Earnest student loan refinancing: Best For
Overview
| Key | Value |
|---|---|
| Variable Rates: | 1.99% - 5.74% |
| Fixed Rates: | 2.98% - 5.89% |
| Minimum Credit Score: | 650 |
| Minimum Income: | None |
| Fees: | None |
| Minimum Loan Amount: | $5,000 |
Details
| Key | Value |
|---|---|
| Eligible Loans: | Private & Federal |
| Eligible Degrees: | Undergraduate & Graduate |
| Loan Terms: | 5-20 years |
| Borrower Residency: | All States except KY or NV |
| Hardship Deferment: | Yes |
| Co-signer Option: | No |
*Fixed and variable rates are based on APRs and include an ACH AutoPay interest rate reduction of 0.25%.
Earnest student loan refinancing: Pros and Cons
- Customize your student loan payments and loan terms.
- Fast approval process.
- No late fees.
- Ability to skip one student loan payment every 12 months.
Cons:
- Student loan refinancing not available in Delaware, Kentucky and Nevada.
- No option to apply with a cosigner.
Earnest student loan refinancing: Overview
Earnest is a leading, innovative student loan lender based in San Francisco. Earnest allows 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. For example, you can choose your exact minimum monthly payment and student loan terms. You can also increase your payments and make extra payments to pay off your student loans faster.
Earnest prefers borrowers with a history of financial responsibility, stable income and minimal credit card or personal loan debt. Earnest’s underwriting process evaluates more than your credit score. Earnest also incorporates savings, education and earnings potential.
Advantages of Refinancing With Earnest
Here is what we like about Earnest student loan refinancing:
- Customize your student loan payments and loan terms.
- You can choose to make bi-weekly payments to save money on interest.
- You can increase your payment anytime to pay off your student loans faster.
- You can skip a payment and make it up later.
- Earnest looks beyond credit score to approve you for student loan refinancing, and will incorporate savings, education and earnings potential.
Drawbacks of Refinancing With Earnest
Earnest can improve in these key areas:
- Expand student loan refinancing to all 50 states.
- Allow borrowers to apply with a cosigner.
Earnest student loan refinancing review: Details
- You have good credit
- You don’t need a cosigner
- You completed your degree.
- You want to customize your student loan repayment terms.
Â
Want to check your interest rate? You can check your new interest rate for free within two minutes with no impact to your credit score.
Â
Â
In addition to these requirements, Earnest also evaluates several factors for approval:
- You have at least two months of savings to cover your expenses, including housing.
- You spend less than you earn.
- Your bank balances are increasing.
- Besides student loans or mortgages, you do not carry large amounts of other debt, such as credit card debt or personal loan debt.
- You have a history of making on-time payments.
- You don’t have history of late fees, overdraft fees or insufficient funds.
- Low fixed and variable rates
- No late fees
- Ability to choose your student loan payment and loan terms
- Ability to skip a payment
- Fast approval process
How to refinance student loans with Earnest
Is Earnest student loan refinancing right for you?
Earnest has an excellent reputation and is a trusted student loan refinancing leader. Earnest caters to borrowers with good to excellent credit and high incomes. Technically, Earnest does not have a minimum credit score or a minimum income. Practically, however, the average Earnest borrower has an average credit score of over 700. The average Earnest member earns enough income to pay student loans, other debt obligation and monthly living expenses. Most Earnest members have savings as well as a retirement account.
Finally, Earnest wants to ensure that you make all your student loan payment each month on-time, and do not have any delinquencies or bankruptcies. Earnest members need to have a strong financial and credit profile, since you can’t apply with a co-signer.
Compare Our Top Picks For Student Loan Refinance For 2021
Overview
| Key | Value |
|---|---|
| Variable Rates: | 2.24% – 6.42% |
| Fixed Rates: | 2.99% – 6.88% |
| Minimum Credit Score: | 650 |
| Minimum Income: | None |
| Fees: | None |
| Minimum Loan Amount: | $5,000 ($10,000 in CA) |
Details
| Key | Value |
|---|---|
| Eligible Loans: | Private & Federal |
| Eligible Degrees: | Undergraduate & Graduate |
| Loan Terms: | 5, 7, 10, 15, 20 years |
| Borrower Residency: | All states |
| Hardship Deferment: | Yes |
| Co-signer Option: | Yes |
Overview
| Key | Value |
|---|---|
| Variable Rates: | 1.99% – 5.74% |
| Fixed Rates: | 2.98% – 5.89% |
| Minimum Credit Score: | 650 |
| Minimum Income: | None |
| Fees: | None |
| Minimum Loan Amount: | $5,000 |
Details
| Key | Value |
|---|---|
| Eligible Loans: | Private & Federal |
| Eligible Degrees: | Undergraduate & Graduate |
| Loan Terms: | 5-20 years |
| Borrower Residency: | All States except KY or NV |
| Hardship Deferment: | Yes |
| Co-signer Option: | No |
Overview
| Key | Value |
|---|---|
| Variable Rates: | 2.39% – 6.01% |
| Fixed Rates: | 2.79% – 5.99% |
| Minimum Credit Score: | 680 |
| Minimum Income: | $35,000 |
| Fees: | None |
| Minimum Loan Amount: | $15,000 |
Details
| Key | Value |
|---|---|
| Eligible Loans: | Private & Federal |
| Eligible Degrees: | Undergraduate & Graduate |
| Loan Terms: | 5, 7, 10, 15, 20 years |
| Borrower Residency: | All States |
| Hardship Deferment: | Yes |
| Co-signer Option: | Yes |
Overview
| Key | Value |
|---|---|
| Variable Rates: | 1.89% – 5.99% |
| Fixed Rates: | 2.63% – 6.25% |
| Minimum Credit Score: | 660 |
| Minimum Income: | None |
| Fees: | None |
| Minimum Loan Amount: | $5,000 |
Details
| Key | Value |
|---|---|
| Eligible Loans: | Private & Federal |
| Eligible Degrees: | Undergraduate & Graduate |
| Loan Terms: | 5 – 20 years |
| Borrower Residency: | All states |
| Hardship Deferment: | Varies |
| Co-signer Option: | Yes |
Overview
| Key | Value |
|---|---|
| Variable Rates: | 1.89% – 5.90% |
| Fixed Rates: | 2.80% – 6.00% |
| Minimum Credit Score: | 700 |
| Minimum Income: | None |
| Fees: | None |
| Minimum Loan Amount: | $5,000 |
Details
| Key | Value |
|---|---|
| Eligible Loans: | Private & Federal |
| Eligible Degrees: | Undergraduate & Graduate |
| Loan Terms: | 5, 7, 10, 15, 20 years |
| Borrower Residency: | All States |
| Hardship Deferment: | Yes |
| Co-signer Option: | Yes |
Overview
| Key | Value |
|---|---|
| Overall Rate: | 1.95% – 3.85% |
| Variable Rates: | – |
| Fixed Rates: | 1.95% – 3.85% |
| Minimum Credit Score: | None |
| Minimum Income: | None |
| Fees: | None |
| Minimum Loan Amount: | $25,000 |
Details
| Key | Value |
|---|---|
| Eligible Loans: | Private & Federal |
| Eligible Degrees: | Undergraduate & Graduate |
| Loan Terms: | 5, 7, 10, 15 years |
| Borrower Residency: | Must live near a branch in California; New York City; Boston; Greenwich, Connecticut; Palm Beach, Florida; Portland, Oregon; or Jackson, Wyoming |
| Hardship Deferment: | No |
| Co-signer Option: | Yes |
Overview
| Key | Value |
|---|---|
| Variable Rates: | 1.91% – 5.25% |
| Fixed Rates: | 2.95% – 7.63% |
| Minimum Credit Score: | 680 |
| Minimum Income: | $24,000 |
| Fees: | None |
| Minimum Loan Amount: | $5,000 |
Details
| Key | Value |
|---|---|
| Eligible Loans: | Private & Federal |
| Eligible Degrees: | Undergraduate & Graduate |
| Loan Terms: | 5, 7, 10, 15, 20 years |
| Borrower Residency: | All states, except ME, ND, NV, RI, WV |
| Hardship Deferment: | Yes |
| Co-signer Option: | Yes |
