Best student loans without a cosigner in September 2024

The best student loans without a cosigner come from the Department of Education’s federal loan program. Undergraduate students can borrow Direct Subsidized and Unsubsidized Loans without a cosigner, while graduate students can take out Direct Unsubsidized Loans and, unless they have adverse credit, grad PLUS loans.

Qualifying for a private student loan without a cosigner can be trickier, but you still have options. Some private lenders will ditch the typical cosigner requirement if you have a strong GPA, high estimated future earnings, or meet other alternative criteria. If you’re looking to borrow in your name alone, here are the best student loans without a cosigner.

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8 best student loans without a cosigner

• Ascent: Best for no-cosigner loans
• Citizens: Best for multi-year approval
• College Ave: Best for extended grace periods
• Custom Choice: Best for discounts and rewards
• Elfi: Best for flexible repayment
• INvested: Best for Indiana students
• MEFA: Best for borrowers with good credit
• Sallie Mae: Best for specialized loans

Ascent: Best for no-cosigner loans

Citizens: Best for multi-year approval

College Ave: Best for extended grace periods

Custom Choice: Best for discounts and rewards

Elfi: Best for flexible repayment

INvested: Best for Indiana students

MEFA: Best for borrowers with good credit

Sallie Mae: Best for specialized loans

Other loans to consider

Federal student loans

Federal student loans generally don’t require a cosigner or a credit check, making them a great option for borrowers with no cosigner or credit history. These types of loans come with relatively low fixed interest rates compared to private student loans. They also offer unique benefits like income-driven repayment plans and forgiveness programs.

Direct Subsidized Loans are available only to undergraduate students who demonstrate financial need. Plus, the government covers your interest charges while you’re in school and during periods of deferment. Direct Unsubsidized Loans, on the other hand, are more widely available to students. Both undergraduates and graduates of all income backgrounds can qualify for unsubsidized loans, but you’re responsible for paying all accrued interest.

Nelnet Bank student loans

For students without a cosigner, Nelnet Bank offers competitive interest rates and inclusive lending criteria. Unlike many private lenders, there’s no specific income threshold to qualify for a Nelnet student loan. A FICO score in the mid-to-high 600s is required, and the minimum loan amount starts at $1,000.

SoFi student loans

SoFi offers no-cosigner student loans with flexible repayment options to fit your financial situation. Repayment terms include 5-, 7-, 10-, or 15-year options. SoFi student loans range from $1,000 up to 100% of your school’s cost of attendance, and the lender’s generous member benefits include free access to financial planners, financial aid advisers, and unemployment protection.

Methodology

Credible evaluated these student loan lenders based on interest rates and origination fees, loan amounts, loan terms, discounts, whether cosigners are accepted, and more. Credible’s team of experts gathered information from each lender’s website, customer service department, directly from our partners, and via email support. Each data point was verified by a third party to make sure it was accurate and up to date.

Private vs. federal student loans

Before you explore private student loans, it’s generally a good idea to max out your eligibility for federal student loans. Federal student loans have a number of advantages, including:

• Relatively low fixed interest rates
• Various repayment plan options, such as graduated repayment and income-driven repayment
• Protections like deferment and forbearance
• Eligibility for forgiveness programs, like Public Service Loan Forgiveness (PSLF)

Additionally, federal student loans don’t require a cosigner, so you can borrow on your own. The only potential exception is grad PLUS loans, which may require you to apply with an endorser if you have adverse credit, such as a bankruptcy in your past.

The main downside of federal student loans is that they may have borrowing limits. If you need additional funding for school, a private student loan could come in handy. You can get private student loans from banks, credit unions, and alternative lenders. Interest rates may be fixed or variable, and you can usually choose repayment terms from five to 15 years.

Unlike with federal student loans, you may have to apply with a cosigner who has strong credit to qualify for a private student loan, though some lenders do provide no-cosigner loan options.

Related: Federal vs. private student loans

Do I need a cosigner for a student loan?

You generally don’t need a cosigner to borrow a federal student loan, but you may need one to get approved for a private student loan. A whopping 93% of undergraduate students borrowed a private student loan with a cosigner in the 2023-24 year, according to data from Enterval Analytics. Among graduate students, 69% borrowed with a cosigner.

The reason you may need a cosigner has to do with lender requirements. Specifically, private lenders tend to look for strong credit and a steady income as reassurance that you’ll pay back your loan in full. If you don’t have much credit or income to your name yet, a lender may see you as a risky candidate for a loan.

Adding a cosigner to your application can offset this risk for the lender. Your cosigner will share responsibility for the loan and is obligated to make payments if you fall behind.

How to get student loans without a cosigner

If you don’t have someone who can cosign a student loan for you — or you prefer to apply on your own — here are the steps you can take to obtain a student loan:

• Submit the FAFSA: By submitting the Free Application for Federal Student Aid (FAFSA), you can access federal student loans that don’t require a cosigner, such as Direct Unsubsidized and Subsidized Loans. You may also qualify for other types of financial aid, such as grants and work-study.
• Build a strong credit history: If you can meet a lender’s credit requirements on your own, you won’t have to apply with a cosigner. While there’s no specific cutoff, most lenders prefer a FICO credit score of 670 or higher. Familiarize yourself with the factors that affect your credit score, such as your debt payment history and credit mix, so you can take specific steps to improve your credit.
• Show a stable source of income: Lenders may also want to see that you have the means to pay back your loan. Working part-time could help you meet this requirement. Lenders might look at your debt-to-income ratio, which compares your monthly debt payments with your gross monthly income.
• Apply for a no-cosigner private student loan: Some lenders offer private student loans without a cosigner. Rather than basing their approval decision on credit and income, they may look at other factors, such as your GPA, major, and future career plans. Earning good grades could help you qualify for one of these no-cosigner loans.
• Consider an income share agreement (ISA): Income share agreements offer funding for college in exchange for a percentage of your future earnings for a certain number of years. You typically won’t need a cosigner for an ISA, but crunch the numbers to see whether this option would have lower or higher costs than a traditional student loan.

Pros and cons of no-cosigner student loans

Borrowing a private student loan without a cosigner can have both advantages and potential downsides. Weigh these pros and cons before you borrow:

Pros

• You can borrow on your own: You may not have a parent or other adult with good credit who is willing to cosign a loan with you. Even if you do, you may prefer to assume sole responsibility for your education debt. No-cosigner loans increase borrowing access for students who don’t have or don’t want to use a cosigner.
• Your loan won’t impact anyone else’s credit: When you apply with a cosigner, that person’s credit will be affected by the loan. Any late or missed payments could damage their score and make it harder for them to qualify for a credit card or other type or loan. The loan will also increase their debt-to-income ratio.

Cons

• Interest rates may be higher: Unless you have excellent credit and a stable source of income on your own, you could end up with higher interest rates on a no-cosigner loan. A high rate means higher monthly payments and an increased cost of borrowing.
• Loan amounts could be lower: Not having a cosigner on your private student loan application could also limit the amount you can qualify for. You may get offered a lower loan amount if you apply on your own.

Student loan cosigner FAQ

What credit score do I need for a student loan?

The minimum credit score you need for a student loan will vary by lender and loan type. Most federal student loans don’t have any credit requirement. Private lenders, on the other hand, usually prefer good credit, which starts at 670 on the FICO scoring model. However, some lenders may accept lower credit scores or consider alternative factors when evaluating your application for a loan.

Can I get a student loan without a cosigner?

It’s possible to get a student loan without a cosigner. Most federal student loans, such as Direct Subsidized and Unsubsidized Loans, are available to students without a cosigner.

You can also qualify for private student loans if you can meet the lender’s criteria for credit and income on your own. Plus, some private lenders offer no-cosigner loans that use alternative borrowing criteria to determine whether you qualify, such as your school, program, and GPA. Keep in mind these no-cosigner loans may have higher interest rates than their cosigned counterparts.

How can I get student loans if my parents won't cosign?

If your parents won’t cosign, you can still borrow a federal student loan from the Department of Education. You also may be able to qualify for a private student loan from a lender that bases its approval decision on alternative criteria, such as your GPA and future earnings, rather than relying heavily on current credit and income.