How to Find a Cosigner for Student Loans When Parents Aren’t an Option

Students and graduates needing to find a co-signer for student loan help usually ask Mom or Dad. But if your parents aren’t an option, you’ll be glad to know that private lenders are often flexible about who can serve as a guarantor to your loan agreement.

Your co-signer must only be a US citizen or permanent resident and have good credit and a steady income. Optional co-signers may include a grandparent, spouse, aunt or uncle, or a trusted guardian.

However, it’s still a big demand to have someone to support you through (or after) school. Here’s some advice on how to find a cosigner for a student loan without asking a parent.

Why You May Need to Find a Cosigner

Almost all federal student loans can be applied for and disbursed without a co-signer, which is one of the many reasons to rely on them in the first place. On the other hand, private loans for undergraduatesA cosigner is almost always required.

In fact, by measurement, 91% of graduate loans carry a cosigner. Without a co-signer, you may have higher interest rates and the lender may take on more risk in the transaction.

This is good co-signer or co-borrower Does: They improve the applicant profile with their better credit history. The co-signers are also well aware that they will be responsible for loan repayment if the primary borrower fails to keep up.

In a better scenario, primary borrowers can build their credit history by making timely payments. His co-signers could rest easy behind the scenes, acting as a safety net.

But it’s a lot of responsibility, which helps explain why usually only those closest to you are willing to take it on.

How to Find a US Co-Signer for International Students

If you’re on a student visa and want to finance your next semester of education in the US, you may have trouble getting started. After all, permanent residency is a requirement for federal student aid, and most banks, credit unions, and other private lenders will not offer loans if you’re applying on your own.

to find a cosigner for one international student loanThis is the U.S. Will help build relationships. For example, a credit-eligible aunt or uncle who lives in the country can help you qualify.

mpower financing A rare example of a reputable lender that would not require an international student to find a cosigner. But be aware that you may face higher interest rates without relying on someone else’s hefty credit file.

How to Find a Co-Signer for Student Loans, Beyond Your Parents

After unsuccessfully asking family for a loan or cosigner, you have options for non-traditional cosigners. Here are some safer options for those willing to pay loans, as well as a few you should avoid.

Closer is better when soliciting people to lend

First, think about the people in your inner circle. Maybe you have an aunt, uncle or grandparent who is financially well off and wouldn’t mind you putting their credit report at stake. Senior members of your family may be in a better position to take such a risk.

Siblings or cousins ​​may be more difficult to call. They may want to clear their borrowing history in order to prepare for their own big purchase, such as applying for a mortgage.

Beyond your relatives, think about the people in your life who will go to bat for you. Lifelong friends and mentors may be ready to support you, even if you don’t share the same last name. (So ​​if you have to go through your social media network to find them, chances are the relationship isn’t strong enough to cosign).

If you’re going to graduate school, a former teacher or professor you were close to may be able to help you further your studies. This can be true if you have exhausted every other avenue for funding and just need a small personal loan to push you over the hump.

Beware of Online Cosigners

There are many reasons to avoid finding an online cosigner through Craigslist (or similar online classifieds that lack security). You should also be wary of companies that claim to specialize in matching students with special needs who are willing to provide loans at cost.

Websites like and will ask you to submit a free application including your personal information and details of your loan amount. You may then be asked to pay a fee of some sort., for example, asks between $29.99 and $39.99 to connect you with these professional cosigners, depending on your credit score or location.

From there, you have to make it worth the stranger’s time. They may ask for a portion of your loan, for example, in exchange for serving as your co-signer. You may be asked if you are willing to share your loan amount upon your initial application.

This happens when you are matched with a valid online cosigner. According to the Better Business Bureau (BBB), Such services are often violent, Targeting economically weaker students. Be aware, for example, that CosignerFinder users submitted several complaints to the BBB, claiming that the service failed to match them with willing cosigners as promised and that their refund requests went undetected.

If you’re thinking about how to find a cosigner for a student loan online, put the service (and the cosigner) through the same rigorous tests you would a lender. With the high risk of scams, don’t take cosigner service ads (including their homepage) at face value. And if they ask you to pay someone to make a loan, be very suspicious.

How to get a cosigner to pick up a pen

Once you have identified the people who are willing to extend the loan, make sure they are eligible. College Avenue Student Loans, for example, is a prequalification tool Which can help your potential cosigner verify their residency status, income and credit score.

The question of how to find a cosigner for a student loan then becomes how to get a cosigner to sign on the dotted line.

When you find a worthy target, state your case like a Ph.D. Students will defend their thesis. Come prepared, and be honest about the risks. Answering these five questions should strengthen your case:

1. Why do you need the loan amount?

If you need a $10,000 personal loan to cover your junior year, for example, be clear about what exactly the money will be put towards, whether it’s tuition, housing or other necessary expenses.

2. What is your plan for repayment?

show them with data (perhaps with the help of our monthly payment calculator) represents how your projected postgraduate income and savings will cover your future loan payments.

3. How prepared are you to handle the repayment on your own?

Don’t hesitate to share your finances with someone you trust. If you have other loans (or plan to take out additional loans), they may want to know that your risk is beyond the loan they are offering.

4. How will you navigate your worst-case repayment scenario?

Be sure to answer any questions they have about your liability. For example, they need to know that the lender will hold them accountable for loan payments if you can no longer pay them.

5. How do you plan to release the co-signer?

more positively, bring up the possibility of cosigner release, in which you take out the loan in full after the payments made. You can explain its benefits to the potential guarantor cosigner release And your plan to work in this direction.

When possible, answer these questions with facts, not just subtleties. Your co-signer is hitching themselves to your wagon, so they deserve to know the destination.

How to View Private Student Loans Without Cosigner Requirements

As you look to finance your college or graduate schooling, it is important to know that you have the option of finding a cosigner other than your parents. Not all of them are great options, but finding a relative or friend offline – without paying for it – will usually be the best way to go.

If you can’t find a helping hand, there may still be ways to secure student loan without cosigner help.

Federal student loans are generally the most beneficial, as they do not require an initial credit check, and eligible students can easily apply by filling out an application. Free Application for Federal Student Aid (FAFSA),

As a federal student loan borrower, you’ll have access to a variety of benefits, such as income-driven repayment plans, special student loan forgiveness programand expanded deferment and forbearance options.

There are also private loan companies that lend to individual borrowers without access to co-signers. Just be sure that you will be able to meet their eligibility requirements.

prescribed eligibility criteria note that …
climbing 2 years credit history, $24,000 minimum income If you don’t meet those requirements, you may still qualify for a loan like the Ascent Income-Share Agreement.
College Ave Credit score of 660 or above If you’re unsure how to qualify yourself, try Lender Prequalification Tool
Earnest Credit score of at least 650, annual income of $35,000+ and three years of credit history Non-citizen students without permanent resident status (those who have a Social Security number) are eligible for a co-signer
education loan finance Credit score of at least 680, annual income of $35,000+ and 3 years of credit history ELFI has a minimum loan amount of $10,000
funding university GPA and school graduation rates vary by your year in the degree program Your academic success, job experience and projected post-graduate income determine the fate of your loan application
mpower financing Be attending a degree program in the US or Canada and be within 2 years of graduation Your future earning potential, not your credit score, is used to determine your eligibility.
pnc “Satisfactory” credit meets unspecified debt-to-income criteria Students must be citizens or permanent residents living in the US for at least 2 years, enrolled at least half-time; Cosigner required for 17 year olds
Kooduk Finance Attend an eligible graduate school in an eligible state International students and US students studying abroad are eligible to borrow
Sophie good credit Half-time enrollment required for all SoFi loans

frequently asked questions

What do you need to be a cosigner?

Lender requirements for a co-signer may vary. Generally, a cosigner must have “very good” to “excellent” credit with a score of at least 670. Cosigners are also required to have reliable and sufficient income with a debt-to-income ratio of less than 50%.

Do Federal Student Loans Require Cosigners?

Generally, federal student loans do not require a credit check. you may still be eligible Federal Student Loan Aid With Bad Credit And Without A Cosigner, The only exception is if you are applying for a PLUS loan with bad credit; In this case, you may need an endorser with good credit to qualify.

What if you can’t find a cosigner?

If you can’t find a co-signer, and have already explored federal student loans and other private lenders, consider applying for other types of financial aid. financial aid through Grants and Scholarships Can help you bridge the cost between the aid you’ve received and the cost of your education. Also, consider work-study programs or a part-time job while pursuing your degree.

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