Is It Possible To Get A Private Student Loan Without A Co-Signer?

When you are looking for a student loan, the first and best place to start is with the FAFSA. Filling the FAFSA opens the doors to a variety of financial aid, including federal student loans, at very attractive terms. However, sometimes this is not enough. If you require additional loans beyond your federal student loans, you will have to borrow from private lenders. But can you get private student loans without a co-signer?

Private lenders typically approve of loan applications depending on the loan applicant’s credit history. In most cases, you will only manage to get your loan application approved if you have good credit. As a high school student, chances are you would not have had the opportunity to build your credit history, in which case, the lender will require you to have a co-signer.

A person holding a fountain pen against a piece of paper.

Who Is A Co-Signer And How Do They Help?

A co-signer is essentially someone who has a good credit history and who is willing to pay your loan if, for some reason, you can’t. This assures the lender that the co-signer will pay up the loan should you default on your payment. If you can manage to get a co-signer, that resolves your problem and enables you to get a private student loan to supplement your student aid package.

Unfortunately, not all students have someone who is willing or able to co-sign their loan. This can create a whole lot of issues.

What Happens If You Cannot Find Someone

Many private lenders will reject your loan application outright if you do not have a credit history or a co-signer. Without a credit history, they have no way of knowing whether you will be a good or bad borrower and without a co-signer, they have no way of getting their money back from you. They prefer to steer clear of any potential problems.

A few private creditors may agree to give you a loan without a co-signer but this usually comes with a catch. Private loans that are given without a co-signer are much more expensive. They come with much higher rates of interest as well as higher administration fees and other charges. Lenders add these on to protect their interests. Think of it as the price you have to pay for not meeting the loan requirements.

Tips For Managing Your Loan Without A Co-Signer

Although private student loans without a co-signer can be expensive, you may have no other choice but to take it to pay for college. If you do decide to go this route, you must look for ways to pay it back as quickly as possible in order to reduce the accrued interest.

One good way to manage this type of loan is to consider consolidating your loans after you graduate. If you have built a good credit history while you were in college and attained a job that pays decently after graduating, you may be able to get a lower interest rate on your consolidated loan. This can make the monthly loan payments and the overall loan repayment more manageable.

Use College Raptor’s new Student Loan Finder to discover personalized loan options. Compare lenders and interest rates to find the ideal student loan—for FREE!


Lender Rates (APR) Eligibility
Sallie Mae logo.
1.25% to 11.35%1 Variable
4.25% to 12.59%1 Fixed
Undergraduate and Graduate
Credibe company logo.
1.04% to 13.19% Variable
3.34% to 14.50% Fixed
Undergraduate and Graduate
Lendkey company logo.
1.49% to 11.10% Variable >800 FICO
3.99% to 14.50% Fixed
Undergraduate and Graduate
Ascent company logo.
2.44% to 12.39% Variable
3.38% to 13.72% Fixed
Undergraduate and Graduate
College Ave company logo.
1.04% to 11.98% Variable
3.34% to 12.99% Fixed
Undergraduate and Graduate
3.52% to 5.50% Variable
4.60% to 6.85% Fixed
Undergraduate and Graduate
Earnest company logo.
1.24% to 11.44% Variable
3.49% to 12.78% Fixed
Undergraduate and Graduate
1Variable interest rates start from 4.12% APR to 10.98% APR. We also offer fixed interest rates from 5.74% APR to 11.85% APR. Click here for important information. Terms, conditions, and limitations apply.
College Raptor is not a loan lender and does not assume responsibility for suggesting a loan to a user who may not be eligible for it. Rates, terms, conditions, eligibility, approval, and other considerations are the decisions of the lenders and may vary depending on which lender or marketplace the user selects. We urge users to carefully consider and review all loan options and terms before committing to taking out a loan.

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