Best Private Student Loans Without a Cosigner

College is an expense most of us can’t tackle without some help. Many people take out loans to help cover the costs of a college education.

Federal student loans are easier to obtain, but private student loans are a solid option if you’re not eligible for federal funds. Some private lenders can also offer better rates to save you money as you pay off your student loans. Yes, this even includes a graduate student loan where the repayment options are not quite as forgiving.

Start with Benzinga’s list of private student loans without a cosigner to find your match today. Remember, when you look into your student loan options, you are investing in the interest rate, perhaps a consolidation with your undergraduate debt, varying loan terms, old forbearance options and much more.

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Do All Private Student Loans Require a Cosigner? 

Not all private student loans require a cosigner. But there are certain obstacles to getting approved for a college loan depending on the student loan servicer, loan type, repayment terms, your plans for grad school, etc. If you’re just graduating high school and don’t have much credit history, it will be difficult to get approved for a private loan on your own. 

It’s true that some education finance companies are more forgiving, but they still need you to make a loan payment when you graduate. You might also see your prospects complicated by your parents’ student loans, which have their own loan agreement and costs.

Your creditworthiness demonstrates that you are financially responsible enough to repay the loan and stick to the agreed upon terms. Lending to an applicant with less-than-perfect or no credit feels risky for a lender.

At the same time, other lenders will allow you to accumulate student debt based on your major or the fact that you will, eventually, have a job.

If you’re an older student with a long credit history, reliable income and low debt-to-income ratio (DTI), a private loan is likely a good choice for you. You could even ask for an interest rate discount, set up autopay to save money or refinance with a new loan servicer to save money.

Best Lenders for Private Student Loans

Once you decide a private student loan is the right option for you, the next step is finding the right lender. Loan comparison services make it especially convenient to see all your loan offers side-by-side. And some companies specialize in private student loans and offer attractive perks like income-based loans. 

Take a look at our recommendations for the best lenders for private student loans.

Best for Loan Comparison: Credible

A leader in loan comparison, Credible provides you with prequalified rates without any commitment or risk. 

Fill out a few questions, and Credible links you with numerous lenders in under 3 minutes. Credible carefully vets its partners, so you know you’re in good hands. Comparing your rates doesn’t hurt your credit score, so you can safely browse and make the most informed choice. 

Credible gets bonus points for its helpful customer service. You’ll have access to its Client Success team during the entire loan application and acceptance process. You can initiate a chat with a customer service specialist, and they can connect with you and the lender via a 3-way call.

It’s completely fee-free to use Credible, but remember that requesting prequalified rates is free while closing a loan will result in costs to you. And Credible only partners with lenders who don’t charge origination or prepayment fees, so you’ll get the full amount you’re approved for and can pay off the loan faster if you choose. 

Best for Loan Comparison: Lend-Grow

Lend-Grow lets you compare hundreds of rates and lenders designed to give you a student loan refinance. But you don't have to worry that Lend-Grow will just feed you lenders that fork out the most in advertising. You'll see a variety of lenders, both large and small.

Lend-Grow can help you:

• Research the more than 300 lenders listed on Lend-Grow
• Determine each lender's most competitive rates
• Gather general information like lender size, locations, experience and more
• Use personalized tools to compare lender reviews, eligibility information and more

Take a look now to compare hundreds of lenders and see prequalified offers from Lend-Grow.

Best for Multi-Year Funding: Citizens Bank

Citizens Bank offers private students loan with or without cosigners along with parent loans and student loan refinancing. 

Apply for loans between $1,000 up to $150,000. A draw of choosing Citizens Bank as your lender is a feature called Multi-Year Approval. This is built into the application process. If approved, Citizens Bank will provide you with the total sum you are eligible to borrow throughout your entire degree process.

If you receive Multi-Year Approval, you won’t have to reapply for a loan each year you are in school. Just request the funds from the bank at the start of the school year and save yourself the damage of a hard credit pull or denial if your financial situation fluctuates throughout college. 

If you aren’t eligible for this feature, you may still be approved for a single-year private loan. Applying online takes less than 15 minutes.

Qualifying for a Private Student Loan 

Most lenders require that borrowers meet the following standards to qualify for a private loan without a cosigner:

• At least 18 years old with a high school diploma or equivalent certificate 
• Have at least a 670 credit score
• Proof of income that shows you are financially able to repay the loan
• Proof of enrollment in an eligible higher education program

Other lenders may have further requirements. Check out a lender’s website or use a loan comparison service like Credible to find out details.

Private vs. Federal Student Loans

The primary difference between private and federal student loans is in the institutions providing them. Federal student loans are lent by the government, while private student loans come from financial institutions like banks and credit unions. 

Interest on each type of loan is usually tax deductible. But there are several other things that differ slightly between each type of loan, some of which listed below.

Federal student loans have the following qualities:

• Rules, regulations and terms set by law
• You don’t have to repay your loans until after you graduate, leave school or reduce your enrollment to half time
• Fixed, often low interest rates
• No credit check for most federal student loans
• Loan approval is simpler
• Deferment is simpler to achieve
• Multiple repayment options with flexibility for varying circumstances
• No prepayment fees
• Some loan forgiveness options
• Potential for certain amounts of student loan forgiveness in the future
• Student loan interest rates tend to be low
• Government loans work well for you graduate students
• You can earn multiple degrees with government loans

Private loans often include the following:

• Terms and repayment stipulations set by lender
• Less likely to offer deferment periods
• Variable and fixed interest rates; rate depends on applicant’s credit
• Credit check required
• Repayment structure depends on lender
• Repayment terms can be difficult to adjust
• Few loan types available
• Loan forgiveness options not standard
• Student loan debt can be consolidated
• Eligibility requirements can shift for graduate students

Find a Private Student Loan without a Cosigner

While federal student loans are more accessible, a private student loan is a solid choice if you’re not eligible or have impressive credit that can net you better rates and terms. 

You won’t need a cosigner if you meet the minimum standards. Use Benzinga’s list of vetted lenders to take some of the hassle out of paying for your education.