Top No Cosigner Lenders That Match Your Results!

Private student loans are typically used when both free and federal aid—including grants, scholarships, and federal student loans—don’t fully cover the cost of college. They’re not the first stop for most students, but they can be a helpful option for those who need additional funding and have a strong credit profile (or a cosigner that does!).

You might consider a private student loan if:

• You’ve reached your borrowing limit on federal student loans.
• You don’t qualify for need-based aid or enough merit-based scholarships.
• You or your cosigner have excellent credit and could qualify for a lower interest rate than federal options.

For students and families in these situations, a private student loan can make higher education more accessible.

If you’re planning to take out a student loan in your name to help your child pay for college, you have two main options:

• A parent PLUS loan from the Department of Education.
• A parent student loan from a bank or lender.

Both let you borrow directly for your child’s education but differ in cost, flexibility, and repayment responsibility. Which option is best will depend on your financial situation and credit profile. Here’s a comparison:

The borrowing limit for both loans is the cost of attendance minus any other financial assistance your child receives. Sometimes, private lenders set a maximum borrowing amount that can’t be exceeded.

You can apply for a private student loan after you’ve received your financial aid award letter and know how much more you need to borrow. Most students applying for fall semester funding submit applications between April and July. However, private student loans are available year-round and can be used for fall, spring, or summer terms, depending on your school’s schedule.

Private loans typically take a few weeks from application to disbursement, so starting the process at least a month before your school’s payment deadline is smart.

Before applying, make sure to:

• Complete the FAFSA and review your financial aid package.
• Determine your remaining cost of attendance.
• Compare lenders and prequalify before submitting a full application.
• Prepare required documents, including cosigner information if needed.
• Apply four to six weeks before your tuition payment is due.

Your best private student loan will depend on your financial situation and credit profile. This is why we recommend you compare multiple options to find the lowest interest rate and a lender that offers supportive repayment terms with little to no fees.

Here are some areas to look at when comparing lenders:

• Interest rates: Fixed stays the same; variable may start lower but can rise over time.
• Repayment terms: Longer terms mean lower monthly payments but more interest.
• In-school repayment: Choose from full deferment, interest-only, or immediate repayment.
• Fees: Look for lenders with no origination or prepayment fees.
• Borrower protections: Check for forbearance, deferment, and discharge policies.
• Cosigner release: See if and when your cosigner can be removed from the loan.

Comparing multiple lenders before applying—especially using prequalification tools that don’t impact your credit—can help you feel confident you’re getting the best deal.

Most undergraduate students don’t have the credit history or income to qualify for a private student loan, which is why lenders often recommend a cosigner. A cosigner doesn’t just improve your chances of approval; they can also help you qualify for a much lower interest rate, which can reduce the overall cost of your loan.

Here’s what you should know about cosigners:

• A cosigner is responsible for repayment if the student stops making payments.
• A cosigner with strong credit and income can improve your approval odds and lower your interest rate.
• A cosigner can be released from responsibility after the primary borrower makes a minimum number of on-time payments. All lenders don’t offer this option.

Here’s a table with the impact cosigners have on approval from some popular lenders: