Earnest Student Loan Refinancing Review

Earnest Student Loan Refinancing Review
Earnest is one of the most reputable and well-known student loan refinancing lenders. Earnest is best for borrowers with good credit who want student loan payment flexibility as well as flexible loan terms.
In this Earnest student loan refinancing review, we will discuss:

Earnest student loan refinancing: Best For

Best For: Earnest is the right choice for borrowers who want to customize their student loan repayment so they can pay off student loans faster.
Earnest

Overview

KeyValue
Variable Rates:1.99% - 5.64%
Fixed Rates:2.98% - 5.79%
Minimum Credit Score:650
Minimum Income:None
Fees:None
Minimum Loan Amount:$5,000

Details

KeyValue
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

Pros:
  • 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.

KeyValue
Loan Term:5-20 years (Customize)
Loan Amount:$5,000 to $500,000
Eligible Degrees:Undergraduate and graduate
Eligible Loans:Federal, private and Parent PLUS Loans
Application Fee:No
Origination Fees:No
Prepayment Penalty:No
Late Fees:No
Soft Credit Check:Yes

 

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.

 

* Checking your rate does not affect your credit score.

KeyValue
Minimum Credit Score:650
Minimum Income:No
Employment:You must be currently employed.
Must have graduated:Yes, but you can refinance if your degree will be completed at the end of the semester.
Citizenship/Residency:U.S. citizen or permanent resident
Eligible Schools:You graduated from a Title IV accredited college or university with an associates degree or higher.
Bankruptcy:You do not have a bankruptcy on your credit report or any accounts recently in collection.

 

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.

KeyValue
Student Loan Servicer:Earnest
Academic Deferment:Yes, up to 36 months
Military Deferment:Yes, up to 36 months
Forbearance:Yes, up to 12 months
Death or Disability Discharge:Yes
Skip A Payment:Yes, once every 12 months (or twice if you make bi-weekly payments)
Cosigner Release:No, but you can refinance existing student loans with a cosigner so that your new Earnest student loan is in your name only.

  • 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

You can check your new interest for free in two minutes with no impact to your credit score. If you like your interest rate, you can apply online to refinance your student loans with Earnest. The application comes about 10-15 minutes to complete.
* Checking your rate does not affect your credit score.

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.

* Checking your rate does not affect your credit score.

Compare The Best Student Loan Refinance Rates For 2020

Lender
APR
Minimum Credit
1.99% – 5.79%
650

Overview

KeyValue
Variable Rates:1.99% – 5.64%
Fixed Rates:2.98% – 5.79%
Minimum Credit Score:650
Minimum Income:None
Fees:None
Minimum Loan Amount:$5,000

Details

KeyValue
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
2.39% – 6.01%
680

Overview

KeyValue
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

KeyValue
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

1.89% – 6.77%

660

Overview

KeyValue
Variable Rates:1.89% – 6.77%
Fixed Rates:2.80% – 6.72%
Minimum Credit Score:660
Minimum Income:None
Fees:None
Minimum Loan Amount:$5,000

Details

KeyValue
Eligible Loans:Private & Federal
Eligible Degrees:Undergraduate & Graduate
Loan Terms:5 – 20 years
Borrower Residency:All states
Hardship Deferment:Varies
Co-signer Option:Yes

1.99% – 6.18%
650

Overview

KeyValue
Variable Rates:1.99% – 6.18%
Fixed Rates:2.99% – 6.18%
Minimum Credit Score:650
Minimum Income:None
Fees:None
Minimum Loan Amount:$5,000 ($10,000 in CA)

Details

KeyValue
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

1.89% – 6.00%
700

Overview

KeyValue
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

KeyValue
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

1.95% – 3.85%

660

Overview

KeyValue
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

KeyValue
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
1.99% – 8.77%
680

Overview

KeyValue
Variable Rates:1.99% – 8.57%
Fixed Rates:2.99% – 8.77%
Minimum Credit Score:680
Minimum Income:$24,000
Fees:None
Minimum Loan Amount:$5,000

Details

KeyValue
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

Checking Your Rate Doesn’t Affect Your Credit Score
Disclosures: Earnest | ELFI | Laurel Road | LendKey | SoFi | Splash

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