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While a cosigner can help you qualify for loans and get you better repayment terms, that may not be an option for you. If you’re finding yourself without a cosigner, know that it’s okay. There are plenty of loans you can get without a cosigner. Let’s get into it.
Before you jump right into taking out loans for college, let’s explore some other ways you can get money. First, you’ll want to apply for scholarships and grants and get a couple of those. These are great ways to receive money for college because you will usually never have to pay it back. It’s basically free money.
Next, you’ll want to see if you qualify for work-study programs. Many schools participate in the work-study program, which allows college students to work on campus in exchange for financial aid. Most colleges that participate offer a wide variety of jobs. The best part? Since it’s a work-study, they’ll adjust your working schedule around your school schedule. Fill out the FAFSA to take advantage of this.
Finally, you can move on to loans. You’ve got two main loans you’ll be hearing about: federal and private. Loans should always come last in the process of paying for college as they’re money you’ll need to pay back with interest. Plus, they may be more challenging to secure without a cosigner.
You’ll want to check out federal student loans first. These usually don’t require a cosigner in order to qualify. The only federal loan where you might need a cosigner or an endorser is with a PLUS loan. And that’s only if you have an adverse credit history. Federal student loans also have benefits like flexible repayment options and possible loan forgiveness.
After you’ve looked at federal student loans, it’s time to start looking for private student loans. There are two ways to get private student loans without a cosigner. The first is to qualify for a private student loan on your own. To do so, you’ll have to meet these general requirements:
Lenders may have their own additional requirements, but these are basic ones to meet.
The second option is to find a student loan company that doesn’t require a cosigner. While these loans typically have higher interest rates, they usually have easier requirements. So, there’s a higher chance of you being able to qualify for loans.
To help get you started, here are our best picks for student loans with no cosigner.
Arkansas Student Loan Authority
The Arkansas Student Loan Authority (ASLA) is an Arkansas state entity that provides educational funding for all Arkansas students who wish to attend higher education institutions. ASLA does not require a cosigner, however, you will need a credit score of at least 670 to qualify. ASLA is a great option for Arkansas students.
Ascent is an online lender that offers educational funding for students. They offer three types of student loans: a traditional cosigned loan, a non-cosigned credit-based loan, and a non-cosigned outcomes-based loan. Collectively, the three options provide a great selection for those who do not have a cosigner available, are international or DACA students, or have lower credit scores.
Brazos is a non-profit lender offering educational funding through private student loans available only to Texas Residents. They offer a wide range of loan options, covering undergraduate, graduate, MBA, law, medical, dental, veterinary, and doctoral degree programs. While you can qualify for a loan with Brazos without a cosigner, their eligibility criteria is fairly strict. To qualify, you must have a credit score of 720 or higher and an income of $60,000+. Brazos is a great option if you live in Texas, have a strong credit history, and want competitive interest rates.
College Ave Student Loans offers educational funding for undergraduate, graduate, professional, and career school students, and parents of students. To qualify for a student loan with College Ave without a cosigner, you will need a credit score in the mid-600s. College Ave is a great option if you are seeking a more flexible repayment term that allows you to find a loan that matches your budget.
Earnest’s student loans provide funding to undergraduate, graduate, and professional students. If applying without a cosigner, you’ll need to meet Earnest’s minimum credit score requirement of 650. You will also have fewer options when it comes to repayment, leaving you with either a 5 or 7-year repayment period. Earnest is a great option if you are seeking competitive interest rates, unique borrower perks, and flexible repayment options that allow you to find a loan that matches your budget.
Edly Income-Based Repayment (IBR) Student Loans, originated by Edly’s partner FinWise Bank, provide an alternative loan option for students. Students who are approved for an Edly student loan will not have to make payments while in school. Instead, borrowers make payments after graduation based on their income. Due to the structure of IBR loans, borrowers have a variety of benefits when it comes to repayment. An Edly IBR loan is best if you are seeking a loan option with no cosigner, competitive repayment terms, and flexible repayment options.
Funding U
Funding U is an online lender that focuses exclusively on undergraduate students with no cosigner. Rather than looking at your credit score or income, Funding U looks at non-traditional metrics such as your school, major, GPA, and estimated future earnings to assess your creditworthiness. Funding U’s student loan is best if you are a high-achieving undergraduate student with limited credit history and no access to a creditworthy cosigner.
LendKey is an institution that offers educational funding to undergraduate and graduate students. By connecting borrowers with a network of 100+ lesser-known credit unions and community banks, LendKey allows you to work with smaller lenders with low rates and good customer service, rather than traditional lending institutions. LendKey has a proprietary scoring model that assesses your creditworthiness by looking at standard metrics such as your credit score in combination with non-traditional metrics such as your GPA and major. This offers a bit of flexibility for those applying without a cosigner. LendKey is best for students who want a variety of options, competitive interest rates, and generous forbearance policies.
MPOWER is an online lender that offers educational funding to international, domestic, and DACA students. They offer non-cosigned undergraduate and graduate student loans. It is best for international students and DACA students who don’t have a credit history and can’t access a qualified cosigner.
Nelnet Bank offers private student loans for undergraduate, graduate, MBA, law, and health professional students. While you can qualify for a loan with Nelnet Bank without a cosigner, their eligibility criteria is fairly strict. To qualify, you will need a credit score of at least 680 or higher and an income of $36,000. It’s best if you are seeking competitive rates, a variety of repayment terms, and a flexible forbearance policy.
Prodigy Finance is an online lender that provides funding to international students. They offer non-cosigned graduate student loans. They’re a good option for international students who don’t have a credit history and can’t access a qualified cosigner.
Sallie Mae is an online lender that provides educational funding to students. They offer cosigned and non-cosigned undergraduate, graduate, and career training student loans. To qualify for a student loan with Sallie Mae, you must have a credit score in the mid-600s. They’re a good option for students seeking competitive interest rates and flexible repayment options.
SoFi began offering private student loans in 2019 and has quickly become a strong option for undergraduates, graduates, law and MBA students, and parents looking to fund the cost of their child’s education. SoFi does not disclose their minimum credit requirements for student loans, so while you may be able to get a loan without a cosigner through them, you may need a higher credit score to do so. If you do qualify, SoFi will offer you competitive interest rates, a diverse set of repayment options, and exclusive member benefits.
Figuring out how to pay for your college career can be a hassle, especially if you can’t find a cosigner. Luckily, you now have 13 options for student loans with no cosigner. Sign up with Sparrow to help make the process easier. You can save and compare your matches from the Sparrow application to help you make a decision.
Sparrow’s goal is to give you the tools and confidence you need to improve your finances. Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products.