Student Loans Without a Cosigner

Private student loans without a cosigner are available if you’ve maxed out your federal student loans and need additional funding. Most no-cosigner lenders allow you to prequalify with a soft credit check to determine your eligibility before you submit a full application.

Reviews of the best student loans without a cosigner

The following lenders are rated highly in our editorial team’s rating system, and each offers student loans that don’t require a cosigner. Instead of focusing solely on your credit profile to determine eligibility, these lenders also consider academic performance and future earnings potential.

• Best for undergraduates: Funding U
• Best for international students: MPOWER
• Best for deferred repayment: Ascent
• Best for income-based repayment: Edly

Funding U

Best for Undergraduates

4.7 _/5

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Why Funding U is one of the best

Funding U specializes in offering student loans without a cosigner. Because of this, it has created a unique eligibility model that excludes your credit history since many students haven’t yet built one up.

Eligibility is determined by your academic success in college, your likelihood to graduate on time, your projected total student debt, and your projected earnings based on your major. Funding U will consider the historical data of other students who attend your school if this information is limited.

• Academic success rather than credit score is a large factor in eligibility
• All loans have fixed interest rates
• 0.50% rate discount for making interest-only payments
• Assigned a Loan Officer to help you receive your funds
• Checking your rate doesn’t affect your credit score

• Must be enrolled full-time at an eligible school
• Only available in 38 states (see below)

Rates (APR)	5.59% – 16.99%
Loan amounts	$3,001 – $20,000
Repayment terms	10 years

Eligibility requirements

Funding U has minimum GPA and graduation rate thresholds determined by various factors. Generally, students will not be approved for a loan with a GPA lower than 2.5.

• Must be a U.S. citizen or a permanent resident over the age of 18
• Enrolled as a full-time undergraduate student in a bachelor’s degree program at a Title IV-eligible four-year college (for-profit school not eligible)
• Eligible states include Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Illinois, Indiana, Iowa, Kansas, Louisiana, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nebraska, New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, and Wisconsin

Repayment terms

All loans have a repayment term of 10 years with no prepayment penalty for paying off the loan early. In-school payment options include a $20 monthly fixed payment or interest-only payments. A full repayment schedule will begin six months following graduation; the monthly payments will include interest and principal.

MPOWER

Best for International Students

4.6 _/5

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Why MPOWER is one of the best

MPOWER offers student loans for those studying at certain schools in the U.S. and Canada. These loans are available to international students and U.S. citizens. Not only does it not require a cosigner, but MPOWER doesn’t require a credit history.

Instead, MPOWER focuses on your future earnings potential to determine whether you’ll be approved. Its loans are available to students from over 190 countries, and borrowers can pay online from any location with any currency.

• Provides Visa and career development support
• Accepts borrowers enrolled half-time
• Payments can be made from anywhere around the world
• Checking your rate doesn’t affect your credit score

• All borrowers receive the same high interest rate
• Must make interest-only payments while enrolled

Rates (APR)	16.99%
Loan amounts	$2,001 – $100,000
Repayment terms	10 years

Eligibility requirements

• Undergraduate or graduate students within two years of graduating or about to begin a one- to two-year program
• Attend one of 350+ MPOWER partner schools
• International students, DACA recipients, U.S. citizens, refugees, or asylum-seekers

Repayment terms

Students will be required to make interest-only payments while in school, which will help the student begin building a U.S. credit history. Upon graduation, a six-month grace period applies before full principal and interest payments begin.

Ascent

Best for Deferred Repayment

4.4 _/5

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Why Ascent is one of the best

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 don’t meet the credit or income requirements, Ascent will use alternative factors to determine eligibility. These factors can include your school, program, graduation date, major, cost of attendance, and more.

• Receive 1% cash back upon proof of graduation
• Up to 1% rate discount for enrolling in automatic payments
• Choose from five repayment terms
• Option to defer payments until after school
• 9-month grace period
• Accepts borrowers enrolled half-time
• Checking your rate doesn’t affect your credit score

• Only available to juniors and seniors

Rates (APR)	3.69% – 16.20%
Loan amounts	$2,001 – $200,000
Repayment terms	5, 7, 10, 12, or 15 years

Eligibility requirements

• Must be a U.S. citizen or permanent resident, DACA recipient, or U.S. temporary resident
• Be a junior or senior
• 2.9 GPA or higher and meet your school’s SAP requirements
• At least 18 years old

Repayment terms

With the Ascent Non-Cosigned Future Income-Based loan, borrowers can choose between 5, 7, 10, 12, or 15 years for their repayment term. However, if you choose a fixed rate, the only repayment term available is 5 years. You can pay off your loan early with no prepayment penalty. Remember: The variable-rate term repayment will result in fluctuating payments, which can be challenging when planning and maintaining your budget.

With the no-cosigned loan, you can defer repayment up to six months after leaving school. You can also request to enroll in the Graduated Repayment plan, which allows borrowers to start with lower payments after graduation that slowly increase to fulfill the loan term.

Edly

Best for Income-Based Repayment

3.9 _/5

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Why Edly is one of the best

Edly is a newer company offering income-based repayment loans designed to be more accessible than traditional student loans. Edly has no credit, income, or cosigner requirements to be eligible. Eligibility is based on your school and program.

This type of loan prevents borrowers from beginning repayment with insufficient income, which could lead to late or missed payments.

• $30,000 minimum income before repayment begins
• In-school repayment is not required
• Accepts borrowers enrolled half-time
• Checking your rate doesn’t affect your credit score

• Borrowing limits are restricted to a high minimum and low maximum
• High-income earners could face higher payments
• It’s unclear how the percentage of your income is calculated

Rates (APR)	Based on income
Loan amounts	$5,000 – $15,000
Repayment terms	7 years

Eligibility requirements

• Must be a U.S. citizen or permanent resident
• Juniors, seniors, or grad students at supported schools

Repayment terms

Repayment is tied to your income rather than a predetermined interest rate. This model allows borrowers to hold off on repayment until they can afford to make payments. The minimum annual gross salary for repayment to begin is $30,000. You won’t have to repay the borrowed amount if you can’t find a job over this minimum.

Payments aren’t required in school or during the four-month grace period after graduating or leaving school. The total amount you repay Edly will be capped at 2.25 times the borrowed amount or an amount that translates to a 23% APR.

How do student loans without a cosigner differ from those with a cosigner?

When you borrow with a cosigner, your lender bases approval on both your and your cosigner’s credit. Your cosigner also agrees to pay the debt if you can’t. But with a non-cosigned student loan, you’ll apply for, manage, and repay your loan on your own. 

Bearing sole responsibility for your student loans may sound daunting, but it also means you have complete control over your loan. Since you won’t have to coordinate with another person, navigating the application process and choosing a lender could be much simpler. 

There are a few differences between standard student loan lenders and those that specialize in no-cosigner loans:

	Standard lenders	Specialized lenders
Availability	Usually all 50 states	Could be limited to select states
Main eligibility factor(s)	Credit, income	Credit, income, academics
Number of partner schools	Often higher	Could be lower

Additionally, many no-cosigner-necessary lenders’ fee structures are similar to those of traditional lenders. Most of our recommended lenders don’t charge origination fees, and none of them assess prepayment penalties.

Still, your interest rate could be higher when you apply without a cosigner. Depending on your lender, you may be able to choose between two different rate types, fixed or variable:

• Fixed rates stay the same no matter what. 
• Variable rates can fluctuate either up or down.

Fixed rates are ideal for borrowers who value predictability, but if you’re willing to take a risk, variable rates offer the potential for a lower rate. Regardless of your type, your interest rate and fees will be rolled together into your annual percentage rate (APR). 

Your APR is a more comprehensive measure of your borrowing cost than interest rate alone. That’s the rate you want to weigh most heavily as you evaluate lenders. As a rule of thumb, prioritize lenders with lower APRs as much as possible.

What are the eligibility requirements for a no-cosigner student loan? 

No-cosigner student loans work slightly differently than cosigned loans. While your lender will likely consider your finances, your academics may play a role, as well.

Exact requirements vary from lender to lender, but you can expect a combination of the following to influence your lender’s decision:

• Your income: Your lender needs to see that you bring in enough money to cover your loan payments. Some lenders go so far as to set minimum income requirements. For example, you must earn at least $30,000 annually to qualify with Edly. 
• Your credit: Many lenders, like Ascent, have a predetermined credit score threshold. Others may place more importance on whether you have a positive payment history, as with Funding U.
• Your school: Private student loan lenders work with hundreds of schools nationwide, but if your school isn’t one of your lender’s partner institutions, you won’t be eligible to borrow.
• Your academic progress: Depending on your lender, you may need to maintain a certain GPA to qualify for funding. Several lenders, including MPOWER, consider your anticipated graduation date, as well.

Your lender may also consider your program or level of study when determining your eligibility.

Some lenders use your degree path to calculate your earning potential and future repayment ability. Others lend to borrowers at specific academic stages. Funding U, for instance, caters to undergraduate students and only lends to graduate students if they’re DACA recipients.

Steps for taking out a student loan without a cosigner

Before applying for student loans without a cosigner, follow these steps to ensure you take all the necessary actions to fund your education.

1) Maximize your federal student loan options

Federal student loans do not require a cosigner and come with several benefits not available through private lenders, including low interest rates and access to income-driven repayment plans and forgiveness programs. 

To apply for federal financial aid, you must first fill out the Free Application for Federal Student Aid (FAFSA).

2) Make sure you’ve considered all cosigner options

Your approval odds for a private student loan will be higher if you can add a cosigner to your loan. Our statistics show the odds of being approved without a cosigner is almost five times lower than if you have one. 

Considering all your options for adding a cosigner to your loan is important. If you find a cosigner to add to your loan, check out the best private student loans to see whether you qualify for lower rates.

3) Improve your odds of approval

Working on your credit before applying for a loan is one of the best ways to increase your approval odds. However, that’s not a robust enough strategy. You also need to review each lender’s specific eligibility criteria.

Are there minimum enrollment requirements? Minimum salary requirements? Does your lender prefer credit scores above a certain threshold? Rather than guessing what steps to take before applying, learn each lender’s ideal borrower type so you know exactly what to do.

4) Get your prequalified rates

Not only must you be a good fit for a lender, the lender must be a good fit for you. That’s where prequalifying comes in. When you prequalify, lenders perform a soft credit check to give you personalized rates and preliminary loan offers.

Since it doesn’t hurt your credit, there’s no downside to prequalifying, yet many advantages. The most notable of these advantages? You’ll know with a greater degree of certainty where you’ll find the lowest rates and most affordable loans—and where you won’t.

5) Consider your potential payments

With rates in hand, you can now determine whether a loan fits your budget. Your lender will likely display your estimated monthly payment alongside your loan offer. As you review these estimates, note whether these are your in-school payments or the regular amount due.

Your monthly payment will often increase after finishing your program or drop below half-time enrollment. Make sure you choose a lender that’s affordable for the long haul, and upfront about when and how your payment amount may change.

How repayment works for student loans without a cosigner

Even if your lender doesn’t require immediate repayment, it might ask you to choose a repayment option after approval. 

Many lenders let you pick from multiple repayment terms ranging from five to 20 years. Extended loan terms usually mean lower payments, but you’ll pay more interest over time. When selecting your terms, try to balance short-term affordability with long-term savings.

In addition to a smorgasbord of possible repayment timelines, your lender may offer several repayment plans. These could include any or all of the following:

Repayment plan	What it is
Standard	Principal and interest payments beginning 30-60 days after disbursement
Interest-only	Pay accrued interest for a set time, then switch to principal plus interest
Income-driven	Payments change annually based on your earnings
Deferment	Temporarily pause payments while in school
Forbearance	Temporarily pause payments due to hardship post-graduation

Many lenders grant an automatic deferment while you’re taking classes and for the first six months after leaving school. Others may require interest-only payments during this time. Once your deferment or interest-only period ends, you’ll switch to one of the other repayment options.

Because standard repayment tackles both principal and interest simultaneously, these plans can help you pay down your loans more quickly. If standard repayment isn’t affordable, consider leveraging income-driven repayment instead. 

Tip

Use our student loan calculators to see how different loan terms and repayment plans impact your monthly payments and overall borrowing cost.

If your budget has no room for standard or income-driven repayment, it might be worth applying for forbearance. Keep in mind that interest usually still accrues while you’re in forbearance. In other words, you’re not saving money, just delaying when that money’s due.

Furthermore, your forbearance won’t last forever. Funding U and Ascent, for example, set a cumulative cap of 24 months. Once you hit that limit, you’ll be ineligible for another forbearance. Do your best to use this option as a last resort—and only if you truly need it.

How to choose the best student loan without a cosigner

There is no one-size-fits-all choice when it comes to non-cosigner student loans. What is best for you may not be the best choice for another student borrower. That’s why comparing your options is important before making a loan decision.

Here is a list of items to consider when shopping for a student loan without a cosigner:

• Eligibility requirements: Always review the eligibility requirements for each company to ensure you aren’t wasting your time considering a loan you won’t be approved for. Factors such as your credit score, income, GPA, age, and state may affect your eligibility.
• Loan amounts: Each loan has its minimum and maximum amount. If you need to borrow less than the minimum requirement for a loan, you shouldn’t consider that option. If you need more than the maximum amount offered for a loan, check other options to see whether one will meet your needs so you don’t need to take out multiple loans.
• Rates (APR): The loan’s APR is the annual interest rate on your current balance, including fees. With most loans, you can choose between a fixed and variable rate. A fixed rate stays the same during the life of the loan, while a variable rate can increase or decrease depending on market conditions. When comparing rates, a lower rate is better.
• Discounts: Many companies offer specific interest rate discounts to lower your rate. These discounts can include an automatic payment discount, a loyalty discount for banking with the lender, and more. Ascent has the highest potential automatic payment discount.
• Repayment terms: The two parts to your loan repayment are to decide whether you want to start repayment in school or defer your payments until after you graduate and determine how long you take to repay the loan. This can vary from five to 15 years. Remember, the longer you repay the loan, the more you’ll pay in interest.
• Benefits: Many lenders offer benefits for borrowing. For example, Ascent will give you 1% cash back upon college graduation, and other lenders offer rewards for good grades. Some lenders might also have extended grace periods, progressive repayment terms, or forbearance and deferment options like those on federal loans.

By considering everything above when comparing your options, you can increase your chances of finding the best student loan without a cosigner for your needs.

How to improve your approval odds for a no-cosigner student loan

The eligibility requirements for a non-cosigner student loan differ from those of a traditional cosigned student loan. Instead of relying on the borrower’s credit score, credit history, and income, non-cosigned loans consider the student borrower’s age, grade level, degree program, school costs, GPA, and more. These will affect whether you’re approved and the amount you can borrow.

To improve your approval odds for a non-cosigner student loan, you may want to:

• Ensure your grades are good and meet your school’s guidelines for satisfactory academic progress.
• Take advantage of all available federal loans, grants, scholarships, and other funding options. This reduces your borrowing needs, improves your chances of being approved for your full financial needs, and limits the overall cost of your student debt.
• Wait to apply until you’re an upperclassman. Many non-cosigned loans are limited to juniors and seniors, so you may need to wait to apply until you’ve completed two years of college.

FAQ

Are interest rates higher for student loans without a cosigner?

Applying without a cosigner could result in a higher interest rate, especially if you have a few late payments or have yet to build credit. 

When you apply with a cosigner, your cosigner agrees to repay your loan if you can’t. Their shared responsibility lets you piggyback off their credit score—and potentially qualify for a lower rate than you would otherwise.

Can international students get loans without a cosigner?

Most lenders require international students to apply with a cosigner who is a U.S. citizen or permanent resident. Some lenders, however, let international students apply on their own. 

MPOWER is our top choice for no-cosigner international student loans. Prodigy Finance is another solid option if you don’t have an eligible cosigner. 

How we selected the best student loans without a cosigner

Since 2015, LendEDU has evaluated student loan lenders to help readers find the best student loans. Our latest analysis reviewed 725 data points from 25 lenders and financial institutions, with 29 data points collected from each. This information is gathered from company websites, online applications, public disclosures, customer reviews, and direct communication with company representatives.

These data points are organized into broader categories, which our editorial team weights and scores based on their relative importance to readers. These star ratings help us determine which companies are best for different situations. We don’t believe two companies can be the best for the same purpose, so we only show each best-for designation once.

Higher star ratings are ultimately awarded to companies that create an excellent borrower experience. This includes offering online eligibility checks, cost transparency, competitive interest rates with no fees, flexible repayment plans, and unique benefits that support borrowers throughout repayment.

Recap of the best student loans without a cosigner