Private Student Loan Debt Relief

To put it simply, what are private loans? They are non-federal loans used for college expenses such as tuition, housing, books, and fees. Approval is credit-based, and interest rates vary depending on the borrower’s or cosigner’s financial profile.

While most undergraduates need a cosigner, there are private student loans without cosigner requirements - though they’re harder to qualify for. These are generally geared toward graduate students, working adults, or students with excellent credit.

Most students have little to no credit history. That’s why you would need a cosigner for certain student loans: lenders want someone with a proven track record of paying debts on time. A cosigner reduces the lender’s risk and can also help you secure better rates.

Typically, it’s a parent, guardian, or another financially stable adult with a strong credit profile. Who would most likely be a cosigner on some student loans? Someone who trusts you, meets the lender’s credit criteria, and is willing to take on financial liability if you can’t repay.

Lenders use a combination of tools and factors. How do lenders evaluate if a borrower or cosigner will pay them back? They review credit scores, income, employment history, existing debt, and sometimes even academic performance. Cosigners are scrutinized just as thoroughly as primary borrowers.

Private loans come with either fixed or variable interest rates. You’ll often see interest ranges depending on your or your cosigner’s creditworthiness.

Some key cost considerations:

No loan colleges are schools that commit to meeting 100% of student financial need without loans. These institutions replace debt with grants and work-study, minimizing or eliminating the need for borrowing. If you're accepted into one, it could mean graduating completely debt-free.