6 Student Loans With Cosigner Release

 July 1, 2022
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A cosigner release allows you to remove a cosigner from your student loan once the lender’s criteria is met, allowing you to take full responsibility of the debt.

Since most college students have yet to establish a solid credit history, adding a cosigner is usually required for private student loans, especially those with lower interest rates. However, it’s best to let your cosigner off the hook as soon as possible to avoid any further impact to their credit.

Here are six lenders who offer student loans with cosigner release if you meet certain requirements.

6 student loan lenders with cosigner release

The main criteria for releasing a cosigner from your private student loan generally includes:

  • Proof of income: You’ll need to meet the lender’s income requirements and show that you can keep up with the monthly loan payments by yourself.
  • Payment history: Most lenders require regular, on-time payments for a specified period of time, typically between 12 to 48 months.
  • Good credit: In general, you’ll need to have a good to excellent credit score in order to release your cosigner.

The following lenders offer cosigner release to borrowers who meet the above requirements, along with lender-specific stipulations. If you’re interested in a lender not on this list, ask them if they offer this perk so you know what to expect should you decide to take a cosigner off of your loan.

1. Sallie Mae
2. SoFi
3. LendKey
4. College Ave
5. Ascent
6. PNC

Student loan cosigners are more common than you think
A recent student loan debt analysis showed that in the 2020-21 academic year 90% of undergraduate and 63% of graduate private loans used a cosigner.

1. Sallie Mae

Sallie Mae has one of the shortest time frames for cosigner release, allowing you to apply after just 12 months of on-time payments (or an advanced payment equal to this amount).

Here are the other requirements:

  • You meet the age of majority in your state (18 years old in most states).
  • You graduated with your degree or certificate from the program you used the loan for.
  • You’re a U.S. citizen or permanent resident.
  • You can provide proof of income with a paystub from the last 90 days or another qualifying documentation.
  • You’ve been current and have made satisfactory payments on all your Sallie Mae student loans for the past 12 months.
  • You pass a credit check and can demonstrate your ability to repay the loan on your own.
  • You haven’t had any loans in deferment or forbearance, or on an alternative repayment plan, such as income-driven repayment or graduated repayment, for the past 12 months.

A Sallie Mae loan allows you to borrow up to 100% of your school’s tuition and related expenses, such as room and board. Sallie Mae’s student loan annual percentage rate (APR) ranged 2.00% to 13.72%, with terms of 5, 10, 15, 20 years.

Sallie Mae student loans
Pros Cons
0.25-percentage-point autopay discount
0.50-percentage-point interest reduction for interest-only payments made while in graduate and/or professional school
Shortest cosigner release timeframe (12 months if criteria is met)
No prequalification option
Repayment term is automatically assigned
Cosigner release is only available to graduates

2. SoFi

SoFi, which stands for Social Finance, is another lender who offers cosigner release to students who meet their criteria.

Here are the main requirements:

  • You meet the age of majority in your state when you took out the loan (18 years old in most states).
  • You’ve made consecutive, on-time payments for 24 months.
  • Your loan was issued or refinanced after May 1, 2019 (loans prior to this date aren’t eligible for cosigner release).

SoFi allows you to borrow between $1,000 up to the full cost of your tuition. They offer student loan APRs of 1.89% to 11.98%, with terms of 5, 10, 15 years.

SoFi student loans
Pros Cons
Can prequalify to check rates without commitment
Options to pause repayment
Access to SoFi’s unique membership perks
Competitive interest rates
Unclear credit requirements
Not available for students enrolled less than half time
Loans issued before May 1, 2019 aren’t eligible for cosigner release

3. LendKey

LendKey’s partner lenders might offer cosigner release to borrowers. As a student loan marketplace, LendKey connects you with community banks and credit unions for a private student loan or refinanced student loan.

If you borrow money from one of LendKey’s partners, you’ll need to check with the lender directly to see if they offer cosigner release. According to LendKey, some of its partners will remove a cosigner if you:

  • Make a certain number of consecutive on-time payments.
  • Haven’t put your loan into forbearance or deferment within a certain period or had your loan go into delinquency or default.
  • Can meet credit and income requirements.
  • Haven’t had any bankruptcies or foreclosures in the last 60 months.

LendKey offers loans from $2,000 up to the cost of attendance. Their loan APRs range at 1.13% to 12.60%, and the terms run 10 years.

LendKey student loans
Pros Cons
Borrow up to 100% of the cost of attendance
No application or origination fees
Six-month grace period for all borrowers
No prequalification option
Only one loan repayment term (10 years)
Unclear forbearance policies

4. College Ave Student Loans

College Ave Student Loans allows you to apply for cosigner release after more than half of your repayment period has elapsed. So if you have a 10-year repayment plan, you can apply to remove your cosigner after five years.

Here are a few other requirements for cosigner release on a College Ave student loan:

  • You’re a U.S. citizen or permanent resident.
  • Your documented annual income is more than double the outstanding balance of your loans. (For example, if you owe $20,000 in loans, your income needs to be more than $40,000.)
  • Your credit report shows no late payments of 30 days or more in the past year, as well as no bankruptcies, foreclosures or repossessions within the past two years.

College Ave borrowers can take out as little as $1,000 or up to the full cost of attendance. College Ave APRs run 1.19% to 12.99%, with terms of 5, 8, 10, 15 years.

College Ave student loans
Pros Cons
Can prequalify to check rate without commitment
Low minimum, high maximum loan amounts
Possible eligibility for international and part-time students
Eligibility for consigner release can take many years
College Ave farms out loan servicing
Case-by-case approach to forbearance

5. Ascent

An Ascent loan may be eligible for cosigner release after 24 consecutive full payments have been made without incurring any late penalties.

Here are the other requirements:

  • You meet the income and credit requirements to qualify for the loan on your own.
  • You sign up for autopay.
  • You contact the loan holder directly to release your cosigner.

An Ascent student loan can provide from $2,001 to the cost of attendance (aggregate maximum of $200,000). They offer terms of 5, 10, 15 years, with loan APRs of 0.98% to 14.75%.

Ascent student loans
Pros Cons
Autopay discount up to 1.00%
A 1% cashback graduation reward
A great loan option for international students, DACA students or borrowers with a lower credit score
Higher APR rates than some competitors
Vague borrower eligibility requirements
The noncosigned loan options are only available to certain borrowers

6. PNC

Borrowing a student loan from PNC? These are the criteria for getting your cosigner’s name taken off your debt:

  • You’ve made at least 48 consecutive monthly payments.
  • You didn’t put your loans into forbearance or deferment within that period.
  • You meet PNC’s underwriting requirements for credit and income.

PNC allows students to borrow between $1,000 to $65,000, depending on the degree program. Their student loan annual percentage rate (APR) range 2.99% to 8.19%, with terms of 5, 10, 15 years.

PNC student loans
Pros Cons
0.50% autopay discount
Competitive APRs
In-school repayment options
Eligibility for cosigner release takes 48 months
No prequalification option
Ineligibility for international and part-time students
Strict loan limits

How to choose a lender with cosigner release

While cosigner release can be a great perk, keep in mind that not everyone will qualify. Although recent data isn’t available, a Consumer Financial Protection Bureau study from 2015 found that roughly 90% of cosigner release applicants had their requests denied.

If your sights are set on cosigner release, speak with your lender about the specific criteria to make sure you can meet it. For example, lenders such as Sallie Mae won’t approve your request if you’ve modified your student loan repayment plan in the past year or received hardship forbearance.

You’ll also need to focus on boosting your credit score and ensuring that your debt-to-income ratio is acceptable.

Keep in mind that cosigner release probably isn’t the most important factor when choosing a lender. It may be better to find a loan with the lowest interest rate to reduce your costs in the long run. You can also look into private student loans that don’t require a cosigner.

So while you should keep cosigner release in mind, don’t forget to shop around with a variety of lenders to find a student loan that best fits your individual needs.

How to apply with a cosigner release form

When it comes time to apply for cosigner release, you’ll need to submit certain documents. Here’s a list of what may be required:

  • Your current address
  • Social Security number (to prove citizenship or legal status)
  • Recent pay stubs or other proof of income
  • Recent tax returns
  • Graduation documents (if applicable)
  • Monthly payment statements (e.g., rent or mortgage, car payment and internet)

After you’ve collected the necessary paperwork, you can follow these three steps to complete the process:

  • Meet the required payments: Double-check that you’ve reached the lender’s payment timeline (e.g., 24 months). In addition, eligibility depends on consecutive, on-time payments that were applied toward both the principal and interest. Unfortunately interest-only payments can’t be included in the final count.
  • Fill out the cosigner release form: You can usually find it on your lender’s website, otherwise reach out to your lender directly. Ensure that the form is filled out completely and that all required paperwork is submitted.
  • Accept your new loan: If the cosigner release is approved, you’ll be required to sign new paperwork stating that you’re the only borrower. Congratulations! The loan is 100% yours now.

What to do if you can’t get approved for cosigner release

If you’re having trouble getting approval for cosigner release, another option is to refinance your student loan in just your name.

If you have strong credit and a stable income, you may be able to qualify for student loan refinancing on your own with lenders, like Earnest or Splash Financial.

When you refinance, you basically cancel the cosigned loan and take out a new one in your name. You can choose a new repayment term, and you may be able to snag a better interest rate too.

Use our student loan refinance calculator to experiment with possible payment options.

By restructuring your debt through refinancing, you could save money and let your cosigner off the hook for your student loans, once and for all.

Just remember, it’s generally best not to refinance federal loans, since you permanently lose access to the various federal aid programs (such as income-driven repayment plans and student loan forgiveness). Make sure to consider whether refinancing is the right move before making your decision.

Student loan cosigner release FAQs

Can I remove myself from a cosigned loan?

Most lenders only allow the borrower to apply for cosigner release. This is because the borrower has to submit documentation proving they have the necessary income and resources to assume full responsibility of the loan. However, it’s still worth reaching out to the lender to ask if there are any steps you can take to help speed along the process.

How do late payments affect the cosigner’s credit?

The cosigner shares responsibility for the loan and therefore is dinged for any late payments. This could potentially damage the cosigner’s credit history. This is one reason it’s advisable to remove your cosigner once you’re able to manage the student loan on your own.

How long is a cosigner responsible for the student loan?

The cosigner remains on the loan for its full duration. That means they aren’t off the hook until the loan is either paid in full or the primary borrower applies for cosigner release. Alternatively, the borrower can refinance the loan in their own name, which will remove the cosigner completely.

Interested in refinancing student loans?

Here are the top 9 lenders of 2022!
LenderVariable APREligible Degrees 
1.74% – 9.51%1Undergrad
& Graduate

Visit Splash

1.89% – 5.90%2Undergrad
& Graduate

Visit Laurel Road

2.05% – 5.25%3Undergrad
& Graduate

Visit Lendkey

1.74% – 7.99%4Undergrad
& Graduate

Visit NaviRefi

1.74% – 7.99%5Undergrad
& Graduate

Visit SoFi

1.74% – 7.99%6Undergrad
& Graduate

Visit Earnest

1.86% – 6.01%Undergrad
& Graduate

Visit Elfi

1.74% – 7.99%7Undergrad
& Graduate

Visit Purefy

2.24% – 9.23%8Undergrad
& Graduate

Visit Citizens

Check out the testimonials and our in-depth reviews!
1 Important Disclosures for Splash Financial.

Splash Financial Disclosures

Terms and Conditions apply. Splash reserves the right to modify or discontinue products and benefits at any time without notice. Rates and terms are also subject to change at any time without notice. Offers are subject to credit approval. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet applicable underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates are reserved for the highest qualified borrowers. If approved, your actual rate will be within a range of rates and will depend on a variety of factors, including term of loan, a responsible financial history, income and other factors. Refinancing or consolidating private and federal student loans may not be the right decision for everyone. Federal loans carry special benefits not available for loans made through Splash Financial, for example, public service loan forgiveness and economic hardship programs, fee waivers and rebates on the principal, which may not be accessible to you after you refinance. The rates displayed may include a 0.25% autopay discount

The information you provide to us is an inquiry to determine whether we or our lenders can make a loan offer that meets your needs. If we or any of our lending partners has an available loan offer for you, you will be invited to submit a loan application to the lender for its review. We do not guarantee that you will receive any loan offers or that your loan application will be approved. Offers are subject to credit approval and are available only to U.S. citizens or permanent residents who meet applicable underwriting requirements. Not all borrowers will receive the lowest rates, which are available to the most qualified borrowers. Participating lenders, rates and terms are subject to change at any time without notice.

To check the rates and terms you qualify for, Splash Financial conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, the lender will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

Splash Financial and our lending partners reserve the right to modify or discontinue products and benefits at any time without notice. To qualify, a borrower must be a U.S. citizen and meet our lending partner’s underwriting requirements. Lowest rates are reserved for the highest qualified borrowers. This information is current as of June 1, 2022.

2 Important Disclosures for Laurel Road.

Laurel Road Disclosures

All credit products are subject to credit approval.

Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $4 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products and personal loans that help simplify lending through customized technology and personalized service. In April 2019, Laurel Road was acquired by KeyBank, one of the nation’s largest bank-based financial services companies. Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. All loans are provided by KeyBank National Association, a nationally chartered bank. Member FDIC. For more information, visit www.laurelroad.com.

As used throughout these Terms & Conditions, the term “Lender” refers to KeyBank National Association and its affiliates, agents, guaranty insurers, investors, assigns, and successors in interest.

  1. Checking your rate with Laurel Road only requires a soft credit pull, which will not affect your credit score. To proceed with an application, a hard credit pull will be required, which may affect your credit score.
  2. Savings vary based on rate and term of your existing and refinanced loan(s). Refinancing to a longer term may lower your monthly payments, but may also increase the total interest paid over the life of the loan. Refinancing to a shorter term may increase your monthly payments, but may lower the total interest paid over the life of the loan. Review your loan documentation for total cost of your refinanced loan.
  3. After loan disbursement, if a borrower documents a qualifying economic hardship, we may agree in our discretion to allow for full or partial forbearance of payments for one or more 3-month time periods (not to exceed 12 months in the aggregate during the term of your loan), provided that we receive acceptable documentation (including updating documentation) of the nature and expected duration of the borrower’s economic hardship. During any period of forbearance interest will continue to accrue. At the end of the forbearance period, any unpaid accrued interest will be capitalized and be added to the remaining principle amount of the loan.
  4. Automatic Payment (“AutoPay”) Discount: if the borrower chooses to make monthly payments automatically from a bank account, the interest rate will decrease by 0.25% and will increase back if the borrower stops making (or we stop accepting) monthly payments automatically from the borrower’s bank account. The 0.25% AutoPay discount will not reduce the monthly payment; instead, the discount is applied to the principal to help pay the loan down faster.

Assumptions: Repayment examples above assume a loan amount of $10,000 with repayment beginning immediately following disbursement. Repayment examples do not include the 0.25% AutoPay Discount.

Annual Percentage Rate (“APR”): This term represents the actual cost of financing to the borrower over the life of the loan expressed as a yearly rate.

Interest Rate: A simple annual rate that is applied to an unpaid balance.

Variable Rates: The current index for variable rate loans is derived from the one-month London Interbank Offered Rate (“LIBOR”) and changes in the LIBOR index may cause your monthly payment to increase. Borrowers who take out a term of 5, 7, or 10 years will have a maximum interest rate of 9%, those who take out a 15 or 20-year variable loan will have a maximum interest rate of 10%.


This information is current as of April 29, 2021. Information and rates are subject to change without notice.

3 Important Disclosures for LendKey.

LendKey Disclosures

Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it  endorse,  any educational institution.

Subject to floor rate and may require the automatic payments be made from a checking or savings account with the lender. The rate reduction will be removed and the rate will be increased by 0.25% upon any cancellation or failed collection attempt of the automatic payment and will be suspended during any period of deferment or forbearance. As a result, during the forbearance or suspension period, and/or if the automatic payment is canceled, any increase will take the form of higher payments. The lowest advertised variable APR is only available for loan terms of  5 years and is reserved for applicants with FICO scores of at least 810.

As of 5/17/2022 student loan refinancing rates range from 2.05% APR – 5.25% Variable APR with AutoPay and 2.49% APR – 7.93% Fixed APR with AutoPay.

4 Important Disclosures for Navient.

Navient Disclosures

You can choose between fixed and variable rates. Fixed interest rates are 2.99% – 8.24% APR (2.74% – 7.99% APR with Auto Pay discount). Starting variable interest rates are 1.99% APR to 8.24% APR (1.74% – 7.99% APR with Auto Pay discount). Variable rates are based on an index, the 30-day Average Secured Overnight Financing Rate (SOFR) plus a margin. Variable rates are reset monthly based on the fluctuation of the index. We do not currently offer variable rate loans in AK, CO, CT, HI, IL, KY, MA, MN, MS, NH, OH, OK, SC, TN, TX, and VA.

5 Important Disclosures for SoFi.

SoFi Disclosures

Fixed rates range from 3.49% APR to 7.99% APR with a 0.25% autopay discount. Variable rates from 1.74% APR to 7.99% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates on 5-, 7-, and 10-year terms are capped at 8.95% APR; 15- and 20-year terms are capped at 9.95% APR. Your actual rate will be within the range of rates listed above and will depend on the term you select, evaluation of your creditworthiness, income, presence of a co-signer and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The benefit lowers your interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay is not required to receive a loan from SoFi.

6 Rate range above includes optional 0.25% Auto Pay discount. Important Disclosures for Earnest.

Earnest Disclosures

Student Loan Refinance Interest Rate Disclosure Actual rate and available repayment terms will vary based on your income. Fixed rates range from 3.24% APR to 8.24% APR (excludes 0.25% Auto Pay discount). Variable rates range from 1.99% APR to 8.24% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan refinance loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. The maximum rate for your loan is 8.95% if your loan term is 10 years or less. For loan terms of more than 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95%. Please note, we are not able to offer variable rate loans in AK, IL, MN, NH, OH, TN, and TX. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account. Let us know if you have any questions and feel free to reach out directly to our team.

7 Important Disclosures for Purefy.

Purefy Disclosures

Purefy Student Loan Refinancing Rate and Terms Disclosure: Annual Percentage Rates (APR) ranges and examples are based on information provided to Purefy by lenders participating in Purefy’s rate comparison platform. For student loan refinancing, the participating lenders offer fixed rates ranging from 2.73% – 7.99% APR, and variable rates ranging from 1.74% – 7.99% APR. The maximum variable rate is 25.00%. Your interest rate will be based on the lender’s requirements. In most cases, lenders determine the interest rates based on your credit score, degree type and other credit and financial criteria. Only borrowers with excellent credit and meeting other lender criteria will qualify for the lowest rate available. Rates and terms are subject to change at any time without notice. Terms and conditions apply.  

8 Important Disclosures for Citizens.

CitizensBank Disclosures

Education Refinance Loan Rate Disclosure: Variable interest rates range from 2.24%-9.23% (2.24%-9.23% APR). Fixed interest rates range from 4.29%-9.73% (4.29%-9.73% APR). 

Undergraduate Rate Disclosure: Variable interest rates range from 5.37%- 8.81% (5.37% – 8.81% APR). Fixed interest rates range from 5.87% – 9.31% (5.87% – 9.31% APR).

Graduate Rate Disclosure: Variable interest rates range from 2.24% – 8.75% (2.24% – 8.75% APR). Fixed interest rates range from 4.29% – 9.25% (4.29% – 9.25% APR).

Education Refinance Loan for Parents Rate Disclosure: Variable interest rates range from 2.24%- 8.40% (2.24%- 8.40% APR). Fixed interest rates range from 4.29% – 8.90% (4.29% – 8.90% APR). 

Medical Residency Refinance Loan Rate Disclosure: Variable interest rates range from 2.24% – 8.75% (2.24% – 8.75% APR). Fixed interest rates range from 4.29% – 9.25% (4.29% – 9.25% APR).

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