Best Student Loans Without a Cosigner of 2024

Student loan borrowers can use federal and private student loans to pay for college. Federal loans are ideal thanks to their many benefits, but they don’t always cover everything. Private student loans can help fill the shortage, but they sometimes require a cosigner with excellent credit. 

If getting a cosigner isn’t a possibility for you, there are some private lenders that offer student loans without a cosigner. While these loans can be a good option, they may be costly and there are pros and cons to consider. Read on to find the best student loans without a cosigner. 

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8 best student loans without a cosigner

Ascent: Best 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 options 

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 Direct Subsidized and Unsubsidized Loans are generally considered the best loans for borrowers without a cosigner because they don’t require a credit check or a cosigner to qualify. These types of loans also come with fixed interest rates and flexible repayment plans.

Direct Subsidized Loans offer the unique benefit of the government covering interest while you’re in school, during your grace period, and during other periods of deferment. However, these loans are only available to undergraduate students who demonstrate financial need. 

Direct Unsubsidized Loans, on the other hand, are available to both undergraduate and graduate students regardless of financial need. Unsubsidized loans start accruing interest as soon as the loan gets disbursed, and you’re responsible for all interest charges. 

Nelnet Bank student loans

Nelnet is a private student loan lender that offers competitive interest rates without the need for a cosigner. An added benefit is that there aren’t specific income requirements to qualify for a Nelnet student loan, and the minimum loan amount is only $1,000. This combination of features makes Nelnet a lender worth considering for borrowers without a cosigner. 

SoFi student loans

SoFi’s no-cosigner student loans stand out for their competitive interest rates and no-fees payment structure: Borrowers benefit from no application fees, origination fees, late fees, or insufficient funds fees. SoFi also offers flexible repayment terms of 5, 7, 10, or 15 years, catering to different financial situations. Keep in mind, you must have a full-time job to qualify for SoFi private student loans without a cosigner.

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.

Do I need a cosigner for a student loan? 

If you’re applying for federal student loans, you don’t need a cosigner. Private student loans work a little bit differently. Private student loan approval is typically based on your credit. For young borrowers with low or no credit, this can be prohibitive. Cosigners can change this outcome, but not everyone is capable or willing to take on the role of cosigner. 

A cosigner is someone with good credit who agrees to take on the legal liability for the loan in the case of nonpayment (usually a parent or family member). A cosigner with a strong credit profile can help you qualify for private student loans and get the best rates. If you’re not able to get a cosigner, there are some private lenders that offer student loans without a cosigner. 

Private vs. federal student loans

The U.S. Department of Education offers federal student loans, which have no cosigner requirements and substantial repayment benefits, such as potential student loan forgiveness. Your credit also isn’t a consideration for most federal loans. These benefits make federal student loans the top choice for borrowers. 

After maxing out the total amount of federal loans available to you, consider private student loans to fill in any funding gaps. Private student loans don’t come with as many advantages for borrowers and typically have stricter eligibility requirements. 

Private lenders evaluate your credit history when determining your eligibility. Undergraduate students or international students may have a limited credit history, making it difficult to qualify. That’s where a cosigner comes in. Cosigners use their good credit to help you get approved for the loan — but they are also liable for the debt if the loan is delinquent. 

Not all borrowers have access to someone who fits the bill to be a cosigner, or someone that can take on such a responsibility. In that case, borrowers can consider private student loans without a cosigner. However, you must prove you’re a reliable candidate who can handle the loans on your own. 

Tips to get student loans without a cosigner

Even though private student loans without a cosigner exist, you still need to qualify for them. Lending involves risk, and lenders set the parameters for qualifying and ultimately approve or deny you as a borrower. To increase your approval odds, here are tips to get student loans without a cosigner: 

• Focus on improving your credit: Private student loans take your credit score into consideration, unlike federal loans. Before applying, double-check your credit report for errors, and review your credit score online or with your bank to see where you stand. Practice good credit habits, such as making on-time payments and limiting how much you borrow. 
• Make sure your income is stable: Without a cosigner, you must prove that you have the financial means to qualify on your own and that you can reasonably pay back the loans. This may be through a job, side hustle, freelance gig, or family support. You may need to provide financial documents to show proof of income, including W-2s, tax returns, and bank statements. 
• Show academic excellence: Some lenders may have academic requirements to qualify for student loans without a cosigner. Focusing on academic excellence and improving your GPA may help. 

Pros and cons of no-cosigner student loans

If you’re unable to use a qualified cosigner to apply for private student loans, accessing no-cosigner loans is ideal. However, it’s a major responsibility, so consider the pros and cons:

Pros

• Accessibility: Private loans without a cosigner offer student loan borrowers more accessibility. You’re not locked out of the game simply because you don’t have a parent, friend, or spouse willing to take on the responsibility of being a cosigner. 
• Choice: Federal loans come from the federal government. Private loans without a cosigner are offered by multiple lenders. As you’re the only borrower and have no one else to consider in the equation, you have the luxury of choice, so you can find the best student loans without a cosigner. 
• Funding: There are high stakes when you need to pay for tuition costs and fees. To continue your education without any lapses, private student loans without a cosigner can get you the funding you need. 

Cons

• Higher interest rates: The flip side of accessing student loans without a cosigner is that you’ll typically pay for it with higher interest rates. This increases the total cost of borrowing and how much you pay over the life of the loan.
• Loan amount: Applying on your own without a cosigner could mean a lower loan amount than what you’d qualify for with a cosigner who has strong credit. 
• Eligibility requirements: Each private loan lender has different eligibility requirements. To qualify without a cosigner, you need to meet all of their specifications on your own. 

Student loan cosigner FAQ

Can I get a student loan without a cosigner?

If you need to take on private student loans for college, you can find a lender that doesn’t require a cosigner. While private loans are typically cosigned, some lenders allow borrowers to access private loans without a cosigner. Be aware that you’ll need to meet the eligibility requirements on your own and the loans may have higher interest rates. 

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

If you’ve maxed out your federal student loans and a parent won’t cosign, you do have options. There are various private student loan lenders that don’t require a cosigner. Keep in mind, the interest rates on student loans without a cosigner are typically higher than those with a cosigner. 

What credit score do I need for a student loan?

Your credit score isn’t used to qualify for federal student loans. However, it is used for private student loans. To be eligible for private student loans, you generally need a minimum FICO credit score of 670. If your credit score is higher, you may qualify for more competitive rates. If it's lower than 670, you’ll likely need a cosigner with good credit to qualify.