When a co-signer backs a loan, they're essentially agreeing to take on the responsibility of repayment if the actual borrower cannot. It's a big commitment, and although co-signers can be very beneficial, the reality is that not everyone has someone they can rely on to ask.
The good news is that there are student loans that don't require having a co-signer — and your on-time monthly payments on these loans can help you build credit. If you're looking to finance your education and you don't have a parent or other individual to co-sign your loans, first turn to federal direct subsidized or unsubsidized loans, which don't require borrowers to have co-signers or a minimum credit score (except for PLUS loans, which are designed for graduate students).
Once you've exhausted federal loans and find yourself still needing funding, turn to a private lender. Below, CNBC Select reviews the top student loans without a co-signer based on eligibility requirements, availability, amounts, interest rates, terms, repayment options, borrower protections and any bonus features. (See our methodology for more information on how we choose the best student loans without a co-signer.)
Best student loans without a co-signer
Best overall
Ascent® Funding
Eligible borrowers
Qualifying undergraduate juniors and seniors, graduate students
Loan amounts
Up to $200,000 for undergraduate and $400,000 for graduate loans
Loan terms
Range from 5 to 15 years
Loan types
Variable and fixed
Borrower protections
Deferment and forbearance options available
Co-signer required?
No
Offer student loan refinancing?
No
Terms apply.
Pros
- Considers borrowers with no credit
- High loan amount
- Variable and fixed rates, so you can choose
- Borrowers have hardship protections
- No co-signer required
- Offers co-signer release
- No origination, application or prepayment fees
- Up to 1% interest rate discount for autopay
- 1% cash back rewards
- Accepts in-school payments
Cons
- Non-cosigned loans tend to charge higher interest rates
- Doesn't offer student loan refinancing
Ascent Funding offers private student loans without a co-signer to qualifying undergraduate juniors and seniors, as well as graduate students. The private lender considers borrowers without established credit, as well as those who meet the minimum credit requirements but not the income or repayment requirements. In these cases, the lender looks at other factors like a borrower's school, program, graduation date, major, GPA, cost of attendance and Satisfactory Academic Progress (SAP).
Runner-up
Funding U
Eligible borrowers
Qualifying undergraduate borrowers
Loan amounts
Up to $20,000 per school year
Loan terms
10 years
Loan types
Fixed
Borrower protections
Forbearance options available
Co-signer required?
No
Terms apply.
Pros
- Considers borrowers' earning potential
- Borrowers have hardship protections
- No co-signer required
- No fee for paying off loan early
- 0.5% interest rate discount for making interest-only payments in school
- Loan officer assigned to each borrower for hands-on help
Cons
- Only 10-year loan terms
- Only fixed-rate loans
- Not available in every U.S. state
- Non-cosigned loans tend to charge higher interest rates
With Funding U, eligible undergraduate borrowers can get access to co-signer-free student loans. Funding U determines eligibility by considering factors like school graduation rate, class hours completed, estimated graduation date, academic record, major and employment or internship experience — basically all factors that illustrate a borrower's likelihood to land a job and thus eventually repay their loans given.
Best for income-based repayment
Edly Student Loans
Eligible borrowers
Qualifying juniors, seniors or graduate students
Loan amounts
Up to $25,000 total lifetime borrowing limit
Loan terms
84 months, or 7 years
Loan types
Variable
Borrower protections
Deferment and forbearance options available; all loans are on income-based repayment
Co-signer required?
No
Terms apply.
Pros
- Considers borrowers' schooling and programs
- Borrowers have hardship protections
- All loan payments are are income-based, so they're flexible and can adjust to your finances
- No co-signer required
- Payments while in school aren't required
- Enroll in autopay and make on-time payments to earn rewards
- Edly Career Counselors and Edly Student Success Team are available for support
Cons
- Only 7-year loan terms
- Only variable-rate loans
- Not available in every U.S. state
- Non-cosigned loans tend to charge higher interest rates
Edly Student Loans offer co-signer-free options for qualifying juniors, seniors and graduate students on an income-based repayment term — meaning your payments are flexible and adjust based on your income ($30,000 minimum income threshold). With this income-based model, payments are recalculated annually as a percentage of your current annual salary so you aren't overextending yourself to pay off your debt. Eligibility includes majoring in a supported program; Edly looks at schools, majors and graduation dates to see if borrowers qualify.
Best for international students
MPOWER Financing®
Eligible borrowers
U.S. citizens, international students, DACA recipients, refugees and asylum-seekers who are undergraduate or graduate students
Loan amounts
Up to $100,000
Loan terms
10 years
Loan types
Fixed
Borrower protections
N/A
Co-signer required?
No
Terms apply.
Pros
- Don't have to be U.S. citizen or U.S. permanent resident to qualify
- International students establish credit in the U.S.
- Considers borrowers' future earnings
- High loan amount
- No co-signer required
- No fee for paying off loan early
- 0.25% interest rate discount for autopay
- Visa support and career development
- Automatically prequalify for Zolve Credit Card and bank account
Cons
- Only 10-year loan terms
- Only fixed-rate loans
- Borrowers don't have hardship protections
- Non-cosigned loans tend to charge higher interest rates
Many private student loan servicers require borrowers to be U.S. citizens or U.S. permanent residents in order to take out a loan, which is why MPOWER Financing stands out. In addition to U.S. citizens, international students, DACA recipients, refugees and asylum-seekers who are undergraduate or graduate students can apply for MPOWER's non-cosigned loans to study in the U.S. and Canada; loans are based on borrowers' future earnings. These loans can help international students, specifically, establish and build a credit history in the U.S.
Best for studying abroad
Prodigy Finance
Eligible borrowers
Students studying abroad for a master's degree
Loan amounts
Dependent on student
Loan terms
Range from 7 to 20 years
Loan types
Variable
Borrower protections
Forbearance options available
Co-signer required?
No
Terms apply.
Pros
- Don't need to have a credit history
- Considers borrowers' future earning potential
- Variety of loan terms
- Borrowers have hardship protections
- No co-signer required
- No fee for paying off loan early
- Payments while in school aren’t required
- Career services and networking events available
Cons
- Loan amounts aren't disclosed
- Only variable-rate loans
- 5% admin fee
- Non-cosigned loans tend to charge higher interest rates
Prodigy Finance is an international loan provider that lends non-cosigned student loans to those studying abroad for a master's degree. Prodigy loans are represented in over a dozen countries around the world, helping students cover their tuition and living costs. Prodigy bases its lending on data on a borrower's future earning potential and accepts borrowers with no credit history whatsoever.
Compare offers to find the best student loan
More on our top student loans without a co-signer
Ascent Funding
Ascent Funding borrowers can get loan amounts up to $200,000 for undergraduate loans and $400,000 for graduate loans, in addition to customizing their loan repayment terms ranging from five to 15 years, choosing between a fixed or a variable rate and paying off their loan early penalty-free. Ascent also offers rewards like 1% cash back on principal loan amounts at graduation, as well as up to a 1% interest rate discount if you set up auto-payments on your non-cosigned student loan. There are also deferment and forbearance options available to borrowers.
Eligible borrowers
Qualifying undergraduate juniors and seniors, graduate students
Loan amounts
Up to $400,000
Loan terms
5 to 15 years
Funding U
Funding U offers co-signer-free student loans up to $20,000 per school year. These loans come with fixed interest rates, meaning your rate (and thus monthly payment) will stay the same over the life of your loan and there's no prepayment penalty. All Funding U loans have a 10-year repayment term and there's a 0.5% interest rate discount available to students who make interest-only payments while in school. There are also forbearance options available to borrowers. Plus, Funding U assigns one of its loan officers to each borrower who's preapproved so they can get hands-on help with their loan offer, repayment, etc.
Funding U's loans are only available to residents in the following states: Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Illinois, Indiana, Iowa, Kansas, Louisiana, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nebraska, New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia and Wisconsin. (Terms and conditions vary by state. Loan type and loan amount availability may vary by state.)
Eligible borrowers
Qualifying undergraduate borrowers
Loan amounts
Up to $20,000 per school year
Loan terms
10 years
Edly Student Loans
With Edly Student Loans, repayment terms are 84 months or seven years, with variable interest rates and there's up to a $25,000 total lifetime borrowing limit. Students with non-cosigned loans aren't required to make payments while in school, which is a perk unique to Edly. Deferment and forbearance are available. Borrowers can also earn rewards by enrolling in autopay and by making on-time payments. Edly has Career Counselors and its own Student Success Team for help with academic things like study prep.
Edly Student Loans are available to residents of all states except Colorado, Vermont, Maine, West Virginia and Iowa.
Eligible borrowers
Qualifying juniors, seniors or graduate students
Loan amounts
Up to $25,000 total lifetime borrowing limit
Loan terms
84 months or 7 years
MPOWER Financing
MPOWER Financing's non-cosigned loans have a 10-year repayment term and loan amounts go up to $100,000, with fixed interest rates (meaning your rate and monthly payment won't ever change). Funding can help borrowers pay for living expenses at U.S. schools, and borrowers can earn a 0.25% rate discount when signing up for autopay. There's no prepayment penalty.
MPOWER also offers benefits alongside funding, such as visa support, career development specifically for international students, as well as automatic prequalification for a Zolve Credit Card and bank account when you have an MPOWER loan. The no-annual-fee card helps users with no credit history build credit in the U.S.
Eligible borrowers
U.S. citizens, international students, DACA recipients, refugees and asylum-seekers who are undergraduate or graduate students
Loan amounts
Up to $100,000
Loan terms
10 years
Prodigy Finance
Prodigy Finance offers student loan repayment terms ranging from seven to 20 years, with variable interest rates. The maximum loan amount that an international student is able to borrow depends on the university and program they choose, as well as their future earning potential.
There's no prepayment penalty and forbearance options are also offered. Prodigy does not require students to make payments while in school, a standout perk, and the lender supports students with career services and networking events.
Prodigy adds an admin fee of 5% of the amount you borrow to your total loan amount and loans are currently only in USD.
Eligible borrowers
Students studying abroad for a master's degree
Loan amounts
Dependent on student
Loan terms
7 to 20 years
FAQs
What to do if I can't find a co-signer for student loans?
If you can't find someone to co-sign on your student loans, that's OK. Luckily, there are funding options out there that don't require needing a co-signer. These include Federal Direct Subsidized or Unsubsidized student loans, as well as non-cosigned student loans through private lenders like those on this list.
Can I take out a student loan without a co-signer?
It is possible to take out a student loan without a co-signer. The best way to do this is through federal loans, which are from the government. All undergraduate and some graduate federal student loans don't require borrowers to have co-signers. After maxing out your federal loans, you can look to private lenders who offer student loans co-signer-free.
Can you get a loan with no credit without a co-signer?
It's possible to get a student loan even with no credit and no co-signer. There are a handful of private lenders that offer student loans specifically for this cohort of borrowers. These lenders will instead base your eligibility on factors like your academic performance/GPA or your future earnings. Note, however, that in exchange you'll likely pay a higher interest rate than if you had good credit and/or a co-signer to show for.
Why is it so hard to get a student loan without a co-signer?
It can be hard to find student loans without a co-signer after you've exhausted all federal loan options. Unlike federal student loans issued by the government to really anyone who needs them, private student loans typically require borrowers to qualify. Private lender qualifications usually include having a credit score in the mid- to upper-600s as well as a steady income, which is why co-signers come in handy and are highly suggested by lenders. In the lender's point of view, too, lending money is less risky to borrowers who have a co-signer sharing in the repayment responsibility. It's more of a risk to offer non-cosigned loans, which is why we don't see many private lenders that do it.
Bottom line
Federal student loans are the best financing option without a co-signer because they typically offer lower interest rates than private student loans, as well as plenty of borrower protections like income-driven repayment plans, hardship options and loan forgiveness. Complete the Free Application for Federal Student Aid (FAFSA®) form to take advantage of all federal student loan options and financial aid available to you for college or graduate school.
After you've submitted the FAFSA form and maxed out your federal loan and aid options, check out these private student loan lenders that don't require a co-signer. This list can be a good next step to help finance your education, as long as you keep in mind that you're likely to pay a higher interest rate than if you used a co-signer. Most private lenders have prequalification or preapproval tools on their websites to help you compare rates before signing up.
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Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every student loan review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of student loan products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best student loan lenders.
Our methodology
To determine which student loans are the best for borrowers who don't have a co-signer, CNBC Select narrowed down a list of private lenders that directly offer non-cosigned loans (since many don't). After creating a list, we then compared these student loans based on the following factors:
- What it takes to qualify
- Loan availability by state
- Loan amounts offered
- Loan interest rates (fixed or variable)
- Loan terms in years
- Loan repayment options
- Borrower protections like deferment or forbearance
- Bonus features like autopay rate discounts
Interest rates offered on student loans vary and can change. Non-cosigned student loans often have higher interest rates than student loans with a co-signer. Before taking out student loans through a private lender, first fill out the FAFSA form to see how much you can borrow in federal aid.
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