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A cosigner is generally a trusted relative or friend with good credit who is willing to apply for a loan with you.
If you refinance student loans with a cosigner, you’ll have a better chance of getting approved — and might also qualify for a lower interest rate.
Follow these three steps to refinance student loans with a cosigner:
- Compare rates from different lenders who allow cosigners
- Find a cosigner
- Apply with your selected student loan refinance lender
1. Compare rates from different lenders who allow cosigners
Many lenders allow you to refinance student loans with a cosigner. You can refinance both private and federal student loans — though keep in mind that if you refinance federal student loans, you’ll lose access to federal benefits and protections, such as access to income-driven repayment plans and student loan forgiveness programs.
Before you refinance, it’s important to compare your rates and loan terms from as many lenders as possible to find the right loan for you.
For example, maybe one lender will get you a lower interest rate while another will let you extend your repayment term to lower your student loan payments.
Here are Credible’s partner lenders that will let you refinance your student loans with a cosigner:
Lender | Fixed rates from (APR) | Variable rates from (APR) | Loan terms (years) | Loan amounts | Min. credit score |
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
|
4.4%+
|
4.99%+
| 5, 7, 10, 15, 20 | $10,000 up to $250,000
(depending on degree) | 720 |
- Fixed APR:
4.4%+
- Variable APR:
4.99%+
- Min. credit score:
720
- Loan amount:
$10,000 to $400,000
- Loan terms (years):
5, 7, 10, 15, 20
- Repayment options:
Military deferment, forbearance
- Fees:
Late fee
- Discounts:
Autopay
- Eligibility:
Must have a credit score of at least 720, a minimum income of $60,000, and must be a resident of Texas
- Customer service:
Email, phone
- Soft credit check:
720
- Cosigner release:
No
- Loan servicer:
Firstmark Services
- Max. Undergraduate Loan Balance:
$100,000 - $149,000
- Max. Graduate Loan Balance:
$200,000 - $400,000
- Offers Parent PLUS Refinancing:
Does not disclose
|
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
|
5.39%+1
|
6.66%+1
| 5, 7, 10, 15, 20 | $10,000 to $500,000
(depending on degree and loan type) | Does not disclose |
- Fixed APR:
5.39%+1
- Variable APR:
6.66%+1
- Min. credit score:
Does not disclose
- Loan amount:
$10,000 to $750,000
- Loan terms (years):
5, 7, 10, 15, 20
- Repayment options:
Immediate repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability
- Fees:
Late fee
- Discounts:
Autopay, loyalty
- Eligibility:
Must be a U.S. citizen or permanent resident and have at least $10,000 in student loans
- Customer service:
Email, phone, chat
- Soft credit check:
Yes
- Cosigner release:
After 24 to 36 months
- Loan servicer:
Firstmark Services
- Max. Undergraduate Loan Balance:
$100,000 to $149,000
- Max. Graduate Loan Balance:
Less than $150,000
- Offers Parent PLUS Refinancing:
Yes
|
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
|
5.99%+2
|
5.99%+2
| 5, 7, 10, 12, 15, 20 | $5,000 to $300,000
(depending on degree type) | Does not disclose |
- Fixed APR:
5.99%+2
- Variable APR:
5.99%+2
- Min. credit score:
Does not disclose
- Loan amount:
$5,000 to $300,000
- Loan terms (years):
5, 7, 10, 12, 15
- Repayment options:
Military deferment, forbearance, loans discharged upon death or disability
- Fees:
Late fee
- Discounts:
Autopay
- Eligibility:
All states except for ME
- Customer service:
Email, phone, chat
- Soft credit check:
Yes
- Cosigner release:
After 24 to 36 months
- Loan servicer:
College Ave Servicing LLC
- Max. Undergraduate Loan Balance:
$100,000 to $149,000
- Max. Graduate Loan Balance:
Less than $300,000
- Offers Parent PLUS Refinancing:
Yes
|
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
|
6.0%+5
|
7.88%+5
| 5, 10, 15, 20 | $1,000 to $250,000 | 700 |
- Fixed APR:
6.0%+5
- Variable APR:
7.88%+5
- Min. credit score:
700
- Loan amount:
$7,500 to $200,000
- Loan terms (years):
5, 10, 15, 20
- Repayment options:
Immediate repayment, academic deferment, forbearance, loans discharged upon death or disability
- Fees:
None
- Discounts:
Autopay
- Eligibility:
Must be a U.S. citizen or permanent resident and submit two personal references
- Customer service:
Email, phone
- Soft credit check:
Yes
- Cosigner release:
After 36 months
- Loan servicer:
Granite State Management & Resources (GSM&R)
- Max. Undergraduate Loan Balance:
$150,000 to $249,000
- Max. Graduate Loan Balance:
$150,000 to $199,000
- Offers Parent PLUS Refinancing :
Yes
|
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
|
5.08%+3
|
5.03%+3
| 5, 7, 10, 12, 15, 20 | $10,000 to $250,000 | 680 |
- Fixed APR:
5.08%+3
- Variable APR:
5.03%+3
- Min. credit score:
680
- Loan amount:
$10,000 to $250,000
- Loan terms (years):
5, 7, 10, 15, 20
- Repayment options:
Forbearance
- Fees:
None
- Discounts:
None
- Eligibility:
Must be a U.S. citizen or permanent resident, have at least $15,000 in student loan debt, and have a bachelor’s degree or higher from an approved school
- Customer service:
Email, phone
- Soft credit check:
Yes
- Cosigner release:
No
- Loan servicer:
Mohela
- Max. Undergraduate Loan Balance:
$250,000
- Max. Graduate Loan Balance:
$250,000
- Offers Parent PLUS Refinancing:
Yes
|
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
|
5.61%+4
|
7.6%+4
| 5, 10, 15, 20 | $5,000 to $250,000 | 670 |
- Fixed APR:
5.61%+4
- Variable APR:
7.6%+4
- Min. credit score:
670
- Loan amount:
$5,000 to $250,000
- Loan terms (years):
5, 10, 15, 20
- Repayment options:
Academic deferment, military deferment, forbearance
- Fees:
Late fee, returned payment fee
- Discounts:
Autopay
- Eligibility:
Must be U.S. citizen or permanent resident
- Customer service:
Email, phone, chat
- Soft credit check:
Yes
- Cosigner release:
Yes
- Max undergraduate loan balance:
$250,000
- Max graduate loan balance:
$250,000
- Offers Parent PLUS refinancing:
Yes
|
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
|
6.94%+
7 | N/A | 5, 7, 10, 12, 15, 20 | Up to $300,000 | 670 |
- Fixed APR:
6.94%+
7
- Variable APR:
N/A
- Min. credit score:
670
- Loan amount:
Up to $300,000
- Loan terms (years):
5, 7, 10, 15, 20
- Time to fund:
Usually one business day
- Repayment options:
Academic deferral, military deferral, forbearance, death/disability discharge
- Fees:
None
- Discounts:
Autopay
- Eligibility:
Available in all 50 states
- Customer service:
Email, phone
- Soft credit check:
Yes
- Cosigner release:
After 24 months
- Max. undergraduate loan balance:
$300,000
- Max. graduate balance:
$300,000
- Offers Parent PLUS loans:
Yes
- Min. income:
None
|
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
|
4.49%+
|
5.02%+
| 5, 7, 10, 15 | Up to $300,000 | 700 |
- Fixed APR:
4.49%+
- Variable APR:
5.02%+
- Min. credit score:
700
- Loan amount:
$5,000 to $300,000
- Loan terms (years):
5, 7, 10, 15
- Max. undergraduate Loan Balance:
$125,000
- Time to Fund:
10 to 30 days
- Repayment options:
Immediate repayment, forbearance
- Fees:
Late fee
- Discounts:
Autopay
- Eligibility:
Must be a U.S. citizen or permanent resident and have already graduated with at least an associate degree from an eligible institution
- Customer service:
Email, phone
- Soft credit check:
Yes
- Cosigner release:
After 12 months
- Loan servicer:
LendKey Technologies Inc.
- Max. graduate Loan Balance:
$175,000
- Credible Review:
LendKey Student Loans review
- Offers Parent PLUS Refinancing:
No
|
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
|
5.5%+
| N/A | 7, 10, 15 | $10,000 up to the total amount of qualified education debt | 670 |
- Fixed APR:
5.5%+
- Variable APR:
N/A
- Min. credit score:
670
- Loan amount:
$10,000 up to the total amount
- Loan terms (years):
7, 10, 15
- Repayment options:
Military deferment, loans discharged upon death or disability
- Fees:
None
- Discounts:
None
- Eligibility:
Must be a U.S. citizen or permanent resident and have at least $10,000 in student loans
- Customer service:
Email, phone
- Soft credit check:
Yes
- Cosigner release:
No
- Loan servicer:
AES
- Max. Undergraduate Loan Balance:
No maximum
- Max. Gradaute Loan Balance:
No maximum
- Offers Parent PLUS Refinancing:
Yes
|
Credible Rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
|
5.79%+
| N/A | 5, 10, 15 | $7,500 up to $250,000
(depending on highest degree earned) | 680 |
- Fixed APR:
5.79%+
- Variable APR:
N/A
- Min. credit score:
680
- Loan amount:
$7,500 to $250,000
- Loan terms (years):
5, 10, 15
- Repayment options:
Academic deferment, military deferment, forbearance, loans discharged upon death or disability
- Fees:
None
- Discounts:
Autopay
- Eligibility:
Available in all 50 states; must also have at least $7,500 in student loans and a minimum income of $40,000
- Customer service:
Email, phone
- Soft credit check:
Does not disclose
- Cosigner release:
No
- Loan servicer:
Rhode Island Student Loan Authority
- Max. Undergraduate Loan Balance:
$150,000 - $249,000
- Max. Graduate Loan Balance:
$200,000 - $249,000
- Offers Parent PLUS Refinancing:
Yes
|
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|
All APRs reflect autopay and loyalty discounts where available | 1Citizens Disclosures | 2College Ave Disclosures | 5EDvestinU Disclosures | 3 ELFI Disclosures | 4INvestEd Disclosures | 7ISL Education Lending Disclosures | 8Nelnet Bank Disclosures |
Brazos
If you’re a resident of Texas, you might be able to refinance $10,000 up to $250,000 with Brazos. Keep in mind that Brazos doesn’t offer cosigner release.
Citizens
Unlike some other refinancing lenders, you don’t need to have finished your degree to refinance with Citizens.
Plus, if you already have an account with Citizens, you could qualify for a 0.25% loyalty discount — and another 0.25% off your rate if you sign up for autopay. You can apply for cosigner release after 36 months of on-time, consecutive payments.
College Ave
With College Ave, you can choose from 16 loan terms ranging from five to 20 years, giving you more repayment flexibility.
You can refinance $5,000 to $300,000 with a cosigner through College Ave — though keep in mind that College Ave doesn’t offer cosigner release.
ELFI
Education Loan Finance (ELFI) offers refinancing starting at $15,000 with no set maximum, which could make it a good choice if you have a particularly large student loan balance.
Just keep in mind that ELFI doesn’t offer cosigner release, so if you refinance a large balance with a cosigner, they’ll be in it for the long haul.
INvestEd
INvestED offers up to 24 months of forbearance over the life of refinanced loans (for one to three months per forbearance period), which could make it a good choice if you face financial difficulties down the road.
You can refinance $5,000 to $250,000 with INvestEd and can apply for cosigner release after 48 months of consecutive, on-time payments.
ISL Education Lending
ISL Education Lending offers a variety of refinancing options, including the ability to refinance while you’re still in school. You can refinance $5,000 to $300,000 — though keep in mind that different limits apply to borrowers who are still in school as well as California residents.
Cosigner release applications are accepted after 24 months of consecutive, on-time payments.
MEFA
MEFA is another lender that offers student loan refinancing to borrowers who didn’t finish their degrees.
You can refinance $10,000 up to the total amount of your qualified education debt with MEFA — though keep in mind that MEFA doesn’t offer cosigner release.
PenFed
With PenFed, you can refinance $7,500 to $300,000 and can apply for cosigner release after just 12 months of on-time consecutive payments. PenFed is also the only lender that allows spouses to consolidate their student loans together.
RISLA
Most refinancing lenders only offer temporary forbearance options in cases of financial hardship. However, if you refinance with RISLA, you can sign up for an Income-Based Repayment (IBR) plan.
Similar to some of the federal income-based repayment options, RISLA’s IBR plan caps your payments at 15% of your discretionary income and offers loan forgiveness after 25 years. Keep in mind that RISLA doesn’t offer cosigner release.
Learn More: When to Refinance Student Loans
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2. Find a cosigner
Asking someone to cosign on your loan isn’t a small thing: If you default on the loan, your cosigner will be responsible and their credit could be damaged.
Be sure to carefully consider whether you’ll be able to honor your loan obligation, as you could burn a bridge with your cosigner if you fail to manage the loan.
Also, keep in mind that some lenders also offer cosigner release, which means you can apply to have your cosigner removed from the loan after making on-time payments for a certain amount of time.
Tip: Because of the potential downsides for your cosigner, it’s a good idea to create a written agreement laying out your responsibilities for the loan before you apply. This can help your cosigner feel more comfortable.
For example, if you know you won’t be able to pay your loan for a given month, your written agreement could include having your cosigner make that month’s payment with the understanding that you’ll pay them back.
This way, their credit score won’t be damaged, and you’ll remain on good terms.
Check Out: How Often Can You Refinance Student Loans?
What makes a good cosigner?
Here’s what to look for in a good cosigner:
- Has good credit
- Has a low debt-to-income ratio
- Is easy to contact in situations where you need to discuss the loan
- Has a high enough income to make loan payments in case you can’t
Learn More: Private Student Loan Consolidation
3. Apply with your selected student loan refinance lender
After comparing lenders and getting permission from your cosigner, you’ll need to fill out a full application to apply for refinancing. Be sure to gather any documentation you might need, such as student loan information and pay stubs.
Your cosigner might also need to provide financial documents and answer application questions.
Tip: Before you apply, be sure to check your rates as well as repayment terms with as many lenders as you can to find a loan that suits your needs.
With Credible, you can see your prequalified rates from multiple lenders with just a soft credit pull — meaning there won’t be any impact on your credit score.
Refinancing your student loans might get you a lower interest rate, which could help you save money over the life of your loan.
Keep in mind that even if you don’t need a cosigner to get approved, having one could qualify you for a lower rate than you’d get on your own.
You can use our calculator below to see how much you can save by refinancing your student loans.
Lifetime Savings
Increased Lifetime Cost
$
New Monthly Payment
$
Monthly Savings
Increased Monthly Cost
$
If you refinance your student loan at
%
interest rate, you
can save
will pay an additional
$
monthly and pay off your loan by
.
The total cost of the new loan will be
$.
Does refinancing make sense for you?
Compare offers from top refinancing lenders to determine your actual savings.
Check Personalized Rates
Checking rates won’t affect your credit score.
Check Out: What To Do If You Were Denied Student Loan Refinancing
What are the benefits of having a cosigner on a student loan?
There are several benefits to having a cosigner on your student loan. Two major perks include:
- You’re more likely to be approved for refinancing. This could be especially helpful if you’re looking to refinance student loans with bad credit.
- You might get a lower interest rate. This could save you a lot of money over the life of your loan and maybe help you pay off your loan faster. Even if you don’t need a cosigner to qualify, having one could qualify you for a lower rate than you’d get on your own.
If you decide to refinance your student loans (with or without a cosigner), remember to consider as many lenders as you can to find the right loan for you. Credible makes this easy — you can compare your prequalified rates from multiple lenders in two minutes.
Find out if refinancing is right for you
- Compare actual rates, not ballpark estimates – Unlock rates from multiple lenders in about 2 minutes
- Won’t impact credit score – Checking rates on Credible won’t impact your credit score
- Data privacy – We don’t sell your information, so you won’t get calls or emails from multiple lenders
See Your Refinancing Options
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Keep Reading: Standard Repayment Plan
About the author
Lindsay VanSomeren
Lindsay VanSomeren specializes in credit and loans. Her work has appeared on Credit Karma, Forbes Advisor, LendingTree, and more.
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