How to find no-cosigner education loans

As an international student planning to study in the U.S. or Canada, figuring out how to pay for your education can be a challenge.

The cost of attending a college or university in North America can exceed US$75,000 per year for international students, particularly those attending private institutions or out-of-state public universities, when considering tuition, fees, room and board, books, and personal expenses. Like many students, you may need to borrow money to help cover those costs. Private education loans are a great option, but most private lenders require a cosigner – someone who takes responsibility for paying the loan if you cannot.

If you don’t have a cosigner, you may still be eligible for no-cosigner education loans. These loans may come with different term and eligibility requirements. The good news is you can quickly find and apply for student loans without a cosigner online at any point during your studies.

Comparing no-cosigner education loans

Cosigners serve an important function in private education loans. Lending money to students represents a certain amount of risk for lenders since most students don’t have a long credit history or regular income. Having a cosigner with a stable income who can guarantee payment on the loan makes it less risky for lenders to offer education loans. Cosigners must be U.S. citizens or permanent residents with good credit who are at least 18 years old and can prove they have reliable income.

For most international students, cosigners are family members or close friends living in the U.S. If you can’t find someone to cosign your loan, an education loan without a cosigner may be the best option.

Some lenders offer no-cosigner education loans to help international students finance their study abroad. While decisions about standard loans are usually based on your credit history, no-cosigner education loans look at your previous academic success and career aspirations, as well as details like your home country, your graduation date and what school you plan to attend.

Comparing no-cosigner education loans

International education loans without a cosigner usually come with different eligibility requirements and repayment terms than other loans. Here are some details to consider.

Interest rates. The interest on a loan determines the amount of money you’ll pay back to the lender in addition to the original loan amount. It’s the cost of borrowing money. The lower your interest rate, the less you’ll have to pay each month. No-cosigner education loans will typically have higher interest rates than other types of loans.
Fixed versus variable rates. Fixed interest rates stay the same over the entire life of the loan, so your monthly payments will always be the same. Variable interest rates are tied to the overall economy and may rise or fall over time. That means your student loan payments may increase or decrease as well. Choosing a fixed-rate loan offers more predictability, while choosing a variable-rate loan will generally reduce the monthly interest due when economic conditions cause interest rates to fall, but may increase during inflationary times.
Repayment terms. The terms of your loan include the number of years over which you’ll pay it back and the “grace period” – the time after you graduate before you must make your first principal and interest payment. Sometimes your repayment terms may be tied to your income, allowing you to pay less until you’re able to earn more.
Extra fees. Along with the interest rate, a no-cosigner education loan might come with additional expenses that can increase the total cost of your loan. These may include disbursement fees, guarantee/default fees or origination fees that cover the lender’s expenses in preparing the loan.
Lender’s reputation. While some lenders are excellent at supporting international students, others may be more rigid and difficult to work with. It’s important to research each lender online and read reviews from their customers before making your final decision.

Find my international student loan

Our loan comparison tool can help you find an international student loan that’s right for you.

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Find the right loan for you

To explore your options for no-cosigner education loans, you can use the International Student Loan Comparison tool to quickly locate all the lenders that meet your needs. The student loan comparison tool is a free online resource where you answer a few quick questions and immediately get a list of all the lenders offering no-cosigner education loans.

To perform a search, you’ll just need to enter a bit of information that includes:

What country you’re from
What degree you’re pursuing
Where you want to study
Whether you have a cosigner

After you click the “Submit” button, you’ll get a list of potential lenders, including any that offer no-cosigner education loans for your desired school. With this helpful tool, you can spend your time comparing and analyzing different loan options rather than researching individual lenders that may or may not offer the kind of products that meet your needs.

Why choose International Student Loan?

International Student Loan is dedicated to helping international students find the best financing options available. Since 1998, we’ve offered free tools and resources designed to simplify the process of finding and applying for international student loans. Our International Student Loan Comparison tool is the first search tool of its kind to consider the needs of international students as they search for ways to finance their education in the U.S. or Canada.

On our website, you’ll find dozens of articles, blogs and other resources to help you better understand your options for education loans and to stay on top of changes in the student loan industry. With help from International Student Loan, you can easily explore and find all the education loan options that are right 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

Am I eligible for a no-cosigner education loan?

Eligibility for no-cosigner education loans varies with each lender. Use the International Student Loan Comparison tool to find lenders with eligibility requirements that match your situation.

How are interest rates determined?

Lenders use several factors to set interest rates. These may include how much you’re borrowing, how long your repayment terms are, your credit history (or your cosigner’s credit history) and general economic conditions in the U.S. and Canada.

What can loans be used for?

No-cosigner education loans can help pay for the total cost of attending a school in the U.S. These expenses may include tuition, room and board, books and supplies, mandatory fees, transportation and other school-related costs. In Canada, no-cosigner loans typically only cover tuition, but be sure to check with your school and the lender.

How much can I apply for without a cosigner?

The total student loan amount you can borrow is equal to the total cost of your education less any grants, scholarships or financial assistance offered by your school. Beyond that, each lender will have a maximum amount they’re willing to lend to students without a cosigner.