Finding student loans without a cosigner
As an international student planning to study abroad in the United States, getting a student loan with a cosigner can be difficult – but not impossible. Having a cosigner will give you many more choices for loans, and it could help you get a lower interest rate. But if you can’t find a cosigner, there are still some options to consider. Let’s take a look at the possibilities for finding student loans without a cosigner.
What is a cosigner?
A cosigner is someone who promises to pay back a loan if the person granted a loan can’t make payments. International student loan lenders often require a cosigner. Many international students who apply for student loans don’t have a well-established strong credit history. This makes it hard for lenders to trust that a student will repay a loan on time. Adding a cosigner to a loan application gives the lender more confidence that the loan will be paid back in full and on time.
A cosigner must be a U.S. citizen or permanent resident and have a stable job, a steady income and a good credit history.
Being a cosigner is a big obligation since that person will be responsible for repaying the loan if the student defaults. As an international student, you may not know someone in the U.S. who's willing to take on this responsibility. In that case, you’ll need to look for lenders offering student loans without a cosigner.
How student loans without a cosigner work
Lenders offering international student loans without a cosigner will look at your academic success and your career path rather than your credit history. They’ll also consider your own country, graduation date and what school you plan to attend.
Private companies, rather than government agencies, offer education loans without a cosigner. Each private lender has its own eligibility requirements. That’s why it’s important to do your research and find a lender that best meets your needs.
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Finding a no-cosigner loan
To find a student loan that doesn’t require a cosigner, you can use our International Student Loan Comparison Tool. After you enter some information about yourself and your plans for school, you’ll get a list of international student loans available to you without a cosigner. Then you can review your options and apply online.
When you apply for a loan, you’ll need to say how much money you’d like to borrow. If you’re approved for a loan in the U.S., the money will be sent directly to your college or university. It may take six weeks or more for your application to be approved and for the money to be sent to a school, so it’s best to apply early.
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.
Learn MoreComparing student loans without a cosigner
When you’re looking for a no-cosigner student loan, you’ll have several options to consider. Here are a few things to ensure you know when comparing lenders.
- Interest rates. An interest rate on a loan is the percentage of money you’ll pay to the lender on top of the original loan amount, called the principal. The higher the interest rate, the higher your monthly payments will be. Student loans without a cosigner typically have higher interest rates than loans with a cosigner.
- Fixed vs. variable rates. With a fixed-rate student loan, the interest rate does not change, making your payments predictable. The interest rate on a variable-rate loan will change based on the economy. That could mean your payments go up or down over time.
- Repayment terms. Repayment terms include the number of years you have to repay the loan and the amount of time after graduating before you have to start making payments. This is called a grace period.
Getting the best information with International Student Loan
When you want more information about student loans without a cosigner, you’ll find lots of helpful information, articles and tools at International Student Loan. We understand the challenge of financing an education in the U.S. or Canada, and we’re dedicated to helping simplify the confusing world of international student loans.
We’ve been helping international students finance their studies for more than 25 years. Whether you’re just exploring the possibilities for study abroad or you’re interested in refinancing your existing loans, our resources can help.
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Find My LoanFAQs
How is the interest rate determined for a student loans without a cosigner?
Student loan interest rates can vary and are determined by several things. The most common factors include the type of loan (federal or private), the length of the loan, field of study, credit history and current interest rate environment. Additionally, the type of interest rate, repayment term and economic factors could affect the interest rate on your loan.
Can I refinance my student loans without a cosigner?
It is possible to refinance a student loans without a cosigner. In fact, one of the benefits of refinancing your international student loan is being able to release your cosigner from their responsibility.
What can student loans without a cosigner be used for?
Private student loans with or without a cosigner can be used for education-related expenses. These include things like tuition, books, fees, room and board, insurance and transportation. It’s important to confirm with your lender what their loans can be used for.
What is a credit score and credit history?
A credit score is a number that tells lenders and banks how responsible you are when borrowing money and paying it back on time. Credit scores in the U.S. are determined by credit bureaus that look at your credit history – a record of your payments on credit cards, loans and bills. Making payments on time will improve your credit history, while missing payments will damage it. Learn more about how to build credit in the U.S.
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