Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as "Credible."
Nearly 94% of private undergraduate student loans are taken out with cosigners since it can improve chances of being approved. But we get that having someone cosign a loan isn’t always an option for everyone. Luckily, it’s possible to get student loans without a cosigner.
Here’s what you need to know about getting student loans without a cosigner:
- How to get student loans without a cosigner
- How to build credit to qualify
- How to remove a cosigner from a student loan
How to get student loans without a cosigner
Although federal student loans don’t require a cosigner, private loans require a cosigner in certain situations. Getting a private student loan without a cosigner can be difficult, especially if you haven’t begun to build your credit, but it is possible. The key to getting a private loan without a cosigner is to demonstrate that you have the ability to pay off your student loans.
Here’s how you could qualify for a student loan without a cosigner:
- Exhaust federal student loans: Always look into your federal options first because typically they have the lowest rates and great federal benefits. Plus, it’s easy to get federal student loans without a cosigner, since there’s no credit check involved. However, you do need to fill out the Free Application for Federal Student Aid (FAFSA) in order to apply for federal student loans so you can get financial aid.
- Improve your credit: If you have a limited credit history or have delinquent payments in your past, you most likely won’t be able to get a private loan without a cosigner. You should take a look at your repayment history before applying. If you have any dings in your credit history, paying down your existing debt and making sure that you always make on-time payments can help you improve your credit and improve your chances of being approved for a loan.
- Have a steady job and income: You need to be able to show proof of income when you apply for a loan, so if you’re unemployed, you might need to hold off on applying for a loan. Your debt-to-income (DTI) ratio is also an important factor. This is calculated by dividing your total monthly debt by your total gross income and typically you want yours to be under 50%, but the lower the better.
- Compare student loan lenders: If you want to find the best rate and terms for your student loans, it’s a good idea to compare multiple lenders. Credible takes the guesswork out of finding a student loan without a cosigner by partnering with some of the top lenders. This way you can avoid checking with every lender individually and instead just check out the table below where we’ve compiled actual rates into a single dashboard.
| Lender | Fixed rates from (APR) | Variable rates from (APR) | Min. credit score |
|---|---|---|---|
 | 3.53%+ | 2.69%+ | 600 |
 | 4.25%+1 | 1.21%+1 | Not disclosed by lender |
 | 3.49%+2,3 | 1.24%+2,3 | Not disclosed by lender |
 | 4.09%+7 | 2.03%+7 | 750 |
 | 4.09%+8 | 1.92%+8 | 670 |
 | 3.75%+ | N/A | 670 |
 | 4.25% - 12.35%9 | 1.25% - 11.10%9 | Not disclosed by lender |
your credit score. 100% free! |
|||
Lowest APRs reflect autopay, loyalty, and interest-only repayment discounts where available | 1Citizens Bank Disclosures | 2,3College Ave Disclosures | 7EDvestinU Disclosures | 8INvestEd Disclosures | 9Sallie Mae Disclosures |
|||
Let’s get something straight, though: There’s no shame in using cosigner. Having a cosigner will usually get you better options for repayment plans and better rates. Because your cosigner backs up the loan repayment on your behalf, it’s often easier to receive loan approval, as well.
How to build credit to qualify
Lenders typically look for at least two to five years of credit history. If you have a limited credit history or a low credit score, it’s best to try and build up your credit before applying for a student loan without a cosigner. Here are some of the easiest ways to begin building credit:
- Become an authorized user: Ask a parent to add you as an authorized user on one of their credit cards. Although you are not legally responsible for the debt as an authorized user, this can still help you build credit easily and safely.
- Apply for a secured credit card: Secured credit cards let you deposit a certain amount of money that you can then borrow against — similar to a debit card.
- Keep an eye on your credit: If you ever see any errors on your credit history, make sure to dispute them and get them removed from your report. If you’re careful about paying down your debt quickly and always making timely payments, your credit score will improve over time. Because your DTI takes into account your monthly payments, paying down debts quickly can help lower your DTI, so you can aim toward a good credit score.
Want to know what your rates will look like with or without a cosigner?
Credible makes it easy to add a cosigner to your loan application and compare multiple cosigners to see which one gets you the best loan terms and a lower interest rate.
How to remove a cosigner from a student loan
If you already have a cosigned loan and want to remove your cosigner, some private lenders will offer you the option of cosigner release. It differs from lender to lender, but typically takes 12 to 48 months of consecutive on-time payments to become eligible for the option. You might also need to undergo a credit check before your cosigner can be released.
Another way to release your cosigner is by refinancing your student loans. When you refinance, you’ll essentially be paying off your old loan and obtaining a new one without a cosigner. Visit Credible to learn more about the best student loan refinance options available.
We encourage you to provide honest and thorough feedback about your experience (not the experiences you’ve heard from other people), the good as well as the bad. But, we also want you to follow these content guidelines. The comments or responses that Credible posts under its official account are not provided, reviewed or endorsed by any of the financial institutions unless specifically stated otherwise in the response. Please keep in mind that the financial institution has no obligation to monitor any comments, questions or reviews you post and is therefore not responsible for ensuring your posts and/or questions are answered.