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.
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!
- Low Qualifying Credit Scores
- Low Interest Rates
- Pick Your Own Pricing Model And Loan Term
Earnest Student Loans Details
Earnest Student Loan Refinancing
Min Loan Amount
Max Loan Amount
1.99% - 5.64% APR
2.98% - 5.79% APR
5 to 20 years
Who Qualifies To Refinance With Earnest?
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 650 credit score, but its financial underwriting doesn’t stop with credit scores. Borrowers have to 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 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.
Earnest Student Loan Refinancing Rates and Terms
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).
The precision pricing model means you could end up with a 7.5 year loan term - which you likely won't see at other lenders.
Rates on these loans are very competitive. Earnest offers loans with the following rates:
- Variable Rate: 1.99% - 5.64% APR
- Fixed Rate: 2.98% - 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%.
Earnest refinances loans ranging from $5,000 to $500,000.
Like most private lenders, Earnest does not charge any refinancing fees.
Remember, these rates are subject to change at any time.
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:
1.99% - 5.64%
1.89% - 5.99%
2.39% - 6.01%
2.98% - 5.79%
2.63% - 6.88%
2.79% - 5.99%
Up to $500
Up to $775
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 - one of the longest we've seen.
They also have flexible loan 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)
See how they compare on our list of the best private student loans.
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:
Variable and Fixed
Variable and Fixed
Variable and Fixed
Any Concerning Fine Print?
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 dubious protection. 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.
Earnest doesn’t offer the lowest interest rates on the market, but it is 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 available so you can see how you compare. You can get up to a $750 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 our here!
Earnest Student Loans Review
- Rates And Fees
- Application Process
- Customer Service
- Products And Services
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, change the amount of your payment at any time, set up bi-weekly payments to save on interest, change interest rates, pay extra or early without a fee, skip a payment and pay it later, and consolidate any private and federal loans you have to one payment.
- Generous student loan repayment options
- Typically has one of the lower student loan rate ranges
- Offers both private loans and refinancing
- Not as many repayment options as Federal student loans
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.