How to Get a Student Loan Without a Cosigner

About 70% of college students rely on student loans to pay at least part of their educational costs. — that means you’ll likely need to figure out how to get student loans before you start college. And depending on whether your parents can help, it also could mean figuring out how to get student loans without cosigner support.

The good news is students can obtain federal loans without a cosigner, but will still need their parents to provide financial information during the application process. Unfortunately, private student loans without cosigner backing are much harder to come by, particularly for undergraduates with thin credit histories.

Here’s our guide on how to take out student loans without cosigner requirements.

When to get a student loan without a cosigner

When you take out student loans, there are two primary options available to you: Federal loans and private loans. As you’ll see below, you often don’t need a cosigner to get federal student loans, but this can be trickier when it comes to private student debt.

Federal loans should usually be the first choice as you decide how to take out a student loan, as their repayment plans provide a great deal more flexibility. That flexibility includes options such as income-driven repayment plans, forbearance and deferment, as well as federal forgiveness programs.

Private student loans, on the other hand, don’t generally offer these same benefits. While some private student loan lenders offer hardship options for those who experience unemployment or similar financial emergencies, these options vary per lender. That’s why you should typically only use private student loans to supplement your education costs, not as a first choice.

The vast majority of loans are federal loans, with MeasureOne reporting that private loans accounted for approximately $125 billion of the $1.61 trillion student loan market by the middle of 2019.

Federal student loans without cosigner requirements

The first step to getting federal student loans is the same for everyone: Fill out the Free Application for Federal Student Aid (FAFSA).

To do this, you will need cooperation from your parents if you’re a dependent.

For most students whose parents help fill out the FAFSA, the involvement of parents doesn’t mean you can’t get student loans without cosigner assistance. All it means is that your parents’ income will be taken into consideration when deciding how much federal student aid you qualify for.

Keep in mind that “aid” means two things in this context: Student loans (which you do have to pay back) and grants (which you don’t have to pay back).

Still, if you don’t want to include your parents’ information on the FAFSA, see if you’re eligible to declare independent student status; you can do this through your college’s financial aid office. That will allow you to fill out the FAFSA using your information, not your family’s.

Once the FAFSA is complete, you’ll receive a Student Aid Report several days to several weeks later. This sums up the information you filled out on your forms — double-check and make sure all the information on the report is correct.

After that, you’ll receive an award letter (electronically or by mail) from your school telling you how much aid you qualify for. When exactly this happens varies per school.

If you qualify for loans in your name, your parents aren’t obligated to repay your federal loans, even when their income is included in your FAFSA. They can, however, take out Parent PLUS Loans, which will be their responsibility to pay back.

Types of federal loans

There are three types of federal loans you could get without a parent cosigner that you should consider as you research how to take out a student loan. The Department of Education lists options that require neither a credit check nor a cosigner, including:

• Direct Subsidized Loans. Undergraduates can obtain these loans to pay for a career school or college. Students must demonstrate financial need.
• Direct Unsubsidized Loans. These loans — also called Unsubsidized Stafford Loans — are available to undergraduates, graduate students and professional students. Showing financial need is not required.
• Direct PLUS Loans. These loans are available only to graduate or professional students. While parents of undergraduates can take Parent PLUS Loans, undergraduate students do not qualify for PLUS Loans.

If the amount you qualified for is not enough to cover your tuition, that’s where private student loans come into play.

Private student loans without cosigner support

Private student loans don’t require a FAFSA form, but rather individual applications for each lender you’re interested in borrowing from. There’s also wide variation when it comes to cosigner policy.

As a student with limited or no income and credit history, it’s not always easy to get private student loans without your parent’s help. Some lenders allow students to apply on their own before attaching a cosigner to their application, if necessary. Other lenders, such as CommonBond, require cosigners to be included initially.

Even so, it doesn’t hurt to try. You can investigate your options at Funding University, which is known for lending to undergrads without cosigners. Citizens Bank and Ascent are among other top private student loan lenders that don’t require you to apply with a cosigner (if you can qualify on your own).

None of these lenders charge application fees, which means you could apply to multiple lenders without incurring a high cost. But if you do, make sure to do so in a short period — rate shopping will have less of an impact on your credit score if you keep it between 14 to 45 days.

How to qualify for loans without cosigner help

Getting private student loans without cosigner requirements can be easier said than done.

Having a steady source of income and a healthy credit score is a great start. You can improve your credit score and report by always making debt payments on time, whether that’s clearing your credit card balance each month or paying what’s due on an auto loan. Missing even one payment could harm your credit score significantly.

As a new college student, you probably haven’t had time to build up your credit. It doesn’t mean it can’t be done — but it might mean delaying your education if you have no other way to pay for school.

You may also have other options if any of your family members are willing to help out. Keep in mind that banks, credit unions and online lenders don’t require your cosigner to be a parent — you could gain approval by leaning on a supportive sibling, or an aunt or uncle, for example.

But if you can’t find a cosigner, there’s hope: There are ways to start building credit now so you can become eligible for private student loans without a cosigner as fast as possible.

How to continue your education when you can’t afford full-time tuition

Delaying your education might not be an option for you. If you can’t figure out how to get a student loan without a cosigner, check out a few options to get the ball rolling on your education while you work to build credit:

• Find a full-time job and take one or two night classes. You can earn credits and increase your income, which will help you get approved for private student loans without a cosigner.
• Find a part-time or full-time job with a company that offers tuition reimbursement. You can earn money and credits, as well as tuition money you won’t have to repay.
• Consider attending a lower-cost school. Enrolling in a community college or staying closer to home could decrease expenses for tuition, as well as room and board.
• Contact your school’s financial aid office about work-study programs and other opportunities. These programs enable students to work for money that will go toward their tuition.
• Exhaust every scholarship opportunity you can think of. This includes not only academic scholarships, but also those based on your specific interests, talents, heritage and even area of study.

If you’ve already begun your education and currently owe student loans, you might be tempted by taking a gap year — but don’t underestimate that delaying your education could make it more difficult to eventually return.

In a 2019 survey of recent graduates, 1 in 5 respondents told Student Loan Hero that their education debt hindered their goal to return to school. That partly explains why 46% said they regretted how much student loan debt they had accrued.

Andrew Pentis and Shannon Insler contributed to this report.