Many students looking for a student loan have a limited credit history and income, which makes it difficult to meet the minimum eligibility criteria needed to be approved for a loan. A cosigner with strong credit and steady income can:
- Increase the likelihood of loan approval
- Help you qualify for a lower interest rate
- Reduce the total amount you pay over the life of the loan
Applicants may qualify on their own, but having a creditworthy cosigner can still offer these added benefits. While many cosigners are parents or relatives of the student, any relationship to the student applicant is acceptable.
Will I Need a Cosigner for a Graduate Student Loan?
Graduate students with established credit and work history may be able to apply independently, as there is no minimum income requirement needed for approval. However, in many cases, adding a cosigner can still improve approval odds and interest rates. If you're considering applying for a graduate loan without a cosigner, you'll need to meet the eligibility requirements for an Independent Graduate Student Loan.
What if I Don’t Have an Eligible Cosigner?
If you do not have an eligible cosigner, you may still be able to apply for a loan on your own. First, confirm that you meet all independent student loan eligibility requirements for either an Independent Undergraduate or Independent Graduate Student Loan. Keep in mind that the requirements for undergraduate and graduate loans are different, so please review the correct criteria before applying. You can also confirm your eligibility by completing our eligibility check here. If you are ineligible to apply independently, you’ll be prompted to add a cosigner before continuing.
If you’ve already applied and would like to submit a new application, sign in to your Earnest profile, go to the Products tab, and scroll to Private Student Loans. If you don’t qualify for an independent student loan, we recommend contacting your school’s financial aid office to explore alternative funding options.