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Updated 2022-11-01T21:11:55Z Insider's experts choose the best products and
services to help make smart decisions with your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page. The cost of college
is expensive, and many students need to take out loans to pay for it. However, not every student borrower has the option to enlist a cosigner for their student loan, making many types of student loans unavailable to them. Insider's Featured Student Loan Companies College Ave Undergraduate Student Loans Sallie Mae Undergraduate Student Loans Ascent Undergraduate Student Loans Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options. Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options. APR Variable: 2.99% - 14.86%, Fixed: 3.99% - 14.96% Editor's Rating 4.5/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star APR Variable: 4.00% - 14.34%, Fixed: 3.75% - 13.72% Editor's Rating 3.25/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star APR Variable: 3.39% - 11.89%, Fixed: 4.12% - 14.81% Editor's Rating 3.5/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Luckily, there are several lenders that don't require cosigner for their loans. Best student loans without a cosigner
Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options. Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options. Editor's Rating 5/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Up to $23,000 cumulatively, different limits each year in school Regular Annual Percentage Rate (APR) Undergraduates: 4.99% Editor's Rating 4.75/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Up to $31,000 cumulatively, different limits each year in school Regular Annual Percentage Rate (APR) Undergraduates: 4.99%, Graduate and professional students: 6.54% Editor's Rating 4/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Regular Annual Percentage Rate (APR) Fixed: 9.93% - 15.75%, Variable: 7.73% - 13.65% Provide more than two years of credit history and meet undisclosed minimum score Editor's Rating 3.5/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Regular Annual Percentage Rate (APR) Fixed: 13.21% - 14.01%, Variable: 10.99% - 12.97% No credit history required Editor's Rating 2.5/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Regular Annual Percentage Rate (APR) Fixed: 7.49% - 12.99% Editor's Rating 2.5/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star $2,001 — $100,000 lifetime Regular Annual Percentage Rate (APR) Fixed: 8.49% - 10.91% Editor's Rating 2.75/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Regular Annual Percentage Rate (APR) Fixed: 7.53% — 8.85% Editor's Rating 2.75/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star $15,000 — Cost of attendance Regular Annual Percentage Rate (APR) Variable: starts at 9.54%, average loan from Prodigy is at 13.23% Editor's Rating 3/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star $5,000 — $25,000 per year, $50,000 lifetime Regular Annual Percentage Rate (APR) Rates based on your income Will decline based on major credit issues Learn more On Federal Direct Subsidized Loan's website Learn more On Federal Direct Unsubsidized Loan's website *While our ratings might seem a bit low for a "best of" guide, that's because our methodology rates these companies using the same system we use for other student loan lenders with lower rates and more options for loan term lengths. However, many of those options require a cosigner or a solid credit history, making them inaccessible to some borrower Federal Direct Subsidized LoanFederal Direct Subsidized Loan Regular Annual Percentage Rate (APR) Undergraduates: 4.99%
Federal Direct Subsidized Loan Regular Annual Percentage Rate (APR) Undergraduates: 4.99% On Federal Direct Subsidized Loan's website Federal Direct Subsidized LoanOn Federal Direct Subsidized Loan's website DetailsRegular Annual Percentage Rate (APR) Undergraduates: 4.99% Pros & ConsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Check mark iconA check mark. It indicates a confirmation of your intended interaction. Government pays interest while in school Check mark iconA check mark. It indicates a confirmation of your intended interaction. Low interest rate Check mark iconA check mark. It indicates a confirmation of your intended interaction. No credit check required Check mark iconA check mark. It indicates a confirmation of your intended interaction. No cosigner needed Dash iconA dash. It often indicates an interaction to shrink a section. Low maximum loan amount Dash iconA dash. It often indicates an interaction to shrink a section. Eligibility based on financial need HighlightsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
The government pays interest on these loans while you're in college. It also covers interest during a six-month grace period after you graduate, before you must begin repaying your student loans. You'll have to demonstrate financial need to qualify for these loans. Only undergraduate students are eligible. As far as student loans go, this is the best option out there. What to watch out for: Low loan maximum. For first-year students, you may only borrow up to $3,500 in subsidized loans for your freshman year, and you'll only qualify for the maximum depending on your financial need. The amount increases each year you're in school, but is still much lower than with other private lenders. Read more about subsidized loans. Federal Direct Unsubsidized LoanFederal Direct Unsubsidized Loan Regular Annual Percentage Rate (APR) Undergraduates: 4.99%, Graduate and professional students: 6.54%
Federal Direct Unsubsidized Loan Regular Annual Percentage Rate (APR) Undergraduates: 4.99%, Graduate and professional students: 6.54% On Federal Direct Unsubsidized Loan's website Federal Direct Unsubsidized LoanOn Federal Direct Unsubsidized Loan's website DetailsRegular Annual Percentage Rate (APR) Undergraduates: 4.99%, Graduate and professional students: 6.54% Pros & ConsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Check mark iconA check mark. It indicates a confirmation of your intended interaction. Low interest rate Check mark iconA check mark. It indicates a confirmation of your intended interaction. No credit check needed Check mark iconA check mark. It indicates a confirmation of your intended interaction. No cosigner Check mark iconA check mark. It indicates a confirmation of your intended interaction. Not based on financial need Dash iconA dash. It often indicates an interaction to shrink a section. Interest accrues while you're in school Dash iconA dash. It often indicates an interaction to shrink a section. No variable loans HighlightsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
Interest will accrue on unsubsidized loans while you're in school and during your grace period. If you're able, you should try to pay off that interest each month to prevent it from capitalizing. These loans aren't based on financial need. Undergraduate, graduate, and professional students are eligible. What to watch out for: Interest capitalizing. The federal government doesn't cover your interest while in school like it does with subsidized loans. Any unpaid interest is capitalized, or added onto your loan balance after periods of nonpayment, including forbearance, deferment, and after your grace period. This will increase your overall loan balance, and you'll later pay interest on that higher amount, upping the total cost of your loan. Read more about unsubsidized loans. Ascent Non-Cosigned Credit-Based LoanAscent Non-Cosigned Credit-Based Loan Fees Undisclosed late fee Regular Annual Percentage Rate (APR) Fixed: 9.93% - 15.75%, Variable: 7.73% - 13.65% Ascent Non-Cosigned Credit-Based Loan Fees Undisclosed late fee Regular Annual Percentage Rate (APR) Fixed: 9.93% - 15.75%, Variable: 7.73% - 13.65% On Ascent Non-Cosigned Credit-Based Loan's website Ascent Non-Cosigned Credit-Based LoanOn Ascent Non-Cosigned Credit-Based Loan's website DetailsRegular Annual Percentage Rate (APR) Fixed: 9.93% - 15.75%, Variable: 7.73% - 13.65% Fees Undisclosed late fee Pros & ConsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Check mark iconA check mark. It indicates a confirmation of your intended interaction. No cosigner needed Check mark iconA check mark. It indicates a confirmation of your intended interaction. Competitive rates Check mark iconA check mark. It indicates a confirmation of your intended interaction. No prepayment or origination fees Check mark iconA check mark. It indicates a confirmation of your intended interaction. Cashback reward after graduation Check mark iconA check mark. It indicates a confirmation of your intended interaction. Many options for repayment term length Dash iconA dash. It often indicates an interaction to shrink a section. Late fee Dash iconA dash. It often indicates an interaction to shrink a section. Requires some credit history HighlightsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
This loan may be the right choice for you if you have an established credit history and are looking for some of the best rates on a loan without a cosigner. You're able to borrow up to $200,000 for an academic year with this type of Ascent loan, and you'll need to meet a minimum income requirement of $24,000 to qualify. Watch out for: Credit history required. You need to have more than two years of credit history and hit an undisclosed minimum credit score to qualify for an Ascent non-cosigned credit-based loan. Other lenders on our list don't take credit into account. Read more about Ascent. Ascent Non-Cosigned Outcomes-Based Loan
Ascent Non-Cosigned Outcomes-Based Loan Fees Undisclosed minimum late fee Regular Annual Percentage Rate (APR) Fixed: 13.21% - 14.01%, Variable: 10.99% - 12.97% Ascent Non-Cosigned Outcomes-Based Loan Fees Undisclosed minimum late fee Regular Annual Percentage Rate (APR) Fixed: 13.21% - 14.01%, Variable: 10.99% - 12.97% On Ascent Non-Cosigned Outcomes-Based Loan's website Ascent Non-Cosigned Outcomes-Based LoanOn Ascent Non-Cosigned Outcomes-Based Loan's website DetailsRegular Annual Percentage Rate (APR) Fixed: 13.21% - 14.01%, Variable: 10.99% - 12.97% Fees Undisclosed minimum late fee Pros & ConsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Check mark iconA check mark. It indicates a confirmation of your intended interaction. No cosigner needed Check mark iconA check mark. It indicates a confirmation of your intended interaction. No credit history required Check mark iconA check mark. It indicates a confirmation of your intended interaction. Competitive rates Check mark iconA check mark. It indicates a confirmation of your intended interaction. No prepayment or origination fees Check mark iconA check mark. It indicates a confirmation of your intended interaction. Cashback reward after graduation Check mark iconA check mark. It indicates a confirmation of your intended interaction. Many options for repayment term length Dash iconA dash. It often indicates an interaction to shrink a section. Late fees Dash iconA dash. It often indicates an interaction to shrink a section. Low loan maximum Dash iconA dash. It often indicates an interaction to shrink a section. High interest rates HighlightsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
Instead of basing lending decisions on credit for this loan, Ascent takes into account your school, program, graduation date, major, GPA, and cost of attendance, among other factors. This could be a good choice if you have limited credit history. You need to be a college junior or senior to qualify and must maintain a GPA of 2.9 or higher. Watch out for: Low loan maximum. You're only able to borrow up to $20,000 with this Ascent loan. That's a higher maximum than federal subsidized loans, but you'll pay a substantially higher interest rate. Read more about Ascent. Funding U Undergraduate Student LoanFunding U Undergraduate Student Loans Regular Annual Percentage Rate (APR) Fixed: 7.49% - 12.99% Funding U Undergraduate Student Loans Regular Annual Percentage Rate (APR) Fixed: 7.49% - 12.99% Funding U Undergraduate Student LoansDetailsRegular Annual Percentage Rate (APR) Fixed: 7.49% - 12.99% Pros & ConsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Check mark iconA check mark. It indicates a confirmation of your intended interaction. No prepayment, origination, or late fees Check mark iconA check mark. It indicates a confirmation of your intended interaction. No cosigner needed Dash iconA dash. It often indicates an interaction to shrink a section. Low maximum loan amount Dash iconA dash. It often indicates an interaction to shrink a section. Relatively high APRs Dash iconA dash. It often indicates an interaction to shrink a section. One repayment term option Dash iconA dash. It often indicates an interaction to shrink a section. Loans unavailable for residents of 19 states Dash iconA dash. It often indicates an interaction to shrink a section. Only fixed-rate loans Dash iconA dash. It often indicates an interaction to shrink a section. Limited customer support options HighlightsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
Funding U doesn't make lending decisions solely based on creditworthiness. It will also consider factors like your academic performance and future potential career success when choosing to offer you a loan. Watch out for: No variable-rate loan options. If you want to take out a loan with Funding U, it will have to be a fixed-rate loan. While this means you'll likely start out with a higher rate than some variable options with other lenders, your rate won't fluctuate over the life of your loan. Read more about Funding U. MPower Financing Undergraduate Student LoanMPower Financing Undergraduate Student Loan Fees 5% origination fee and undisclosed late fee Regular Annual Percentage Rate (APR) Fixed: 8.49% - 10.91% MPower Financing Undergraduate Student Loan Fees 5% origination fee and undisclosed late fee Regular Annual Percentage Rate (APR) Fixed: 8.49% - 10.91% On MPower Financing's website MPower Financing Undergraduate Student LoanOn MPower Financing's website DetailsRegular Annual Percentage Rate (APR) Fixed: 8.49% - 10.91% Fees 5% origination fee and undisclosed late fee Pros & ConsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Check mark iconA check mark. It indicates a confirmation of your intended interaction. Lends to international students without a cosigner Check mark iconA check mark. It indicates a confirmation of your intended interaction. Interest rate discounts for hitting certain requirements Check mark iconA check mark. It indicates a confirmation of your intended interaction. No prepayment penalties Dash iconA dash. It often indicates an interaction to shrink a section. Only fixed-rate loans available Dash iconA dash. It often indicates an interaction to shrink a section. One repayment term available Dash iconA dash. It often indicates an interaction to shrink a section. High APR range Dash iconA dash. It often indicates an interaction to shrink a section. Origination and late fees Dash iconA dash. It often indicates an interaction to shrink a section. Only lends to students within 2 years of graduation from college HighlightsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
MPower lends to international students and doesn't require a cosigner, one of the only lenders to do both of these things. You can get up to a 1.5% reduction on your interest rate by signing up for automatic payments, making six on-time payments, and reporting proof of graduation and employment. Each of these three requirements will qualify you for 0.5% off, or up to 1.5% total. Watch out for: Fees. You'll pay a 5% origination fee on your student loan, which will be deducted from your loan proceeds. Additionally, if you're late on your payments, you'll pay an undisclosed fee. Read more about MPower. Chicago Student Loans by AM MoneyChicago Student Loans by AM Money Fees 4.5% origination fee Regular Annual Percentage Rate (APR) Fixed: 7.53% — 8.85% Chicago Student Loans by AM Money Fees 4.5% origination fee Regular Annual Percentage Rate (APR) Fixed: 7.53% — 8.85% On Chicago Student Loans by AM Money's website Chicago Student Loans by AM MoneyOn Chicago Student Loans by AM Money's website DetailsRegular Annual Percentage Rate (APR) Fixed: 7.53% — 8.85% Fees 4.5% origination fee Pros & ConsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Check mark iconA check mark. It indicates a confirmation of your intended interaction. Competitive rates Check mark iconA check mark. It indicates a confirmation of your intended interaction. Income-based repayment option Check mark iconA check mark. It indicates a confirmation of your intended interaction. No credit check Check mark iconA check mark. It indicates a confirmation of your intended interaction. No cosigner Dash iconA dash. It often indicates an interaction to shrink a section. No variable loans Dash iconA dash. It often indicates an interaction to shrink a section. Only one repayment term HighlightsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
AM Money is the only private lender on our list to offer an income-based repayment option. Income-based repayments can help lower your payment for up to three years if you are facing financial hardship, as defined by AM Money. If the calculated monthly payment in your regular plan is higher than the monthly amount calculated under IBR, then you qualify. Watch out for: Only one repayment term. AM Money sets your repayment term at 10 years, so you won't have flexibility in deciding when you want to pay off your loans. Prodigy Finance Student LoanProdigy Finance Student Loan Fees $25 late fee, 5% admininstration/origination fee Regular Annual Percentage Rate (APR) Variable: starts at 9.54%, average loan from Prodigy is at 13.23% Prodigy Finance Student Loan Fees $25 late fee, 5% admininstration/origination fee Regular Annual Percentage Rate (APR) Variable: starts at 9.54%, average loan from Prodigy is at 13.23% On Prodigy Finance Student Loan's website Prodigy Finance Student LoanOn Prodigy Finance Student Loan's website DetailsRegular Annual Percentage Rate (APR) Variable: starts at 9.54%, average loan from Prodigy is at 13.23% Fees $25 late fee, 5% admininstration/origination fee Pros & ConsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Check mark iconA check mark. It indicates a confirmation of your intended interaction. Competitive rates Check mark iconA check mark. It indicates a confirmation of your intended interaction. Multiple repayment term lengths Check mark iconA check mark. It indicates a confirmation of your intended interaction. No cosigner needed Check mark iconA check mark. It indicates a confirmation of your intended interaction. No credit history needed Dash iconA dash. It often indicates an interaction to shrink a section. High loan maximum Dash iconA dash. It often indicates an interaction to shrink a section. Only variable loans available Dash iconA dash. It often indicates an interaction to shrink a section. No undergraduate loans Dash iconA dash. It often indicates an interaction to shrink a section. Only available to borrowers looking to study abroad HighlightsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
Prodigy offers loans to borrowers in 18 countries, and you can see if your country is eligible. Prodigy only issues loans to students studying abroad, so if you need a loan in your home country, you're out of luck. What to watch out for: Only offers graduate loans. If you're an undergraduate student in need of a student loan, you'll need to pick another one of the lenders on our list. Stride Funding Student LoanStride Funding Student Loan Regular Annual Percentage Rate (APR) Rates based on your income Stride Funding Student Loan Regular Annual Percentage Rate (APR) Rates based on your income On Stride Funding Student Loan's website Stride Funding Student LoanOn Stride Funding Student Loan's website DetailsRegular Annual Percentage Rate (APR) Rates based on your income Pros & ConsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.Check mark iconA check mark. It indicates a confirmation of your intended interaction. No payments when you make below a certain threshold Check mark iconA check mark. It indicates a confirmation of your intended interaction. No cosigner needed Check mark iconA check mark. It indicates a confirmation of your intended interaction. No credit check Dash iconA dash. It often indicates an interaction to shrink a section. Hard to refinance Dash iconA dash. It often indicates an interaction to shrink a section. One repayment term HighlightsChevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.
Stride functions differently than the other lenders on our list because the "loan" in this case is an income-share agreement. Here's how it works: Your payments are tied to your income, and you'll pay nothing during the months when your income is below a minimum threshold. You pay a percentage of your income with rates based on what you are expected to earn. Watch out for: You may end up overpaying compared to a standard loan. If you outearn expectations, it may cost more to use Stride because your payments are a percentage of your income. Income share agreements are also difficult to refinance. Other student loans without cosigners we consideredSome more prominent lenders also offer loans without cosigners, but they generally require good credit scores, high minimum incomes, and proven credit histories to qualify. For many undergraduate students, these requirements aren't easy to reach. These lenders include:
All of these lenders appear in our best private student loans guide because they have great rates and many options for repayment term lengths. But because they are inaccessible to many borrowers looking to get a loan without a cosigner, we chose not to include them in our best picks in this guide. Which lender is the most trustworthy?The Better Business Bureau, a non-profit organization focused on consumer protection and trust, measures businesses using information like their responsiveness to consumer complaints, truthfulness in advertising, and transparency about business practices. Here is each company's score: Most of the companies on our list are not rated by the BBB — this isn't because they are untrustworthy businesses, but instead because the BBB doesn't have enough information to give a grade. The BBB grade for the Department of Education is not applicable because the DOE is not a business. It's important to note that a good BBB grade doesn't guarantee you'll have a good relationship with your lender. Ask family and friends about their firsthand experience with the company before signing on the dotted line, or read online customer reviews. How did we pick the best student loan refinancing companies?Personal Finance Insider's mission is to help you make the best, most informed decisions with your money. To do that, we combed through many student loan companies, comparing interest rates, terms, and fine print so you don't have to. We also compared our findings to other personal finance sites. We looked for several factors in determining the best student loans without cosigners, including:
Frequently asked questionsYes, you can get a student loan without a cosigner, though many private lenders do require one for students without credit histories. All the companies we've listed above don't require a cosigner. Federal unsubsidized and subsidized loans never need a credit check. Getting approved without a cosigner usually includes factors outside of your credit score. Lenders may take into account GPA, major, projected future earning potential, and more when making approval decisions. Take school affordability into account when applying for colleges; many state schools cost less than out-of-state schools. You might also consider starting at a community college for a couple of years to lower your overall cost of attendance. Additionally, you may consider taking on a side job if you're able. Federal aid packages may also include grants and work study, which is money you don't need to repay. Prioritize federal loans before looking at private student loans, as federal loans often have lower interest rates and more protections, plus direct subsidized and unsubsidized loans don't require a cosigner. No, your parents do not have to cosign your federal direct subsidized and unsubsidized student loans, which are the federal options we have listed above. This means you will be entirely responsible to repay any money you take on.
Ryan Wangman is a reporter at Personal Finance Insider reporting on personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans. He is also a Certified Educator in Personal Finance (CEPF). In his past experience writing about personal finance, he has written about credit scores, financial literacy, and homeownership. He graduated from Northwestern University and has previously written for The Boston Globe. Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services here >> Read more Read less Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Read our editorial standards. Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available. **Enrollment required. Related articlesLoadingSomething is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. More... What to do if you have no credit and no cosigner?Adam McCann, Financial Writer. How to get a personal loan with no credit and no cosigner:. Get a secured personal loan. Your credit, or lack thereof, doesn't matter as much when you put up collateral to secure a loan. ... . Take out a credit-builder loan. ... . Use your home equity. ... . Borrow from someone you know.. What credit score is needed for no cosigner?What's the credit score needed for student loans without a cosigner? To qualify: A credit score in the mid-600s will usually get you in the door. To get the best rates: A score of around 720 or higher unlocks the most savings. As a new college student, you probably haven't had time to build up your credit.
What is the minimum credit score for a student loan?So, you can understand why most lenders require a minimum credit score between 600 and 700 to be approved for a private student loan. If you don't have a credit score over 600, you'll likely need to add a creditworthy cosigner to your loan.
How do you get a cosigner if you don't have one?Four Alternatives to Having a Co-Signer. Become a Subtenant or Roommate. ... . Use a Co-Signer Service. ... . Try a Peer-to-Peer Lender. ... . Establish or Rebuild Your Credit History.. |
Student loan without cosigner and bad credit
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