Federal student loans should be your starting point for all student loan needs, although there are limits to the amount you can borrow. Private student loans, on the other hand, require a cosigner and there is a need for a credit check during the application process. With outcomes-based loans, borrowers have the chance to qualify based on their academics and projected earnings. If you don’t have a co-signer for private student loans, your options are limited. After careful research, we have compiled a list of the best student loans without a cosigner in 2023. In addition, you’ll also find out the repayment options and the eligibility requirements for each of the student loan lenders in this article.
Best Student Loans Without a Cosigner in 2023
Ascent is one of the best lenders of student loans without a cosigner and offers loans from $2,001–$200,000 for undergraduate students, and up to $400,00 for graduate students. Rates without a co-signer are low and competitive, and Ascent doesn’t charge any application or origination fees on any loan. There is a nine-month grace period for repayment, which is longer than most lenders. Ascent has very flexible repayment options and some borrowers can qualify based on future earnings.
To qualify for a student loan with Ascent, you must meet the following eligibility requirements: must live in the District of Columbia or the United States (all 50 states are supported). Must be enrolled at least half-time (full-time for outcomes-based loans) in Ascent-approved institutions. Must be a U.S. resident, have DACA status, or have a qualifying visa. Maintain a 2.9 GPA or higher. Be at least 18 years old (or the age of majority) in your state of residence
Click here to begin the application process for a student loan from Ascent Student Loan if you’re interested.
2. Funding U
Funding U is a student loan company that considers more than your credit score. It is a decent option for borrowers who do not have a credit score or cosigner but need funding. Funding U assesses borrowers and qualifies them based on current GPA, likelihood to graduate on time, and projected earnings after graduation.
Loans are available from $3,001 up to $20,000. With Funding U, repayment terms are not flexible, with only 10-year loan repayment available.
To qualify for a student loan with Funding U, you must meet the following eligibility requirements: must be an undergraduate student in a bachelor’s degree program at an eligible four-year, not-for-profit college. Must be a U.S. citizen, permanent resident, or DACA recipient over the age of 18; and must be enrolled full-time and meet minimum GPA and graduation rate thresholds.
Click here to begin the application process for a student loan from Funding U if you’re interested.
Recommended: Student Loan Forgiveness
Prodigy Finance offers private student loans to graduate students who are studying abroad. It offers $15,000 to $220,000 worth of loans to graduate students, and rates are variable, starting at 9.54%.
Loan repayment is available from 7 to 20 years in length, with a six-month grace period on all loans. And there is a 5% administrative processing fee on all loans, which is added to the balance of your loan. Qualifying for a Prodigy loan requires that you are matched with a lender that approves your application and profile.
To qualify for a student loan with Progidy, you must meet the following eligibility requirements: must be at least 18 years old; must be from an eligible country and be studying in a different eligible country; and must apply to an eligible graduate degree program and college.
Click here to begin the application process for a student loan from Progidy if you’re interested.
MPOWER is the best lender for international students and students with DACA status. Loans are available to undergraduate students who are within two years of graduation or are signed up for a one- or two-year program.
Rates on MPOWER loans start around 9.50% for U.S. residents, but international loans charge closer to 14%–15% APR. Students can borrow up to $100,000 per year and have 10 years to repay their loans. In addition, MPOWER offers discounts for automatic payments and for providing proof of graduation and employment.
The eligibility criteria for qualifying for a student loan with MPOWER are:
- You have been accepted or are currently enrolled at a school in the United States or Canada that MPOWER Financing sponsors.
- You will complete your program in less than two years.
- During your time in school, you must reside in the United States or Canada.
- You are not a resident of a prohibited nation or a target of personal sanctions.
Click here to begin the application process for a student loan from MPOWER if you’re interested.
Edly offers income-based repayment loans that are designed to be more accessible than traditional student loans. It eliminates the requirements for no credit, income, or cosigner to be eligible. Repayment on Edly loans is tied to your income rather than a predetermined interest rate. This model allows borrowers to hold off on repayment until they can afford to make payments. The minimum annual gross salary for repayment to begin is $30,000.
The eligibility criteria for qualifying for a student loan with MPOWER are:
- Must be a U.S. citizen or permanent resident
- Be a junior, senior, or grad student at a supported school
If you don’t want to take out a student loan without a cosigner, an ISA from Stride is a good option. With Stride, you pay back around 2% – 10% of your income per year once you make over $30,000. The repayment period is between 5 – 10 years. Your total repayment amount will be capped at two times the amount you borrowed.
Eligibility is based on your college, major, projected income after graduation, and more. You must be a U.S. citizen or permanent resident and enrolled at least half-time at an eligible school. Finally, students in graduate programs—especially those in STEM and healthcare fields—are preferred, but undergraduates may qualify as well.
Read Also: 10 Best Insurance Companies in South Africa
7. A. M. Money
A.M. Money’s loans are based on the applicant’s academic record and GPA, not their credit. Co-signers are not sought, and there is a 4.5% origination fee. Borrowers can choose an income-based repayment plan for up to 36 months if they need it. The plan requires a $50 minimum monthly payment and lasts up to three years.
Earnest doesn’t require co-signers for undergraduate student loans, a rarity among private student loan lenders. It caters to borrowers who don’t need to borrow much for college, with loan amounts as low as $1,000. The company does require a minimum credit score of 650 to qualify, so it’s best for borrowers who already have an established credit history. Earnest also offers a range of repayment options, including the option to skip a payment every 12 months, and a nine-month grace period.
Borrowers applying without a co-signer must have a minimum FICO Score of 650, at least three years of credit history, and an annual income of $35,000. Borrowers must be pursuing a bachelor’s or graduate degree at a four-year Title IV-qualified institution. Earnest charges an $8 fee for returned payments and a 0.35 percent Florida stamp for stamps. Borrowers must be U.S. citizens or permanent residents and be at least the age of majority.
If you are interested in applying for a student loan with Earnest, click here to get started.
9. Education Loan Finance
Education Loan Finance’s student loans come with low-interest rates and a wide range of loan amounts. The company caters to borrowers who don’t need to borrow much for college, with loan amounts as low as $1,000 or as high as your total cost of attendance. While co-signers are recommended for undergraduate students, they’re not required.
Borrowers must be enrolled in a bachelor’s, master’s, or doctoral degree program at least half-time. A minimum income of $35,000, a minimum credit score of 680, and a 36-month credit history are also required.
Federal student loans should be your starting point for all student loan needs. Most private student loans require a cosigner and a need for a credit check during the application process, but there are some lenders who do not these requirements. With outcomes-based loans, borrowers have the chance to qualify based on their academics and projected earnings.