Best student loans without a co-signer in August 2022

Overview: Federal Direct Unsubsidized and Direct Subsidized Loans are offered to all students attending qualifying institutions. These loans don't require a credit check and carry fixed interest rates that are the same for all borrowers. For the 2022-23 school year, these rates are 4.99 percent for undergraduates and 6.54 percent for graduates. With Direct Subsidized Loans, the government even covers your loan interest while you're in school and during the grace period. Federal loans also come with multiple repayment and forgiveness options that private lenders don't offer.

Why federal Direct Unsubsidized and Subsidized Loans loans are best for undergraduate students without a co-signer: Federal Direct Loans come with extensive benefits and borrower protections, and they don't require a credit check.

Overview: Grad PLUS loans are designed for graduate and professional students. Grad PLUS loans have higher interest rates than Direct Unsubsidized Loans, but they also have higher loan limits — up to the full cost of your education. A co-signer is not required, although you may need an endorser if you have an adverse credit history. Like Direct Unsubsidized and Subsidized Loans, these loans give you access to income-driven repayment plans, extensive forbearance programs and more.

Why federal grad PLUS loans are best for graduate students without a co-signer: While grad PLUS loans check your credit, there is no minimum credit score threshold, and these loans let you borrow up to the full cost of your education.

Overview: Funding U is a nontraditional lender that lends directly to students and doesn't consider credit scores. Its loan amounts are relatively low, and its starting APRs are high – but for borrowers who have bad credit, it could end up being one of the cheapest loan options.

Why Funding U student loans are best for borrowers with bad or no credit without a co-signer: Instead of credit history, Funding U looks at academic merit and factors like projected salary after graduation to approve borrowers.

Overview: Ascent offers student loans for undergraduate, graduate, international and DACA students, but it stands out for its non-co-signed options for undergraduates. There are two options: credit-based and outcomes-based. To qualify for the credit-based loan without a co-signer, borrowers must have more than two years of credit history and meet minimum credit score requirements. For the outcomes-based loan, borrowers are evaluated based on school, program, GPA and more. Both loans have multiple repayment options and large loan amounts.

Why Ascent student loans are best for students pursuing competitive careers without a co-signer: Ascent's "outcomes-based" loans consider borrowers' future income and career potential, making it easier for undergraduate borrowers to qualify without a co-signer.

Overview: Earnest doesn't require co-signers for its undergraduate student loans, a rarity among private student loan lenders. Earnest does require a minimum credit score of 650 to qualify, so it's best for borrowers who already have an established credit history. Earnest also offers a range of repayment options, including the option to skip a payment every 12 months, and a nine-month grace period.

Why Earnest student loans are best for borrowers with minimal borrowing needs without a co-signer: Earnest caters to borrowers who don't need to borrow much for college, with loan amounts as low as $1,000. And while co-signers are recommended for undergraduate students, they're not required.

Overview: Education Loan Finance's student loans come with low interest rates and a wide range of loan amounts, making it the ideal fit for borrowers who qualify. Education Loan Finance does have stricter eligibility requirements than other lenders, with a minimum credit score of 680 and a minimum income of $35,000, but it doesn't require undergraduates to add a co-signer if they meet these requirements on their own.

Why Education Loan Finance student loans are best for borrowers with a solid financial history without a co-signer: Education Loan Finance has a relatively high minimum annual income requirement of $35,000, but borrowers who meet this and other eligibility requirements can qualify for inexpensive loans without a co-signer.

Overview: SoFi is well known for its tools, resources and personalized financial help. It offers private student loans for creditworthy undergraduate and graduate students who are in satisfactory academic and financial standing. Among its perks is a unique unemployment protection option, which suspends your monthly loan payments while you're searching for a job — for a total period of up to 12 months.

Why SoFi student loans are best for returning borrowers without a co-signer: Borrowers who have taken out a loan with SoFi in the past can benefit in several ways by returning to SoFi. Previous private student loan borrowers can "fast track" applications for future funds, and borrowers who have a different type of loan with the company may be eligible for a 0.125 percent discount on their new student loan.