Best Private Student Loan Companies that Require a Cosigner in the USA
Adding a cosigner to a private student loan can improve your application and lead to lower rates. For this reason, it is recommended that international students should try to add a cosigner to their loan to ensure they receive the best terms.
Who is a Cosigner?
A cosigner is someone who agrees to sign onto your loan and vouches for your creditworthiness—usually someone with a good or excellent credit score. If you can’t pay back your loan, your co-signer will be on the hook. If neither pays, your credit score will plummet, and so will your co-signer.
What are Private Student Loan?
These are loans offered by private organizations such as Banks, credit unions, lenders, universities and other private funding organizations.
5 Best Private Student Loan Companies
- Ascent Funding
- College Ave
- Sallie Mae
- Earnest
- Discover
Ascent Funding
Ascent Funding is a San Diego-based company that began offering private student loans in 2015. The platform extends student loans to Deferred Action for Childhood Arrivals (DACA) recipients and international students, as well as U.S.-based students seeking funding for undergraduate and graduate degrees.
International students need to have a cosigner to get a student loan through Ascent Funding. Cosigners can be released from the loan after 24 on-time payments if the primary borrower is a U.S. citizen or has U.S. permanent resident status.
Loan terms for international students range from five to 15 years, with in-school interest-only repayment available. Students can defer repayment for up to nine(9) months after leaving school.
Requirements: Best for Student Support
- Must have a cosigner that is a U.S. citizen or permanent resident
- Eligible borrowers include U.S. citizens and permanent residents, as well as DACA recipients
- Get 1% cash back upon graduation
- Checking your rate doesn’t impact your credit
Here are some details about the loan:
| Ascent Cosigned Student Loan | |
| Fixed rates (APR) | 4.78% – 12.76% |
| Variable rates (APR) | 1.64% – 9.23% |
| Rate discount | 0.25% for automatic payments |
| Loan amount | $2,001 to $200,000 |
| Repayment plans | Interest-only, $25 fixed or deferred |
| Repayment term | 5, 7, 10, 12, or 15 years |
| Fees | Late payment fee |
College Ave
College Ave is a Wilmington, Delaware-based lender that offers student loans to undergraduates, graduates, and parents, and for career training. International students can get loans through College Ave if they have a U.S. Social Security number and a U.S. cosigner.
Student loans can be used to pay for undergraduate or graduate studies, master’s degree programs, medical school, dental school, and law school. Loan terms range from five to 15 years and College Ave offers several repayment options, including interest-only, deferred, and flat payments.
Loans can cover up to 100% of the school-approved cost of attendance.
Requirements: Best Private Student Loan
- Must have a cosigner that is a U.S. citizen or permanent resident
- Must have a U.S. Social Security number as a borrow
- You choose your repayment plan and term
Here are some details about the loan:
| College Ave Cosigned Loan | |
| Fixed rates (APR) | 3.49% – 12.99% |
| Variable rates (APR) | 1.19% – 11.98% |
| Rate discount | 0.25% for automatic payments |
| Loan amount | $1,000 – 100% of the school-certified cost of attendance |
| Repayment plans | Full, interest-only, $25 fixed, or deferred |
| Repayment term | 5, 8, 10, or 15 years |
| Fees | Late payment fee |
Sallie Mae
Sallie Mae is perhaps one of the best-known names among private student loan lenders. The company was originally founded in 1972 as a federal student loan servicer.
Today, Sallie Mae offers private loans for undergraduate and graduate university students as well as financing for career training. International students can borrow from Sallie Mae if they have an approved cosigner.
Sallie Mae allows for deferred, interest-only, or fixed repayment options while in school and after graduation. International students who achieve permanent residency status can apply for co-signer release after making 12 on-time principal and interest payments and meeting credit score requirements.
Requirements: Best for Cosigners
- Must have a cosigner that is a U.S. citizen or permanent resident
- Eligible borrowers include DACA recipients
- Get 4 free months of Chegg®
Here are some details about the loan:
| Sallie Mae Cosigned Student Loan | |
| Fixed rates (APR) | 4.25% – 12.59% |
| Variable rates (APR) | 1.13% – 11.23% |
| Rate discount | 0.25% for automatic payments |
| Loan amount | $1,000 – 100% of the school-certified cost of attendance |
| Repayment plans | Interest-only, $25 fixed or deferred |
| Repayment term | 5 – 15 years |
| Fees | Late payment fee |
Earnest Private Student Loan
Earnest is a fintech company headquartered in San Francisco that offers student loans, student loan refinancing, credit cards, and personal loans to eligible borrowers. International students who have a cosigner, a U.S. address, and a Social Security number can apply for student loans with Earnest.
The platform is fee-friendly, with no origination fees or prepayment penalties. Earnest offers some of the lowest interest rates available for private student loans for creditworthy borrowers who enrol in automatic payments.
Requirements: Best for No Fees
- Must have a cosigner that is a U.S. citizen or permanent resident
- Borrowers must have a U.S. Social Security number
- No origination, application, prepayment, or late fees
- Check your rate without impacting your credit
Here are some details about the loan:
| Earnest Cosigned Student Loan | |
| Fixed rates (APR) | 3.24% – 12.78% |
| Variable rates (APR) | 0.94% – 11.44% |
| Rate discount | 0.25% for automatic payments |
| Loan amount | $1,000 – 100% of the school-certified cost of attendance |
| Repayment plans | Full, interest-only, $25 fixed, or deferred |
| Repayment term | 5, 7, 10, 12, or 15 years |
| Fees | None |
Discover
In addition to credit cards, personal loans, home loans, and bank accounts, Discover also offers private student loan financing. That includes both fixed and variable rate loans for international students.
International borrowers will need a cosigner to qualify for student loan financing. Students are not required to have a Social Security number to apply, so it may be easier to get approved here versus other lenders. Loans are available for undergraduate, graduate, and professional studies, with the loan, limits up to 100% of school-certified costs of attendance.
Requirements: Best Good Grades Reward
- Must have a cosigner that is a U.S. citizen or permanent resident
- Available to DACA recipients and those without a U.S. Social Security number
- Receive a cash reward when you receive good grades
Here are some details about the loan:
| Discover Cosigned Student Loan | |
| Fixed rates (APR) | 3.99% – 11.59% |
| Variable rates (APR) | 1.29% – 10.59% |
| Rate discount | 0.25% for automatic payments & 0.35 discount for choosing the interest-only repayment plan |
| Loan amount | $1,000 – 100% of the school-certified cost of attendance |
| Repayment plans | Interest-only, $25 fixed or deferred |
| Repayment term | 15 years |
| Fees | None |
Related: Student Loan Refinancing – All you need to Know
Recommended: Types of private student loans
Conclusion
These are the list of the 5 best companies that offer private students loan in the United State. I hope this blog post was able to answer some of your mind-boggling questions.
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