Earnest Snapshot
Earnest offers both private student loans and student loan refinancing.1 With competitive interest rates, customizable repayment plans, and a forward-looking eligibility criteria, Earnest is a good fit for borrowers who don’t have a cosigner but have a strong credit score.1
Fixed APR Range: 4.96% to 9.79%* (includes 0.25% auto pay discount)
Variable APR Range: 5.49 % to 9.74%* (includes 0.25% auto pay discount)
Loan Amounts: $5,000 ($10,000 for California residents) to $500,000
Minimum Credit Score: 680
| Best Features | Drawbacks |
| • Competitive interest rates • Customizable payments and loan terms •Merit-based rates •Option to skip one monthly payment every year3 •Allows biweekly payments via autopay4 | • Refinancing is unavailable in Kentucky and Nevada •Variable interest rates aren’t available for borrowers in all states • You can’t apply with a cosigner •Student borrowers cannot take over parent PLUS loans that parents took out on their behalf |
What’s Inside
- Interest Rates, Fees, and Terms
- Eligibility Requirements – Financial
- Eligibility Requirements – Personal
- Repayment Options
- Customer Service
- FAQ
Compare Earnest Student Loan Refinance Rates:
Rather than searching for lenders one-by-one, we recommend starting the process with an automated student loan refinance search tool. With the free Sparrow application, you can see the rates and terms you’d qualify for with 17+ premier lenders.
>> MORE: Compare Earnest refinance rates to other student loans
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Earnest
Minimum credit score
680
Fixed APR
Auto Pay Discount Disclosure
You can take advantage of the Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. For multi-party loans, only one party may enroll in Auto Pay.
Student Loan Refinancing Interest Rate Disclosure
Actual rate and available repayment terms will vary based on your income. Fixed rates range from 5.21% APR to 10.04% APR (excludes 0.25% Auto Pay discount). Variable rates range from 5.74% APR to 9.99% 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. Sparrow receives compensation from Earnest on a per-funded loan basis.
Student Loan Refinancing Loan Cost Examples
These examples provide estimates based on payments beginning immediately upon loan disbursement. Variable APR: A $10,000 loan with a 20-year term (240 monthly payments of $72) and a 5.89% APR would result in a total estimated payment amount of $17,042.39. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed APR: A $10,000 loan with a 20-year term (240 monthly payments of $72) and a 6.04% APR would result in a total estimated payment amount of $17,249.77. Your actual repayment terms may vary.Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, e-mail us at hello@earnest.com, or call 888-601-2801 for more information on our student loan refinance product.
Earnest Loans are made by Earnest Operations LLC or One American Bank, Member FDIC. Earnest Operations LLC, NMLS #1204917. 535 Mission St., Suite 1663, San Francisco, CA 94105. California Financing Law License 6054788. Visit Lending Licenses – Earnest for a full list of licensed states. For California residents (Student Loan Refinance Only): Loans will be arranged or made pursuant to a California Financing Law License.
One American Bank, 515 S. Minnesota Ave, Sioux Falls, SD 57104. Earnest loans are serviced by Earnest Operations LLC with support from Navient Solutions LLC (NMLS #212430). One American Bank and Earnest LLC and its subsidiaries are not sponsored by or agencies of the United States of America.
© 2022 Earnest LLC. All rights reserved.
4.96 - 8.99%
Variable APR
Auto Pay Discount Disclosure
You can take advantage of the Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. For multi-party loans, only one party may enroll in Auto Pay.
Student Loan Refinancing Interest Rate Disclosure
Actual rate and available repayment terms will vary based on your income. Fixed rates range from 5.21% APR to 10.04% APR (excludes 0.25% Auto Pay discount). Variable rates range from 5.74% APR to 9.99% 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. Sparrow receives compensation from Earnest on a per-funded loan basis.
Student Loan Refinancing Loan Cost Examples
These examples provide estimates based on payments beginning immediately upon loan disbursement. Variable APR: A $10,000 loan with a 20-year term (240 monthly payments of $72) and a 5.89% APR would result in a total estimated payment amount of $17,042.39. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed APR: A $10,000 loan with a 20-year term (240 monthly payments of $72) and a 6.04% APR would result in a total estimated payment amount of $17,249.77. Your actual repayment terms may vary.Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, e-mail us at hello@earnest.com, or call 888-601-2801 for more information on our student loan refinance product.
Earnest Loans are made by Earnest Operations LLC or One American Bank, Member FDIC. Earnest Operations LLC, NMLS #1204917. 535 Mission St., Suite 1663, San Francisco, CA 94105. California Financing Law License 6054788. Visit Lending Licenses – Earnest for a full list of licensed states. For California residents (Student Loan Refinance Only): Loans will be arranged or made pursuant to a California Financing Law License.
One American Bank, 515 S. Minnesota Ave, Sioux Falls, SD 57104. Earnest loans are serviced by Earnest Operations LLC with support from Navient Solutions LLC (NMLS #212430). One American Bank and Earnest LLC and its subsidiaries are not sponsored by or agencies of the United States of America.
© 2022 Earnest LLC. All rights reserved.
5.32 - 8.94%
ISL
Minimum credit score
670
Fixed APR
Subject to credit approval. Loans are made by Iowa Student Loan Liquidity Corporation or Bank of Lake Mills. Bank of Lake Mills does not have an ownership interest in Iowa Student Loan Liquidity Corporation. Bank of Lake Mills is Member FDIC. Annual percentage rate (APR) shown is dependent on if you are viewing this page with or without the auto-debit discount applied. If viewing with auto-debit discount applied, the APR rate will range from 6.93% APR to 11.58% APR and assumes you are enrolled in and maintain auto-debit payments from the date of origination. Enrolling in auto-debit results in a 0.25% interest rate reduction. Without enrolling in auto-debit, the rate will range from 7.18% APR to 11.83% APR. Not all borrowers receive the lowest rate. If you are approved for a loan, the rate offered will depend on your credit profile, the term you select, your state of residence or your current lender and will be within the ranges shown above.
6.93 - 11.58%
Variable APR
N/A
LendKey
Minimum credit score
660
Fixed APR
1 – Terms and Conditions Apply
Loan products, terms, and benefits may be modified or discontinued by participating lenders at any time without notice. Rates displayed are reserved for the most creditworthy consumers who enroll to make automatic monthly payments. Your initial rate will be determined after a review of your application and credit profile. Variable rates may increase after consummation. You must be either a U.S. citizen or Permanent Resident in an eligible state and from an eligible school, and meet the lender’s credit and income requirements to qualify for a loan. Certain membership requirements (including the opening of a share account, a minimum share account deposit, and the payment of any applicable association fees in connection with membership) may apply in the event that an applicant wishes to apply with, and accept a loan offered from, a credit union lender. If you are not a member of the credit union lender, you may apply and become a member during the loan application process if you meet the lender’s eligibility criteria. Applying with a creditworthy cosigner may result in a better chance of loan approval and/or lower interest rate. Loans for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not available via LendKey.com.
6.61 - 10.68%
Variable APR
N/A
Nelnet Bank
Minimum credit score
High 600s
Fixed APR
Credit Score
A soft credit pull—whether on Sparrow or on Nelnet Bank’s platform– will not affect your credit score. If you continue with your application, Nelnet Bank will request your permission to obtain your full credit report from one or more consumer reporting agencies. This is a hard credit pull and may affect your credit score.
Auto Debit (Auto Pay)
Interest rate reduction of .25% for automatically withdrawn payments from any designated bank account (“auto debit discount”). Auto debit discount applies when full payments (including both principal and interest) are automatically drafted from a bank account. The auto debit discount will continue to apply during periods of approved forbearance or deferment if the auto debit discount was in effect at the time of receiving the forbearance or deferment. Auto debit discount will remain on the account unless (1) the automatic deduction of payments is canceled or (2) there are three consecutive automatic deductions returned for insufficient funds at any time during the term of the loan.
Cosigner Release
A request for the cosigner to be released can be made by either the borrower or cosigner when each of the following conditions has been met:
– The account must have been in full principal and interest repayment for at least 24 months.
– Twenty-four consecutive, on-time principal and interest payments, or lump sum equivalent, must have been made. NOTE: A lump sum payment does not replace the requirement to have been in full principal and interest repayment for at least 24 months. Interest-only or fixed-pay payments while enrolled in school do not qualify towards the 24 consecutive on-time payments.
– The loan must be current at the time of request.
– The loan must not have been in deferment, hardship forbearance, or other alternative payment assistance plan within the past 24 months.
– The loan must not have been permanently modified from its original terms in the credit agreement.
– The primary borrower must be a U.S. citizen or have permanent residency in the United States.
– The primary borrower must meet the age of majority requirement in their permanent state of residency.
Requirements are subject to change. If all of these conditions have been met, then an application for cosigner release may be submitted. The primary borrower is required to demonstrate they have the ability to assume sole responsibility for the loan(s) by providing proof of income, meeting debt-to-income requirements, and having a satisfactory credit history. (A credit report will be obtained during the review process).
If you have questions on cosigner release, or would like to apply, contact us via email or phone at Loans@NelnetBank.com or 800.446.4190.
Flexible Repayment
Nelnet Bank offers various payment assistance programs to assist you if you are currently struggling to make payments. Contact Nelnet Bank at Loans@NelnetBank.com or 800.446.4190 to get more information.
Loan Eligibility
Refinance Loan Eligibility:
You must be a U.S. citizen or permanent resident alien with a valid U.S. Social Security number, and be the legal age to enter into binding contracts in your state/territory of residency, or be at least 17 years of age and apply with a cosigner who is at least the age of majority in their state/territory. Non-residents can apply with an eligible cosigner who is a U.S. citizen or permanent resident alien with a valid U.S. Social Security number. The student loans you refinance must be in their grace or repayment period, and you can no longer be enrolled in school on a half-time or more basis. You must have at least $5,000 in student loans to refinance. You or your cosigner must meet Nelnet Bank’s annual income criteria. Approval subject to credit review. Other credit criteria may apply.
Refinance Loan Limits:
Minimum loan amount: $5,000; Maximum student loan limits:$125,000 for borrowers with an undergraduate degree; $175,000 for borrowers with a graduate or doctorate degree; $175,000 for borrowers with an MBA or graduate law degree; $500,000 for borrowers with a graduate health professions degree.
Loan Refinancing Risks:
Federal student loans include benefits that may not be offered with private student loans. Carefully review any potential benefits that may be lost by refinancing federal and private education loans, such as the loss of any remaining grace periods. To learn more about what to take into consideration when refinancing federal student loans with private education loans, click here.
Interest Rates
Fixed interest rates range from 5.34% APR (with auto debit discount) to 10.79% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. The fixed interest rate will remain the same for the life of the loan. Variable interest rates range from 7.35% APR (with auto debit discount) to 14.25% APR (without auto debit discount). Variable rates for Nelnet Bank Refinance Loans are calculated using either (a) the One-Month SOFR; (b) the 30-day Average SOFR; or (c) the forward-looking term rate based on SOFR as published by the Federal Reserve Bank of New York and/or The Wall Street Journal “Money Rates” table on the twenty-fifth day (or the next business day) of the immediately preceding calendar month. The variable rate may reprice and change on the first day of each month if the SOFR index changes. This may result in higher monthly payments. The current One-Month SOFR index is 5.07% as of August 1, 2023. The lowest rate for each loan type requires automatically withdrawn (i.e., auto debit) payments, a five-year repayment term, and the borrower making immediate principal and interest payments. The lowest rate is available only to the most creditworthy applicants. Not all borrowers will receive the lowest rate. The interest rate and Annual Percentage Rate (APR) may be higher depending upon (1) the credit history of the borrower and, if applicable, the cosigner, (2) the repayment option and loan term selected, (3) the loan type selected, and (4) the highest level of education attained. If approved, applicants will be notified of the rate qualified for within the stated range.
Savings
Your actual savings, if any, may vary based on interest rates, balances, remaining repayment terms and other factors. 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.
5.34 - 10.54%
Variable APR
Credit Score
A soft credit pull—whether on Sparrow or on Nelnet Bank’s platform– will not affect your credit score. If you continue with your application, Nelnet Bank will request your permission to obtain your full credit report from one or more consumer reporting agencies. This is a hard credit pull and may affect your credit score.
Auto Debit (Auto Pay)
Interest rate reduction of .25% for automatically withdrawn payments from any designated bank account (“auto debit discount”). Auto debit discount applies when full payments (including both principal and interest) are automatically drafted from a bank account. The auto debit discount will continue to apply during periods of approved forbearance or deferment if the auto debit discount was in effect at the time of receiving the forbearance or deferment. Auto debit discount will remain on the account unless (1) the automatic deduction of payments is canceled or (2) there are three consecutive automatic deductions returned for insufficient funds at any time during the term of the loan.
Cosigner Release
A request for the cosigner to be released can be made by either the borrower or cosigner when each of the following conditions has been met:
– The account must have been in full principal and interest repayment for at least 24 months.
– Twenty-four consecutive, on-time principal and interest payments, or lump sum equivalent, must have been made. NOTE: A lump sum payment does not replace the requirement to have been in full principal and interest repayment for at least 24 months. Interest-only or fixed-pay payments while enrolled in school do not qualify towards the 24 consecutive on-time payments.
– The loan must be current at the time of request.
– The loan must not have been in deferment, hardship forbearance, or other alternative payment assistance plan within the past 24 months.
– The loan must not have been permanently modified from its original terms in the credit agreement.
– The primary borrower must be a U.S. citizen or have permanent residency in the United States.
– The primary borrower must meet the age of majority requirement in their permanent state of residency.
Requirements are subject to change. If all of these conditions have been met, then an application for cosigner release may be submitted. The primary borrower is required to demonstrate they have the ability to assume sole responsibility for the loan(s) by providing proof of income, meeting debt-to-income requirements, and having a satisfactory credit history. (A credit report will be obtained during the review process).
If you have questions on cosigner release, or would like to apply, contact us via email or phone at Loans@NelnetBank.com or 800.446.4190.
Flexible Repayment
Nelnet Bank offers various payment assistance programs to assist you if you are currently struggling to make payments. Contact Nelnet Bank at Loans@NelnetBank.com or 800.446.4190 to get more information.
Loan Eligibility
Refinance Loan Eligibility:
You must be a U.S. citizen or permanent resident alien with a valid U.S. Social Security number, and be the legal age to enter into binding contracts in your state/territory of residency, or be at least 17 years of age and apply with a cosigner who is at least the age of majority in their state/territory. Non-residents can apply with an eligible cosigner who is a U.S. citizen or permanent resident alien with a valid U.S. Social Security number. The student loans you refinance must be in their grace or repayment period, and you can no longer be enrolled in school on a half-time or more basis. You must have at least $5,000 in student loans to refinance. You or your cosigner must meet Nelnet Bank’s annual income criteria. Approval subject to credit review. Other credit criteria may apply.
Refinance Loan Limits:
Minimum loan amount: $5,000; Maximum student loan limits:$125,000 for borrowers with an undergraduate degree; $175,000 for borrowers with a graduate or doctorate degree; $175,000 for borrowers with an MBA or graduate law degree; $500,000 for borrowers with a graduate health professions degree.
Loan Refinancing Risks:
Federal student loans include benefits that may not be offered with private student loans. Carefully review any potential benefits that may be lost by refinancing federal and private education loans, such as the loss of any remaining grace periods. To learn more about what to take into consideration when refinancing federal student loans with private education loans, click here.
Interest Rates
Fixed interest rates range from 5.34% APR (with auto debit discount) to 10.79% APR (without auto debit discount). Your interest rate will depend on your (and if applicable, your cosigner’s) credit qualifications. The fixed interest rate will remain the same for the life of the loan. Variable interest rates range from 7.35% APR (with auto debit discount) to 14.25% APR (without auto debit discount). Variable rates for Nelnet Bank Refinance Loans are calculated using either (a) the One-Month SOFR; (b) the 30-day Average SOFR; or (c) the forward-looking term rate based on SOFR as published by the Federal Reserve Bank of New York and/or The Wall Street Journal “Money Rates” table on the twenty-fifth day (or the next business day) of the immediately preceding calendar month. The variable rate may reprice and change on the first day of each month if the SOFR index changes. This may result in higher monthly payments. The current One-Month SOFR index is 5.07% as of August 1, 2023. The lowest rate for each loan type requires automatically withdrawn (i.e., auto debit) payments, a five-year repayment term, and the borrower making immediate principal and interest payments. The lowest rate is available only to the most creditworthy applicants. Not all borrowers will receive the lowest rate. The interest rate and Annual Percentage Rate (APR) may be higher depending upon (1) the credit history of the borrower and, if applicable, the cosigner, (2) the repayment option and loan term selected, (3) the loan type selected, and (4) the highest level of education attained. If approved, applicants will be notified of the rate qualified for within the stated range.
Savings
Your actual savings, if any, may vary based on interest rates, balances, remaining repayment terms and other factors. 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.
7.27 - 13.92%
Best Features of Refinancing with Earnest
Competitive interest rates and zero fees for qualified borrowers
When looking to refinance your student loan, finding a low interest rate is typically a top priority. If you qualify to refinance through Earnest, you’ll have access to some of the best rates in the industry. In addition, you won’t have to pay origination fees, application fees, prepayment penalties, late fees, or insufficient funds fees.
| Earnest Student Loan Refinancing | |
| Fixed APR* | 4.96% to 9.79%* |
| Variable APR* | 5.49 % to 9.74%* |
Customizable payments and loan terms
Earnest offers expansive repayment options that allow you to customize your terms before locking in your loan. Unlike most lenders, Earnest allows you to set the exact payment amount you want without being restricted to standardized options that are not right for you. In addition, you can even specify the exact number of months in which you want to pay off your loan.
If you are looking for a lender that offers flexibility to match your monthly payments to your budget, Earnest is an excellent option for you.
>> MORE: How to know if I should refinance my student loan
Merit-based rates
Earnest offers a unique merit-based underwriting process that allows you to get approved with even a short or nonexistent credit history. Earnest’s underwriting approach looks at traditional financial data (credit score) as well as alternative financial data (bank account information) to provide personalized loan offers.
This can save you thousands, or even or tens of thousands, of dollars over other lending options that only look at your credit score to determine your rates.
Option to skip one monthly payment every year3
Earnest is the only lender that allows you to skip one monthly payment on your student loan every year. Therefore, this can be incredibly helpful if you lose your job or face an unexpected expense.
In order to qualify, you must:
- Make the request at least five business days before the payment is due.
- Make the request after six months of timely payments of both interest and principal.
While this feature can be extremely helpful when life hits a bump in the road, do note that the principal and interest from that payment will be spread out across your remaining payments, resulting in increased monthly payments.
Allows biweekly payment via autopay
When you repay your student loan, your payments are due monthly by default. Instead, Earnest gives you the option to make biweekly payments via autopay, where you automatically pay half your monthly amount once every two weeks. Many borrowers use biweekly autopay in an effort to pay off their student debt faster and pay less in interest over the lifetime of the loan.
In addition to offering biweekly payments via autopay,4 Earnest gives you the option to make greater-than-minimum payments via autopay. This means you have the option to pay more than your monthly balance in order to reduce the interest that accrues over time. With Earnest, you can set this up automatically so that the desired monthly payment is drawn from your bank account at the end of each month.
Earnest also allows borrowers to make same-day payments and schedule multiple extra payments at once.
>> MORE: How to save thousands on student loans with autopay
Drawbacks of Refinancing with Earnest
Refinancing isn’t available to borrowers in Kentucky and Nevada
If you live in Kentucky or Nevada, you’ll have to consider other lenders to refinance your private student loan. Complete the Sparrow application to compare real rates from more than 17 different lenders to make sure you’re getting the best rate possible.
Variable interest rates aren’t available to borrowers in all states
Variable interest rates are not available to borrowers in Alaska, Illinois, Minnesota, New Hampshire, Ohio, Tennessee, and Texas. So if you’re a borrower from one of these states and set on a variable interest rate, you’ll want to explore other lenders.
>> MORE: What’s the difference between variable vs fixed interest rates for student loans
You can’t apply with a cosigner
Most private student lenders require or strongly encourage you to apply with a cosigner. Given that young people generally have no/limited credit history, a cosigner can typically help you qualify for better loan terms. However, Earnest does not allow you to apply for refinancing with a cosigner.
>> MORE: What is a private student loan cosigner?
Student borrowers cannot take over parent PLUS loans that parents took out on their behalf
If your parent has taken out a Parent PLUS loan or a private student loan in their name, some lenders give your parent the option to transfer the loan to your name (so long as you are the primary applicant). However, Earnest does not allow students to refinance parent PLUS loans in the student’s name.
If you are a parent who took out a parent PLUS loan, you can still refinance that loan through Earnest — it will just be in your name, not the student’s name.
>> MORE: What you need to know about a parent PLUS loan
Earnest: The Nuts and Bolts
Interest Rates, Fees, and Terms
| Fixed APR Range | 4.96% to 9.79%* |
| Variable APR Range | 5.49 % to 9.74%* |
| Loan Terms | Choose a term between 5 and 20 years.5 Choose a precise loan term, down to the month. |
| Loan Amounts | $5,000 ($10,000 for California residents) to $500,000. |
| Ability to transfer a parent loan to the student | No. |
| Application or Origination Fee | No. |
| Prepayment Penalty | No. |
| Late Fees | No. |
Eligibility Requirements – Financial
| Minimum Credit Score | 680. |
| Minimum Income | No minimum. Applicants must have a written job offer for employment starting within six months or have consistent income. |
| Typical Credit Score of Approved Borrowers or Cosigners | Did not disclose. |
| Typical Income of Approved Borrower | $135,000. |
| Maximum Debt-to-Income Ratio | 65%. |
| Ability to qualify if you’ve filed for bankruptcy | Yes, if you don’t have accounts recently in collection and after the bankruptcy drops off your credit report. This happens after seven years for Chapter 13 bankruptcy and after 10 years for Chapter 7. |
Eligibility Requirements – Personal
| Citizenship | Must be a U.S. citizen or possess a 10-year, non-conditional green card. |
| Location | Not available to borrowers in Kentucky and Nevada. Variable rates aren’t available to borrowers in Alaska, Illinois, Minnesota, New Hampshire, Ohio, Tennessee, and Texas. |
| Must have graduated | Yes, but you may be able to refinance in your last semester before graduating if you have an income or job offer. |
| Must have attended a school authorized to receive federal aid | Yes. |
| Percentage of borrowers who have a cosigner | Borrowers cannot apply with a cosigner. |
Repayment Options
| In-school Deferment | Yes. |
| Military Deferment | Yes. |
| Disability Deferment | Yes. |
| Forbearance | Up to 12 months available, in 3-month increments, if you have: • An involuntary decrease in income, such as a reduction in hours, unpaid leave, or a change from full-time to part-time employment. • An involuntary loss of employment at no fault of your own. • A significant increase in essential costs such as medical expenses, emergency home repairs, or child care. |
| Cosigner Release | There’s no option to add a cosigner, but refinancing removes the original cosigner. |
| Death or Disability Discharge | Yes. |
| Loan discharge if cosigner dies or becomes disabled | No option for a cosigner. |
| Autopay | Allows for surplus payments via autopay: Yes. Allows for biweekly payments via autopay: Yes. |
Customer Service
| Loan Servicer | Earnest. |
| In-house Customer Service Team | Yes. |
| Process for Escalating Concerns | No. |
| Borrowers get assigned a personal customer service representative | No. |
| Average time from approval to payoff/application to approval | Timeline varies by applicant, but generally, 2-5 business days. |
Before you take out a loan from Earnest…
Complete the Sparrow application to compare real rates from more than 17 different lenders to make sure you’re getting the best rate possible.
See real rates, not rate ranges or estimates: Sparrow’s rates mimic those of our lenders so you know what rate you’re getting from each lender.
No impact on your credit score: Checking your rates on Sparrow won’t impact your credit score.
Data Privacy: Sparrow doesn’t sell your information, so don’t worry about getting calls from that random number that won’t leave you alone.
FAQ
Is Earnest a legitimate lender?
Yes, Earnest is a legitimate lender that was founded in 2013. The online lender has helped over 164,000 borrowers refinance $14.5 billion in student loans.
Are Earnest student loans federal or private?
Earnest loans are private loans. Before you take on a private loan, we recommend that you exhaust your federal loan options.6
>> MORE: Private vs federal student loans
Is Earnest available in all 50 states?
No. Earnest is not available to borrowers in Kentucky and Nevada. In addition, variable rates aren’t available to borrowers in Alaska, Illinois, Minnesota, New Hampshire, Ohio, Tennessee, and Texas.
How long does it take to refinance my student loan through Earnest?
Submitting an application through Earnest takes a few minutes. Once you’ve submitted your loan application, Earnest will return a decision as soon as possible, typically within 2-5 business days. Then, if you qualify, you will receive the rate and terms of your loan.
Does applying for a loan through Earnest7 hurt my credit score?
Earnest has both eligibility check (hard credit check that may temporarily impact your credit score) and rate check (soft credit check, which will not impact your credit score).
>> MORE: Why your credit score may drop because of a student loan
What happens if I don’t qualify for student loan refinancing through Earnest?
If you don’t qualify for refinancing through Earnest, the company will inform you why. Then, depending on the reason, you may consider applying with a different lender. To check your rates across multiple lenders at once, try using Sparrow’s free search engine. In just two minutes, you can receive real, personalized offers from over 15 different lenders ready to help you get the best rate.
>> MORE: Compare the best student loan refinance rates
Earnest Disclosures
1 Choosing to refinance to a longer term may lower your monthly payment, but increase the amount of interest you may pay. Choosing to refinance to a shorter term may increase your monthly payment, but lower the amount of interest you may pay. Review your loan documentation for the total cost of your refinanced loan.
2 Actual rate and available repayment terms will vary based on your income. Fixed rates range from 5.21% APR to 10.04% APR (excludes 0.25% Auto Pay discount). Variable rates range from 5.74% APR to 9.99% 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 9.13% 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 9.21%. For loan terms over 15 years, the interest rate will never exceed 9.24%. 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.
3 Earnest clients may skip one payment every 12 months. Your first request to skip a payment can be made once you’ve made at least 6 months of consecutive on-time payments, and your loan is in good standing. The interest accrued during the skipped month will result in an increase in your remaining minimum payment. The final payoff date on your loan will be extended by the length of the skipped payment periods. Please be aware that a skipped payment does count toward the forbearance limits. Please note that skipping a payment is not guaranteed and is at Earnest’s discretion. Your monthly payment and total loan cost may increase as a result of postponing your payment and extending your term.
4 You can take advantage of the Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment from a checking or savings account. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. For multi-party loans, only one party may enroll in Auto Pay.
5 Earnest’s Loan Cost Examples: These examples provide estimates based on payments beginning immediately upon loan disbursement. Variable APR: A $10,000 loan with a 20-year term (240 monthly payments of $72) and a 5.89% APR would result in a total estimated payment amount of $17,042.39. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed APR: A $10,000 loan with a 20-year term (240 monthly payments of $72) and a 6.04% APR would result in a total estimated payment amount of $17,249.77. Your actual repayment terms may vary.
6 You may lose benefits associated with your underlying federal and/or private loans if you refinance such as federal Income-driven Repayment Plans, Economic Hardship Deferment, Public Service Loan Forgiveness, or other deferment and forbearance options. If you file for bankruptcy, you may still be required to pay back this loan.
7 Loan Eligibility criteria: Your debt is from paying for education at a Title IV accredited school. The debt is from your education or your child’s. The debt you’re refinancing is for a completed degree or one that will be completed at the end of this semester. You are currently the primary borrower on the student loans you would like to refinance, and you will remain the primary borrower after refinancing. You must reside in the District of Columbia or one of the 47 states Earnest Operations LLC is authorized to lend in (all but Delaware, Kentucky, and Nevada). This is strictly a student loan refinance product. There is no opportunity to borrow more than your outstanding qualifying student loan amount. You must be the age of majority in your state or older at the time you apply, as well as be a United States citizen or Permanent Resident Alien without conditions. Earnest private student loans are subject to credit qualification, completion of a loan application, verification of application information, self-certification of loan amount, and school certification. Please note, we are not able to offer variable rate loans in AK, IL, MN, NH, OH, TN, and TX.
Earnest Loans are made by Earnest Operations LLC. Earnest Operations LLC, NMLS #1204917. 535 Mission St., Suite 1663, San Francisco, CA 94105. California Financing Law License 6054788. Visit www.earnest.com/licenses for a full list of licensed states. For California residents: Loans will be arranged or made pursuant to a California Financing Law License.
Earnest loans are serviced by Earnest Operations LLC with support from Navient Solutions LLC (NMLS #212430). Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by agencies of the United States of America.
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Sparrow receives compensation from Earnest on a per-funded loan basis.