While there are options to get federal student aid without a cosigner, most new private student loans require the borrower to have a creditworthy cosigner. This includes more than 90% of new private student loans to undergraduate students and more than 75% of new private student loans to graduate and professional students. However, there are options for loans that do not require a cosigner.
Key Takeaways on Students Loans Without a Cosigner
- Federal student loans are the best options for borrowers without a cosigner.
- Private student loans without a cosigner are available but typically only for creditworthy borrowers.
- To be creditworthy is to have good to excellent credit with a strong credit history.
- Income Share Agreements (ISAs) are also available to students without a cosigner and require a contract agreeing to pay a percentage of future income in exchange for the money to pay for school. However, there may be limitations based on your year in school, college of attendance, and declared major.
The Best Student Loans Without a Cosigner
Federal student loans are the best options for students without a cosigner. Direct student loans, including subsidized and unsubsidized loans, do not require a cosigner. PLUS loans only require an endorser (similar to a cosigner) if the borrower has adverse credit history as defined by the federal government.
It's worth noting that the credit check for a PLUS loan is not as strict as that for a private student loan. Even if you didn't pass a private student loan credit check, you may still be eligible for a PLUS loan.
To apply for federal loans, including Parent PLUS Loans, you must file the FAFSA®.
Direct Subsidized Loans
A direct subsidized loan is a loan offered by the federal government with a fixed interest rate and flexible repayment terms. With a subsidized loan, the government pays the interest while you are in school at least half-time, during your grace period, and during authorized periods of deferment. Demonstrated financial need is required for this loan.
Direct Unsubsidized Loans
A direct unsubsidized loan is offered by the federal government with a fixed interest rate and flexible repayment terms. With an unsubsidized loan, you are responsible for the interest that accrues while you are in college, during your grace period, and during authorized periods of deferment. This is not a need-based loan.
PLUS Loans
A PLUS loan is a loan offered by the federal government for parents and graduate students. PLUS loans come with a fixed interest rate. The borrower is responsible for interest of a PLUS loan, and there is no grace period.
What Student Loans Can You Get Without a Cosigner?
If you have an excellent credit score and work history, you may qualify for a student loan on your own without a cosigner. If you fall into this category, we recommend comparing student loan lenders to find the best rates and benefits for you.
If you do not fall into this category it may be difficult for you to find a student loan that you qualify for without a creditworthy cosigner, but you can still explore federal student loans and income share agreements.
Apply for an Edly IBR, No-Cosigner, Income-Based Repayment Loan
5-12 years
Variable: 0.00% APR - 23.00% APR1
- MUST BE a US citizen or permanent resident
- MUST attend an Edly-supported school
- Cosigner and Non-Cosigner student loan products available
- Income-based repayment with built-in protections, like hardship forbearance if you lose your job
Edly IBR Student Loans are unsecured personal student loans issued by FinWise Bank, a Utah chartered bank, Member FDIC. All loans are subject to eligibility criteria and review of creditworthiness and history. Terms and conditions apply.
Loans from $5,000 - $15,000 per academic year, with a $25,000 aggregate maximum with repayment terms of 84 months.
1. Loan Example (IBR No Cosigner Student Loan):
$10,000 Loan with Salary of $65,000. Loan is funded in September, borrower graduates in May.
- Loan Amount: $10,000
- Gross income payment percentage: 7%
- Number of Payments at an Initial APR: 12
- Initial Payment Amount: $200
- Number of Payments at gross income payment percentage: 53
- IBR Payment Amount: $379.17
- Final Payment to reach Payment Cap: $3.99
- Total Number of Payments: 66
- Total Payment Amount: $22,500
- Effective APR: 22.5%
2. Additional Loan Example (IBR No Cosigner Student Loan):
$10,000 Loan with Salary at Minimum Income Threshold, $30,000. Loan is funded in September, graduates in May.
- Loan Amount: $10,000
- Gross income payment percentage: 7%
- Number of Payments at an Initial APR: 12
- Initial Payment Amount: $200
- Number of Payments at gross income payment percentage: 72
- IBR Payment Amount: $175
- Total Number of Payments: 84
- Total Payment Amount: $15,000
- Effective APR: 9.7%
3. Additional Loan Example (IBR Cosigner Student Loan): $10,000 Loan with early payoff. Loan is funded in September, graduates in May.
- Loan Amount: $10,000
- Gross income payment percentage: 7%
- Number of Initial Payments: 9
- Initial Payment Amount: $50
- Number of Payments at gross income payment percentage: N/A
- IBR Payment Amount: N/A
- Total Number of Payments: Early Payoff
- Total Payment Amount: $12,516
- Effective APR: 23%
4. Additional Loan Example (IBR Cosigner Student Loan): $10,000 Loan with Salary of $65,000. Loan is funded in September, graduates in May.
- Loan Amount: $10,000
- Gross income payment percentage: 7%
- Number of Initial Payments: 9
- Initial Payment Amount: $50
- Number of Payments at gross income payment percentage: 47
- IBR Payment Amount: $379.17
- Final Payment Amount: $375.73
- Total Number of Payments: 57
- Total Payment Amount: $18,647
- Effective APR: 23.0%
About these examples:
These are examples. Your specific terms will be provided if you are approved. In examples 1 and 2, a student defers while in school and post-graduation grace period for 11 months and then makes the minimum payment for 12 months followed by the income based payments beginning 24 months after taking the loan. In example 3, a student or co-signer defers for two months, then makes the minimum monthly payment for 9 months while the student is in school and then pays off the loan in month 12. In example 4, a student or co-signer defers for two months and then makes the minimum monthly payments for 9 months while in school followed by income based payments beginning 12 months after taking the loan. For co-sign loans, the student or co-signer must make small payments while the student is in school. The initial payment schedule is set upon receiving final terms and upon confirmation by your school of the loan amount. You may repay this loan at any time by paying an effective APR of 23%. Please refer to your loan agreement or call us for your payoff amount. In examples 1 and 2, the maximum amount you will pay is $22,500 (not including Late Fees and Returned Check Fees, if any). In examples 3 and 4, the maximum amount you will pay is $25,000 (not including Late Fees and Returned Check Fees, if any). The maximum number of regularly scheduled payments you will make is 84. You will not pay more than 23% APR. No payment is required if the student’s gross earned income is below $30,000 annually or if the student loses his or her job and cannot find employment. This does not apply for co-sign loans. Interest will accrue at the Growth Rate of 22.75% on the unpaid loan balance during the life of the loan including during any deferral periods. The Growth Rate is an annualized interest rate which uses daily compounding and assumes actual number of days in each month and the actual number of days in each year (“Growth Rate”). The effective APR differs from the Growth Rate and considers fees and reflects the cost of your loan as a yearly rate. For more information about the effective APR, see reference notes. See your loan agreement for additional information regarding your prepayment options, including how to prepay at the Pre-Payment Cap.
Edly Student IBR Loans are unsecured personal student loans issued by FinWise Bank, a Utah state-chartered bank, Member FDIC. All loans are subject to eligibility criteria and review of creditworthiness and history. Terms and conditions apply.
State Specific Restrictions:
Not available in Iowa, Colorado, Maine, Vermont, West Virginia
Product disclosure: Loan Application and Solicitation Disclosure
Funding U Merit-Based, No-Cosigner Student Loan
10 years
$20 minimum/month OR interest-only payments while in school
Fixed: 7.49% APR - 12.99% APR (not including 0.5% ACH discount)*
- Up to $15,000 per academic year with no cosigner required
- Fixed Rates (APR) from 7.99% to 12.49% (plus an additional 0.5% discount for ACH auto-payments)*
- No origination fee. No late payment fees. No prepayment penalties.
- Quick prequalification and rate check that won’t impact your credit
- Multiple repayment options
- Dedicated loan officer for every borrower
New student loans of $3,001 up to $15,000 per school year will be granted to residents of eligible states enrolled as undergraduates in bachelor’s degree or equivalent- granting programs at eligible schools.
Funding U offers fixed interest rate loans, without a cosigner, to students who are serious about their academic success and post-grad career. Eligibility is determined by several factors, including: school graduation rate, class hours completed, estimated graduation date, academic record, major; employment or internship experience; and, other academic and non-academic activities that demonstrate the borrower is working hard towards academic and professional goals and is on track to be able to repay debt accrued.
Eligibility is also limited by state of permanent residence. Terms and conditions vary by state. Not all loans are available in all states. Loan amounts available may vary by state.
DISBURSEMENT All Loan proceeds will be sent to the student borrower’s school around the time classes begin, on the date your school prefers. Funding U will require documentation to verify your registration and certify your loan need prior to disbursement. Your school must also certify your loan need. Your loan may be adjusted based upon the amount of need certified by your school.
REPAYMENT TERMS New Undergraduate loans for the 2021-2022 school year will have an Annual Percentage Rate (APR) of 7.49% to 12.99%. All loans have a fixed interest rate range of 7.49%* to 12.99% (before consideration of ACH discount). There is no origination fee. Interest accrues while students are in school.
In-school partial payments: Students may choose either $20 monthly as a “Fixed Payment” while enrolled in school or “Interest Only” payments. These payments will be reported to credit agencies like other student loans. All loans have a 10-year repayment term (paid monthly over 120 months starting 6 months after graduation). Both In-School payment options may not be available in all states. Student’s electing to make Interest-Only payments will receive a 0.5% interest rate discount.
PREPAYMENT PENALTIES There is no prepayment penalty on your loan.
Additional details, terms & conditions will be included in each loan offer.
*The lowest rate shown is available only to juniors & seniors with outstanding academic performance and is not typical of the rates offered to most borrowers. Your actual rate will depend on creditworthiness and other factors, such as your school year and GPA.
Who Can Cosign a Student Loan?
A student loan cosigner is usually a parent, but can also be another relative or trusted adult. A good cosigner will meet the following criteria:
- Have a good credit history
- Have stable employment
- Be a U.S. citizen or permanent resident
- Have no recent bankruptcies, liens or foreclosures
Once you have located a suitable cosigner, you can apply for a student loan.
What is the Minimum Credit Score for a Private Student Loan?
The minimum credit score required for a private student loan depends on the lender. Each lender sets their own requirements, but generally speaking you will need a FICO® score of 660 or better on a scale from 300 to 850. The average FICO score in America in 2022 was 716.
Income Share Agreements
An alternative to student loans and something to consider for students without a cosigner, is an income share agreement (ISA). These agreements are growing in popularity as a means for students to pay their tuition. Here’s how it works:
When you enter into an income share agreement you agree to borrow the money you need for school in exchange for a percentage of your future salary. To repay an income share agreement, you commit to pay the decided upon percentage of your salary for a set period of time. ISAs do not charge interest, and the typical repayment period is ten years or fewer.
A note of caution: taking out multiple ISAs could require you to pay a significant percentage of your income during repayment. Plan ahead for what you will be able to afford once you are out of school.
Apply for Scholarships and Grants
If you find yourself without a cosigner for a student loan, then gift aid, such as scholarships and grants may be an option. Scholarships and grants do not require a cosigner and eligibility does not depend on your income, credit score or credit history. Contact your school’s financial aid office to ask about scholarships and grants you may qualify for. Many institutions have their own in-house scholarship, grant, and aid programs for students in need, but you won’t know unless you ask. Your financial aid office may also be able to help you find additional scholarships and grants outside of the school that you qualify for, such as state aid.
You can also seek out additional scholarship opportunities on our site StudentScholarshipSearch.com or apply for easy, no essay scholarships on our site ScholarshipPoints.com.
Attend a Cheaper School
This is the answer most students don’t want to hear, especially if they have the opportunity to attend their dream school. But the hard truth may be that you can’t afford to attend the school of your choice. Look at community colleges and state schools for more affordable options. They offer a competitive education at a fraction of the price of most private colleges and universities.
Ask About Tuition Payment Plans
You don’t always have to pay all of your tuition up-front. Many colleges offer tuition payment plans to make it more affordable. If you or your family can work to make payments on a schedule as set forth by your school, you may be able to eliminate the need for loans.
FAQ’s
Can I get a student loan without a cosigner?
Federal Loans are the best options for students who do not have a cosigner as they do not require a credit history. Federal Loans also have flexible repayment options. If you have an excellent credit history and work history, it is possible to qualify for private loans without a cosigner. Private Lenders offer different rates and benefits, so we recommend that you compare to find the best fit for you.
How can I get my first loan without a cosigner?
In order to get Federal Loans, you simply need to apply for the FAFSA.
To qualify for private loans, private lenders will review your credit report and work history. Many undergraduate students don't have an established credit history, meet the minimum credit score, payment history or steady income which makes it difficult to qualify for student loans without a cosigner. However, federal loans, income share agreements, scholarships and grants are still options to pay for school.
Sallie Mae does not require a cosigner if you meet certain criteria to qualify on your own:
- Student loan borrowers must be 18 years old at the time of application and a U.S. citizen or permanent resident of the country
- Student loan borrowers must be enrolled at least part time in a college or university
- Student loan borrowers must have good credit history and a reliable source of income
What Private Loan lenders do not require a cosigner?
There are some private student loan lenders that offer loans to students that do not require a cosigner, even if you don’t have a strong credit score. There are two types of borrowing options: Non-cosigned private student loans and Income Share Agreements
Non-cosigned loans may be offered to a student with a strong GPA, certain majors, as well as future income.
Non-cosigned Student Loan Options
Apply for an Ascent Private Student Loan
- AFFORDABLE variable rates starting at 6.16% APR with Automatic Debit Discount*
- 1% CASH BACK Graduation Reward*
- NON-COSIGNED option may be available for undergraduate juniors and seniors.
- PAY AFTER LEAVING SCHOOL – Customize your loan with flexible repayment options – start payments after graduation.
- FORGET FEES – No application, origination or disbursement fees. No prepayment penalty if you choose to pay your loan off early.
- COVER UP TO 100% of your tuition and eligible living expenses.
* Ascent's undergraduate and graduate student loans are funded by Bank of Lake Mills or DR Bank, each Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: www.AscentFunding.com/Ts&Cs
Rates are effective as of 12/01/2023 and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 1.00% (for undergraduate outcomes-based loans). Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent rates and repayment examples please visit: www.AscentFunding.com/Rates
1% Cash Back Graduation Reward subject to terms and conditions. Cosigned Credit-Based Loan student must meet certain minimum credit criteria. The minimum score required is subject to change and may depend on the credit score of your cosigner. Lowest APRs require interest-only payments, the shortest loan term, and a cosigner, and are only available to our most creditworthy applicants and cosigners with the highest average credit scores.
The minimum amount is $2,001 except for the state of Massachusetts. Minimum loan amount for borrowers with a Massachusetts permanent address is $6,001.
Funding U Merit-Based, No-Cosigner Student Loan
10 years
$20 minimum/month OR interest-only payments while in school
Fixed: 7.49% APR - 12.99% APR (not including 0.5% ACH discount)*
- Up to $15,000 per academic year with no cosigner required
- Fixed Rates (APR) from 7.99% to 12.49% (plus an additional 0.5% discount for ACH auto-payments)*
- No origination fee. No late payment fees. No prepayment penalties.
- Quick prequalification and rate check that won’t impact your credit
- Multiple repayment options
- Dedicated loan officer for every borrower
New student loans of $3,001 up to $15,000 per school year will be granted to residents of eligible states enrolled as undergraduates in bachelor’s degree or equivalent- granting programs at eligible schools.
Funding U offers fixed interest rate loans, without a cosigner, to students who are serious about their academic success and post-grad career. Eligibility is determined by several factors, including: school graduation rate, class hours completed, estimated graduation date, academic record, major; employment or internship experience; and, other academic and non-academic activities that demonstrate the borrower is working hard towards academic and professional goals and is on track to be able to repay debt accrued.
Eligibility is also limited by state of permanent residence. Terms and conditions vary by state. Not all loans are available in all states. Loan amounts available may vary by state.
DISBURSEMENT All Loan proceeds will be sent to the student borrower’s school around the time classes begin, on the date your school prefers. Funding U will require documentation to verify your registration and certify your loan need prior to disbursement. Your school must also certify your loan need. Your loan may be adjusted based upon the amount of need certified by your school.
REPAYMENT TERMS New Undergraduate loans for the 2021-2022 school year will have an Annual Percentage Rate (APR) of 7.49% to 12.99%. All loans have a fixed interest rate range of 7.49%* to 12.99% (before consideration of ACH discount). There is no origination fee. Interest accrues while students are in school.
In-school partial payments: Students may choose either $20 monthly as a “Fixed Payment” while enrolled in school or “Interest Only” payments. These payments will be reported to credit agencies like other student loans. All loans have a 10-year repayment term (paid monthly over 120 months starting 6 months after graduation). Both In-School payment options may not be available in all states. Student’s electing to make Interest-Only payments will receive a 0.5% interest rate discount.
PREPAYMENT PENALTIES There is no prepayment penalty on your loan.
Additional details, terms & conditions will be included in each loan offer.
*The lowest rate shown is available only to juniors & seniors with outstanding academic performance and is not typical of the rates offered to most borrowers. Your actual rate will depend on creditworthiness and other factors, such as your school year and GPA.
Income Share Agreements are a way to fund your education, and when it come to repayment, your payments will be based on a fixed percentage of your income for your repayment term.
Apply for a Stride Funding ISA
Payments based on a fixed percentage of future income for up to 60 months after graduation
Only pay when earning more than the $30,000 minimum income threshold.
Payments stop early if you ever hit the payment cap (2.0x your initial funding amount)
Payments based on a fixed percentage of future income.
Lower (or no) payments when you're unemployed or underemployed.
- No cosigner required.
- Income based repayment, once you're graduated and employed.
- No payments when you're unemployed or earning below $30,000/year.
- Shorter repayment. Only 5 years of payments.*
- Get a quote in less than a minute. Quick and easy application process. Transparent calculator and comparison tool.
- Must be BA, MA, or PhD student WITHIN 2 YEARS OF GRADUATION, enrolled in a program that meets our outcome-driven eligibility criteria.
* Your Maximum Payment Period is inclusive of any months where Monthly Payments are made as well as any months that are Deferred Months; this will only be extended if you receive Forbearance, which will extend your Maximum Payment Period on a one-for-one basis.
To be eligible for a Stride Income Share Agreement, students must fall into the following criteria:
- Attending a four-year Title IV college or university.
- Within two years of graduation.
- Enrolled in a Bachelor's, Master's, or Doctorate program.
- Enrolled in an academic program that meets our outcome-driven eligibility criteria.
- Reside or attend school in a state we serve: Currently, we provide Income Share Agreements for all states in the U.S., except Alabama, Colorado, Iowa, South Carolina, and Washington.
- U.S. Citizen or permanent resident attending school in the U.S.
- Current G.P.A. is greater than 2.9.
If you have any questions please feel free to contact us at [email protected] or call (214)775-9960.
Want to Know More?
Introduction to Federal Student Loans
Private Student Loans and Credit
Student Loans for Borrowers with Bad Credit
5 Things to Consider Before Seeking a Cosigner