Best for Students Without a Cosigner: Funding U

As a college student, you may not have an established credit history or income, and can struggle to qualify for a private student loan on your own. If you don’t have a parent or relative to act as a cosigner, getting a loan can be difficult. If you don’t have access to a cosigner, Funding U may be the best option for you.

Unlike some other lenders who offer non-cosigned loans, Funding U allows undergraduate students of all grade levels to qualify for loans. You must be a U.S. citizen or permanent resident over the age of 18, and you can borrow $3,000 to $10,000 per year. Your eligibility for a loan is based on your GPA, extracurricular activities, and work experience.

The interest rate on undergraduate student loans for the 2020-2021 school year is 7.99% to 14.49%, including a 0.5% autopay discount.14

Unfortunately, Funding U only lends to residents of certain states. You must live in one of the following states to qualify for a loan: Arizona, Arkansas, Colorado, Connecticut, Florida, Georgia, Hawaii, Illinois, Indiana, Kansas, Maryland, Massachusetts, Michigan, Missouri, Nebraska, New Jersey, New Mexico, New York, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Vermont, Virginia, West Virginia, and Wisconsin.

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