College loans are a solution for students who need more funds to continue higher education. But sometimes, the requirements for college loans are complicated, especially for college loans with a cosigner. If you need a college loan for student without a cosigner, here are the recommendations.
7 Best College Loan for Student Without A Cosigner
A cosigner is a guarantor for your loan who provides information such as credit checks and income. Cosigners can come from parents, family, relatives or friends. If you don’t have someone to be a cosigner, here are the recommended college loans for students without a cosigner. Take a look closer!
1. Ascent Funding
The best option for college loan for student without a cosigner is Ascent Funding. This college loan is intended for borrowers without requiring a credit history or cosigner. Usually, loans and interest payments are based on educational program, school, GPA, graduation time, and other factors.
Usually, Ascend Funding provides loans for senior and junior students with a GPA of 2.9 or more. These loans have no origination fees, a 24-month waiting period, and a graduated repayment option that allows payments to start low and increase gradually, keeping the initial loan term the same.
If you are an international student, you must apply for an Ascent loan with a US citizen cosigner. It means you are only eligible to apply for this loan program with a cosigner.
2. MPOWER
MPOWER is the option of a college loan for student without a cosigner for those studying at a specific school in Canada and the US. If you are an international student and a US citizen, you can apply for this loan.
Moreover, these loans do not require a cosigner and do not require a credit history. Loan eligibility is based on your future earning potential to determine whether you will be approved. Its loans are available to students from more than 190 countries, and borrowers can pay online from any location in any currency.
3. A.M. Money
A.M. Money offers college loan for student without a cosigner enrolled at one of the 16 schools listed on its website. Most of the schools listed are schools in Chicago.
If you register at one of the schools on the A.M. website, money and your loan is approved. Usually, the interest you earn is your interest rate will be fixed between 8.34% and 8.87% APR.
A.M. Money looks at the debtor’s eligibility based on his academic achievements. Additionally, this loan also offers an income-based repayment program that lasts up to 36 months if you have any financial trouble.
4. Edly
Edly is considered to be a new company that offers college loan for student without a cosigner. Income-tested eligibility is designed to be more accessible than traditional student loans.
To qualify, you don’t need a credit check, income, or cosigner. Instead, eligibility is based on the school or program the student attends.
Edly loan repayment is not at a predetermined interest rate but is tied to the amount of income. This allows borrowers to defer payments until they have income, where the minimum gross annual salary is $30,000. If you are still looking for a job that pays more than this minimum, you do not have to repay the loan.
Payment is not required on campus or during the four-month grace period after graduating or leaving school. The total amount you pay to Edly will be limited to 2.25 times the loan amount or an amount, which translates to an APR of 23%.
5. Funding U
The fifth option for a college loan for student without a cosigner is Funding U. This loan’s speciality is providing student loans without a cosigner. They have a unique eligibility model without a credit history, where most students still need to get their credit check.
Eligibility is determined by your academic success in college, your projected total student debt, your likelihood of graduating on time, and your projected income based on your major. Funding U will consider historical data of other students attending your school if this information is limited.
The application process consists of four steps, namely submission, review, and discussion with the loan department. Once approved, you will go through the process of signing various documents, and you can receive the money.
6. Earnest
Earnest offers private student loans and refinances with competitive interest rates, no fees, and longer-than-average repayment grace periods. This is one of the best option college loan for student without a cosigner.
Borrowers can also access flexible repayment options such as the ability to skip payments, choose their due date or set their unique repayment schedule up to the exact number of months.
Its eligibility requirements are also more transparent than most lenders. With its pre-qualification tool, you can easily understand whether you qualify for a loan and what terms you may qualify for.
7. Sallie Mae
Sallie Mae is one of the best options for the college loan for student without a cosigner. It has been offering college loans to students for over 40 years. Previously, this program was government-owned. Now, it is a private company focusing on realizing higher education.
Sallie Mae offers private student loans for undergraduate, graduate, and career training students. These include medical school, medical residency, dental school, health professions, bar studies, law school, graduate school loans, and career training student loans.
They also offer college planning tools that help manage educational costs during college. These loans have low interest rates, few fees, and flexible repayment options. Even better, Sallie Mae can cover up to 100 percent of your school’s cost of attendance, and you can take advantage of other additional benefits.
Which Student Loan Will You Choose?
So that’s all about the seven best college loan for student without a cosigner that you can consider for college costs, especially for those who don’t have someone for a cosigner.
Even though student loans make things easier for you, they will still burden your finances at some point, so do your research and adjust it to your needs before choosing a student loan.
