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Earnest Student Loans Review 2022 – Top 10 Student Loan Refinancing Services

Refinancing your student loans allows you to save money on interest while simplifying your monthly budget. Earnest Student Loans Refinancing stands out since it gives students a good chance to qualify. The service provider accepts fair credit applicants with a credit score of at least 650, and there are no minimum income criteria. Here is a review that will allow you to understand more;

The Verdict
Earnest Student Loans Earnest Student Loans

Due to its unique technologies, refinancing student loans with Earnest is easier than ever. Flexible repayment alternatives are already available, but there are many ways in which they may be improved. Similarly, the company provides the greatest freedom to assist consumers in maintaining their credit scores. They decrease payments and interest charges and provide forbearance plans for unexpected financial strains.

However, despite the service's many valuable features and benefits, a lengthy application and verification process and a lack of loans accessible in every state are two drawbacks of Earnest. Before selecting, students authorized for an Earnest private student loan should compare their interest rates to those offered by other lenders.

  • They Provide in-house Lending Services.
  • When managing borrower payments, many student loan refinancing corporates rely on a third party; this is done in-house at Earnest. As the company points out, even if your loan is transferred to another financial institution, you may feel safer understanding that it will be administered by the same corporation you are applying to.
  • Payments Can Be Made Biweekly or Monthly.
  • Make biweekly (or twice-monthly) payments on your loans rather than a huge monthly amount, which may not be convenient for your budget. The lender feature can make it simpler for you to plan or keep track of your financial flow. Similarly, the biweekly plan will allow you to complete your loan debt faster.
  • There is a Prequalification Option
  • Before applying, the company will do a mild Experian credit check to display anticipated rates.
  • You can Skip a One Month's Payment Once Annually
  • Every year, you have the choice to forgo one of your monthly payments. Forbearances of one month i
  • Earnest Is Not Accessible in Every Single State
  • Nevada and Kentucky citizens are not eligible for private student loans given by the company. Similarly, Alaska, Illinois, Minnesota, New Hampshire, Ohio, Tennessee, and Texas students cannot take advantage of variable rates.
  • You Must be Above the Legal Age in Your State
  • Before applying for an Earnest private student loan, you must fulfill the state's age-of-majority standard. The legal age in many states is 18 years old. Alabama, and Nebraska, have a 19-year-old minimum age requirement, with Mississippi at 21 years.
  • Only a Full-time Student is Required to Enroll Here
  • The platform does not provide a student loan if you attend less than full time. A full-time student mostly enrolls in 12 units, credits, or hours each term at a college or university where the regular class load is similar to 16 units, credits, or hours of instruction.
  • Credit Score of At least 650
  • The company requires a minimum credit score of 650, even though it considers o

About Company

Since its founding in 2013, Earnest Student Loans has been a digital platform refinancing student debt. There are also in-school loans available for students at all levels of education. Even after being bought by the legendary Navient in 2017, the company has retained its forward-thinking ways of doing things.

Borrowers who refinance with good credit may choose from up to 180 repayment terms. Students who take out private student loans, on the other hand, have the alternative of skipping a payment once a year. It is a good alternative for borrowers with strong financial backgrounds who will not need to seek refinancing with a co-signer’s support – and prefer selecting the conditions of their payments.

There are many choices available to borrowers who are experiencing financial strains. Once every 12 months, you may miss a payment without requesting forbearance. You may request a forbearance extension of up to one year throughout your Earnest student loans repayment. They include;

  • A decline in income that is not your choice, such as fewer hours worked, unpaid time off, or switching from full-time to part-time work.
  • Layoff-induced involuntary job loss
  • Major rise in the price of essentials, including health care, home maintenance, and child care for the family
  • Maternal or paternity leave that is not compensated.

Deferments are available to military personnel while they are on active service and for up to 180 days after they have been demobilized.


  1. Undergraduate Loans

Earnest’s lower limit interest charges for undergraduate student loans are one of the best in the industry. In comparison to other lenders, if you or your co-signer have a high credit score, you may be able to get a better deal from this one.

The unique feature of these loans is that you can miss one payment each year. After six months of on-time, full principal and interest payments, you may request your first skip as long as your loan is in top form. Although interest will accumulate throughout this time, your balance will be extended by how long you have missed a payment month from your loan’s payback date. The service provider does not impose fees for origination, prepayment, delayed payments, or registration. It’s possible to select a term length of 5, 7, 10, 12, 15, or 20 years.

As compared to other lenders, Earnest’s undergraduate loan rates are highly competitive. College Ave and Earnest have minimal APR on fixed and variable agreements. In the case that your credit score is high enough, both of these rates are better than Discover’s minimums. However, Earnest’s maximum interest rates are similar to those of the other two lenders. College Ave will incur a late fee, but all three providers waive origination costs and fines.

  1. Graduate Loans

The company’s graduate student loans feature a much lower APR than Sallie Mae and Discover. Your options for repayment terms are similarly wide open, and you may take advantage of the “skip a payment” incentive mentioned earlier in the undergraduate part. If you want to pay less each month (over the long term) or save money on interest, this might be helpful (shorter-term length). You may pay off your debts early and not be penalized if you change your opinion.

Plans and Pricing

Earnest Student Loans does not impose any origination or late fees. However, they levy a returned payment cost of up to $8, and Florida residents must pay a documentation stamp tax of 35 cents for each $100 borrowed. On a $10,000 loan, it equates to $35. Depending on your state’s restrictions and credit history, four repayment options may be available. They include;

Deferred Payments

With this plan, you do not pay anything while you are a student and for nine months after graduating. After the grace period, begin making total principal and interest payments.

Fixed Payments

While in college and nine months after graduation, you make a $25 payment; after that, full payments will begin.

Interest Only

While in school and for nine months after graduation, you have the option to pay interest solely.

Full Payments

Complete payments may be made as soon as the funds are released.

Frequently Asked Questions

Is Earnest Legit?

The Better Business Bureau (BBB) has given Earnest Financial an A rating for customer satisfaction. About 35 concerns have been filed against the service provider by the BBB, and customers have given the company a rating of 1.43 out of 5 stars. This platform provides different financial services; therefore, remember that these ratings are not exclusive to student lending. The company is doing better than most, with over 5,000 reviews and a 4.7 out of 5-star rating on Trustpilot. Reviewers gave it a good score in a whopping 86% of their reviews.

Is there any Reward Program?

Those who refinance their student loans with Earneat and use their unique referral link or code may get a one-time payment of $200. Similarly, the corporation offers a $5,000 scholarship to 50 deserving undergraduates as part of its scholarship program every year.

How Long Does the Service Provider Spend Reviewing a Registration?

To be given a private loan by the company, it must verify your enrollment in school. Your college or university will check information like your enrollment status, completion date, and the cost of participation. Some institutions confirm applications within a few weeks of receiving them, while others may postpone assessing requests until the final weeks before the school year begins.

Earneat plans to accept refinanced loan registration within two to five business days after receiving them. They will clear the balance with your previous lender within ten working days of you signing the loan agreement.

Does the Company Approve Your Earnings?

Yes, the company always analyzes your income before approving your request. During the registration process, they allow you to connect to your bank accounts and check your status and transaction history. Similarly, you will be needed to give evidence of your identity and income.

What are the Requirements for Loan Approval?

Using federal student loans is a choice if you have finished all your other financial aid options, including scholarships and grants. If needed, you may use private student loans to fill up any financing drawbacks.

The platform’s requalification process lets you understand if you are qualified for a student loan. This is a light background check based on the evidence you give, such as your address, enrollment record, and credit rating. Complete your registration in its totality if Earnest deems that you are qualified to do so. When applying, you must;

  • Be a full-time student at a recognized college or half-time for seniors
  • Borrow a minimum of $1,000.
  • Pass a credit report with at least a 650-credit score.
  • Be earning an annual salary of at least $35,000.
  • Have a credit track of at least three years, with no accounts in arrears or bankruptcy proceedings.

Refinancing a student loan entails a somewhat different set of qualifications. You need to:

  • Borrow a minimum of $5,000 or $10,000 if you live in California.
  • Pass a credit check with a minimum 650 credit score.
  • Be employed and earn a steady income through working.
  • Have a degree with the credit you are refinancing. However, you may qualify if you left school at least six years ago and can satisfy further criteria.

What are the Co-Signer Options?

Adding an eligible co-signer to your private student credit application will ensure that you fulfill the loan’s criteria standards. To be approved for an Earnest student loan, you and your co-signer must reside in a state where the company makes student loans available (all but Nevada). There is no opportunity to remove a co-signer from a private student loan. Refinancing the balance solely in your name is the only way to eliminate a co-signer.

For refinanced loans, the service provider does not accept a co-signer. A different lender with less stringent standards may be a better option if you can’t get approved independently.

What is The Process of Applying for a Loan with the Company?

Use the prequalification tool to check whether you qualify for an Earnest loan. To find out if you are fit and what interest charges you may expect, you need to provide basic details about yourself. To proceed, you will be requested to fill out a complete application. For registration, the following information is important;

  • a permanent location
  • Detailed information on the school and its estimated graduation date.
  • The amount of money you need
  • Complete information on employment and earnings

The service provider will submit your information to your school for certification when you finish an application. This checks to see whether all of the details on your entry are correct. Certifying your data may take a few weeks. Similarly, they will negotiate with your earlier lender to clear your current debt before you may begin making payments if you have applied for a refinanced loan.

How is the Customer Care Service of the Company?

The service provider has a live chat option and an email form on its webpage. A representative may be reached at 888-601-2801. The company is open from 8 a.m. to 5 p.m. Pacific Time, Monday – Friday.

Does the Provider Have web-based functions?

Interested parties may fill up an application and attach all required papers immediately to their Earnest profile. A borrower’s dashboard lets you track impending payments and their financial history. Similarly, you can set up automated payments, modify due dates, and communicate with customer support personnel through the chat tool.

Is There a Minimum Credit Score You Require to Qualify for a Loan?

The applicant or co-signer must have a FICO score of at least 650 to qualify for an earnest student loan. As part of the application process, the company considers an applicant’s education and career background, placing less emphasis on their credit score. They need a 650-credit score in to refinance student loans. A score of 700 may be required for those who have not yet finished their degree.

Where Does the Company Operate?

Except for Nevada, the platform provides loans in all 50 states. Similarly, it does not give student debt refinancing in Kentucky.

How Does the Platform Function?

The service provider requires candidates to share their school and career background to provide a complete view of their abilities. Similarly, they take your co-signer’s credit rating, credit history, and earnings into account. Students can file for undergraduate or graduate credit online and expect to hear back within three days. After being authorized, you may choose a repayment schedule or deferred paying for nine months after graduation. Depending on the application and the school’s financial assistance office, the loan might be approved between two to five weeks.

What are the Terms, Fees, and Conditions?

The company gives fixed and variable rate student loans and refinancing. You may pick a loan duration ranging from five to twenty years. The lowest loan amount is $1,000, with loans ranging up to $1000 of the school’s accredited cost of attendance. There are no application, establishment, or late fees.

Is the Company Right for You?

Yes. Financing through the company with good credit is an important benefit. Refinancing with other lenders often requires applicants to have at least excellent credit. Even though they do not allow you to add a co-signer, you will be less likely to need one since the organization accepts fair credit candidates.

Refinancing lenders, in general, check your earnings as well as your credit history. On the other hand, Earnest makes it clear that there is no minimum income needed. The platform provides personal loan customization and payment safeguards, including a nine-month grace period for borrowers. Refinancing allows borrowers to pick their chosen payment amount and pattern of payments, either biweekly or monthly and the ability to raise or decrease their payment date at any moment.

Similarly, the Earnest loan program allows qualifying borrowers to miss one payment every 12 months and make it up later if they face financial strains.