Earnest Student Loan Refinance Review

Earnest is a leading, innovative student loan lender based in San Francisco. Earnest differentiates itself by allowing you to choose your own student loan interest rate matched to your loan term. Earnest also offers industry leading repayment flexibility on its student loans – you can choose your exact minimum monthly payment and increase your payment anytime to pay off your loan faster. Earnest also looks beyond your credit score and incorporates savings, education and earnings potential.

Earnest also evaluates additional factors such as your education, employment history, and financial picture in parallel with your credit history.

Earnest prefers customers who have enough savings to cover a month or more of their expenses, have a history of making payments on time, carry positive bank account balances, and have an income that supports both the loan as well as everyday living expenses.

Key Documentation

  • Current loan information/documents
  • Proof of income and employment (e.g., recent pay stubs)
  • Diploma or transcript

Key Benefits

  • Consolidate and refinance private and federal loans
  • Make extra or early payments without fees
  • Increase payment any time to pay off your loan faster
  • Make bi-weekly payments (e.g., payments twice a month) and save interest

  • Lemonade Tip: Earnest is very flexible: you can choose your exact loan term and monthly interest rate.
  • Lemonade Tip:Earnest is unique among lenders because you can skip a loan payment and make it up later.

Best Student Loan Refinancing For 2018

Lender
Rates (APR)
Minimum Credit Score

Overview

Variable Rates:2.57% - 5.87%
Fixed Rates:3.25% - 6.32%
Average Savings:$21,810
Minimum Credit Score:None
Minimum Income:None
Fees:None

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$45,000
Loan Terms:5-20 years
Borrower Residency:All States except AL, KY, MS, VT
Unemployment Protection:Yes
Co-signer Option:Yes
2.56% - 7.40%
Good or Excellent

Overview

Variable Rates:2.56% - 7.40%
Fixed Rates:3.25% - 7.13%
Average Savings:$15,767
Minimum Credit Score:Good or Excellent
Minimum Income:None
Fees:None

Details

Eligible Loans:Private or Federal
Minimum Loan Amount:$5,000
Loan Terms:5, 7, 10, 15, 20 years
Borrower Residency:All states
Unemployment Protection:Yes
Co-signer Option:Yes

Overview

Variable Rates:2.58% - 7.96%
Fixed Rates:3.15% - 8.12%
Average Savings:$15,270
Minimum Credit Score:680
Minimum Income:$24,000
Fees:None

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$5,000
Loan Terms:5, 7, 10, 15, 20 years
Borrower Residency:All states, except ME, ND, NV, RI, WV
Unemployment Protection:Yes
Co-signer Option:Yes

Overview

Variable Rates:2.69% - 6.01%
Fixed Rates:3.09% - 6.69%
Average Savings:N/A
Minimum Credit Score:680
Minimum Income:$35,000
Fees:None

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$15,000
Loan Terms:5, 7, 10, 15, 20 years
Borrower Residency:All States
Unemployment Protection:Yes
Co-signer Option:Yes
1.95% - 3.95%
Excellent

Overview

Variable Rates:-
Fixed Rates:1.95% - 3.95%
Average Savings:-
Minimum Credit Score:Excellent
Minimum Income:-
Fees:-

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$40,000
Loan Terms:5, 7, 10, 15 years
Borrower Residency:Only for the residents of New York City, San Francisco, Palo Alto, Los Angeles, Newport Beach, San Diego, Portland (Oregon), Boston, Palm Beach (Florida) or Greenwich
Unemployment Protection:-
Co-signer Option:Yes

Overview

Variable Rates:2.75% - 7.25%
Fixed Rates:3.25% - 7.75%
Average Savings:N/A
Minimum Credit Score:680
Minimum Income:$75,000
Fees:-

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$5,000
Loan Terms:5 - 15
Borrower Residency:All states
Unemployment Protection:-
Co-signer Option:Yes

Overview

Variable Rates:2.80% - 5.90%
Fixed Rates:3.37% - 7.02%
Average Savings:$20,200
Minimum Credit Score:680
Minimum Income:None
Fees:None

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$5,000
Loan Terms:5, 7, 10, 15, 20 years
Borrower Residency:All states
Unemployment Protection:Yes
Co-signer Option:Yes

Overview

Variable Rates:3.48% - 7.26%
Fixed Rates:3.50% - 7.28%
Average Savings:$20,221
Minimum Credit Score:700 (670 with a co-signer)
Minimum Income:$42,000 solo or combined with spouse; $25,000 with a co-signer
Fees:None

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$7,500
Loan Terms:5, 8, 12, 15 years
Borrower Residency:All states
Unemployment Protection:Case by case
Co-signer Option:Yes

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