8 Best Lenders to Refinance Student Loans With a Co-Signer
These lenders give your co-signer a way to get off of 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 at that point, 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.
Best Lenders to Refinance Student Loans With a Co-Signer
| Lender | NerdWallet Rating | Min. credit score | Fixed APR | Variable APR | Learn more |
|---|---|---|---|---|---|
4.0/5 Best for Co-signer release after 12 months | 660 | 4.49-10.68% | 4.76-7.86% | Check rateon LendKey's websiteon LendKey's website | |
3.5/5 Best for Co-signer release after 12 months | Does not disclose | 4.60-10.45% | 5.23-12.28% | ||
5.0/5 Best for Co-signer release after 24 months | N/A | 5.34-10.29% | 7.06-13.72% | Check rateon Nelnet Bank's websiteon Nelnet Bank's website | |
5.0/5 Best for Co-signer release after 24 months | 670 | 6.93-11.58% | N/A | ||
5.0/5 Best for Co-signer release after 36 months | 660 | 4.49-8.70% | 4.74-8.60% | Check rateon Laurel Road's websiteon Laurel Road's website | |
4.5/5 Best for Co-signer release after 36 months | 700 | 7.41-11.03% | 7.29-9.04% | ||
5.0/5 Best for Co-signer release after 36 months | Does not disclose | 4.24-7.52% | N/A | ||
4.0/5 Best for Co-signer release after 48 months | 670 | 5.86-9.49% | 6.86-10.50% |
Our pick for
Co-signer release after 12 months
LendKey Student Loan Refinance
660
4.49-10.68%
4.76-7.86%
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.
- 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.
- Loans aren't available in Maine, Nevada, North Dakota, Rhode Island or West Virginia.
- No payment postponement available if borrowers return to school or serve in the military.
- 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.
Navy Federal Student Loan Refinance
Does not disclose
4.60-10.45%
5.23-12.28%
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.
- Forbearance of 18 months is longer than many lenders offer.
- Greater-than-minimum payments allowed via autopay.
- 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.
- 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.
Our pick for
Co-signer release after 24 months
Nelnet Bank Student Loan Refinance
N/A
5.34-10.29%
7.06-13.72%
Nelnet Bank does not do a hard credit check when you apply for co-signer release. But you must meet the lender’s current credit underwriting eligibility requirements to qualify.
- International students can apply with a co-signer who is a qualified U.S. citizen or permanent resident.
- You can see if you'll qualify and what rate you'll get without a hard credit check.
- Below-average customer support compared with other lenders.
- Doesn't allow biweekly payments via autopay.
- Typical credit score of approved borrowers or co-signers: Did not disclose.
- Loan amounts: $5,000 - $225,000.
- Must have a degree: No.
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
- You can refinance without a degree.
- You can refinance while in school or during a medical residency.
- Interest rates vary by refi product.
- Typical credit score of approved borrowers or co-signers: Approximately 750.
- Loan amounts: $5,000 to $300,000. (Minimum for California residents is $10,000.)
- Must have a degree: No.
Our pick for
Co-signer release after 36 months
Laurel Road Student Loan Refinance
660
4.49-8.70%
4.74-8.60%
You will need to pass a hard credit check to release a co-signer from a refinanced Laurel Road loan.
- 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.
- Payment postponement isn’t available if borrowers return to school.
- 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.
EDvestinU Student Loan Refinance
700
7.41-11.03%
7.29-9.04%
Among other criteria, EDvestinU requires a FICO score above 699, 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.
- You can refinance without a degree.
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
- You cannot refinance parent PLUS loans in your name.
- Maximum loan amount is lower than most lenders offer.
- Typical credit score of approved borrowers or co-signers: 756.
- Minimum income: $30,000.
- Loan amounts: $7,500 to $200,000.
Advantage Education Loan Student Loan Refinance
Does not disclose
4.24-7.52%
N/A
You will need to pass a hard credit check to release a co-signer from an Advantage Refinance Loan.
- 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.
- Loans aren’t available in Alaska, Delaware, Idaho, Illinois, Iowa, Maine, Maryland, Michigan, Minnesota, Montana, Nevada, New Jersey, North Dakota, Oregon, Rhode Island, South Dakota, Vermont, Washington or Washington, D.C.
- You cannot postpone repayment if you re-enroll in school.
- 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.
Our pick for
Co-signer release after 48 months
INvestED Student Loan Refinance
670
5.86-9.49%
6.86-10.50%
- You can refinance without a degree.
- Forbearance of 24 months is longer than many lenders offer.
- Interest-only repayment may be available if you can’t afford payments.
- You can’t see if you’ll qualify and what rate you’ll get without a hard credit check.
- You must be from Indiana or have attended school in the state to qualify.
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? Most undergraduate private student loans require a co-signer. 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 4%, and you’d be able to release your co-signer after 36 months of payments. The next-best offer is 5% — 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 29 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 March 1, 2023
NerdWallet's Best Lenders to Refinance Student Loans With a Co-Signer
- 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
- Nelnet Bank Student Loan Refinance: Best for Co-signer release after 24 months
- ISL Refinance Loan: Best for Co-signer release after 24 months
- Laurel Road Student Loan Refinance: Best for Co-signer release after 36 months
- EDvestinU Student Loan Refinance: Best for Co-signer release after 36 months
- Advantage Education Loan Student Loan Refinance: Best for Co-signer release after 36 months
- INvestED Student Loan Refinance: Best for Co-signer release after 48 months
