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Best Private Student Loans Without a Cosigner

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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 students 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.

Start with Benzinga’s list of private student loans without a cosigner to find your match today.

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 private student loan. 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. 

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.

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. 

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.

APR
Fixed As low as 3.62%Variable As low as 1.24%
Loan Amounts
Varies
Minimum Credit Score
670

Best for Loan Comparison: Credible

A leader in loan comparison, Credible provides you real (not estimated) 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. 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.

APR
7.99% to 20.90%
Loan Amounts
$5,000 to $15,000
Terms Offered
3 to 7 Years
Origination Fee
$0

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 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
  • Multiple repayment options with flexibility for varying circumstances
  • No prepayment fees
  • Some loan forgiveness options

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
  • Loan forgiveness options not standard

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.

Lend-Grow

Lend-Grow offers 5-, 10-, 15-, 20- and 25-year student loan refinance terms with fixed rates as low as 2.80% APR and variable rates as low as 1.89% APR. 

Lend-Grow pays down your loan, too — 0.10% APR every month for 3 years! Here’s what this means: Lend-Grow deposits 0.10% APR of your loan amount funded each month for up to 3 years (as long as your account is active) with payback rewards. 

Lend-Grow deposits the payback reward directly to the loan account you specify at the time of Payback Reward enrollment. Payback reward is not a rate discount and you must continue to meet your full payment obligations with the lender each month.

Apply at Lend-Grow today and pay down your loans faster.