Best Private Student Loans with Cosigner are important. As the cost of education continues to rise, students and their families are increasingly turning to private student loans to help finance their college education. While federal student loans remain the most popular choice, they may not always be sufficient to cover the full cost of attendance, especially at more expensive schools. Private student loans can bridge the gap between federal aid and the cost of attendance, but it can be difficult to know which lender to choose. In this article, we will take a closer look at 20 of the best private student loans that require a cosigner.
Table of Contents
- Sallie Mae Private Student Loan
- Ascent Credit-based Student Loan
- College Ave Private Student Loan
- Earnest Private Student Loan
- SoFi Private Student Loan
- Custom Choice Loan, Powered by Cognition
- Education Loan Finance Private Student Loan
- Funding U Private Student Loan
- LendKey Private Student Loan
- Discover Undergraduate and Graduate Student Loans
- Funding U Private Student Loan
- Ascent Non-Cosigned Student Loan
- MPOWER Private Student Loan
- Ascent Credit-based Student Loan
- ISL Private Student Loan
- RISLA Private Student Loan
- College Ave Private Student Loan
- Edly Private Student Loan
- Ascent Graduate and Health Professions Loan
- Conclusion and FAQs
1. Sallie Mae Private Student Loan
Sallie Mae is one of the largest private student loan lenders in the United States, and offers a variety of loans to students and their families. Sallie Mae’s Smart Option Student Loan is a popular choice, and offers competitive interest rates, flexible repayment options, and no origination fees. Borrowers can choose to make payments while in school, or defer payments until after graduation. Cosigners are welcome, and can help borrowers qualify for lower interest rates.
2. Ascent Credit-based Student Loan
Ascent offers credit-based student loans to undergraduate and graduate students, as well as parents of students. Ascent’s loans do not require a cosigner, but borrowers who do have a cosigner may qualify for lower interest rates. Ascent offers competitive interest rates and flexible repayment options, as well as a variety of loan terms to choose from.
3. College Ave Private Student Loan
College Ave offers a variety of private student loans to undergraduate and graduate students, as well as parents of students. College Ave’s loans feature competitive interest rates, flexible repayment options, and no origination fees. Borrowers can choose to make payments while in school, or defer payments until after graduation. Cosigners are welcome, and can help borrowers qualify for lower interest rates.
4. Earnest Private Student Loan
Earnest is a lender that offers a variety of loans, including private student loans. Earnest’s loans feature competitive interest rates, flexible repayment options, and no origination fees. Borrowers can choose to make payments while in school, or defer payments until after graduation. Cosigners are welcome, and can help borrowers qualify for lower interest rates.
5. SoFi Private Student Loan
SoFi is a lender that offers a variety of loans, including private student loans. SoFi’s loans feature competitive interest rates, flexible repayment options, and no origination fees. Borrowers can choose to make payments while in school, or defer payments until after graduation. Cosigners are welcome, and can help borrowers qualify for lower interest rates.
6. Custom Choice Loan, Powered by Cognition
The Custom Choice Loan, powered by Cognition, is a private student loan offered by Citizens Bank. This loan offers borrowers a choice of fixed or variable interest rates, as well as the option to make interest-only payments while in school. Additionally, borrowers can choose between 5, 10, and 15-year repayment terms.
One unique feature of the Custom Choice Loan is its partnership with Cognition, an online financial wellness platform. This platform provides borrowers with tools and resources to help them manage their finances and make informed decisions about their loan repayment options.
To qualify for the Custom Choice Loan, borrowers must be enrolled at least half-time in a degree-granting program at an eligible institution. Additionally, borrowers must meet certain credit and income requirements.
Overall, the Custom Choice Loan can be a great option for borrowers who want a flexible loan with additional resources to help them manage their finances.
7. Education Loan Finance Private Student Loan
Education Loan Finance (ELFI) offers a variety of private student loans to borrowers, including loans for undergraduate, graduate, and professional degree programs. ELFI offers both fixed and variable interest rates, as well as the option to make interest-only payments while in school.
One unique feature of ELFI’s private student loans is its program for healthcare professionals. Healthcare professionals, including doctors, nurses, and other medical professionals, may be eligible for lower interest rates and additional benefits through this program.
To qualify for an ELFI private student loan, borrowers must have a minimum credit score of 680 and a minimum annual income of $35,000. Additionally, borrowers must be enrolled in a degree-granting program at an eligible institution.
Overall, ELFI can be a great option for borrowers who want a private student loan with flexible repayment options and additional benefits for healthcare professionals.
8. Funding U Private Student Loan
Funding U offers private student loans to borrowers who may not have a cosigner or may not meet traditional credit and income requirements. Funding U considers factors such as academic performance and earning potential when evaluating loan applications, which can make it a good option for students who have a strong academic record but may not have a long credit history.
Funding U offers fixed interest rates and 10-year repayment terms for its private student loans. Additionally, borrowers can choose to defer payments while they are still in school.
To qualify for a Funding U private student loan, borrowers must be enrolled in a degree-granting program at an eligible institution. Additionally, borrowers must meet certain academic and income requirements.
Overall, Funding U can be a great option for borrowers who want a private student loan but may not have a cosigner or meet traditional credit and income requirements.
9. LendKey Private Student Loan
LendKey offers private student loans to borrowers through a network of community banks and credit unions. This can be a great option for borrowers who want a more personalized lending experience. With LendKey, borrowers can choose from fixed and variable interest rates, as well as different repayment terms. The company also offers cosigner release options and interest-only payments while in school.
One unique feature of LendKey’s private student loans is the company’s focus on community impact. LendKey partners with local banks and credit unions to fund loans, which helps support community banks and credit unions. This approach also means that LendKey borrowers can often receive lower interest rates than they would with other lenders.
Overall, LendKey is a great option for borrowers who value a personalized lending experience and want to support their local community banks and credit unions.
10. Discover Undergraduate and Graduate Student Loans
Discover is a well-known financial services company that offers a variety of products, including private student loans for both undergraduate and graduate students. Discover offers both fixed and variable interest rates, as well as the option to make interest-only payments while in school.
With Discover, borrowers can choose from a variety of repayment terms, including 15, 20, and 25-year options. Discover also offers a cosigner release option after making 12 on-time payments.
One unique feature of Discover’s private student loans is the company’s Cashback Rewards program. Borrowers can receive a cash reward for maintaining a 3.0 GPA or higher, as well as for graduating. This program can help borrowers save money on their loans over time.
Overall, Discover is a great option for borrowers who want the flexibility of choosing their repayment terms and want to potentially earn rewards for good academic performance.
11. Funding U Private Student Loan
Funding U is a private student loan lender that specializes in loans for undergraduate students who may not have a cosigner. The company considers factors like academic performance and future earning potential when evaluating borrowers, rather than solely relying on credit scores and cosigners.
Funding U offers fixed interest rates and allows borrowers to choose from different repayment terms. The company also offers a cosigner release option after making 24 on-time payments.
One unique feature of Funding U’s loans is the company’s focus on student success. Funding U offers resources and support to help borrowers succeed academically and professionally, such as career coaching and networking opportunities.
Overall, Funding U is a great option for undergraduate students who may not have a cosigner and want a lender that prioritizes their success.
12. Ascent Non-Cosigned Student Loan
Ascent offers private student loans for both undergraduate and graduate students, with the option for borrowers to apply without a cosigner. Ascent considers factors like academic performance and future earning potential when evaluating borrowers.
With Ascent, borrowers can choose from fixed and variable interest rates, as well as different repayment terms. The company also offers a cosigner release option after making 24 on-time payments.
One unique feature of Ascent’s loans is the company’s financial literacy program. Ascent offers resources and education to help borrowers understand their loans and make informed financial decisions.
Overall, Ascent is a great option for borrowers who may not have a cosigner and want a lender that prioritizes financial literacy.
13. MPOWER Private Student Loan
MPOWER offers private student loans for both undergraduate and graduate students, with a focus on international students and DACA recipients. The company considers factors like academic performance and future earning potential when evaluating borrowers.
With MPOWER, borrowers can choose from fixed and variable interest rates, as well as different repayment terms. The company also offers a cosigner release option after making 12 on-time payments.
One unique feature of MPOWER’s loans is the Career Catalyst program, which provides borrowers with resources and guidance to help them succeed professionally after graduation. This includes career development tools, job search assistance, and access to a network of mentors and professionals in their field.
14. Ascent Credit-based Student Loan
Ascent offers credit-based private student loans for undergraduate and graduate students, with no cosigner required. The company takes a holistic approach to evaluating borrowers, considering factors like academic performance, employment history, and future earning potential.
With Ascent, borrowers can choose from fixed and variable interest rates, as well as different repayment terms. The company also offers a cosigner release option after making 24 on-time payments.
15. ISL Private Student Loan
Independent Student Loan (ISL) is a private student loan offered by the Washington State Employees Credit Union (WSECU). ISL is designed for borrowers who need to supplement their federal financial aid or who are ineligible for federal aid.
With ISL, borrowers can choose from fixed and variable interest rates, as well as different repayment terms. The company also offers a cosigner release option after making 24 on-time payments.
16. RISLA Private Student Loan
Rhode Island Student Loan Authority (RISLA) offers private student loans to borrowers nationwide, with no application or origination fees. RISLA also offers a cosigner release option after making 24 on-time payments.
With RISLA, borrowers can choose from fixed and variable interest rates, as well as different repayment terms. The company also offers a variety of borrower benefits, including a 0.25% interest rate reduction for enrolling in automatic payments.
17. College Ave Private Student Loan
College Ave offers private student loans for undergraduate and graduate students, with the option to choose from fixed and variable interest rates. Borrowers can also choose from different repayment terms, including 5, 8, 10, and 15-year options.
College Ave offers a variety of borrower benefits, including a 0.25% interest rate reduction for enrolling in automatic payments, as well as a cosigner release option after making 24 on-time payments.
18. Edly Private Student Loan
Edly is a marketplace that connects investors with student borrowers, offering a new type of private student loan that allows investors to invest in the education of promising students. The loans are structured as income-share agreements, meaning that borrowers pay back a percentage of their future income instead of a fixed amount.
Edly’s loans are available to undergraduate and graduate students, with no cosigner required. Borrowers can choose from different repayment terms, and there are no penalties for early repayment.
19. Ascent Graduate and Health Professions
Ascent also offers credit-based private student loans for graduate students and those in health professions, with no cosigner required. The company takes a holistic approach to evaluating borrowers, considering factors like academic performance, employment history, and future earning potential.
With Ascent, borrowers can choose from fixed and variable interest rates, as well as different repayment terms. The company also offers a cosigner release option after making 24 on-time payments.
Conclusion
Choosing the right private student loan can be a daunting task, but there are many options available for borrowers with or without a cosigner. It’s important to consider factors like interest rates, repayment terms, and borrower benefits when comparing loans.
By exploring the different private student loans available, borrowers can find the best option to help them finance their education and achieve their goals.
Get Started Table
| # | Loan Plan | Tenure | Benefits | Drawbacks | Website Link |
| 1 | Sallie Mae Private Student Loan | Up to 15 years | Competitive interest rates, cosigner release, flexible terms | Higher interest rates for some borrowers, fees | https://www.salliemae.com/student-loans/private/ |
| 2 | Ascent Credit-based Student Loan | Up to 20 years | No cosigner required, flexible repayment options | Higher interest rates for some borrowers, fees | https://ascentstudentloans.com/credit-based/ |
| 3 | College Ave Private Student Loan | Up to 20 years | Competitive interest rates, cosigner release, flexible terms | Higher interest rates for some borrowers, fees | https://www.collegeavestudentloans.com/private-student-loans/ |
| 4 | Earnest Private Student Loan | Up to 20 years | No fees, cosigner release, flexible terms | Higher interest rates for some borrowers | https://www.earnest.com/student-loans/private-student-loans |
| 5 | SoFi Private Student Loan | Up to 20 years | No fees, unemployment protection, career coaching | Higher interest rates for some borrowers, stricter eligibility requirements | https://www.sofi.com/private-student-loans/ |
| 6 | Custom Choice Loan, Powered by Cognition | Up to 15 years | Competitive interest rates, cosigner release, flexible terms | Higher interest rates for some borrowers, fees | https://www.salliemae.com/student-loans/private/custom-choice-loan/ |
| 7 | Education Loan Finance Private Student Loan | Up to 20 years | Competitive interest rates, cosigner release, flexible terms | Higher interest rates for some borrowers, fees | https://www.elfi.com/private-student-loans/ |
| 8 | Funding U Private Student Loan | Up to 10 years | No cosigner required, flexible repayment options | Higher interest rates for some borrowers, fees | https://funding-u.com/private-student-loans/ |
| 9 | LendKey Private Student Loan | Up to 20 years | Competitive interest rates, cosigner release, flexible terms | Higher interest rates for some borrowers, fees | https://www.lendkey.com/student-loans/private-student-loans/ |
| 10 | Discover Undergraduate and Graduate Student Loans | Up to 25 years | Cosigner release, flexible repayment terms | Higher interest rates for some borrowers, fees | https://www.discover.com/student-loans/private-loans/ |
| 11 | Ascent Non-Cosigned Student Loan | Up to 15 years | No cosigner required, flexible repayment options | Higher interest rates for some borrowers, fees | https://ascentstudentloans.com/non-cosigned/ |
| 12 | MPOWER Private Student Loan | Up to 10 years | No cosigner required for qualified borrowers, flexible terms | Higher interest rates for some borrowers, fees | https://www.mpowerfinancing.com/private-student-loans/ |
| 13 | Ascent Credit-based Student Loan | Up to 20 years | No cosigner required, flexible repayment options | Higher interest rates for some borrowers, fees | https://ascentstudentloans.com/credit-based/ |
| 14 | ISL Private Student Loan | Up to 15 years | No origination fees or prepayment penalties | High variable interest rates | isl.edu/student-loans/private-student-loans/ |
| 15 | RISLA Private Student Loan | Up to 20 years | Fixed interest rates | Limited to residents of Rhode Island | risla.com/student-loans/private-student-loans |
| 16 | College Ave Private Student Loan | Up to 15 years | 4 repayment options | Higher rates for longer terms | collegeavestudentloans.com/private-student-loans |
| 17 | Edly Private Student Loan | Up to 10 years | Income share agreement option available | Limited loan amounts | edly.com/private-student-loans |
| 18 | Ascent Graduate and Health Professions Loan | Up to 20 years | No cosigner required for some borrowers | High variable interest rates | ascentfunding.com/graduate-health-professionals |
FAQs
Q: What is a cosigner?
A: cosigner is someone who agrees to take responsibility for a borrower’s loan if the borrower is unable to make payments.
Q: Why do I need a cosigner for a private student loan?
A: Many private lenders require a cosigner, especially for undergraduate students or those with limited credit history. This is because cosigners can provide additional assurance that the loan will be repaid on time.
Q: Can I remove a cosigner from my private student loan?
A: Some lenders offer cosigner release options, which allow borrowers to remove their cosigner from the loan after a certain period of on-time payments. However, the specific requirements for cosigner release vary by lender.
Q: Are there any disadvantages to having a cosigner on my private student loan?
A: If the borrower is unable to make payments, the cosigner is responsible for repaying the loan. Additionally, if the borrower defaults on the loan, it can negatively affect the cosigner’s credit score.
Q: Can I refinance my private student loan to remove my cosigner?
A: Some lenders offer refinancing options that allow borrowers to remove their cosigner from the loan. However, the borrower typically needs to have established a good credit history and meet other eligibility requirements.
