have a good credit score. Unfortunately, it is unlikely that youve 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.

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Mpower Financing Undergraduate Student Loan

Pros & Cons

Highlights

• 5% origination fee and undisclosed late fee
• Customer service available by filling out a form or phone
• $2,001 loan minimum, up to $100,000 lifetime loan limit
• 1.5% reduction in your interest rate with automatic payments, six on-time payments, and proof of graduation and employment
• Lends to students for 350 schools
• Loans are made by Bank of Lake Mills or MPOWER Financing

MPower lends to international students and doesn’t require a cosigner, one of the only lenders to do both of these things.

You can get up to a 1.5% reduction on your interest rate by signing up for automatic payments, making six on-time payments, and reporting proof of graduation and employment. Each of these three requirements will qualify you for 0.5% off, or up to 1.5% total.

Watch out for: Fees. You’ll pay a 5% origination fee on your student loan, which will be deducted from your loan proceeds. Additionally, if you’re late on your payments, you’ll pay an undisclosed fee.

Read more about MPower.

Applying For A Student Loan With A Co

A co-signer is a creditworthy friend or family member who takes on the responsibility of the loan with the borrower. Their creditworthiness can make it easier for the primary borrower to get approved for the loan and qualify for lower interest rates. The downside is that the co-signer is responsible for paying the loan if the primary borrower misses payments, and delinquency could affect the co-signers credit score.

Many lenders have the option for co-signer release, which allows the borrower to release the co-signer from their obligation after a certain number of on-time payments are made.

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Check Your Credit Report

You may want to review your full credit report and the factors influencing your credit score before you start applying for loans. This way, you can understand what steps you can take to raise your score. It takes time to build credit history, but knowing which areas you need to improve can help you work in a more targeted way.

Youre entitled to a full, free credit report once a year from each of the three major reporting agencies: Equifax, Experian, and Transunion. There are many companies that charge for services to view your report and score, but you do not have to pay for itvisit freeannualcreditreport.com for your reports, and use free services through your bank, if available, to receive regular information about your score.