Do You Need A Cosigner For Student Loans?

Depending on your financial history and student loan type, you may need a cosigner to qualify for a student loan. When you apply for a loan with a cosigner, the lender considers their credit and financial history in addition to your own. Even if you don’t need one to qualify, having a cosigner could help you secure better interest rates and loan terms.

When do you need a cosigner?

A cosigner can help you get a private student loan if you can’t qualify on your own. For federal student loans, you don’t need a cosigner unless you plan to apply for a PLUS loan. These loans may require an endorser if you have a poor credit history.

An endorser is the federal government’s version of a cosigner. Endorsers don’t need to apply with you, but they will need to submit an endorser addendum, which basically states the endorser agrees to pay the loan if the borrower fails to repay.

Federal vs private student loans

Federal student loans

According to student loan expert Mark Kantrowitz, author of How to Appeal for More College Financial Aid, borrowers who have “adverse credit history” such as bankruptcy discharge, serious delinquency or wage garnishment within the past five years, “can obtain the loan with an endorser who [has a good credit history].”

The passage of the Trump administration’s One Big Beautiful Bill Act means the landscape for federal student loans will change significantly. The new legislation will get rid of grad PLUS loans, and parent PLUS loans will have annual and aggregate loan limits. These changes will be official starting July 1, 2026.

According to Kantrowitz, these changes may have more borrowers seeking loans from private lenders.

Private student loans

Private student loans require a cosigner if you don’t have much credit history or if your credit score is low. Cosigners with a good credit history can help you get a more competitive interest rate even if you qualify for the loan on your own.

If you have good credit (generally a score of 670 or higher), you might be able to get a private student loan without a cosigner. You’ll need to have a consistent payment history with no late payments to qualify on your own, among other financial fitness characteristics.

Lenders typically consider these financial factors when deciding if borrowers need a cosigner:

Unlike federal student loans, private student loans are administered by banks, credit unions or online lenders. You’ll need to provide your financial information and loan needs through the lender’s loan application.

How to choose a cosigner

According to Kantrowitz, asking someone to cosign a loan is a big responsibility since cosigners are “equally obligated to repay the debt.” You need to be mindful of the fact that late payments can have serious consequences on your cosigner’s credit.

When you look for a cosigner, look for people you know and trust with a good credit history. According to Katarina Ellison, director of Sallie Mae, you want someone who can help you get a good interest rate, but the person should also be someone you can be honest with if things are not going well, be it a guardian, friend, spouse or relative.

It’s important to approach someone to be a cosigner in the right way. Make it clear that you know this is a weighty task. It could be a good idea to discuss details and form an official agreement with the cosigner before you apply for a loan.

How to get a student loan without a cosigner

Sometimes you can’t find someone to cosign your student loan. If you must apply for a private student loan, make sure you’re in good financial health to qualify so you do not need a cosigner. To get a private student loan on your own, you typically need a credit score of 640, although some lenders may have different requirements.

To increase your chances of being approved:

• Make timely payments on existing credit: This shows that you are trustworthy and will help boost your credit score.
• Don’t max out your credit card: Every credit card has a maximum credit limit. If you are constantly using all of your credit, it will impact your credit score negatively.
• Establish a steady income: Many lenders have a minimum annual income requirement, but they also typically look for borrowers with a steady source of income.
• Find a lender with fewer requirements: There are some student loan lenders that want to make it easier for borrowers with bad or little credit to access student loans. These lenders may look at your school information, major and future earnings potential to qualify you for a loan.

How can I get student loans if my parents won’t cosign?

Some parents are unable or unwilling to cosign your student loans. If you still need to find a way to pay for student loans, consider all your options.

After you do this, evaluate if you still need to borrow money. You may still need a cosigner to help you get a private student loan. “If you need a cosigner, consider whether another trusted adult, like a grandparent, relative, or mentor, might be willing to help,” says Ellison.

Releasing a cosigner from your loan

Private lenders commonly require cosigners, but some lenders may release cosigners from student loans once the primary borrower can meet certain requirements, such as making a set number of on-time payments.

For example, College Ave allows borrowers to apply for cosigner release after half of the original payment term has passed, but the borrower must also have an annual income that is at least twice the remaining balance on the loan. SoFi offers cosigner release on private student loans after 12 consecutive payments have been made on the loan.

The cosigner usually needs to apply for the release. You’ll likely need to fill out a form and submit it to your lender. Some lenders may also require the primary borrower to go through a credit check.

To plan for cosigner release, look for lenders that are upfront about their cosigner release policy. From there, be sure to make timely payments and take steps to build your credit score to prepare for cosigner release. Some lenders allow you to apply for cosigner release after 12 to 36 months of consecutive, on-time payments.

Frequently asked questions

• Can I take out student loans by myself?
  

  Yes, you can take out student loans by yourself. To take out federal student loans on your own, you’ll need to fill out the FAFSA. This will require details about your parents’ financial history. You don’t need a cosigner for federal student loans unless they are PLUS loans.

  For private student loans, you will need to have a good credit history to qualify on your own. If you have no credit history or poor credit history, a cosigner may be required to get a private student loan.

• Are there any loans that don’t need a cosigner?
  

  There are multiple student loan options that don’t require a cosigner. All federal student loans (besides PLUS loans) can be acquired without a cosigner. For private student loans, you’ll need to have a credit score in the mid-600s to qualify without a cosigner.