How to Student Loans with No Guarantor

Posted by Frank Gogol

Sometimes, student loans limit students’ access because they ask for a cosigner for more trustworthiness. But this can be frustrating if you have nobody to trust in this regard. Thankfully for you, there are also student loans with no guarantor, and we’ll go into depth about them below.

Are There Student Loans with No Guarantor?

Yes, there are student loans with no guarantor. In general, if you don’t have anyone to name as a cosigner, the best option for you is a federal loan. It doesn’t need a guarantor, and it doesn’t require a credit history either.

In some rare cases, private loans can be offered without a cosigner too. Don’t expect all lenders to trust you without having a guarantor, though. And even if they do, you might have to deal with higher interest rates, which doesn’t sound too convenient either.

Pros and Cons of Not Having a Guarantor

There are both pros and cons of getting a loan without a guarantor, and if you choose to go this route, you need to know them. Here are the advantages and disadvantages of not having a guarantor:


Well, first of all, if you don’t have a guarantor to help you apply for a loan, you have the chance to apply for federal loans. Federal loans are very flexible and they are in general not as demanding as private loans.

Another great advantage is the fact that you can get your own student loan, which means you will be able to build your own credit. This will give you the chance to get loans later on. You’re also the only one in charge of the loan – this means that nobody will have to deal with it if you don’t make timely payments.


You are pretty limited when getting a federal loan because you can’t always borrow as much as you need every year. Besides, even though you can get one without applying with a cosigner, you risk having to pay higher interest rates. So, the overall payment for the loan will be increased by the interest rate.

Federal Student Loans without a Guarantor

Federal student loans are amazing as they can help students pay for their tuition without having to deal with the high interest rates from private loans. This is why you should always consider federal loans first before you ever think of taking out a private loan.

The coolest thing about federal loans is that they offer you specific benefits that you wouldn’t have with private loans. Basically, you’d have access to loan forgiveness programs, subsidized interest, and even income-driven payment plans to make your life easier.

That being said, here are your options with federal student loans:

Stafford Loan

One of the loans you have access to is the Stafford Loan, which is available in two categories:

Subsidized Stafford Loans

In case you are in great financial need, then you might gain access to subsidized Stafford Loans. Financial need is an eligibility criterion for these loans. You will get the accrued interest paid by the federal government, as long as you are in periods of deferment or in school.

Unsubsidized Stafford Loans

Unlike subsidized loans, unsubsidized Stafford Loans don’t require you to have financial need. You can receive this type of loan as long as you submit the FAFSA. But they are also different in the way that they don’t have their interest paid by the federal government. You are the one responsible for all interest, either during deferment or while you’re in school.


PLUS loans are a bit different from Stafford loans. Basically, they are given to a student’s parents as long as the student is enrolled at least half-time in eligible programs. They can also be offered to parents of professional students or graduates.

What you might like about PLUS Loans is the fact that they are better than private loans, because they don’t need a guarantor. Not to mention that you don’t need a good credit score in order to gain access to the loan. Your credit will be checked, but only so the lender can see if you had delinquencies in the past. Meanwhile, these loans have better rates compared with private loans.

Perking Loan

This program used to help students in great financial need in the past. It was aimed towards students who were able to provide evidence of being in financial hardship, and who wanted a higher degree through a post-secondary school. However, this program was discontinued back in 2017.

Private Student Loans with No Guarantor

If you can’t take a federal student loan or you exhausted your federal loans but still need cash, your solution will be private student loans. Of course, they won’t be able to offer the same benefits as federal loans, but they are still a good way to get some money when you desperately need it.

Contrary to federal loans that are offered by the U.S. Department of Education, private loans are offered through lenders and non-government banks. More often than not, they are stricter than federal ones.

Private student loans usually require you to have a good credit score and apply with a guarantor, which is why a lot of people don’t have access to it. But luckily, there are a few lenders that don’t mind lending to people who don’t have a cosigner, such as potential immigrant students, or students with bad credit.

In order to find one of these lenders, you need to shop around carefully and see what requirements each of them has. Apart from seeing which one is alright with lending to someone without a cosigner, you need to see which one will have the lowest interest rate.

We have some top picks in this regard, and you will find them below.

Top 3 Private Student Loan Options with No Guarantor

Here are our top 3 private student loan options that don’t require a guarantor:

Stilt (Best for International Students)

If you are an international student, it will be even harder for you to be granted access to a loan, considering you don’t have too much history in the U.S. You may not have a cosigner, and a credit history, which instantly makes things hard for you.

However, with Stilt, this can change. Stilt is a lender that can offer loans to international students with visas, so all students can enjoy pretty much the same benefits. Their qualification requirements include having the right education, good financial behavior, being employed and having no bankruptcies, collections or defaults. You will also be checked for your credit score.

To apply for a Stilt loan, you will have to submit an application on their website. Make sure to give them all the necessary information, or else they will have to reach out to you to ask for additional documents and this might delay the process.

When everything necessary is submitted, you will receive a promissory note to sign, after which the transfer will be initiated. Your cash will be deposited in about 2-3 days.

Afterward, you’ll be able to use your cash, as well as set up a payment method.

Ascent (Best for Good Credit Scores)

Ascent is an amazing opportunity for students with good credit scores. Basically, you have two options if you’re a student – you can either get a traditional co-signed loan or a special loan in case you have no cosigner.

Ascent lets you set up an autopay plan that will allow you to make biweekly payments. The usual loan terms for non-co-signed loans are between 10 or 15 years for variable-rate loans. For fixed-rate loans, the term is 10 years. Concurrently, the loan amount for the non-co-signed loan is $2,000 to the total cost of attendance.

MPOWER (Best for Employed Borrowers)

If you happen to be a student who also works, you could have the chance of your life with MPOWER loans. They have specific offers for employed borrowers. Also, it is one of the very few lenders that don’t have a problem lending to DACA and international students. Considering you may not have a credit history or a cosigner due to being an international student, this lender will save you.

The minimum amount of money they offer is $2,001, while the maximum one is $50,000. It is also limited to $25,000 per academic period. Conversely, the loan term is 10 years. So, if you’re an employed student and need a loan, you might want to consider MPOWER.

Personal Loans
 for International Students!

Check Loan Options

Loans for up to $35,000. No cosigner required. No prepayment penalty.

The Bottom Line

You can apply for student loans even without a guarantor. There are either federal loans that don’t even need a cosigner or some private loans that allow you to apply without a guarantor. Still, keep in mind that the latter have higher interest rates as a result. Having said that, you should look carefully for your options and apply accordingly. If you need any other information, you can check our site.

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