Fortunately, not all private student lenders require you to have a co-signer. Of the 12 lenders we reviewed, only CommonBond required borrowers to have a co-signer to qualify for a loan. Most of the other 11 lenders encouraged borrowers to add a co-signer to their application; however, if you meet their credit and income requirements, you can get a loan on your own. MPOWER does not consider co-signers when approving student loans.

However, meeting the requirements while still in school can be difficult. Of the lenders that listed their minimum income for non-cosigned loan applicants, Ascent had the lowest minimum at $24,000. Other lenders had income requirements of $30,000 and above. If you’re in school full-time, it can be difficult to find a job that allows you to earn so much while juggling your classes, which is why having a co-signer can be so beneficial.

International students in the United States are much less likely to find a student loan that does not require a co-signer, although there are some available at some institutions.

If you need to borrow money but don’t have a cosigner, you should first make sure you’ve exhausted all of your federal financial aid options, including student loans.

Unlike private loans, federal student loans do not require credit checks or minimum income requirements. As a college student with no established credit history or salary, federal loans may be your best option.

If you still need additional financial help after taking out federal loans, focus on building your credit score and generating an income. In some cases, it may make sense to go to school part-time so you can work more hours and earn enough money to qualify for student loans on your own. Or, you can work full-time during the summer and part-time during the school year to meet the minimum required income.

Given the limited number of options without a co-signer, be sure to research each private loan you are considering carefully and beware of lenders who may try to take advantage of your predicament.

If it is possible to find a friend or relative to co-sign the private student loan application with you, it is a good idea to do so. There are two main advantages:

1. You increase your chances of getting a loan. The vast majority of private student loans issued to borrowers have co-signers. Having a co-signer lowers the lender’s risk, making them more likely to give you a loan so you can complete your education.
2. You may qualify for a lower interest rate than you would get on your own. If you can qualify for a loan on your own, you could end up with a higher interest rate due to your credit score or income. By adding a co-signer with good credit and a stable income, you can get a lower interest rate on your loan. Over time, this lower interest rate will help you save thousands of dollars in interest charges.