How To Get a Student Loan Without a Cosigner

The majority of students who apply for private loans will require a cosigner.  However if you are looking for a student loan without a cosigner you have options. Here is a list of all the lenders that are offering either federal or private student loans and don’t require a cosigner.


This fact that a cosigner is helpful is particularly true with undergraduate students or any other student without a steady income or a favorable credit history.  The cosigner is the person who vouches for the student, they personally sign the loan document and in so doing vow that if the student does not take personal financial responsibility for the loan that they will.  Even though the cosigner signs the document, it does not change the fact that the student remains the primary borrower. There are, however, student’s who will receive a loan without a cosigner.


In this article I will show you…

  • The difference between Federal and Private student loans and how it pertains to getting a loan without a cosigner
  • What kind of student loans don’t require a cosigner
  • The questions to determine if you might qualify for a student loan without a cosigner
  • What documents are required to apply for a student loan without a cosigner
  • Federal Student Loans available without a cosigner
  • Private Student Loan Companies offering loans that don’t require a cosigner


What’s The Difference between Federal and Private Student Loans?

If you are interested in getting a student loan and don’t want to use a cosigner than there are a few important differences between a Federal Student Loan and a Private Student Loan.

 Federal Student Loans

  • Issued by the government
  • Low-Medium interest rates
  • Capped loan amount (may not cover all costs)
  • Based primarily on the financial need of the student

 Private Student Loans

  • Provided by private lenders (banks etc)
  • Low-High interest rates
  • Loans can cover all costs of College
  • Lenders lend based on student credit score
  • Check you credit score for free – Click Here
Fund Your Eductation
You May Need Both Federal and Private Loans Without a Cosigner To Fund Your Degree

What Kind Of Student Needs A Cosigner?

Any student that lacks a positive credit history, including those students who have yet to establish a credit history, will likely require a cosigner from a private institution.  Most banks require a student to have a minimum income with an acceptable debt-to-income ratio.  This minimum income may vary but it is often $12,000 a year, or more.  There will always be those students who qualify for a student loan without a cosigner.  These students will have to meet the minimum requirements of the particular financial institution while also having a positive credit history.

There are, however, a number of benefits a cosigner brings to the table:

  • May help the student secure a lower interest rate,
  • May speed the approval process up.
  • It is important to also point out that cosigners are only something that private loans require.  Federal student loans do not require cosigners.


Do You Qualify For A Private Student Loan Without Cosigner?

  • Are you over 18 years of age?
  • Do you have credit history – Free Credit Check
  • Is your credit score Modest-Good? – Free Credit Score
  • Are you a United States Citizen?
  • You must  also meet the general eligibility requirements put forth by the loaning institution


Do You Qualify A Federal Student Loan Without Cosigner?

  • Are you over 18 years of age?
  • Are you attending an accredited School?
  • Are you a United States Citizen?
  • Must meet the general eligibility requirements put forth by the loaning institution


What Documentation Does A Student Need During The Loan Application Process?

  • Social Security number
  • A current address and phone numbers associated with it
  • Personal reference information (names and phone numbers of people who can confirm information)
  • Employment information (name of employer, address of employment, work phone number, and gross income)
  • A payment for monthly rent or a mortgage payment
  • More may be needed, check with specific financial information to know for sure

Federal Student Loans available without a cosigner


Stafford Student Loan

The Stafford loan is a popular fixed rate student loan. It can be obtained by students with no cosigner. The downside for Stafford student loans is that they will not cover the entire cost of education.


Perkins Student Loan

Perkins loans are fixed rate loans given to students in the most need of financial assistance. These loans will cap out at $4,000 per year. If you do not have a cosigner and are in need of financial assistance a Perkins Student Loan is a great option for you to consider.


Parent Plus Loan

If you are a parent of a student looking to take out a loan and not use a cosigner the Parent Plus Loan can help. The Parent PLUS loan is available to parents of students.


Grad Plus Loan

The grad plus loan is unique from other federal student loans because it is credit based and not need based. It has a relatively high fixed interest rate at 7.9%. A cosigner is not required for a Grad PLUS loan.

A Grad PLUS loan is available to graduate students and can cover the entire cost of tuition.


Private Student Loan Companies Offering Loans That Don’t Require A Cosigner


Private student loan companies can help supplement federal  student loans  to cover the entire cost of College. If you are looking for private student loans that don’t require a co-signer have a look at the list below for possible loans.


Chase Student Loans

Chase offers a co-signer release which means after 36 consecutive payments the co-signer is no longer responsible for the loan.


Citi Student Loans

You can apply for a CitiAssist Loan for Undergraduate Students without a co-signer. However, their eligibility criteria may make it difficult to receive the loan.


Commerce Bank

Commerce Bank offers Private Student Loans without a cosigner and also offers a co-signer release option. They do state that applying with a creditworth cosigner may help you qualify.



Discover offers student loans at competitive interest rates and does not require that you apply with a cosigner. Discovers interest rate on their undergraduate loans is as low as Prime + 0%. However, if you do not have a good credit history they may charge up to 10% interest.


Citizens Bank – Requires a cosigner


If A Cosigner Is Used, What Are The Cosigners Responsibilities?

  • Agree to assume equal responsibility for the loan
  • The loan obligation will become part of credit history (this includes any late payments to borrower makes)
  • There may be other responsibilities outlined by the institution that should be requested from the financial institution.
  • After the student successfully makes a certain number of monthly payments, and when they meet a certain credit history requirement the cosigner may be relieved of their future responsibilities with the loan.  (This is different at every institution and not necessarily available at every institution either).


If A Student Decides They Would Like To Have A Cosigner, Who Should A Student Ask?

The most important thing for a student to look for, in their search to find a cosigner is someone who is credit worthy.  Outside of this factor, there are a number of people in a person’s life who can be their cosigner but in order to ensure that the student will get approved, they must find someone with a positive credit history, someone who is willing to accept the responsibilities that come along with this, and someone who meets the lenders requirements. The bottom line is to find someone with an excellent credit history, and a student may start their hunt asking:

  • Their parents or guardians
  • A relative, perhaps a grandparent, an aunt, an uncle, a cousin, or an older sibling
  • Their spouse
  • Their significant other
  • Someone who supports their educational goals and objectives

In other words, a student should make a list of the people they will invite to their graduations and then begin looking through that list for possible cosigners.


3 Benefits Of Applying To A Student Loan With A Cosigner With Excellent Credit?


1. An increased chance at being approved for the loan

When a student applies for a private student loan with a cosigner, the loan provider takes the loan history and the incomes of the loans primary as well as the cosigner and uses that to determine whether or not the loan is approved.  If the student selects a cosigner with a long credit history with excellent credit, the cosigner’s credit history will tag on to the students and enable them to easily, and quickly, qualify for the loan they requested.


2. The increased likelihood of a much lower interest rate

When the student selects a cosigner with an amazing credit history, the lending institution will look to the loan with a very limited risk and that assessment will make the lender desire to be the institution to provide the loan to the borrower even more.  This desire will lead the lender to lower interest rates on the loan to entice the student, and the cosigner, to borrow from their institution instead of seeking out a different deal from a competing institution.


3. A great chance to begin establishing a credit history

Establishing an excellent credit history, something that qualifying for the student loan will do, allows a person to be offered the lowest interest rates on the loans they request for their cars and homes in the future, soon after they graduate.


When a person makes the decision to go to school and become a student, this decision must always be coupled with the conversation that determines how that education will be funded.  With the price of tuition as high as it is in the United States of America, whether a person is considering their Undergraduate degree, their Masters degree or some other post-graduate education, they must determine how they plan on funding their education and the best way to do so is to go through all of the various financial aid options they may qualify for. When federal loans, grants and other forms of scholarships do not cover the entire cost of financing a student’s education they should then apply for a private student loan with a cosigner with excellent credit lying in the wind.

One comment

  1. blake varnado says:

    Will the student loans be deferred until graduation?

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