Best student loans without a co-signer of April 2024

Unlike most lenders that make approval decisions based on your credit, Funding U specializes in no-cosigner, merit-based student loans. While this lender does review your credit history, it considers your academic performance and future earning potential to determine your eligibility — meaning you could qualify even if you have a limited credit history.

Funding U loans range from $3,001 to $20,000 per academic year and come with a 10-year repayment term, and in some cases, you can use the funds to cover past-due tuition or fees owed to your school during the current academic year. Note that loan amounts, rates and terms can vary depending on your state of residence. Funding U also charges no fees on its loans and provides rate discounts to borrowers who sign up for autopay or make interest-only payments. Additionally, you could be eligible for forbearance if you are returning to school or facing financial hardship.

Keep in mind that Funding U loans are available only to undergraduate students who attend four-year, not-for-profit schools, and you’ll have to meet minimum GPA and graduation rate thresholds depending on your class year as well as your school. Additionally, while this lender doesn’t base its approval decisions on your credit, having negative information in your credit history — such as missed payments or accounts in collection — could disqualify you from a loan. Funding U also doesn’t operate in Alaska, Idaho, Kentucky, Maine, Mississippi, Montana, Nevada, New Hampshire, North Dakota, South Dakota and Wyoming.

• Rates available: Fixed only.
• Loan amounts: $3,001 to $20,000 per academic year.
• Repayment term: 10 years.
• Perks: No credit or income requirements, interest-only repayment discount (0.5%), autopay discount (0.5% to 1%) and forbearance options.
• Fees: None.
• Min. credit score: No minimum.
• Min. income: No minimum.

A.M. Money (also known as Chicago Loans by A.M. Money) offers loans based on your academic performance that don’t require a co-signer. These loans are specifically designed for juniors and seniors, though some second-semester sophomore students might also qualify.

With A.M. Money, you can borrow $2,001 up to your full cost of attendance (maximum $50,000) per academic year with a 10-year repayment term. In addition to standard costs, these funds can be used to cover past-due balances and summer courses. You also have the option to sign up for an income-based repayment (IBR) plan, which can reduce your monthly payments for up to 36 months if you’re experiencing financial hardship.

Note that these loans are only available to students attending specific schools in Illinois. A.M. Money also charges an origination fee that can increase your overall borrowing costs.

• Rates available: Fixed only.
• Loan amounts: $2,001 up to full cost of attendance ($50,000 maximum) per academic year.
• Repayment term: 10 years.
• Perks: No credit score or income requirements.
• Fees: Origination fee (4.5%).
• Min. credit score: No minimum.
• Min. income: No minimum.

The Massachusetts Educational Financing Authority (MEFA) offers some of the lowest annual percentage rates (APRs) on this list. It also charges no fees, including no origination, application or late fees. This can help keep your overall borrowing costs more manageable.

With MEFA, both undergraduate and graduate students can borrow $1,500 up to their total cost of attendance (minus any other financial aid they’ve received). Undergraduate students have a choice between a 10- or 15-year term while graduate student loans only come with a 15-year term. MEFA also allows you to defer your loan while in school — up to five years for undergrads and up to three years for graduate students — and provides assistance to borrowers struggling to make their payments.

Keep in mind that MEFA’s loans are approved based on your credit. While these loans don’t require a co-signer, you must have a credit score of at least 670 as well as meet other underwriting criteria to qualify. Additionally, MEFA only lends to students enrolled at not-for-profit public and private schools.

• Rates available: Fixed only.
• Loan amounts: $1,500 up to full cost of attendance (minus any other financial aid you’ve received).
• Repayment terms: 10 or 15 years (graduate loans limited to 15-year term only).
• Perks: Payment assistance options and long deferment periods.
• Fees: None.
• Min. credit score: 670.
• Min. income: Does not disclose.

While some lenders only offer one or two repayment term options, you have a choice between four terms with a SoFi undergraduate, graduate or professional studies student loan — 5, 7, 10 or 15 years. This can help you more easily find a term and payment that best suits your budget. For example, you could opt for a shorter term to pay off your loan faster with less interest; many lenders also offer better rates for loans with shorter terms. Or you might opt for a longer term if you want lower monthly payments and don’t mind additional interest charges.

SoFi student loans are available for $1,000 up to 100% of your school’s cost of attendance (minus any other financial aid you’ve received) and come with no fees. Additionally, you could get 0.25% off your rate if you sign up for automatic payments plus another 0.125% if you already have an existing account with the lender. SoFi also offers several member benefits, including financial planning, as well as forbearance, and deferment.

Note that SoFi doesn’t disclose its minimum credit score or income requirements. Additionally, while the lender specifies that it doesn’t require a co-signer, it also mentions that it could be harder to qualify without one if you don’t have an established credit history or sufficient income.

• Rates available: Fixed and variable.
• Loan amounts: $1,000 up to 100% of school’s cost of attendance (minus any other financial aid you’ve received).
• Repayment terms: 5, 7, 10 or 15 years.
• Perks: Autopay discount (0.25%), existing account holder discount (0.125%) and member benefits (such as unemployment protection) as well as deferment, forbearance and reduced-payment options.
• Fees: None.
• Min. credit score: Does not disclose.
• Min. income: Does not disclose.

The Rhode Island Student Loan Authority (RISLA) provides undergraduate, graduate and certificate loans ranging from $1,500 to $45,000 per year (not to exceed your total cost of attendance). Terms range from 10 to 15 years, depending on if you opt for immediate or deferred repayment, and you can get a 0.25% rate reduction if you sign up for automatic payments. Students who are either from Rhode Island or who are attending a Rhode Island school could also qualify for lower APRs.

Additionally, unlike most private lenders, RISLA offers an IBR plan for borrowers experiencing financial hardship. If you’re eligible, your payments will be based on your income, family size and location, and your repayment term will be extended up to 25 years. Forbearance is also available to borrowers experiencing a disability, unemployment or other hardship while loans might be forgiven for borrowers who become permanently disabled or pass away.

Keep in mind that while RISLA doesn’t charge application or origination fees, it does assess fees for late and returned payments. Additionally, though RISLA doesn’t require borrowers to have a co-signer, you’ll need a credit score of at least 680 and a minimum income of $40,000 to qualify.

• Rates available: Fixed only.
• Loan amounts: $1,500 to $45,000 per year (not to exceed total cost of attendance).
• Repayment terms: 10 to 25 years (depending on repayment plan).
• Perks: Autopay discount (0.25%), lower APRs for Rhode Island residents and students attending college there and IBR plan as well as forbearance and forgiveness options.
• Fees: Late fee (6% of monthly payment amount) and returned payment fee ($10).
• Min. credit score: 680.
• Min. income: $40,000.