How to Get a Student Loan Without a Cosigner

Having a cosigner at the time of applying for a student loan is great. It makes the whole loan approval process smooth and stress-free for both you and the lender. But have you ever considered the downsides of taking a student loan with your mom or dad as a cosigner? Moreover, you are not unlucky if you don’t have a cosigner to help you get your student loan approved.

Here are a few Federal student loan options you have while applying without a co-signer.

1. Stafford Loan

Stafford loan is a federal loan offered to college students and professionals taking a vocational course in the university. Most students use the Stafford loans to pay for large expenses like tuition fees and accommodation. They are also known as direct loans. A student when accepted into a college or university accredited to accept federal loans have to fill up the Free Application for Federal Student Aid (FAFSA) form on the FederalStudentAid website.

There two types of Stafford loans:

a) Subsidized Stafford loan: The interest on subsidized loans is paid by the federal government for a certain period. This loan is only for a student who has extreme financial difficulties. The student is supposed to demonstrate that his/her poor financial condition. 

b) Unsubsidized Stafford loan: Most students would fit into this category. To get approved for an unsubsidized loan, you just need to fill up the FAFSA form. You are totally responsible to pay off this loan and no cosigner or government aid will be considered.

2. PLUS Loan

A PLUS Loan is a federal loan available to graduate and undergraduates students or their parents. Usually, PLUS Loans are used by the parent of the student. They can use this money for their personal expenses without any restrictions. But this loan can also be used by a student who doesn’t have a cosigner.

To apply for this loan you have to complete a FAFSA. You don’t have to worry about demonstrating a financial need to get approved for this loan. Just make sure that you are enrolled in a school that participates in the Federal Direct Student Loan Program.

3. FundingU-“Let your hard work co-sign for you.”

If for some reason, you do not qualify for the Federal loans(without a cosigner), you must take a look at the private lenders like FundingU. Offering student loans without a cosigner is what makes them the best private lender. In fact, it is their motto to let the student continue their education even if they don’t have a cosigner. You can check the eligibility in less than 30 seconds, and once approved, borrow $3,000-$10,000 each school year.


This might sound a bit morbid. But what will you do if your co-signer passes away and you find yourself completely unprepared to pay-off the loan? Also the risk of putting your parent in harm’s way as they now have to worry about your student loans on top of their retirement woes. A wise financial decision would be to apply for the student loan without a co-signer.