BEST OF
8 Best Lenders to Refinance Student Loans With a Co-Signer of January 2021
Refinancing with a co-signer benefits the borrower, but have a plan to release that person from your loan.
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.
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.
Summary of Best Lenders to Refinance Student Loans With a Co-Signer of January 2021
Lender | NerdWallet Rating | Fixed APR | Variable APR | Min. Credit Score | Learn More |
---|---|---|---|---|---|
Best for Co-signer release after 12 months | 2.99 - 5.15% | 2.19 - 4.49% | 670 | Check Rate on Purefy's website | |
Best for Co-signer release after 12 months | 2.95 - 8.28% | 1.99 - 5.25% | 680 | Check Rate on LendKey's website | |
Best for Co-signer release after 12 months | 2.99 - 12.03% | 1.45 - 10.26% | Does not disclose | See my rates on NerdWallet's secure website | |
Best for Co-signer release after 24 months | 2.80 - 6.10% | 1.89 - 5.99% | 680 | Check Rate on Nelnet Bank's website | |
Best for Co-signer release after 36 months | 2.98 - 5.79% | 1.99 - 5.61% | 680 | Check Rate on CommonBond's website | |
Best for Co-signer release after 36 months | 3.91 - 6.28% | 1.86 - 4.23% | 700 | See my rates on NerdWallet's secure website | |
Best for Co-signer release after 36 months | 3.99 - 7.78% | N/A | Does not disclose | See my rates on NerdWallet's secure website | |
Best for Co-signer release after 36 months | 2.80 - 6.00% | 1.89 - 5.90% | 700 | Check Rate on Laurel Road's website |
Our picks for
Co-signer release after 12 months
on Purefy's website
PenFed Student Loan Refinance
Fixed APR
Variable APR
Min. Credit Score
on Purefy's website
on LendKey's website
LendKey Student Loan Refinance
Fixed APR
Variable APR
Min. Credit Score
on LendKey's website

on NerdWallet's secure website
Navy Federal Student Loan Refinance

Fixed APR
Variable APR
Min. Credit Score
on NerdWallet's secure website
Our pick for
Co-signer release after 24 months
on Nelnet Bank's website
Nelnet Bank Student Loan Refinance
Fixed APR
Variable APR
Min. Credit Score
on Nelnet Bank's website
Our picks for
Co-signer release after 36 months
on CommonBond's website
CommonBond Student Loan Refinance
Fixed APR
Variable APR
Min. Credit Score
on CommonBond's website

on NerdWallet's secure website
EDvestinU Student Loan Refinance

Fixed APR
Variable APR
Min. Credit Score
on NerdWallet's secure website

on NerdWallet's secure website
Advantage Education Loan Student Loan Refinance

Fixed APR
Variable APR
Min. Credit Score
on NerdWallet's secure website
on Laurel Road's website
Laurel Road Student Loan Refinance
Fixed APR
Variable APR
Min. Credit Score
on Laurel Road's website
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.
Last updated on November 23, 2020
To recap our selections...
NerdWallet's Best Lenders to Refinance Student Loans With a Co-Signer of January 2021
- PenFed 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
- Nelnet Bank Student Loan Refinance: Best for Co-signer release after 24 months
- CommonBond 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
- Laurel Road Student Loan Refinance: Best for Co-signer release after 36 months