Paying for college is tough enough without the added hurdle of finding a cosigner for your student loans. Many students don’t have a parent or relative who can step in, and that can make covering tuition feel out of reach.
Despite this, you still have options. Federal student loans never require a cosigner, and some private lenders now offer loans for students who have limited or no credit history.
This guide will show you how to get student loans without a cosigner, highlight lenders that may work with you, and explore alternative ways to pay for school so you can stay on track with your education.
Key Takeaways
- Federal student loans never require a cosigner and usually come with lower interest rates, flexible repayment plans, and forgiveness options. Apply by completing the FAFSA.
- Some private lenders do approve loans without a cosigner, though eligibility may depend on credit, income, or academic standing. Options include Ascent, Funding U, MPOWER Financing, and Prodigy Finance.
- Scholarships, grants, work-study programs, employer tuition benefits, and crowdfunding can all reduce or replace the need for student loans.
Why Federal Student Loans Are the Best Place to Start
If you need to borrow money for college, federal student loans should always be your first option. These loans are funded by the U.S. Department of Education, which means they come with protections that private lenders don’t usually offer.
Federal loans typically have lower interest rates than private loans, and repayment is more flexible. You can choose income-driven repayment plans that adjust your monthly payment based on your income, pause payments through deferment or forbearance if you run into financial trouble, and even work toward forgiveness programs if you qualify.
Another major benefit is accessibility. Federal loans don’t require a cosigner, and most don’t require a credit check either. That makes them a realistic option for students who haven’t built credit yet but still need help paying for school.
Federal Student Loans You Can Get Without a Cosigner
The Department of Education offers several types of federal student loans, and none require a cosigner to qualify. These loans should always be your first choice because they come with lower interest rates, flexible repayment options, and borrower protections like deferment, forbearance, and forgiveness programs.
Here are the main types of federal student loans available:
- Direct Subsidized Loans: Available to undergraduates with financial need. The government pays the interest while you’re in school at least half-time, during your grace period, and during deferment.
- Direct Unsubsidized Loans: Available to both undergraduate and graduate students. Financial need isn’t required, but you’re responsible for all interest from the time the loan is disbursed.
- Direct PLUS Loans: Designed for graduate students and parents of undergraduates. These require a credit check, but they don’t require a cosigner. Borrowers with recent adverse credit history may need to meet additional conditions.
Borrowing Limits
- Dependent undergraduates: $5,500–$7,500 per year, with a total cap of $31,000.
- Independent undergraduates: $9,500–$12,500 per year, with a total cap of $57,500.
- Graduate or professional students: Up to $20,500 per year in unsubsidized loans, with a total cap of $138,500 (including undergraduate loans).
These limits mean you may need to explore other funding sources if your college costs exceed what federal loans cover, but they should always be your starting point before considering private loans.
Private Student Loan Options Without a Cosigner
Federal loans should always be your first step, but they may not cover all of your college expenses. If you still need funding, some private lenders will consider students without a cosigner. Keep in mind that interest rates are usually higher, and eligibility can depend on your credit, income, academic progress, or school program.
Here are some lenders that offer no-cosigner student loans:
Ascent
Ascent offers two no-cosigner paths: a credit-based loan and an outcomes-based loan. The credit-based option requires at least two years of credit history and steady income, while the outcomes-based option looks at factors like your year in school, major, and expected graduation date.
Fixed APRs can start around 2.89% and variable rates around 4.34%, though outcomes-based loans tend to carry higher APRs in the 12% to 15% range. Loan amounts typically start at $2,001, and outcomes-based loans cap at about $20,000 per year for juniors and seniors.
Funding U
Funding U is built specifically for undergraduates who don’t have a cosigner. Instead of relying on credit, they look at your GPA, progress toward graduation, and other academic factors. Fixed APRs usually range from 8.49% to 13.99%. You can borrow up to $20,000 per academic year, with a lifetime limit of $100,000.
Edly
Edly offers income-based repayment loans instead of traditional fixed-payment loans. Repayment is tied to your future income, which can be helpful if you’re unsure what your earnings will look like after graduation. These loans are best suited for students close to finishing school who expect strong job prospects in their field.
MPOWER Financing
MPOWER serves international students, DACA recipients, and U.S. students with limited credit history. Approval is based on your school, program, and career potential rather than a cosigner. Rates start around 9.99% fixed, with an effective APR of about 11% once discounts are applied. MPOWER also charges a one-time origination fee of about 6.5% of the loan amount.
Prodigy Finance
Prodigy Finance specializes in graduate loans, especially for international students. Approval is based on your program and projected future earnings. Rates typically start around 9% to 10% APR, and repayment usually begins six months after graduation.
Other Ways to Pay for College Without a Cosigner
Loans aren’t the only option for covering tuition. Before borrowing more than you need, consider these alternatives that can help reduce or even replace student loan debt:
Scholarships and Grants
Scholarships and grants are essentially free money you don’t have to repay. They can be based on academics, financial need, athletic ability, or even specific criteria like your state of residence or chosen major. Check with your school’s financial aid office, state programs, and private organizations to maximize your chances.
Work-Study Programs
The federal work-study program provides part-time jobs to students with financial need. Positions are often on campus, making them flexible around class schedules. Some colleges also offer their own work-study opportunities outside of federal aid.
Employer Tuition Assistance
Many companies offer tuition benefits for employees pursuing degrees. Some cover only job-related studies, while others are open to broader fields. If you’re working or considering part-time employment, ask about tuition assistance—it could offset a big portion of your costs.
Crowdfunding
Online platforms make it possible to raise money for tuition by sharing your story with family, friends, and a wider network. While it’s not guaranteed you’ll raise enough to cover full expenses, it can help reduce what you need to borrow.
Military Service and ROTC
Serving in the military can unlock tuition benefits such as the GI Bill, while ROTC programs may provide scholarships in exchange for future service commitments. Both can be powerful ways to cover the full cost of education.
Income-Share Agreements
Some schools and private programs offer income-share agreements, where you receive tuition funding now and agree to pay back a percentage of your income for a set period after graduation. These can be less predictable than loans but may work well for certain students.
How to Improve Your Chances of Approval Without a Cosigner
If you need private student loans, strengthening your financial profile can improve your odds of qualifying on your own. Here are some steps that make a difference:
- Build credit early: A student credit card or being added as an authorized user can help establish positive history.
- Pay bills on time: On-time payments are one of the strongest factors in building your credit score.
- Keep credit utilization low: Aim to use less than 30% of your available credit to show responsible borrowing.
- Show income stability: Even part-time work or internships demonstrate the ability to make consistent payments.
- Apply early and compare lenders: Different lenders weigh credit, income, and academic progress differently, so checking multiple offers increases your chances of approval.
Final Thoughts on Getting Student Loans Without a Cosigner
Federal student loans should always be the foundation of your college funding plan. They don’t require a cosigner, usually come with lower interest rates, and offer repayment protections that private loans can’t match.
Before you borrow beyond federal limits, maximize scholarships and grants. Every dollar of free aid you secure is money you don’t have to repay later.
If you do turn to private loans, compare lenders carefully. Look at eligibility requirements, APR ranges, and repayment terms to make sure you choose the option that fits your situation best.
With persistence and planning, you can cover the cost of your education even without a cosigner. Starting early, exploring every option, and borrowing only what you need will set you up for a stronger financial future after graduation.
Frequently Asked Questions
Can international students get loans without a cosigner?
Yes, some lenders do provide loans to international students without a cosigner. Companies like MPOWER Financing and Prodigy Finance focus on international borrowers and consider factors such as your school, degree program, and future earning potential rather than U.S. credit history.
What credit score do I need to qualify for a private student loan without a cosigner?
Requirements vary by lender. Some lenders, like Funding U, don’t base approval on credit scores at all, while others may require a score in the mid-600s or higher. Ascent also offers outcomes-based loans that don’t rely solely on credit.
Can I add a cosigner later if I get denied for a loan?
Yes, many lenders allow you to reapply with a cosigner if you’re denied on your own. Adding a cosigner can improve your chances of approval and may help you qualify for a lower interest rate.
Do no-cosigner student loans have higher interest rates?
Generally, yes. Since the lender is taking on more risk without a cosigner, the APRs are usually higher than loans with a cosigner. That’s why it’s important to compare multiple offers and borrow only what you truly need.
How much can I borrow in federal student loans each year?
The annual limit depends on whether you’re a dependent or independent student and your year in school. Dependent undergraduates can borrow between $5,500 and $7,500 each year, while independent undergraduates can borrow between $9,500 and $12,500. Graduate students can borrow up to $20,500 per year.
