Earnest Student Loan Refinancing Review - Make Lemonade

Earnest Student Loan Refinancing Review

Company Overview: Earnest

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 Student Loan Refinancing Overview

Earnest offers attractive rates and terms compared with other top lenders in the student loan refinance industry:

Overview

Variable Rates:2.57% - 6.97%
Fixed Rates:3.89%- 7.89%
Average Savings:-
Minimum Credit Score:650
Minimum Income:None
Fees:None

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$5,000
Loan Terms:5-20 years
Borrower Residency:All States except AL, DE, KY, NV, RI
Unemployment Protection:Yes
Co-signer Option:No

*Fixed and variable rates are based on APRs and include an ACH AutoPay interest rate reduction of 0.25%.

How Earnest Compares: Key Benefits For Student Loan Refinancing

Here are some of the reasons that Earnest borrowers love Earnest student loan refinancing:

  • Federal & Private: Earnest allows you to refinance and consolidate both federal and private student loans into a new, single student loan.
  • Customization: You can choose your exact minimum monthly payment.
  • Ability To Increase Payment: You can increase your payment anytime to pay off your student loans faster.
  • Ability To Skip Payment: You can skip a payment and make it up later.
  • Beyond Credit Score: Earnest looks beyond credit score to approve you for student loan refinancing, and will incorporate savings, education and earnings potential.
  • In-House Servicer: Earnest services its own student loans, so Earnest will be your student loan servicer when you refinance student loans with Earnest.

Eligibility Criteria

To apply for Earnest student loan refinancing, you need to meet the following eligibility criteria:

Requirements To Apply For Earnest Student Loan Refinancing

Minimum Age: At least age of majority in your state

Citizenship/Residency: U.S. citizen or permanent resident (applies to co-signer too, if any)

Employment: You are currently employed or have an offer of employment to start within next 6 months (or some other form of income that can be used to repay your student loans)

Eligible Schools: You graduated from a Title IV accredited university or graduate program

Generally, Earnest lends only to borrowers with good to excellent credit. Loan approval may depend on a number of additional factors, including, but not limited to, your financial history, employment experience, and monthly income vs. expenses.

Bottom Line: Is Earnest right for you?

Earnest has an excellent reputation and is a leader in the student loan refinancing industry.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 over700. 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.

Next Steps: How To Apply To Earnest

You can apply for Earnest student loan refinancing in 3 easy steps.

Step 1: Check your personalized personal loan rate in just 2 minutes.

Step 2: Complete application and upload documents.

Step 3: Accept loan terms and get funded.

The good news is that you can check your personalized student loan rate online with Earnest in 2 minutes. This way, you’ll know whether you can be approved for Earnest student loan refinancing before you complete the full application. Therefore, Earnest will provide you with a student loan refinancing rate estimate. The pre-approval is only a soft credit pull so there is no impact to your credit.

If you have been pre-approved, you’ll need at least the following documents to complete the online application (which only takes about 10-15 minutes):

If you have been pre-approved, you’ll need at least the following documents to complete the online application:

  • Your most recent pay stubs (which you can verify by connecting your checking account directly to Earnest’s platform to verify income)
  • Your most recent student loan billing statements
  • Driver’s license or passport (or other form of government-issued identification
  • Transcript or diploma to verify your degree

Applying is super easy – get your personalized rate in 2 minutes

*Checking your rate does not affect your credit score.


The Best Student Loan Refinance Rates For 2018

Lender
Rates (APR)
Minimum Credit Score

Overview

Variable Rates:2.57% - 6.97%
Fixed Rates:3.89%- 7.89%
Average Savings:-
Minimum Credit Score:650
Minimum Income:None
Fees:None

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$5,000
Loan Terms:5-20 years
Borrower Residency:All States except AL, DE, KY, NV, RI
Unemployment Protection:Yes
Co-signer Option:No

Overview

Variable Rates:2.47% - 6.99%
Fixed Rates:3.90% - 7.98%
Average Savings:-
Minimum Credit Score:650
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:2.70% - 8.77%
Fixed Rates:5.23% - 8.97%
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:2.80% - 6.01%
Fixed Rates:3.39% - 6.69%
Average Savings:$20,936
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% - 4.45%
Excellent

Overview

Variable Rates:-
Fixed Rates:1.95% - 4.45%
Average Savings:-
Minimum Credit Score:Excellent
Minimum Income:-
Fees:-

Details

Eligible Loans:Private & Federal
Minimum Loan Amount:$25,000 with graduate degree ($40,000 with undergraduate degree)
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:3.24% - 6.66%
Fixed Rates:3.50% - 7.02%
Average Savings:$20,200
Minimum Credit Score:660
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

Advertiser Disclosure

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