Do parents have to cosign for federal student loans?
Parents are not responsible for repaying their children’s federal student loans and cannot cosign these loans. If the child defaults on a federal student loan loan, only the child’s credit is ruined. Private student loans, also known as alternative student loans, often require a cosigner such as a parent.
Are there any student loans that don’t require a cosigner?
There are currently only two options: Prodigy Finance and MPOWER Financing. Prodigy offers no-cosigner student loans only to students seeking graduate degrees in STEM, healthcare, and public policy. Undergraduate Loan Interest Rate with All Possible Discounts (up to date as of J.)
What loans can a student get without a cosigner?
Most student loans that don’t require a co-signer are federal student loans. To apply for these, you’ll need to fill out the FAFSA, which is available for free online at fafsa.ed.gov. This form will collect various financial details of the student to determine financial aid eligibility.