Refinancing your student loans with a cosigner could improve your approval chances as well as possibly get you a lower interest rate than you’d get on your own.
However, you don’t have to refinance with a cosigner if you meet the lender’s underwriting criteria on your own.
Best lenders for refinancing without a cosigner
If you’re thinking about refinancing your student loans without a cosigner, it’s important to compare as many lenders as possible first. This way, you can find the right loan for your situation.
Keep in mind: You’ll generally need good to excellent credit to get approved for refinancing — especially if you don’t have a cosigner. A good credit score is usually considered to be 700 or higher.
There are also some lenders that offer student loan refinancing for bad credit. But these loans typically come with higher interest rates compared to good credit loans.
Here are Credible’s partner lenders that don’t require a cosigner for refinancing:
Lender
Fixed (APR)
Loan Amounts
Min. Credit Score
Overview
Brazos offers refinancing loans to Texas residents who have a bachelor’s degree or higher from an eligible school. There are no origination or application fees, and interest rates could be lower than what you find with other private lenders.
However, some borrowers may find that Brazos has relatively strict eligibility requirements. Borrowers must have a minimum income of $60,000 and a credit score of 720 or higher. If you can’t meet those minimums alone, you can add a cosigner that can be released after 24 on-time consecutive payments.
pros
- Five loan terms available
- Competitive rates
- Cosigner release
- No origination or application fees
- Autopay discount of 0.25 percentage points
cons
- Only available to Texas residents
- High minimum credit and income requirements
- Bachelor’s degree required
Interest rates
Fixed or variable
Minimum credit score
720
Minimum income
$60,000
Loan terms
5, 7, 10, 15, or 20 years
Loan amounts
$10,000 minimum, up to $150,000 for bachelor’s degrees and $400,000 for graduate, medical, law, or other professional degrees
Cosigner release
Yes, after 24 on-time payments
Eligibility
Borrower must be a Texas resident and a U.S. citizen or permanent resident who has a bachelor’s degree or higher.
Credible rating
5.89% -
$10,000 - $750,000
Does not disclose
Overview
Citizens student loan refinancing is available to qualified borrowers who want to refinance at least $10,000.
Borrowers who earned undergraduate degrees can refinance as much as $300,000 in student loans. Those who borrowed for graduate or professional degrees can refinance from $500,000 to $750,000. Citizens refinancing loans are available with fixed or variable rates. Repayment terms are flexible, ranging from five to 20 years.
Medical residents can refinance student loans and only pay $100 per month for up to four years while completing residency or fellowship.
pros
- Range of repayment options between 5 and 20 years
- Offers prequalification with no impact on credit score
- Offers rate discounts for existing customers and autopay
cons
- Cosigners not eligible for release until after 36 payments are made
- Refinancing unavailable until you make 12 payments on your loans if you earned an associate degree or no degree at all
- Minimum loan amounts are higher than some other lenders
Interest rates
Fixed or variable
Minimum credit score
Does not disclose
Minimum income
Does not disclose
Loan terms
5, 7, 10, 15, or 20 years
Loan amounts
$10,000 minimum, with a maximum of $300,000 for bachelor’s degree or below; $500,000 for graduate degrees; and $750,000 for professional degrees
Cosigner release
36 months
Eligibility
Must refinance at least $10,000 in student loans and be a U.S. citizen, permanent resident, or resident alien with a valid U.S. Social Security number. Must have earned at least a bachelor's degree to qualify.
Credible rating
4.88% -
$10,000 up to total refinance amount
680
Overview
ELFI offers student loan refinancing to borrowers who graduated with a bachelor's degree or higher. Borrowers can even refinance their parents' PLUS loans in their own name. Plus, each ELFI borrower gets paired with a student loan adviser to help them through the refinancing process.
While borrowers can add a cosigner to their application, they can't release that cosigner later on. ELFI also doesn't offer rate discounts, but borrowers can apply for a forbearance of up to 12 months if they're experiencing financial hardship.
pros
- Doesn’t charge application or origination fees
- Borrowers are assigned to a student loan adviser
- Student borrowers can refinance parent PLUS loans in their name
- Clear credit and income requirements
- Offers financial hardship forbearance of up to 12 months
cons
- Doesn’t offer any discounts
- Need at least a bachelor’s degree to refinance
- Doesn’t offer cosigner release
- Charges fees for late and returned payments
Interest rates
Fixed and variable
Minimum credit score
680
Minimum income
$35,000
Loan terms
5, 7, 10, 15, or 20 years for student loan refinancing; 5, 7, or 10 years for parent loan refinancing
Loan amounts
Minimum of $10,000 with no set maximum.
Cosigner release
None
Eligibility
Must be a U.S. citizen or permanent resident with a bachelor’s degree or higher. Must have at least $10,000 in student loans to refinance and a minimum credit history of 36 months.
Overview
EdvestinU offers student loan refinancing through Granite Edvance Corporation, a New Hampshire-based nonprofit. The lender stands out with competitive interest rates and flexible repayment terms for borrowers with strong credit. To qualify, you'll need a credit score of at least 700 and an annual income of $30,000 for loans less than $100,000 or $50,000 for larger amounts. However, loans aren't available in all U.S. states.
Unlike many lenders, EdvestinU lets you refinance without a degree or while still enrolled in school. New Hampshire residents also receive a 1.5 percentage point interest rate reduction, making it an excellent option for those in the state.
pros
- You can refinance without a degree or while enrolled in school
- Autopay rate discount available
- New Hampshire residents save 1.5 percentage points on their interest rate
cons
- Refinancing is only available in select states
- High minimum credit score requirement
- Requires a higher minimum loan balance than some lenders
- Cosigner release requires 2 years of on-time payments
Interest rates
Fixed or variable
Minimum credit score
700
Minimum income
Does not disclose
Loan terms
5, 10, 15, or 20 years
Loan amounts
$7,500 to $200,000
Cosigner release
24 months
Eligibility
U.S. citizens or permanent residents who are at least 18 years old and reside in Alaska, Arkansas, Colorado, Connecticut, Florida, Maine, Massachusetts, Nebraska, New Hampshire, New Jersey, New York, North Carolina, Puerto Rico, Rhode Island, Texas, Utah, Virginia, Washington, West Virginia, and Wisconsin.
