How to get an education loan without a cosigner

Explore your options for obtaining an education loan without a cosigner. Learn about the application process, interest rates and how to compare loans here.

For international students hoping to study in the U.S., education loan financing can be a tricky subject. That’s because most lenders want students to have a cosigner – someone with a strong credit history who guarantees payment on the loan.

Fortunately, there are ways of getting an education loan without a cosigner. This article will take a quick look at what a cosigner is, how no-cosigner education loans work and how you can identify the best student loans without a cosigner for you.

The role of a cosigner in education loans

For banks and financial institutions, lending money to students can be a bit of a risk. After all, most students don’t have much of a credit history to prove their reliability when it comes to borrowing money. That’s why most lenders ask for a cosigner for private education loans.

A cosigner is someone who guarantees to pay back a loan if the borrower is unable to. This is a big responsibility since the cosigner is responsible for the total amount of the loan plus any interest.

Cosigners must be at least 18 years old and must have lived in the U.S. for at least two years as a citizen or permanent resident. They must also have good credit and a stable income.

Finding a cosigner can be difficult as an international student coming to the U.S. to study, since you may not have a family member or friend who’s a citizen or permanent resident. In that case, applying for an education loan without a cosigner may be your best option.

Education loan without a cosigner

Some private education loan lenders offer loans without a cosigner, making it easier for international students to fund their studies abroad. When considering a loan without a cosigner, lenders will look at your career aspirations, academic success and other factors like your home country, your graduation date and what school you want to attend.

Each lender has its own eligibility requirements, and not all lenders may have a loan to offer you. That’s why it’s important to research lenders and focus on the ones that best meet your needs.

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How to find an education loan without a cosigner refinancing: A fresh start

To find an education loan that doesn’t require a cosigner, you can use online resources like the International Student Loan Comparison Tool. With this helpful education loan comparison tool, you can quickly enter information about yourself, including your home country, the degree you’re pursuing, where you want to study and whether you have a cosigner. You’ll then get a list of lenders who offer international graduate student loans or undergraduate loans that match your situation, with or without a cosigner.

With the tool, you’ll be able to spend your time comparing private student loans from organizations that cater to international students like you, rather than researching dozens of companies that may or may not offer the kind of international financing you need.

How to choose the right education loan for you

As you review the results for education loans without a cosigner, these criteria can help you decide which lender is best for you.

Interest rates. Interest on a loan is the amount of money you must pay back to the lender on top of the original amount you borrowed. The student loan interest rate is a percentage of the borrowed amount that the lender will charge you. A lower interest rate means you’re paying less for the cost of borrowing money. It’s helpful to remember that education loan without a cosigner are likely to have different terms and conditions compared to cosigned loans.
Fixed interest rates versus variable interest rates. With a fixed-rate loan, you’ll pay the same amount each month over the life of the loan. Variable interest rates will fluctuate over time – your payment may be higher or lower as economic conditions change.
Repayment terms. Repayment terms spell out how and when you’ll need to pay back your loan. Terms may include a grace period – an amount of time immediately after graduation when you don’t have to make payments. Repayment terms specify how many years you have to pay off your loan. They may also allow you to make payments tied to your income – the higher your income, the more you pay each month.
Fees. Many education loan without a cosigner include a variety of extra expenses like origination fees, disbursement fees and guarantee/default fees. These increase the overall cost of borrowing money, and you’ll want to include them in your calculations as you compare one loan against another.

As you compare education loan without a cosigner, you should consider the reputation of the lender as you make your decision. Some lenders are much easier to work with than others and may be more flexible during the repayment process. Be sure to read customer reviews and research the business history of each company.

International Student Loan: making education financing simpler

At International Student Loan, we’re dedicated to providing you with all the information you need to make the right decision about funding your international education. Whether you’re looking for an education loan without a cosigner or help budgeting for your studies, you’ll find a wealth of information and resources on our website. We know the world of international education can be confusing and difficult to navigate. Our mission since 1998 has been to provide insights and information that help to simplify the process of financing your studies and choosing the best international education loans for you.

No-cosigner student loans

Discover international student loans that don’t require a cosigner. Our loan comparison tool can help you find a lender that offers the best option for you.

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FAQs

What’s a private student loan?

Private student loans are loans offered by private banks and financial companies rather than by government institutions. In the U.S., private student loans are especially helpful for international students who are unlikely to qualify for financial aid from the U.S. government.

Who’s eligible to apply for an education loan without a cosigner?

Eligibility for education loans varies by lender. The International Student Loan Comparison Tool can help you find lenders with loans that are right for you.

What costs will an education loan cover?

This will vary by lender but typically you may use an education loan without a cosigner for any school-related costs, including tuition, room and board, fees, transportation, insurance and other educational expenses.

How much can I apply for?

With most lenders, you can apply for an amount that’s equal to the cost of your education each year, less any financial aid, scholarships or grants you’ve received. Individual lenders may have limits that are less than the total amount of money you need to finance your education.