Comparing the Best Loan Without a Cosigner

Comparing the Best Loan Without a Cosigner

MPower Financing

MPower Financing offers no-cosigner student loans and scholarships to study in the U.S. and abroad. You can borrow up to $50,000 at a fixed interest rate and get a 6-month repayment grace period after college.

MPower Financing works with over 350 different colleges and universities to service loans to students who are enrolled. To qualify for a student loan without a cosigner, you must:

  • Be an undergraduate or graduate student within 2 years of graduating or about to begin a 2 or 1-year program
  • Be a U.S. citizen, DACA recipient, international student, or refugee or asylum-seeker
  • Admitted to or attending one of their approved schools in the U.S. or Canada


If youre looking for the best student loan without a cosigner, FundingU is a strong contender. This company is interested in funding the student so they never require a cosigner for loans. They do only offer student loans for undergraduates, but the process is very simple and you can get pre-approved in minutes.

Student loans through FundingU have fixed monthly payments and fixed interest rates. Their eligibility requirements are based on your GPA in school as well as your graduation rate. FundingUs private student loans have a higher interest rate ranging from 7.99% and % ounts vary depending on your state of residence.

A.M. Money

A.M. Money offers private student loans that are merit-based so you wont ever need a cosigner. Each loan has a fixed interest rate of 7.08% to 8.85%. Youll get a 6-month grace period and a standard repayment plan to pay the loan back. Even economic hardship assistance is available if you struggle with repaying your student loan after graduation which is not as common among private lenders.

Instead of focusing on credit, income, or your cosigners qualifications, A.M. Money focuses on investing in each students focus and measures eligibility by GPA. The only downside of A.M. Moneys private student loans is they only service loans for students attending select schools.

How We Came Up With This List

To come up with this list of the best student loans without a cosigner, we focused on comparing some of the key features and benefits that borrowers are looking for. While most private student loan companies factor in credit score, it was important to narrow down the companies that offered more merit-based student loans or were more lenient with credit requirements.

We also believe students shouldn’t pay a ton of fees on their loans as this can only hinder their ability to repay the loan after college. So loans with no or low origination fees are at the top of this list.

Another factor that helped us come up with this list is accessibility. One of the biggest obstacles with getting a private student loan is determining whether you can use it at your school of choice. While some of the loan options on this list have a limited range of accepted schools, they still offer great loan benefits while other companies on our list have a wider range of schools you can attend while receiving loan funds.

Our Pick For the Best Student Loan Without a Cosigner: Earnest

Earnest is at the top of our list because even though they dont offer the largest borrowing amount, they do offer a lower APR and a 9-month grace period before repaying your student loan. If you are already receiving federal student loans and need a private loan without a cosigner to supplement your educational costs, Earnest is a great option.

If you dont have a 650 credit score or cant meet the minimum income requirements to qualify for a student loan through Earnest, consider Ascent Lending for your no-cosigner student loan.

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