Every year, millions of students struggle to find ways to pay for their post-secondary educations. If you don't have a cosigner for your student loans than getting student loans will be ever harder. There are many different ways to help finance their education, and loans are one of the many options as to how to pay for school. This article will show you what your options are to pay for college if you do not have a student loan co-signer.

A cosigner is a person, usually a family member or a close friend, who is has a good credit history and is willing to take on the risk of the loan in case the borrower fails to make payments on the loan. Cosigners will help the borrower get a lower interest rate, which really pays off in the long run when it comes to the repayment periods. For complete definition of a cosigner see the FreeDictionaries version – here.


Federal Student Loans Without Cosigner

  • All of the Federal Student loans, with the exception of the PLUS loan, do not require a positive credit history. They have fixed interest rates that are not dependant on the borrowers creditworthiness. These are some of the best loans to take out because of their stable interest rate and


Private Loans Without Cosigner

  • Many private lenders are willing to at least let you apply without a cosigner to see if you will qualify.
  • You are more likely to qualify for a student loan without a cosigner if you have good credit history.
    • A ‘good’ credit history would be a person who has had open loans, credit cards, or lines of credit cards and who can prove they can pay on time. They would also have a small amount of open credit utilization of their credit cards.
    • Check your credit score – here
    • There are many different free websites that allow you to see your credit score if you are unsure of where you are standing. If you see problems on your credit score, take time to fix your credit before applying for a loan. This will most definitely help you get a lower interest rate without having to rely on a cosigner.

Student Loan Without a Cosigner

Things To Consider:

  • Applying for a loan without a cosigner can leave you at risk for not qualifying for a loan or with an outrageously high interest rate. A creditworthy cosigner can help you get a much better interest rate.
  • Cosigners can be released from their obligation to the loan after a certain amount of time has passed with the borrower consistently making on time payments.
  • Cosigners do not have to be parents or other family members. They can be people who are not related to you, but someone who is willing to accept your debt in the future if, for whatever reason, you are no longer able to pay back the loan.