How To Get A Student Loan Without Your Parents (2024)

Student loans can be a helpful option if you need to pay for college. In many cases, students will need the help of one of their parents to get student loans—either to fill out the parent portion of the Free Application for Federal Student Aid (FAFSA) to take out a federal loan or to co-sign a private loan.

However, some parents are unable or unwilling to provide this assistance, which could make it hard to access the funds you need. The good news is that if you’re in this situation, there are a few strategies that could help you get a student loan without your parents.

Is it Possible to Take Out Student Loans Without Your Parents?

Whether or not you can take out student loans without your parents depends on your individual situation as well as the type of loan you want to get.

• Federal student loans: In some cases, students don’t have to provide their parent’s financial information to complete the FAFSA—such as if you are an independent student or fall under certain special circ*mstances. Even if your parents help you fill out the FAFSA, they won’t be held responsible for the federal loans you take out in your name. This means you’re responsible for paying it all back on your own, along with interest.
• Private student loans: Undergraduate college students typically don’t have sufficient credit or income to qualify for a private loan, which is why many private student loans are co-signed. While you might still be able to get a private student loan without your parents in some cases, be prepared to pay back anything you borrow through private loans on your own.

Before taking out student loans, it’s a good idea to consider other kinds of aid that you don’t have to repay, such as scholarships and grants. Relying on award money first can help you avoid borrowing as much in student loans.

How to Take Out Student Loans Without Parents

If you decide to take out a student loan without the help of your parents, here are a few options to consider.

1. Get Federal Student Loans as an Independent Student

Most undergraduate students are considered dependent—meaning you have the financial support of your parents. Federal aid programs operate on the assumption that for dependent students, the responsibility of paying for your education falls primarily to you and your family. This is why you must provide your parent’s financial information while completing the FAFSA if you’re a dependent student.

However, if you’re an independent student, you only need to provide your own information (along with your spouse’s, if you’re married). You can be designated an independent student if you:

• Are 24 or older
• Are married or separated but not divorced
• Will be working toward a master’s or doctorate degree
• Have children (or dependents other than a spouse or children) who receive at least half of their support from you
• Are currently serving on active duty in the U.S. armed forces for purposes that don’t include training
• Are a veteran of the U.S. armed forces
• Were in foster care, were a ward or dependent of the court, or both of your parents were deceased at any time since you turned 13
• Are an emancipated minor or are in a legal guardianship determined by the court
• Are an unaccompanied youth who is self-supporting and at risk of being homeless or who is homeless

If you meet just one of these criteria, you can apply for federal student loans as an independent student. Additionally, because independent students don’t have the financial support of their parents, they can receive more financial aid compared to dependent students.

2. Submit the FAFSA Under Special Circ*mstances

In some situations, dependent students don’t have to provide financial information from their parents when completing the FAFSA. You can submit the FAFSA without parent information if:

• You left home due to an abusive family environment
• Your parents are incarcerated
• You don’t know where your parents are, have no way of contacting them and have not been adopted
• You’re older than 21 but not yet 24, and you’re either homeless or at risk of being homeless

When you fill out the FAFSA, you can indicate which special circ*mstance prevents you from supplying your parent’s information. However, keep in mind that while you can submit the FAFSA, it will not be fully processed and you will not receive an Expected Family Contribution (EFC). Instead, you must contact your school’s financial aid office as soon as possible.

Your school might request additional information to decide whether you can be considered an independent student as well as to calculate your EFC without parental information. Note that once the financial aid office reaches a decision, it is final and can’t be appealed to the Department of Education.

3. Find Another Adult to Co-sign a Student Loan

If you need to borrow for school and are considering federal vs. private student loans, keep in mind that it’s usually best to rely on federal student loans first. Federal loans come with major benefits and protections, such as access to income-driven repayment plans and student loan forgiveness programs. But if you’ve exhausted your federal loan options, private student loans could help fill any financial gaps left over.

You typically need good to excellent credit as well as sufficient income to qualify for a private student loan—which is why most undergraduate private student loans are co-signed. However, if you want to take out a private student loan and aren’t eligible on your own, you don’t need a parent to co-sign. A co-signer can be anyone with good credit—such as another relative or trusted adult—who is willing to share responsibility for the loan.

Even if you don’t need a co-signer to qualify, having one could get you a lower interest rate than you’d get on your own. Just keep in mind that because your co-signer is equally liable for the loan, they’ll be on the hook if you don’t make your payments.

4. Look for Lenders That Don’t Require Co-signers

Private student loans don’t necessarily require a co-signer, but many students end up needing one to meet the strict eligibility criteria set by lenders. However, if you can’t find a co-signer, you might still be able to qualify for a student loan without a co-signer from a lender that has less stringent requirements.

For example, Ascent offers two non-co-signed loan options: one for borrowers with at least two years of credit history and one for juniors and seniors who don’t have a credit score. A.M. Money also provides loans without co-signers; instead of reviewing your credit, it looks at factors such as your grade point average.

Note that while these non-co-signed loans may be easier to qualify for, they typically come with higher interest rates.

Pros And Cons of Taking Student Loans Without Parents

If you’re thinking about taking out a student loan without the help of your parents, here are some pros and cons to keep in mind:

Pros

• Might be eligible for more aid: Independent students tend to receive more in financial aid and federal loans compared to dependent students.
• Not relying on others: For some students, asking for your parent’s information could feel burdensome. While it might require more legwork to qualify without one of your parents, getting a student loan without them means you aren’t relying on someone else.

Cons

• Harder to qualify: If you aren’t an independent student and don’t have sufficient credit history or income, you could have a hard time getting federal or private student loans without your parents.
• Could end up with a higher interest rate: If you don’t have good or excellent credit, you’ll likely end up with a higher interest rate if you take out a private student loan on your own.

Alternative Funding Options If You Can’t Get a Student Loan

If you’re having a hard time getting a student loan without your parents, here are a few other options to consider:

• Scholarships: Unlike student loans, college scholarships don’t have to be repaid—which makes them a great way to pay for school. There are a wide variety of scholarships available to students from various backgrounds, including awards based on financial need, merit, athleticism or factors like your race or college major. Common organizations that offer scholarships include local and national businesses, nonprofits and professional associations.
• Grants: Like scholarships, grants are essentially free money that you can use for education expenses. You might be able to qualify for federal grants, state grants or private grants, such as those offered by your school or nonprofit organizations. Keep in mind that there’s no limit to how many grants and scholarships you can get, so it’s a good idea to apply for as many as you can.
• Emergency student loans: Some schools provide short-term loans to enrolled students facing an emergency, such as a death in the family or financial hardships. If you’re facing a circ*mstance like this, contact your school’s financial aid office to see if these kinds of loans are available and how to apply. Even if your school doesn’t offer emergency student loans, your financial aid office might have access to additional resources to help you cover your costs.