• Most private undergraduate student loans require a cosigner, who shares equal responsibility for repayment.
• Having a cosigner can help students access lower interest rates and better repayment options.
• Many lenders offer a cosigner release program, which removes the cosigner’s responsibility after certain conditions are met.

If you’re taking out private loans for college, chances are you’ll need a cosigner. In fact, Sallie Mae, the largest provider of private student loans in the United States, reported that over 90% of its approved undergraduate loans had one. 

Cosigners and students take on a shared responsibility for repaying student loans. As a student, taking out a loan with a cosigner can be beneficial because it can give you access to lower interest rates and better repayment options. 

But that also means the cosigner takes on additional risk on your behalf. That’s why it’s important to compare your loan options and make sure you’ll be able to comfortably repay what’s due after graduation. 

Many private lenders provide a variety of loan options that accommodate students and their cosigners. These include cosigner release programs, flexible repayment terms and transparent requirements. 

We compared the top student loan providers for cosigners, and determined the Ascent Funding, Sallie Mae and Earnest were among the best. Here’s what you need to know before you take out a loan with a cosigner. 

Our top-rated student loans for cosigners 

• Ascent Funding: Best for borrowers with limited credit history
• Sallie Mae: Best selection of cosigned loans
• Earnest: Best for automatic cosigner release review
• College Ave: Best for cosigner repayment options
• RISLA: Best for borrower-friendly cosigner options
• SoFi: Best for Streamlined cosigner approval

Compare the best student loans for cosigners 

Lender	Best for	Cosigner requirements	Cosigner release policy	Fixed APR	Variable APR
Ascent Funding	Borrowers with limited credit history	2 years of credit history, income over $30,000	Can apply after 12 consecutive on-time payments	2.19%–15.51%	3.64%–16.3%
Sallie Mae	Cosigned loan selection	Requirements not published, but considers credit, income and legal status	Can apply after 12 on-time payments	2.09%–17.49%	3.62%–16.83%
Earnest	Automatic cosigner release review	3 years of credit history, FICO score 650+, citizen or permanent resident	Can apply after 12 months of on-time payments	2.19%–16.24%	4.74%–16.6%
College Ave	Cosigner repayment options	Requirements not published, but considers credit, income and legal status	Can apply after half of loan repayment term, borrower income must be double the outstanding loan balance	2.09%–17.99%	3.89%–17.99%
RISLA	Borrower-friendly cosigner protections	Requirements not published, but considers credit, income and legal status	Can apply after 24 months of on-time payments, must make over $60,000 per year	2.99%–8.77%	Not available
SoFi	Streamlined cosigner approval	U.S. Citizen, permanent resident or non-permanent resident alien; 18+ years old or age of majority; meets other financial requirements	Can apply after 12 months of on-time payments or equivalent lump sum amount	2.45%–15.99%	4.39%–$15.99%

Ascent Funding: Best for borrowers with limited credit history 

• Cosigner requirements: Minimum income of $30,000, 2+ year credit history, U.S. Citizen or permanent resident, 18+ years old
• Cosigner release policy: Can apply after 12 months of on-time payments
• Fixed APR: 2.19%–15.51%
• Variable APR: 3.64%–16.3%

Ascent Funding positions itself as a flexible lender that accommodates students with little or no credit history – whether they have cosigner or not. 

If you do use a cosigner, Ascent is more transparent about its terms than other lenders. It states that, among other requirements, cosigners must have at least two years of credit history and a minimum gross yearly income of $30,000.

Like some other competitors, borrowers can apply for cosigner release after 12 on-time payments in a row. That means that you can remove your cosigner and start taking on the payments yourself if you meet basic credit and income requirements after graduation.

Sallie Mae: Best selection of cosigned loans

• Cosigner requirements: Not published, but income, credit history and legal status are among considerations
• Cosigner release policy: Can apply after 12 months of on-time payments
• Fixed APR: 2.09%–17.49%
• Variable APR: 3.62%–16.83%

Sallie Mae offers extensive cosigned loan options for students in undergraduate, graduate, professional and career-training programs. Like Ascent, Sallie Mae also allows you to apply for cosigner release after graduating, making 12 on-time payments and meeting certain credit and income thresholds. 

Sallie Mae also offers parent loans. Unlike a cosigned loan, where both the student and cosigner are responsible for payment, parent loans are the full responsibility of the student’s parent or other adult sponsor. This can give families more options when choosing how to pay for school.

Earnest: Best for automatic cosigner release review

• Cosigner requirements: U.S. Citizen or permanent resident, 650+ credit score, 18+ years old, verifiable income
• Cosigner release policy: Can apply after 12 months of on-time payments
• Fixed APR: 2.19%–16.24%
• Variable APR: 4.74%–16.6%

Earnest gives borrowers several ways to customize their loan repayment, and that includes how they manage cosigners. 

Earnest is the only provider on the list that will automatically review borrowers for cosigner release if you’ve paid at least half of your loan balance down, made 36 months of on-time payments and meet basic eligibility requirements. 

You can also manually apply for cosigner release after graduating and making 12 on-time payments, similar to other lenders. 

College Ave: Best repayment options for cosigners 

• Cosigner requirements: Not published, but income, credit history and legal status are among considerations
• Cosigner release policy: Can apply after half of loan repayment term, borrower income must be double the outstanding loan balance
• Fixed APR: 2.09%–17.99%
• Variable APR: 3.89%–17.99%

College Ave offers customizable loan terms and repayment options that are flexible for students and their cosigners. These include interest-only and deferred payments while in school, as well as an autopay interest rate discount. College Ave also makes it easy to see what rates you qualify for as a student or cosigner within a couple of minutes on its website.

College Ave does have stricter cosigner release terms compared to other providers on this list. For the borrower to request cosigner release, half of the repayment term length must have passed. Borrowers must also have an annual income that’s double the outstanding loan balance. Under these rules, getting a cosigner release can be more difficult with College Ave than other lenders like Sallie Mae or Ascent Funding. 

RISLA: Best for cosigner protections

• Cosigner requirements: Not published, but income, credit history and legal status are among considerations
• Cosigner release policy: Can apply after 24 months of on-time payments, must make over $60,000 per year 
• Fixed APR: 2.99%–8.77%
• Variable APR: Not available 

In the case the student is struggling to repay the loan, RISLA (Rhode Island Student Loan Authority) offers a variety of protections that protect both the borrower and the cosigner. Unlike other providers on this list, RISLA offers income-based repayment options, expanded payment forbearance during unemployment or financial hardship, and temporary relief for active military members. 

RISLA does also offer cosigner release options. However, to qualify, you as the primary borrower must have made 24 consecutive, on-time monthly payments. Among other requirements, you must also have a yearly income of at least $60,000, which is a higher bar to clear compared to other lenders. 

SoFi: Best for streamlined cosigner approval

• Cosigner requirements: U.S. Citizen, permanent resident or non-permanent resident alien; 18+ years old or age of majority; must meet other financial requirements 
• Cosigner release policy: Can apply after 12 months of on-time payments or equivalent lump sum amount
• Fixed APR: 2.45%–15.99%
• Variable APR: 4.39%–$15.99%

SoFi’s all-online application process makes adding a cosigner to your application simple, and its cosigner release program is one of the more flexible on the list. You can get a pre-qualification decision within a couple of minutes, and the Advance Approval feature means you don’t have to fill out the full application every year. 

SoFi also offers parent loans and loan refinancing, giving borrowers more options for who pays and how. That said, cosigner release is not available for refinancing or parent loans. 

What is a student loan cosigner? 

A cosigner is someone who agrees to take equal responsibility for a student loan alongside the primary borrower (the student). Cosigners are often a parent, guardian or relative of the student. They usually must have strong credit and a stable income, among other qualifications, in order to become a cosigner. They are responsible for helping repay the loan in case the student is unable to.

Do you need a cosigner for student loans? 

Whether or not you need a cosigner for your student loans depends on your financial circumstances and the type of loan you’re taking out. 

Cosigners for federal loans 

Most federal student loans do not require a cosigner. The federal loans you qualify for are usually based on the cost of your academic program, federally-set limits and your enrollment status, not your financial history. 

Some types of federal loans, like Parent PLUS and Grad PLUS loans, do require a credit check and might require an endorser. Endorsers are similar to cosigners in that they repay the loan if the original borrower cannot. However, endorsers are generally only necessary if the primary borrower has an adverse credit history, like accounts in collections. This is different from private loan cosigners, who are usually used when borrowers have a lack of income or credit history.

Cosigners for private loans 

Most private student loans have cosigners, especially undergraduate loans. That’s because private loan providers typically evaluate a borrower’s credit history, income and financial circumstances during the qualification process. This impacts the loan terms and amount granted.

That said, many undergraduate and even graduate students don’t have a long credit history or steady income. Cosigners reduce risk for the loan companies by agreeing to take responsibility for the loan if student cannot pay it.

What is a cosigner release?

Many private student loan companies offer a cosigner release option. This basically means that, once the student graduates and is able to make loan payments independently, the cosigner can be removed from the loan. This means that the cosigner is no longer responsible for the loan in any way. 

That said, certain conditions must be met before a cosigner release can happen. Exact qualifications can vary by lender, but most companies require the primary borrower to make a certain number of on-time payments, meet basic credit and income requirements, and apply for the release. If the borrower does not meet all the necessary requirements, the cosigner will not be removed. 

What if you don’t qualify for a cosigner release?

If you don’t qualify for a cosigner release, refinancing your loan could be another way to remove a cosigner. Refinancing involves taking out a new loan with new terms to pay off the existing loan. If the borrower qualifies for refinancing on their own, then the new loan replaces the old one, and the original cosigner is no longer responsible for the debt. 

What are the risks of cosigning a student loan? 

When you cosign a student loan, you are essentially taking on any risks and responsibilities that come along with it. Consider the following before signing on the dotted line: 

• You may need to help pay down the loan. If the student falls behind or can’t pay, it’s your legal responsibility to make payments. 
• Your borrowing power might be more limited. Cosigning a student loan is similar to taking out a loan in your own name. It’s considered part of your debt obligations, which could make it harder to take on additional debt, like a car loan or mortgage. 
• Your credit could be impacted. Loans where you’re a cosigner are part of your payment history and credit profile. If the loan becomes delinquent or goes to collections, that can negatively impact your credit score. 

How we assess student loan providers 

We evaluate student loan companies across more than 20 metrics in four categories:

• Affordability (30%): Lenders with lower fixed and variable APRs and no origination, early repayment or servicing fees each the most points in this category. 
• Eligibility (20%): We verified that each lender was available across the U.S. and offered a variety of loan offerings, including loans for students with cosigners across all levels of education.
• Borrower protections (25%): We looked for lenders that offered flexible payment terms and dates, plus hardship assistance and forbearance programs. 
• Customer service (25%): Companies with dedicated customer service and complaint teams, consumer financial protection policies and high customer reviews from platforms like Trustpilot scored the highest. 

When choosing the best providers specifically for cosigned loans, we also looked at each company’s cosigner release policy, cosigner requirements and overall transparency to determine which lenders offered the strongest terms. 

Bottom line: Getting a student loan with a cosigner

It’s very common to have a cosigner on student loans, as many college students don’t have established credit. Having a cosigner on a loan can mean getting approved more easily and with better rates. 

If you need a cosigner for a private loan, we recommend choosing lenders like Ascent Funding, Sallie Mae and Earnest. Each of these companies offer loans specifically for students with cosigners, and offer a clear pathway to cosigner release after graduation. 

Ultimately, if you are a cosigner, it’s important to understand the risks and responsibilities you are taking on when signing up for a loan. Make sure to compare your options and that you feel comfortable paying back all or part of the balance if necessary. 

FAQ: Best student loans for cosigners

What are the responsibilities of a cosigner?

If you are cosigning a student loan, you share responsibility for the payment of the loan with the primary borrower, the student. If the student does not or cannot pay the loan balance, you are fully responsible. Late or missed payments can damage you and the primary borrower’s credit. 

What is the best way to get a student loan without a cosigner?

The best way to get a student loan without a cosigner is by taking out federal student loans. These do not require a credit check or cosigner. Some private lenders will offer student loans without cosigners. In order to qualify for these loans, you’ll generally need an established credit history and steady income. 

Which lender offers the best student loans with cosigner release?

We recommend lenders such as Earnest, Sallie Mae and Ascent Funding for the best cosigner release terms.

Do students need cosigners for student loans?

Often, yes. Most private undergraduate student loans have cosigners, as many students do not have established credit or a steady income while they are in school.