Last Updated on July 29, 2023
Getting a loan without a cosigner may seem impossible, but there are options. Some private lenders offer no cosigner student loans — and our loan comparison tool can help you find one.
In this guide:
- Information on cosigners
- No-cosigner loans
- How to find and compare international student loans
Information on Cosigners
As an international student in the United States, or coming to the US, you will be required to have a cosigner most of the time when applying for a loan. Cosigners must be a US citizen or permanent resident who has lived in the US for the past two years and has good credit history.
Since most international students in the US do not have credit history, a cosigner joins the standard application process. Approval and rates are based off the credit score of the cosigner and they are legally bound to repay the loan if you (the borrower) are unable to pay.
If you don’t have a credit-worthy cosigner, you won’t qualify for most international student loans. However, there are still a few options available to international students, and on this page, we’ll give you the information you need on private international student loans that don’t require a cosigner.
No-cosigner loans
Although a cosigner is typically required by most lenders, international students attending certain colleges and universities in the US and Canada are able to apply without one. If you’re not able to find a cosigner then this type of loan could be a good option for you.
With no-cosigner loans, instead of looking at credit history, the lender will look at your academic success and career path. A few factors they will take into consideration include your home country, graduation date and what school you attend.
Private international student loans are offered through non-government lenders. There are a number of private lenders that offer loans for international students, each with their own eligibility requirements. However, only select lenders offer loans to international students that don’t require a cosigner.
Before choosing a lender, it’s important to do your research and find a lender that will offer you a loan that meets your needs. You can use our international student loan comparison tool to get information from the student loan companies that work with international students in just a few clicks.
How To Find And Compare No-Cosigner Loans
If you’re an international student and would like to explore the option of a loan that doesn’t require a cosigner, you’re able to use our loan comparison tool to see if your school has one available. If so, you can then research the terms and conditions of the loan and apply directly through the lender. When researching a loan a few items you will want to take note of include:
- How much you can borrow
- The interest rate (including if it’s fixed or variable)
- The repayment period
- When and how your funds will be disbursed
Once your loan application has been reviewed you will receive details on your loan including your interest rate and how much you can borrow, these items will vary by lender and your situation. For example, no-cosigner loans through one of our partners have a fixed interest rate of 11.99%-13.99% and allow you to borrow up to $25,000 per academic period, or $50,000 total. On your application you must state how much you would like to borrow. The approved amount along with your designated interest rate will be assigned to you by the lender after your application has been reviewed. If you are approved for a loan, the funds are disbursed directly to your college or university. The entire process usually takes about 6 weeks, so you will need to plan accordingly.
To see if there are loans available at your school, including no cosigner loans, use the international student loan comparison tool to get started.
Loans for International Students in Canada
International students in Canada may now apply for this type of loan at select Canadian schools. US, Canadian and international students may be eligible for a student loan to cover the cost of their education including tuition, housing, food, insurance and educational supplies such as books.
Apply For Student Loans Without A Cosigner
The last few years have been a whirlwind for many college students.
From rising tuition costs to the growing student debt crisis, it’s no wonder so many grads are struggling to make ends meet—let alone pay off their loans.
Luckily there’s a solution: you can apply for student loans without a cosigner!
We know how important it is to get your degree, but we also understand how stressful it can be when you have student loans looming over your head. We’ve helped thousands of students just like you get the funding they need by providing them with easy-to-use tools that walk them through the entire process step by step.
Whether you’re looking for private student loans or federal ones, we’ve got an option for every type of borrower out there. If you’re interested in applying for private student loans without a cosigner, we recommend checking out LendKey or LendEDU (which offers both private and federal options).
