• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

The College Investor

Student Loans, Investing, Building Wealth

  • About
  • Podcast
  • Research
  • Contact
  • Save For College
      • How To Start

      • How To Save For College
      • How To Pay For College
      • What Is the Average Cost of College?
      • What Is A 529 Plan and Where to Open One in Your State
      • How Much Should You Have In A 529 Plan By Age
      • How To Use A 529 Plan For Private Elementary And High School
      • What Are Qualified Expenses For A 529 Plan (And What Doesn’t Count)?
      • The Best Brokers To Open A 529 Plan
      • Tools + Accounts

      • 529 Plans: The Ultimate College Savings Plan
      • 529 Plan Contribution Limits
      • Prepaid Tuition Plans | What To Know
      • Understanding And Using 529A ABLE Accounts
      • Using A Roth IRA To Save And Pay For College
      • FAFSA Deadlines for Financial Aid
      • CollegeBacker Review
      • Upromise Review
      • UNest Review
      • Other Options

      • Student Loan And Financial Aid Programs By State
      • The Guide To Military And VA Education Benefits
      • How To Fill Out The FAFSA
      • How To Find College Scholarships
      • The Best College Scholarship Search Websites
      • How To Find Grants To Pay For College
      • Pell Grants: What They Are And How To Qualify
      • Understanding Federal Work-Study
      • How To Use A 529 Plan If Your Child Doesn’t Go To College
  • Student Loans
      • Borrowing

        • How Student Loans Work
        • How To Apply For A Student Loan
        • Best Student Loans And Rates In January 2023
        • 10 Best Private Student Loans Of January 2023
        • Best Student Loans To Pay For Graduate School
        • Best Student Loans To Pay For Medical School
        • Parent Loans To Pay For College
        • No-Cosigner Student Loan Options
        • Guide To Income Sharing Agreements (ISAs)
        • Best International Student Loans
      • Get Out Of Debt

        • Best Student Loan Refinance Companies In January 2023
        • Best Student Loan Repayment Plans
        • Best Student Loan Refinancing Bonuses And Promotional Offers Of January 2023
        • Student Loan Forgiveness Programs (The Complete List)
        • The Full List Of Student Loan Forgiveness Programs By State
        • Public Service Loan Forgiveness (PSLF)
        • Top Student Loan Scams
        • Average Student Loan Monthly Payment
        • Average Student Loan Debt By Year
      • Reviews

        • Credible Review
        • Splash Review
        • Ascent Review
        • Citizens Bank Review
        • Commonbond Review
        • Earnest Review
        • ELFI Review
        • Laurel Road Review
        • LendKey Review
        • SoFi Review
  • Investing
      • How To Start

        • How To Start Investing in High School
        • How To Start Investing In College
        • How To Start Investing In Your Twenties For 22 – 29 Year Olds
        • How To Start Investing In Your 30s For 30 – 39 Year Olds
        • How To Start Investing With $100 Or Less
        • How To Give Kids The Gift Of Stock
        • What Is Dividend Growth Investing
        • IRA Rollover Chart
      • Tools + Accounts

        • Best Online Stock Brokers
        • The Best Traditional And Roth IRA Accounts
        • The Best Robo-Advisors
        • The Best Investing Apps
        • The Best Places to Trade Options
        • The Best Places To Open A Health Savings Account
        • The Best Solo 401k Providers
        • The Best Self-Directed IRA Providers Of 2023
        • Best Cryptocurrency Exchanges
      • Reviews

        • Vanguard Review
        • Fidelity Review 2023
        • M1 Finance Review
        • TD Ameritrade Review 2023
        • Charles Schwab Review
        • Robinhood Review
        • Webull Review
        • Betterment Review 2023
        • Wealthfront Review
  • Earn More Money
      • Extra Income

        • 20 Best Side Hustles You Can Start Earning With In 2023
        • 53 Side Hustle Ideas To Make Money Fast
        • 100 Ways To Make Money In College
        • 80 Ways To Make Money From Home In 2023
        • 5 Quick Money Making Ideas (That Take Less Than 1 Hour)
        • 10 Interesting Ways You Can Make Money Driving
        • High-Paying Side Gigs That Earn $1,000 or More Per Month
        • The 10 Best Money-Making Apps
        • Paid Surveys: Earn Money For Giving Your Opinion Online
        • 10 Crazy Ways To Make $10,000 You’ve Never Heard Of
      • Build Wealth

        • 40 Passive Income Ideas You Can Use To Build Wealth In 2023
        • 3 Ways To Make $50,000 Per Year Without Working With Passive Income
        • How To Become A Real Estate Investor With Just $500
        • 15 Best Online Business Ideas
        • Residual Income: 7 Super Smart Ways to Build It
        • The Most Common Multiple Income Streams
        • How To Become A Real Estate Mogul With Only $10,000
      • Reviews

        • Fundrise Review
        • RealtyMogul Review
        • FarmTogether Review
        • AcreTrader Review
        • Swagbucks Review
        • Survey Junkie Review
        • TopCashback Review
        • DoorDash Review
  • Personal Finance
      • Banking

        • 10 Best High Yield Savings Accounts Of January 2023
        • 10 Best Money Market Accounts Of January 2023
        • 10 Best Free Checking Accounts In January 2023
        • Best Bank CD Rates Of January 2023
        • 10 Best Business Checking Accounts In January 2023
        • Best Online Banks Of January 2023
        • Best Credit Unions Nationwide Of January 2023
        • Best College Student Checking Accounts Of January 2023
      • Insurance

        • Best Life Insurance Companies
        • Renters Insurance
        • Car Insurance
        • Pet Insurance
        • Umbrella Insurance
        • Disability Insurance
        • Tuition Insurance
        • Travel Insurance
      • Credit Tools

        • Best Budgeting Apps
        • Cash Advance Apps
        • How To Get A Free Credit Score Report
        • Best Credit Monitoring Services For 2023
        • Debt Settlement: Inside The Secret World
        • Credit Repair Explained: Should You Pay For Help?
        • Best Personal Loan Companies And Lenders
        • Online Loan Companies To Borrow From Home
      • Tax

        • Best Tax Software
        • Free Tax Software
        • IRS Tax Refund Calendar
        • Common IRS Questions and Errors
        • Federal Tax Brackets
        • Capital Gains Tax Brackets
        • 401k Contribution Limits
        • IRA Contribution Limits
        • HSA Contribution Limits
  • Forum
  • Search
Home » Student Loans » Student Loan Refinance » Earnest Student Loans Review 2023

Earnest Student Loans Review 2023

Updated: January 25, 2023 By Robert Farrington

Tweet3
Share2
Share
Pin18
Email
Print

At The College Investor, we want to help you navigate your finances. To do this, many or all of the products featured here may be from our partners. This doesn’t influence our evaluations or reviews. Our opinions are our own. Any investing information provided on this page is for educational purposes only. The College Investor does not offer investment advisor or brokerage services, nor does it recommend buying or selling particular stocks, securities, or other investments. Learn more here.Advertiser Disclosure

There are thousands of financial products and services out there, and we believe in helping you understand which is best for you, how it works, and will it actually help you achieve your financial goals. We're proud of our content and guidance, and the information we provide is objective, independent, and free.

But we do have to make money to pay our team and keep this website running! Our partners compensate us. TheCollegeInvestor.com has an advertising relationship with some or all of the offers included on this page, which may impact how, where, and in what order products and services may appear. The College Investor does not include all companies or offers available in the marketplace. And our partners can never pay us to guarantee favorable reviews (or even pay for a review of their product to begin with).

For more information and a complete list of our advertising partners, please check out our full Advertising Disclosure. TheCollegeInvestor.com strives to keep its information accurate and up to date. The information in our reviews could be different from what you find when visiting a financial institution, service provider or a specific product's website. All products and services are presented without warranty.

Earnest student loans review 2023

Are you great with managing money, but you don’t have the credit score to prove it? Refinancing your student loans to a lower interest rate may still be possible with Earnest student loans.

Qualified borrowers will not only find low interest rates at Earnest, they’ll find a customized student loan product. Earnest is leading the private student loan marketplace in innovation.

This is also why Earnest earned itself a place on our annual list of the Best Places To Refinance Your Student Loans. 

Here’s what you need to know about refinancing student loans with Earnest. See how Earnest compares to other top lenders here! 


Earnest Review

Quick Summary

  • Underwriting process considers more than credit scores
  • Low interest rates on in-school student loans and refinancing
  • Customize your loan term with 180 different options
GET A QUOTE

Earnest Student Loans Details

Product Name

Earnest Student Loan Refinancing

Min Loan Amount

$5,000

Max Loan Amount

$500,000

Variable APR

4.14% - 8.94% APR

Fixed APR

4.47% - 8.99% APR

Loan Terms

5 to 20 years

Promotions

None

Table of Contents
Earnest Student Loan Refinancing
Earnest Private Student Loans
What Borrower Protections Are Available?
Who Qualifies To Apply?
Are There Any Fees?
How Do I Contact Earnest?
Is It Safe And Secure?
Is It Worth It?
Earnest Features

Earnest Student Loan Refinancing

By far, one of the coolest features that Earnest offers borrowers is its “precision pricing” option. Basically this means that you can pick your monthly payment, and Earnest will come up with a term between 5 and 20 years that allows you to hit your exact monthly payment (and pay off your loan as soon as possible).

In total, Earnest is able to offer 180 different repayment terms. This precision pricing model means you could end up with a 7.5 year loan term. That's something you won't likely see at other lenders.

Earnest Review: Precision Pricing For Student Loans

Rates and Terms

Earnest refinances loans ranging from $5,000 to $500,000. Rates on these loans are very competitive. It offers loans with the following rates:

  • Variable Rate: 1.88% - 5.64% APR
  • Fixed Rate: 2.59% - 5.79% APR

The maximum interest rate on loans with terms under 10 years is 8.95%. For loan terms of more than 10 years to 15 years, the maximum interest rate is 9.95%. Longer loans have a maximum interest rate of 11.95%.

Note that Earnest doesn't currently allow cosigners on its refinance loans. However, Earnest is also one of the few lenders that does allow people with incomplete bachelor's or associate's degrees to refinance with them.

APPLY NOW

How Does Earnest Refinancing Compare?

Earnest is consistently at the top of the pack when it comes to student loan refinancing. They have great rates and terms.

However, the typically don't offer any type of bonus incentive to refinance with them.

Check out this quick comparison:

Header
Earnest student loan refinance Comparison
Earnest Comparison: Splash Financial
Earnest Comparison: ELFI

Rating

Variable APR

4.14% - 8.94%

3.99% - 8.99%

3.99% - 7.24%

Fixed APR

4.47% - 8.99%

4.39% - 8.99%

4.83% - 7.64%

Bonus Offer

None

Up to $500

Up to $1,100

Cell
GET A QUOTE
READ THE REVIEW
READ THE REVIEW

Earnest Private Student Loans

Earnest is also offering undergraduate and graduate private student loans. They have highly competitive rates and terms for their undergraduate loans, as well as flexible repayment plans.

One of the best features of their private student loans is that they offer a 9 month grace period after you graduate before you have to start making payments. That's one of the longest that we've seen. 

They also provide four different in-school repayment options: full deferment, fixed payments ($25/month), interest-only payments, or full payments (principal and interest).

Earnest review: In-school repayment

Rates And Terms

It's important to note that Earnest's Precision Pricing option doesn't apply to its private student loans. If you apply with a cosigner, Earnest will offer you terms of 5,7,10,12, and 15 years. Meanwhile, if you apply alone, your only options will be 5- or 7-year repayment terms.

Currently, they offer the following rates: 

Fixed Rates: 3.49% - 12.78% (includes 0.25% autopay discount)
Variable Rates: 1.05% - 11.44% (includes 0.25% autopay discount)

Unfortunately, Earnest does not accept cosigner release requests on its cosigned private student loans. However, you may be able to remove a cosigner by refinancing your student loans.

See how Earnest compares on our list of the best private student loans.

APPLY NOW

How Does Earnest Private Student Loans Compare?

Earnest is consistently a top lender on our list of the best private student loans. They typically have some of the lowest rates on private loans for highly qualified borrowers.

However, to get the best rate you'll likely need a cosigner.

Check out this quick comparison:

Header
Earnest private student loans Comparison
Earnest Comparison: Ascent Student Loans
Earnest Comparison: Funding U

Rating

Minimum Loan

$1,000

$1,000

$3,000

APR Type

Variable and Fixed

Variable and Fixed

Variable and Fixed

Cosigner?

Required

Not Required

Not Required

Cell
GET A QUOTE
READ THE REVIEW
READ THE REVIEW

What Borrower Protections Are Available?

Earnest offers better protections than most private student loan lenders. For example, borrowers can defer loans during graduate school, Peace Corps, or active military service. Student loan deferment means that you are not required to make payments, but interest continues to accrue.

If you’re facing economic hardship, Earnest may allow you to put loans into forbearance. During forbearance interest continues to accrue on your loan, but you don’t have to make payments. Earnest specifically allows borrowers to take forbearance during an unpaid parental leave. The only major loss for Earnest’s borrowers is that they will not qualify for income based repayment programs.

The last protection that Earnest offers is a somewhat dubious one. Borrowers can skip one payment every 12 months with the extra payment being spread across the remaining payments. If you’re facing an unexpected car repair or hospital bill, skipping a payment sounds like a great benefit. Unfortunately, this raises your monthly minimum payment, and the amount of interest you’ll pay, so it’s tough to count it as an obvious win.

Who Qualifies To Apply?

Earnest has stringent underwriting criteria, but the criteria are quite different than most lenders. If you’re a recent grad who manages money well, you’re likely to qualify for a loan refinance with Earnest even if you don’t have a great credit score yet.

Earnest only requires a 680 credit score, but its financial underwriting doesn’t stop with credit scores. Borrowers must have a stable source of income, two months of savings in their bank account, and be current on rent, mortgage and student loans. Carrying too much credit card debt could disqualify you from the loan.

Earnest is also one of the few lenders we know of that allows you to refinance with incomplete bachelor’s or associate’s degrees. That means if you didn't finish college, you can still potentially qualify.

Earnest is one of the few lenders that also looks into your personal finances. To qualify to refinance with Earnest, you have to spend less than you’re earning. (Of course, this makes a ton of sense, but it’s notable that Earnest actually looks into it).

If you’re a parent looking to refinance Parent PLUS loans, Earnest has a refinancing option for you. The qualifying criteria are the same as for the student refinancing option.

Are There Any Fees?

Like most private lenders, Earnest doesn't charge fees for refinancing or taking out a private student loan. This means you won't have to worry about application and origination fees or prepayment penalties. Notably, Earnest also doesn't charge a fee for late payments.

How Do I Contact Earnest?

Earnest self-services all of its loans. So whether you're a prospective or existing customer, you can contact their team for assistance. Its customer service hours are Monday - Friday, 8 AM - 5 PM (PST). You can get in touch with them over the phone at 1-888-601-2801, via live chat, or by email at hello@meetearnest.com.

Is It Safe And Secure?

Earnest (formerly MeetEarnest) will not only require your personal information during the application process, but it will also ask you to link your bank and investment accounts. You'll also be asked to provide your LinkedIn credentials and to upload a government ID.

How does Earnest protect all this data? First, all the information you input is encrypted with bank-grade SSL technology before its sent to Earnest's off-site servers. The lender also pledges to never sell its borrower data to third parties.

Is It Worth It?

Earnest doesn’t offer the lowest interest rates on the market. But it's the only lender that offers low rates to people with mediocre credit scores.

If you can save money by refinancing with Earnest, it could be a great move for you. On the other hand, if you’ve got a credit score above 700, you may find better rates. Consider comparing rates with other private lenders before choosing Earnest.

We recommend comparing Earnest with other lenders on the Credible Marketplace. Earnest isn't listed but most other lenders are are. You can get up to a $1,000 gift card bonus no matter which lender you go with on Credible - so compare Earnest and see if they are the best for you. Check it out here!

Go to Earnest here >>

Earnest Features

Min Loan Amount

  • Private student loans: $1,000
  • Refinance loans: $5,000

Max Loan Amount

  • Private student loans: Cost of attendance
  • Refinance loans: $500,000

APR

  • Refinance Variable: 4.14% - 8.94%
  • Refinance Fixed: 4.47% - 8.99%
  • Private Variable: 4.74% - 13.54%
  • Private Fixed: 4.74% - 14.20%

Auto-Pay Discount

0.25%

Rate Type

Fixed or variable

Loan Terms

5 to 20 years

Origination Fees

None

Prepayment Penalty

None

In-School Payments

  • Full deferment
  • Fixed monthly payment of $25
  • Interest-only payment
  • Full monthly payment

Forbearance Period

Up to 12 months (issued in 3-month increments)

Cosigners Allowed

  • Private student loans: Yes
  • Refinance loans: No

Cosigner Release

No

Grace Period

9 Months

Eligible Schools

Title IV-accredited schools

Customer Service Phone Number

1-888-601-2801

Customer Service Hours

Mon-Fri, 8 AM - 5 PM (PST)

Customer Service Email

hello@meetearnest.com

Address For Sending Payments

PO Box 9202

Wilkes Barre, PA 18773-9202

Promotions

None

DISCLAIMER

Actual rate and available repayment terms will vary based on your income. Fixed rates range from 4.24% APR to 9.24% APR (excludes 0.25% Auto Pay discount). Variable rates range from 3.49% APR to 8.24% 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.

Earnest Student Loans Review
  • Rates And Fees
  • Application Process
  • Customer Service
  • Products And Services
Overall
4.1

Summary

Earnest makes paying loans back easy by providing a dashboard that can allow you to set your payment date to the date you want and need, set up bi-weekly payments to save on interest, skip a payment once per year, and more.

Pros

  • Flexible student loan repayment options
  • Typically offers competitive interest rates
  • Provides both private loans and refinancing

Cons

  • Fewer repayment options than federal loans
  • Can’t add a cosigner to refinance loans
  • Can’t remove cosigners from student loans
  • Get Started
Robert Farrington
Robert Farrington

Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page, or on his personal site RobertFarrington.com.

He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.

He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.

Earnest Student Loans Review 2023

Editor: Clint Proctor Reviewed by: Claire Tak

Editorial Disclaimer: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, or other advertiser and have not been reviewed, approved or otherwise endorsed by any of these entities.
Comment Policy: We invite readers to respond with questions or comments. Comments may be held for moderation and are subject to approval. Comments are solely the opinions of their authors'. The responses in the comments below are not provided or commissioned by any advertiser. Responses have not been reviewed, approved or otherwise endorsed by any company. It is not anyone's responsibility to ensure all posts and/or questions are answered.
Subscribe
Connect with
I allow to create an account
When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.
DisagreeAgree
Notify of

I allow to create an account
When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.
DisagreeAgree

0 Comments
Inline Feedbacks
View all comments

Primary Sidebar

Student Loan Resources

Featured Lender Reviews

>  Credible (recommended)
>  Splash (recommended)
>  ELFI
>  LendKey
>  Earnest
>  Laurel Road

Paying For College

  • Best Student Loans And Rates
  • Best Private Student Loans
  • Student Loan And Financial Aid Programs By State
  • Student Loans For Community College
  • Best International Student Loans
  • Best Student Loans For Graduate School
  • Best Student Loans For Your MBA
  • Best Student Loans For Medical School
  • How To Get A Private Student Loan With No Cosigner
  • How To Get A Student Loan With Bad Credit

Navigating Repayment

  • How To Select The Best Student Loan Repayment Plan
  • 5 Legal Ways To Lower Your Student Loan Payment
  • How To Use A 529 Plan For Student Loan Repayment
  • These Companies Offer Student Loan Repayment Assistance

Student Loan Forgiveness

  • Student Loan Forgiveness Programs (The Complete List)
  • Student Loan Forgiveness Programs By State
  • President Biden’s Student Loan Forgiveness Plan
  • Public Service Loan Forgiveness
  • Borrower Defense To Repayment
  • For-Profit College Student Loan Forgiveness List
  • Private Student Loan Forgiveness
  • Trade School Loan Forgiveness Programs

Student Loan Refinance

  • Best Student Loan Refinance Companies
  • Best Student Loan Refinancing Bonuses And Promotional Offers
  • Lenders That Offer Student Loan Refinancing Without A Degree
  • How To Refinance An International Student Loan
  • Best Medical School Student Loan Refinancing

More On Student Loans

  • Top Student Loan Scams
  • Does The Government Profit Off Of Student Loans?
  • Statue Of Limitations Laws For Student Loans
  • What Should You Do With Your Old FFELP Loans?
  • How To Get A Refund Of Your Federal Student Loan Payments

Footer

Who We Are

The College Investor is an independent, advertising-supported financial media publisher, focusing on news, product reviews, and comparisons.

Connect

  • Contact Us
  • Advertise
  • Press & Media

About

  • About
  • Our Team
  • Podcast
  • Editorial Guidelines
  • How We Make Money
  • Archives

Social

Copyright © 2023 · The College Investor · Privacy Policy ·Terms of Service · DO NOT Sell My Personal Information

wpDiscuz