7 Best Lenders to Refinance Student Loans With a Co-Signer
These lenders allow you to release a co-signer from your refinanced student loan.
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Refinancing student loans with a co-signer can help you get a lower interest rate or meet a lender’s eligibility criteria, if you can’t on your own. But if you don’t repay the loan, your co-signer is responsible for it; they should be OK with that before helping you.
To ease their worries, have a plan to remove the co-signer from the loan in the future.
The simplest option is to refinance again without the co-signer whenever you can qualify. But if you can’t get a better deal when you refinance, having a lender that offers co-signer release — not all of them do — can protect you both. Here are lenders with this feature, plus more information about refinancing with a co-signer.
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Why trust NerdWallet
- 35+ student loans lenders reviewed and rated by our team of experts.
- 10+ years of combined experience covering higher education and student loans.
- Objective, comprehensive star-rating system assessing 43 categories and 40+ data points across student loan origination and student loan refinance.
- Governed by NerdWallet's strict guidelines for editorial integrity.
Best Lenders to Refinance Student Loans With a Co-Signer
Lender | NerdWallet Rating | Min. credit score | Fixed APR | Variable APR | Learn more |
|---|---|---|---|---|---|
5.0 /5 | 670 | 5.95-9.99% | N/A | ||
4.5 /5 | 680 | 4.89-9.04% | 5.54-9.12% | COMPARE RATES on Credible’s website | |
4.5 /5 | Does not disclose | N/A | N/A |
Our pick for
Co-signer release after 12 months
Advantage Education Loan Student Loan Refinance
670
5.95-9.99%
N/A
- Key facts
You will need to pass a hard credit check to release a co-signer from an Advantage Refinance Loan.
Pros- You can refinance without a degree.
- Forbearance of 24 months is twice as long as most lenders.
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
Cons- Loans aren’t available in Alaska, Delaware, Illinois, Iowa, Nevada, New Jersey, Maine, Maryland, Rhode Island, Washington, Washington D.C.
- You cannot postpone repayment if you re-enroll in school.
Qualifications- Typical credit score of approved borrowers: Does not disclose.
- Minimum income: Does not disclose.
- Loan amounts: Minimum $7,500. Maximum depends on creditworthiness and debt-to-income ratio.
Available Term Lengths10, 15 or 20 years
LendKey Student Loan Refinance
680
4.89-9.04%
5.54-9.12%
- Key facts
LendKey works with community banks and credit unions. Co-signer release policies vary by institution, but may require as few as 12 payments. Check your specific loan agreement.
Pros- Forbearance of 18 months for 15- and 20-year loan terms is longer than many lenders.
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
Cons- Loans aren't available in Maine, Nevada, North Dakota, Rhode Island or West Virginia.
Qualifications- Typical credit score of approved borrowers or co-signers: 751.
- Loan amounts: $5,000 to $300,000, depending on the higest degree earned.
- Must have a degree: Yes, at least an associate degree.
Available Term Lengths5, 7, 10, 15 or 20 yearsDisclaimerSee LendKey's full terms and conditions at https://www.lendkey.com/disclaimers
Navy Federal Student Loan Refinance
Does not disclose
N/A
N/A
- Key facts
In addition to making 12 consecutive, on-time payments, Navy Federal requires you to provide proof of income and pass a credit check to release your co-signer.
Pros- Forbearance of 18 months is longer than many lenders offer.
- Greater-than-minimum payments allowed via autopay.
Cons- Available only to existing Navy Federal Credit Union customers
- Students cannot refinance a parent PLUS loan in their name.
- You can’t see if you’ll qualify and what rate you’ll get without a hard credit check.
Qualifications- Typical credit score of approved borrowers: Did not disclose.
- $7,500 minimum to $125,000 for undergraduates, or $175,000 for graduate students.
- Must have a degree: Yes, at least an associate degree.
Available Term Lengths5, 10 or 15 years
Our pick for
Co-signer release after 24 months
RISLA Student Loan Refinance
680
6.34-8.29%
N/A
- Key facts
Along with a requirement to make 24 full, on-time and consecutive payments, RISLA asks borrowers to provide credit score and employment information when they apply to release a co-signer.
Pros- Income-based repayment plan available, with forgiveness after 25 years.
- Co-signer release available after 24 months.
Cons- Students cannot refinance a parent PLUS loan in their name.
Qualifications- Typical credit score of approved borrowers: 748.
- Loan amounts: $7,500 to $250,000, depending on the highest degree earned.
- Must have a degree: No.
Available Term Lengths5, 10 or 15 years
EDvestinU Student Loan Refinance
700
7.41-11.03%
7.52-9.27%
- Key facts
Among other criteria, EDvestinU has a minimum FICO score requirement of 700, income of at least $30,000 or $50,000 (depending on your loan balance) and a debt–to–income ratio of 43% or less to release a co-signer.
Pros- You can refinance without a degree.
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
Cons- You cannot refinance parent PLUS loans in your name.
Qualifications- Typical credit score of approved borrowers or co-signers: 756.
- Minimum income: $30,000.
- Loan amounts: $7,500 to $200,000.
Available Term Lengths5, 10, 15 or 20 yearsDisclaimerAPR, projected monthly payments, and total cost of loan examples are based on a $10,000 loan disbursed in one disbursement with either 5–year, 10–year, 15–year or 20–year repayment. APR’s provided include a 0.25 percent interest rate reduction for authorizing our loan servicer to automatically deduct your payments each month from your bank account. The interest rate reduction for authorizing our servicer to automatically deduct monthly payments from a savings or checking account will not reduce the monthly payment, but will reduce the monthly finance charge, resulting in a lower total cost of loan. Variable APR rates may increase or decrease depending on fluctuations in the London Interbank Offered Rate (LIBOR) index. Monthly interest rate accrual is based on the published One–Month London Interbank Offered Rate ("LIBOR") as of the last business day of the previous month plus your applicable margin.
Brazos Student Loan Refinance
690
3.85-6.79%
4.35-5.50%
- Key facts
Borrowers must pass a credit check and meet Brazos' other requirements to release a co-signer.
Pros- Offers more repayment terms than many lenders.
- Offers greater-than-minimum payments via autopay.
Cons- Only available to borrowers in Texas.
- Does not offer co-signer release.
Qualifications- Typical credit score of approved borrowers: 781 for primary borrower or 794 for co-signer (and 690 for primary borrower).
- Minimum income: $60,000 for co-signer or primary borrower, or $30,000 for primary borrower if applying with a co-signer.
- Loan amounts: $10,000 up to $150,000 for bachelors degree holders; $250,000 for graduate or professional degree holders.
Available Term Lengths 5, 7, 10, 15, or 20 yearsDisclaimerBrazos Refinance Loan fixed rates from 3.85% APR to 6.79% APR (with Auto-Pay Discount). Variable rates from 4.35% APR to 5.50% APR (with Auto-Pay Discount). Interest rates on Brazos loans are capped at 9.90%. Lowest variable rate of 4.34% APR assumes a current Thirty-day Average Secured Overnight Financing Rate (SOFR) of % plus a 2.03% margin minus the 0.25% Auto-Pay Discount. Not all borrowers receive the lowest rate. If approved for a Brazos loan, the fixed or variable interest rate offered will depend on your creditworthiness, the term of the loan and other factors, and will be within the ranges of rates listed above. For the Brazos variable rate loan, the Thirty-day Average SOFR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the SOFR index increases. Auto-Pay Discount. The interest rate in effect will be reduced by 0.25% if either the borrower or the cosigner authorizes automated (ACH) payments from any bank account. This ACH interest rate reduction, referred to as the Auto-Pay Discount, applies only when full principal and interest payments are automatically drafted from a bank account. This interest rate reduction will not continue to apply during periods of approved forbearance or deferment. The Auto-Pay Discount will terminate if the automatic bank account payments discontinue or there are any three instances of insufficient funds at any time during the term of the loan. A borrower may requalify upon reauthorization of automatic payments from a valid bank account. 2. Refinancing Federal Loans. While refinancing government loans as well as private loans may help many borrowers, federal loans have certain benefits that can help borrowers who experience financial distress. Private loans typically don’t have the same benefits. Everyone’s situation is different, so think carefully about refinancing your government loans and talk about it with a trusted advisor. 3. Credit Review and Approval. If you choose to apply for a Brazos Student Loan, Brazos Parent Loan, or Brazos Refinance Loan and continue your application past the pre-credit eligibility stage, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit inquiry. Hard credit inquiries (or hard credit pulls) are required for Brazos to be able to issue you a Brazos loan. In addition to requiring your explicit permission, these credit pulls may impact your credit score. The initial credit review is based on review of all the information you and your cosigner (if applicable) provide during the application process and the information obtained from your credit report(s). If you pass the initial credit review, you will need to provide acceptable documentation such as your income verification before the final loan approval. 4. Brazos Education Lending Corporation (Brazos) is a part of a group of several non-affiliated nonprofit companies that are all managed by The Brazos Higher Education Service Corporation, Inc. and are commonly referred to as the Brazos Managed Companies. The first of the Brazos Managed Companies was organized in 1975 in Waco, Texas, as a secondary market for student loans. Since that time, the Brazos Managed Companies have, on a combined basis, served an estimated 2 million student borrowers and have helped fund an estimated $30 billion in student loans.
Our pick for
Co-signer release after 36 months
Laurel Road Student Loan Refinance
680
4.99-8.90%
5.29-9.20%
- Key facts
You will need to pass a hard credit check to release a co-signer from a refinanced Laurel Road loan.
Pros- You can refinance parent PLUS loans in your name.
- Refinancing available for medical and dental residents.
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
Cons- Payment postponement isn’t available if borrowers return to school.
Qualifications- Typical credit score of approved borrowers or co-signers: Did not disclose.
- Loan amounts: $5,000 up to your total outstanding loan balance.
- Must have a bachelor's degree. For parent PLUS loans, the child does not need to have graduated to refinance.
Available Term Lengths5, 7, 10, 15 or 20 yearsDisclaimerFull Laurel Road Disclaimers. Rates as of 1/9/25, rates subject to change. Terms and Conditions Apply. All products subject to credit approval. IMPORTANT INFORMATION: Please note that if you refinance qualifying federal student loans with Laurel Road, you may no longer be eligible for certain federal benefits or programs and waive your right to future benefits or programs offered on those loans. Examples of benefits or programs you may not receive include, but are not limited to, Public Service Loan Forgiveness, Income-driven Repayment plans, forbearance, or loan forgiveness. Please carefully consider your options when refinancing federal student loans and consult http://studentaid.gov/ for the most current information. Laurel Road is a brand of KeyBank National Association. All products offered by KeyBank N.A. ©2024 STUDENT LOANS ARE NOT FDIC INSURED OR GUARANTEED. KeyCorp® All Rights Reserved. Laurel Road is a federally registered service mark of KeyCorp. 3 Corporate Drive, 4th fl, Shelton, CT 06484.
Can you refinance student loans with a co-signer?
Most lenders will let you refinance student loans with a co-signer, with Earnest being a notable exception. Here are some reasons you may want to refinance with a co-signer:
Your finances aren’t strong enough. Student loan refinance eligibility varies by lender, but you’ll typically need a credit score in at least the high 600s, a debt-to-income ratio below 50% and steady income. If you can’t meet these requirements, applying with a co-signer who does may help you qualify.
You can’t qualify for a nonfinancial reason. A co-signer might help depending on the reason. For example, if you’re an international student, you may be able to refinance with an eligible co-signer. In other instances — like refinancing without a degree — adding a co-signer wouldn’t make a difference.
You can get a better interest rate. A loan with more than one borrower is less risky for the lender, which means it may offer you a better rate. Plus, interest rates on refinance loans are credit-based in general. So even if you can qualify on your own, adding a co-signer with a stronger financial profile could improve a lender’s offer to you.
Should you refinance student loans with a co-signer?
Ask the following to decide if co-signing is the right move:
Can the co-signer afford the loan? Co-signing a student loan makes that person responsible for it. While they may not plan to repay the loan, they’ll have to if you don’t. The debt will also go on their credit report, meaning missed payments will hurt their credit score and the loan amount could affect their ability to do things like take out or refinance other debts.
Are they already on the hook for other debt? Most undergraduate private student loans prompt borrowers to add a co-signer early on in the application process. If you’re refinancing one of these loans, asking that person to co-sign again won’t change their responsibility. But it could reduce their risk: By helping you get a lower payment, you may be less likely to run into trouble and able to pay the loan off faster.
Is there a plan for release? You can refinance again to remove the co-signer; this can make sense if your financial situation improves. If that won’t happen soon, make sure the lender offers co-signer release — some, like SoFi, don’t — and you both understand the requirements. This will likely include making a set number of consecutive, full, on-time payments and meeting the original loan’s underwriting criteria.
How to refinance student loans with a co-signer
When you apply to refinance a student loan on a lender’s website, you’ll likely be asked if you want to include a co-signer. You can then add that person’s information accordingly.
But before doing that, pre-qualify with multiple lenders — with and without a co-signer. This will let you see potential interest rates for both scenarios without affecting your credit.
Your goal should be to get the best rate possible. But if you refinance with a co-signer, you’ll have to weigh the risk that person faces versus the reward of a lower rate. For example, say the lowest rate you’re offered is 6%, and you’d be able to release your co-signer after 36 months of payments. The next-best offer is 7% — but release is available after 12 months.
A student loan refinance calculator can help you understand how much that one percentage point could save you. It will be up to you and your co-signer to determine whether that amount is worth more than a quicker path to release.
STUDENT LOAN REFINANCE RATINGS METHODOLOGY
Our survey of more than 26 banks, credit unions and online lenders offering student loans and student loan refinancing includes the top 10 lenders by market share and the top 10 lenders by online search volume, as well as lenders that serve specialty or nontraditional markets.
We consider 41 features and data points for each financial institution. Depending on the category, these include the availability of biweekly payments through autopay, minimum credit score and income requirement disclosures, availability to borrowers in all states, extended grace periods and in-house customer service.
The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.
Read more about our ratings methodologies for student loan refinance and our editorial guidelines.
Last updated on August 6, 2024
NerdWallet's Best Lenders to Refinance Student Loans With a Co-Signer
- Advantage Education Loan Student Loan Refinance: Best for Co-signer release after 12 months
- LendKey Student Loan Refinance: Best for Co-signer release after 12 months
- Navy Federal Student Loan Refinance: Best for Co-signer release after 12 months
- RISLA Student Loan Refinance: Best for Co-signer release after 24 months
- EDvestinU Student Loan Refinance: Best for Co-signer release after 24 months
- Brazos Student Loan Refinance: Best for Co-signer release after 24 months
- Laurel Road Student Loan Refinance: Best for Co-signer release after 36 months
