Student loans 7 February 2023

8 Best Student Loans Without A Cosigner in 2023

This blog post explains how to get a student loan without a co-signer, and gives the best student loans you can get without a cosigner 8 lenders.

Student loans without cosigner

The high tuition cost prevents many young people from going to college. Student loans fill the financial gaps created by the high price of tuition. Different types of loans are available for students; some require a cosigner, and others do not. The most popular student loans without a cosigner are federal student loans, but some private lenders also have this option. However, most private loans need the borrower to have good credit to be eligible for such loans. 

Following are eight options for the best student loans without cosigner.

The Eight Best Student Loans Without A Cosigner

LenderScholarooratingOur viewFixed ratesstarting (APR)Variable ratesstarting (APR)Learn more

Funding U

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4.8/5Best for student with a strong academic history6.997.49Visit website


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5/5Best for students with a good credit history
4.625.74Visit website

M Power

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4.5/5Best for International Students13.9813.72Visit website


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4.8/5Best Repayment TermsN/AN/AVisit website


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4.9/5Best APR Rates4.994.49Visit website


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4.2/5Best for minimal borrowing needs5.744.99Visit website


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4/5Good loan without cosigner to cover 100% of school-certified cost4.895.56Visit website

Education Loan Finance

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3.9/5Good for affordable rates3.983.98Visit website

#1 Funding U

Funding U is a private loan institution that offers undergraduate students loans without a cosigner. The institution promises students fast and straightforward loans at a fixed rate. Students get assigned a loan officer to facilitate the application process. Funding U has eligibility requirements that make it easier for students to qualify for funding that other institutions may not allow. 

Pros of Funding U loans:

  • Do not require a credit history or score 
  • Fixed APR
  • High automatic payments discounts

Cons of Fundin U loans

  • Only certain states are eligible. 

Eligibility requirements

  • Must maintain a GPA of 2.5 and above 
  • Must be a US citizen or permanent resident 
  • Must be enrolled at a Title IV-eligible four-year college

Repayment details

  • Requires monthly payments of $20 while in school
  • Full repayment starts after a 6 month grace period upon graduation
  • Required to provide an academic progress report every semester 

#2 Ascent

Ascent offers students a variety of student loans without a cosigner. The institution has a loan for everybody in need of financing regardless of their credit score. Ascent has a unique system that reduces the application process to only four steps and allows students to defer payment until after graduation.

Pros of Ascent loans: 

  • Provides both credit and outcome-based loans 
  • You will get a cash-back reward at graduation 
  • You can build the loan according to your needs

Cons of Ascent loans:

  • Low loan limit 

Eligibility requirements: 

  • Must be a senior or junior college student
  • Must be a US citizen, permanent or temporary resident, or a DACA recipient 
  • Must maintain a 2.9 or more GPA

Repayment details:

  • Payment term of five to fifteen years 
  • You can choose fixed or variable APR rates for your loan 
  • The loan has a six-month grace period after graduation

#3 MPower Financing

MPower Financing provides loans without a cosigner to international students studying at certain schools in Canada and the U.S. Instead of a cosigner, the institution focuses on students’ future earning capabilities, making their loans accessible and easy to get. 

Pros of MPower Financing loans

  •  Eligibility extends to students from more than 190 countries 
  •  Does not require a credit score
  •  High loan limit 

Cons of MPower Financing loans: 

  • High origination fee 

Eligibility requirements:

  •  Must be an international student, refugee, U.S citizen, DACA recipient or asylum-seeker
  •  Must be an undergraduate or graduate student 
  •  Must be enrolled at an MPower partner school

Repayment details: 

  • The loan has a six-month grace period
  •  You are required to pay the interest on your loan while in school 
  •  Loans can be repaid with any other currency from anywhere in the world

#4 Edly

Edly is a new institution created as an alternative for students who do not qualify for traditional private student loans. Edly designed its loans to be more affordable and accessible to attract a larger pool of students. Instead of focusing on credit score, the institution pays more attention to the school that they are enrolled in and their majors.

Pros of Edly loans: 

  •  Does not require a credit score 
  •  You can defer repayment if you lose your job
  • You can hold off repayment until you meet a specific income threshold

Cons of Edly loans:

  •  Unspecified APRs

Eligibility requirements:

  • Must be a US citizen or a permanent resident 
  • Must be a senior, junior or graduate student 
  •  Must attend a school supported by Edly

Repayment details: 

  • Income-based repayment
  • You can defer the loan until you can afford repayments
  • If you don’t have a salary above $30,000, you won’t have to repay the borrowed amount 

#5 SoFi

Sofi offers undergraduate and graduate students competitive loans without a cosigner. The institution has an unemployment protection program that allows students to delay repayment for an entire year in case they lose their job. Sofi does not have additional fees and has multiple repayment lengths. 

Pros of Sofi loans: 

  •  Simple application process
  •  Low APRs
  •  No origination fee or prepayment penalties

Cons of Sofi loans:

  • Low loan limit

Eligibility requirements: 

  • Must be 18 years old 
  • Must be a US citizen, permanent resident, DACA recipient, or asylum seeker.
  • Must be employed 

Repayment details: 

  • The loan has a six-month grace period 
  • Requires monthly payments of $25 while in college 
  • You are required to pay the interest on your loan while in school 

#6 Earnest

Earnest is a well-known lender that has various student loan options. There is a choice between fixed and variable rates and there are autopay discounts on loans available too. It offers options for undergraduate and graduate student loans without cosigner also. However, there are some eligibility requirements for that which you will need to fulfill in order to be eligible for such independent loans, like a good credit history. 

Pros of Earnest loans: 

  • Significantly low-interest rates for individuals with high credit
  • Flexible payment structure
  • Autopay interest discounts
  • Skip one payment per year if in good standing
  • Longer grace period
  • No late payment, disbursement, or origination fees

Cons of Earnest loans:

  • Higher interest rates for student loans without cosigner
  • Loans unavailable in Nevada
  • Minimum FICO score of 650 required

Eligibility requirements: 

  • Live in any state but Nevada
  • At age of majority as per your state
  • Must be a U.S. citizen or permanent resident
  • Pursuing a Bachelor’s or graduate degree and enrolled at least half-time
  • Your school is a Title IV-qualified, not-for-profit, 4-year institution
  • Minimum loan amount of $1000
  • Minimum FICO score of 650
  • At least 3 years of credit history
  • Have an annual income of at least $35000 USD
  • No accounts in collection
  • History of on-time payments

Repayment details: 

  • Variable and fixed interest rates options
  • 9-month grace period
  • Flexible loan terms of up to 30 years
  • Multiple repayment plans including interest-only payments
  • Loan forbearance and forgiveness options available

#7 LendKey

LendKey does require students to have a cosigner, however, they do recommend it for better chances of getting a student loan approved. In order to qualify for their no cosigner student loans, the borrower needs to have a good credit history and a steady source of income. You can get a 100% of your school-certified cost as a loan from LendKey. They also allow to take out loans as small as $2000.

Pros of LendKey loans: 

  • No cosigner required
  • No application or origination fees
  • Minimum loan amount is $2,000
  • 0.25% interest rate discount with auto pay

Cons of LendKey loans:

  • Established credit history required
  • Established source of income required
  • One repayment term offered

Eligibility requirements: 

  • Must be a U.S. citizen or permanent resident
  • Be at least the age of majority according to your state
  • Must meet minimum credit score
  • Must have a steady source of income
  • Enrolled at least half-time in a degree-granting program from an approved school

Repayment details: 

  • Fixed and variable interest rates
  • Forbearance option may be available
  • 6-months grace period
  • Repayment term 10 years

#8 Education loan finance

Education Loan Finance (ELFI) gives student loans without consigner to students with a good credit history and a stable source of income. It could be a good option for working students who work too as it offers good starting interest rates. The higher the credit score, the lower the rates offered. Both undergraduates and graduate students can apply for a loan with them. However, this particular lender does require a high minimum credit score.

Pros of ELFI loans: 

  • Low minimum borrowing amount
  • Affordable rates
  • No application or origination fees
  • No prepayment penalty
  • Offer flexible terms

Cons of ELFI loans:

  • Credit history required
  • Higher minimum credit score of 680
  • Established source of income required
  • Charges a late fee

Eligibility requirements: 

  • Must be a U.S. citizen or a permanent resident
  • Be at least the age of maturity
  • Minimum credit score of 680 required
  • Minimum loan amount of $1000 required
  • Minimum income of $35,000
  • Minimum credit history of 36 months
  • Must be enrolled at least half-time in a program for Bachelor’s, Master’s, or Doctoral Degree at eligible schools

Repayment details: 

  • Variable and fixed interest rates
  • Four flexible repayment options available
  • Interest only payments option while in school and during the grace period
  • Repayment term 5 to 15 years
  • Six-month grace period

How to Get a Student Loan Without A Cosigner

The process of getting a private student loan without a cosigner requires you to work on building your credit score. However, specific lenders focus on GPA, graduation date, and career path instead of credit history. 

The following steps will guide you on how to build a strong credit history and score: 

Research on what influences credit score

It would help if you informed yourself about credit score, what affects it and how you can improve it. You also need to check your credit report every year to know which areas you need to work on and detect errors in the report early on. Having a secured credit card and a phone line that is paid on time all add to your credit score.

Build your credit score to the minimum required range

Your credit score needs to be between 300 to 850 to qualify for a student loan without a cosigner. You can build it to that level by getting a job and credit card and making payments on time. A prepaid credit card connected to your debit account enables you to safely build your credit score. 

Don’t be quick to choose a lender

Do thorough research on all lenders and compare their terms and conditions, especially the repayment options. Read all policies in detail to ensure they can give you a loan without a cosigner. Ask as many questions as possible because you will be fully responsible for the loan. 

How to Choose the Best Student Loan Without A Cosigner

You need to look at specific elements that will enable you to pick the loan for your needs. When choosing your loan, answer the questions below:

1. What are the eligibility requirements?

You should be aware of all the eligibility requirements before moving forward. It could waste your time if you go through the entire process only to get disqualified because of the required credit score or GPA.  

2. What is the loan limit?

Each loan lender has a minimum and maximum amount you can borrow. Find a loan that gives you the exact amount you need, and avoid taking multiple loans at once. Ensure that you are taking in account all the tuition fee and other school expenses. 

3. What is the Annual Percentage Rate (APR)?

APR is how much you will be charged for a loan every year. It is not the same as the interest rate because it includes the interest rate and other charges such as document preparation, attorney, and origination fees. Each lender has a fixed and variable APR rate, take your time to understand those before you sign up. 

4. What are the repayment terms?

Check how long you have to repay the loan and when you need to start making payments. Does it allow a grace period after you graduate, or repayment needs to begin while you are still in school? A grace period is usually a good breather and does not burden you with immediate payback. 

5. Are there any interest rate discounts?

Keep an eye out for loyalty or automatic payment discounts. The purpose of interest rate discounts is to give students a little relief, given the high debt they collect while in school. Some lenders provide discounts on memberships, so study and compare all of them.


How can I get a student loan without a cosigner?

The best way to get a loan without a cosigner is to build your credit score and maintain a minimum GPA of 2.9 and above. 

How to get student loans without credit and no cosigner?

It would be hard to get a student loan with bad credit and no cosigner. Your credit score must be between 300 and 850 in order to qualify for a student loan without a cosigner. 

Which bank provides the best student loan without a cosigner? 

Currently, Ascent provides the best student loan without a cosigner. The institution allows you between a loan with no cosigner based on credit history or academic history.   

How do I get approved for a private student loan without a cosigner?

 The eligibility requirements depend on the lender, so it is critical to conduct thorough research before choosing one. Read our detailed comparison for understanding different requirements.