Student Loans With Fastest Co-Signer Release Of July 2024

Compare private student loan refinancing rates
Best for release after 6 months
Edly Student Loans Learn More Eligible borrowers Qualifying juniors, seniors or graduate students
Loan amounts Up to $25,000 total lifetime borrowing limit
Loan terms 84 months, or 7 years
Loan types Variable
Borrower protections Deferment and forbearance options available; all loans are on income-based repayment
Co-signer required? No Terms apply. Pros Considers borrowers’ schooling and programs
Borrowers have hardship protections
All loan payments are are income-based, so they’re flexible and can adjust to your finances
No co-signer required
Payments while in school aren’t required
Enroll in autopay and make on-time payments to earn rewards
Edly Career Counselors and Edly Student Success Team are available for support Cons Only 7-year loan terms
Only variable-rate loans
Not available in every U.S. state
Non-cosigned loans tend to charge higher interest rates Learn More View More
Who’s this for? Edly is you want to be able to release your co-signer rather quickly since it only requires that the student borrower make six consecutive, full monthly payments post-graduation. Other requirements include passing a credit check, having a minimum FICO® Score of 600 and a debt-to-income (DTI) ratio of no more than 25%, as well as completing an application. Standout benefits: Edly offers income-based repayment (IBR) plans on its non-cosigned and cosigned loans, as well as career training loans. This option is rare with private lenders, and allows borrowers to have a payment plan that adjusts as their income changes. Edly also has a Student Success Team for assistance like study prep. [ Jump to more details ]
Best for release after 12 months
Sallie Mae Student Loan Learn More Eligible borrowers Undergraduate and graduate students, borrowers seeking career training
Loan amounts $1,000 minimum; maximum up to cost of attendance
Loan terms Range from 10 to 15 years
Loan types Variable and fixed
Borrower protections Deferment and forbearance options available
Co-signer required? Only for international students
Offer student loan refinancing? No Terms apply. Pros Loans available to part-time students
Co-signer release after 12 payments
No origination, application or prepayment fees
Accepts in-school payments Cons No student loan refinancing
No parent loans
Hard credit check to prequalify
Doesn’t disclose credit score requirements
Late fee and returned payment charge Learn More View More
Who’s this for? Sallie Mae is already a top student loan lender, but it helps even more that you can release your co-signer after just one year of monthly on-time principal and interest payments after they graduate or complete their certificate. Borrowers must fill out an application and meet certain credit requirements, as well as be a U.S. citizen or a U.S. permanent resident, provide proof of income and more. Standout benefits: Sallie Mae stands out most for its low interest rates and fees, including a 0.25% rate discount when signing up for autopay. Its variety of repayment options includes interest repayment during school, $25 fixed repayment during school and deferred repayment after school. There’s a 6-month grace period. [ Jump to more details ]
Best for release after 24 months
SoFi Learn More Eligible borrowers Undergraduate and graduate students, parents, health professionals
Loan amounts $5,000 minimum (or up to state); maximum up to cost of attendance
Loan terms Range from 5 to 15 years; up to 20 years for refinancing loans
Loan types Variable and fixed
Co-signer required? No
Offer student loan refinancing? Yes – click here for details
Offer parent loan? Yes – click here for details Terms apply. Pros High loan amount
Variable and fixed rates, so you can choose
No co-signer required
No origination, application or prepayment fees
0.25% interest rate discount for autopay
0.125% interest rate discount on any additional SoFi lending product
Offers student loan refinancing
Accepts in-school payments Cons Non-cosigned loans tend to charge higher interest rates
No co-signer release option available
Loan size minimum of $5,000 Learn More View More
Who’s this for? SoFi is great if you want to take advantage of SoFi’s member benefits like referral bonuses, rate discounts on other SoFi loans and premium travel offers. It offers a co-signer release option after the borrower has made 24 months of full principal and interest payments. Standout benefits: SoFi has no student loan fees, rate discounts, varied repayment options, multiple repayment terms, plus financial planning services. There’s a 6-month grace period. [ Jump to more details ]
Best for DACA recipients and international students
Ascent® Funding Learn More Eligible borrowers Qualifying undergraduate juniors and seniors, graduate students
Loan amounts Up to $200,000 for undergraduate and $400,000 for graduate loans
Loan terms Range from 5 to 15 years
Loan types Variable and fixed
Borrower protections Deferment and forbearance options available
Co-signer required? Only for international students
Offer student loan refinancing? No Terms apply. Pros Considers borrowers with no credit
High loan amount
Variable and fixed rates, so you can choose
Borrowers have hardship protections
No co-signer required
Offers co-signer release
No origination, application or prepayment fees
Up to 1% interest rate discount for autopay
1% cash back rewards
Accepts in-school payments Cons Non-cosigned loans tend to charge higher interest rates
Doesn’t offer student loan refinancing Learn More View More
Who’s this for? Ascent Funding offers a quick co-signer release option after making 12 consecutive, full principal and interest payments on time, including DACA recipients and international students. Borrowers must apply, be able to show at least two years of credit history with a minimum credit score, have a minimum $24,000 per year income and have an acceptable monthly DTI ratio. Standout benefits: Ascent’s student loans are open to students coming to the U.S. to study. They have low fees and low rates if you apply with a co-signer, as well as a handful of repayment term options and a 0.25% rate discount when signing up for autopay. There’s a 9-month grace period. Ascent also offers student borrowers perks like cash-back rewards upon graduation and expert coaching. [ Jump to more details ]
Best from a credit union
PenFed Student Loan Refinancing Learn More Cost $0; no application fee or origination fee
Eligible loans Federal and private graduate and undergraduate loans
Loan types Fixed rates
Variable rates (APR) N/A
Fixed rates (APR) 4.49%-6.68% APR
Loan terms 5, 8, 12, or 15 years
Loan amounts Minimum amount is $7,500 and maximum amount is $300,000
Minimum credit score Not disclosed
Minimum income Not disclosed
Allow for a co-signer Yes Terms apply. Pros Ability to check your rate without hurting your credit score
No prepayment penalties
Larger maximum loan amount for refinancing
Online application that can be completed in as little as 15 minutes Cons Must be a member to refinance your loan Learn More View More
Who’s this for? PenFed Credit Union is ideal if you prefer to bank with a credit union as it offers a fast 12-month co-signer release option. To release a co-signer, borrowers must apply and verify income. The credit union is easy for anyone to join: just open a PenFed savings account and deposit a minimum of $5. Standout benefits: PenFed partners with student loan marketplace Sparrow where you can easily compare prequalified rates from multiple student loan lenders. [ Jump to more details ]
Compare private student loan refinancing rates
More on our top student loans with fastest co-signer release
Edly Student Loans
Edly offers student loans and career training loans, plus doesn’t require a co-signer. The lender partners with FinWise Bank to offer its income-based repayment loans. Loan amounts Minimum $2,000; $5,000 – $15,000 per academic year; $5,000 – $10,000 additional for summer terms; $20,000 – $25,000 lifetime limit Loan terms 84 months Loan rate Loan rate depends on type of loan taken out; autopay incentives apply Loan fees No application fee, no origination fee, no prepayment penalties [ Return to summary ]
Sallie Mae
Sallie Mae is a public company that offers consumers private student loans and scholarships, as well as savings accounts like a traditional savings, a high-yield savings, a money market account and CDs. Loan amounts Minimum $1,000; if applying directly through Sallie Mae, loan amount cannot exceed the cost of attendance less financial aid received, as certified by the school; if applying to Sallie Mae through partner website, loan amount may have a lower maximum Loan terms Loan term depends on type of loan taken out Loan rate Loan rate depends on type of loan taken out; 0.25% autopay discount available and choice between fixed or variable rate Loan fees No origination fee, no early repayment penalties [ Return to summary ]
SoFi
SoFi got its name for student loan refinancing, but now offers all sorts of financial products beyond student loans: personal loans, mortgage loans, investing, credit cards, banking, insurance, estate planning and small business financing. Loan amounts Minimum $1,000; no maximum limit Loan terms 5, 7, 10, 15 years Loan rate Loan rate depends on type of loan taken out; 0.25% autopay discount and an additional 0.25% discount for returning in-school borrowers available and choice between fixed or variable rate Loan fees No application fee, no origination fee, no late fees, no insufficient fund fees, no prepayment penalty [ Return to summary ]
Ascent Funding
Ascent Funding offers student loans and scholarships, as well as consumer loans for bootcamp programs, which are career prep programs that some colleges offer. Loan amounts Minimum $2,001 (except for Massachusetts residents, which have a $6,001 minimum) – up to $200,000 for credit-based loans and undergraduate loans; up to $20,000 for outcomes-based loans; up to $400,000 for graduate loans Loan terms Loan term depends on the type of loan taken out Loan rate Loan rate depends on the type of loan taken out; 0.25% and 1.00% autopay discounts available and choice between fixed or variable rate Loan fees No application fee, no origination or disbursement fee, no penalty for early repayment [ Return to summary ]
PenFed Credit Union
PenFed Credit Union offers its members everything from student loans and personal loans, to auto loans, mortgage and home equity loans, credit cards, bank accounts and IRAs. Loan amounts Minimum $1,000 Loan terms Loan term depends on type of loan taken out Loan rate Loan rate depends on type of loan taken out Loan fees Loan fees depend on type of loan taken out [ Return to summary ]
FAQs How long does it take to remove a co-signer from a student loan? How long it takes to remove a co-signer from a student loan depends on the lender. Each lender will require a certain amount of consecutive on-time monthly payments, which can range from 24 to 48 payments, which equates to two to four years. The fastest co-signer releases, though, (which you see on this ranking) can happen in two years or less. Does SoFi offer co-signer release? SoFi offers a co-signer release after 24 monthly payments. Does Sallie Mae release co-signers? Sallie Mae offers a co-signer release after one year of monthly payments. Does refinancing student loans release co-signers? Refinancing student loans effectively releases co-signers because a refinanced loan is essentially a brand-new loan with new terms.
Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every private student loan lender review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of student loan products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best student loans with the fastest co-signer release.
Subscribe to the CNBC Select Newsletter! Money matters — so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox. Sign up here.
Our methodology
To determine which private student loans offer the fastest co-signer release, CNBC Select compared options from different national banks, credit unions, online and non-profit lenders. Our main goal was to focus only on those lenders that offer borrowers the quickest path to releasing a co-signer. Not all lenders offer a co-signer release option, but for those that do, each requires that the borrow show they can make a consecutive stream of on-time monthly payments. The shortest time frame we found was six months. Multiple lenders offer a co-signer release after 12 or 24 months; for these ones, we narrowed in on other benefits the lender has, including catering to different segments of borrowers like DACA recipients, international students or credit union seekers. We also favored lenders with low rates and fees, as well as multiple loan term and repayment options. There are other requirements that a borrower will need to meet before being able to release their co-signer. These vary by lender but can include meeting a minimum credit score and income level, as well as filling out an application. Note that the rates and fee structures for private student loans are not guaranteed forever; they are subject to change without notice and they often fluctuate per the Fed rate. Choosing a fixed-rate APR will guarantee that your interest rate and monthly payment will remain consistent throughout the entire term of the loan. Your private student loan interest rate depends on your (or your co-signer’s) credit score, income, debt-to-income (DTI) ratio, savings, payment history and overall financial health. To take out private student loans, lenders will conduct a hard credit inquiry and request a full application, which could require proof of income, identity verification, proof of address and more. Catch up on CNBC Select’s in-depth coverage of credit cards, banking and money, and follow us on TikTok, Facebook, Instagram and Twitter to stay up to date.
Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.