Earnest takes a fresh approach to student loans by looking beyond credit scores. With flexible private loans and refinancing options, Earnest evaluates borrowers based on payment history and future earning potential, making it accessible even for those with limited credit.
Plus, Earnest’s competitive rates and tech-driven application process offer borrowers a convenient, transparent lending experience.
Earnest Student Loan Overview
Earnest offers private student loans and refinancing with unique features designed for flexibility and borrower ease. Earnest’s application requirements focus on more than just credit history, allowing a wider range of borrowers to qualify.
With options like Precision Pricing, payment deferrals, and flexible rate selection, Earnest is built to help borrowers manage their payments in a way that fits their lifestyle. Earnest also stands out for its resources, like a comprehensive resource library and a responsive client happiness team, ensuring borrowers feel supported throughout their loan experience.
Earnest Student Loan Application Requirements
To qualify for an Earnest student loan, you must either be a U.S. citizen or hold a 10-year non-conditional permanent resident card. Additionally, you need to be either a part-time student or within six months of graduating.
Earnest student loans are available in most states, however, residents of Delaware, Nevada, and Kentucky are currently not eligible for loans. To be approved, the minimum credit score requirement is 650. You must also have a stable income or a job offer within the next six months.
In addition to these criteria, all of your accounts, including existing student loans, must be in good standing. Unfortunately, if you’ve been sent to collections or have gone through bankruptcy, you won’t qualify for a loan.
If you’re thinking of refinancing your student loans with Earnest, you need to keep in mind a few basic requirements. For starters, you must be the primary borrower on the loan. Secondly, the minimum refinancing amount is $5,000. Finally, you’ll need to meet the same eligibility requirements as those applying for a new loan.
And Earnest has some additional requirements regarding cash flow and credit history:
- Your savings should cover at least two months of expenses, including housing.
- Your bank accounts should demonstrate that you spend less than you earn.
- You must have a positive payment history.
- There’s no history of late, overdraft, or insufficient fund fees.
- Your debt-to-income ratio is low.
- You must be current on your rent or mortgage payments.
- You must not have a bankruptcy on your credit report or any accounts recently in collection.
These requirements may seem stringent, but Earnest makes it easy for borrowers to identify areas where they can improve.
Types of Student Loans Available from Earnest
Earnest offers student loan refinancing for both student borrowers and parents. There are a few restrictions, so read the details carefully to make sure your existing student loan debt qualifies.
Earnest Private Student Loans
Earnest offers private student loans to undergraduate and graduate students. These loans come with competitive interest rates, flexible lending terms, and more borrower protections than what most private lenders offer.
For instance, new graduates receive a nine-month grace period before they have to start repaying their loans. You have the option to defer your student loans during graduate school, and borrowers have the option to skip one payment every 12 months.
Earnest Student Loan Refinancing
Earnest also allows borrowers to refinance their federal or private student loans. You can refinance loan amounts between $5,000 and $500,000 with term limits between five and 20 years.
Unfortunately, Earnest does not offer an option for cosigners, so you’ll have to meet the eligibility requirements on your own.
Parent PLUS Refinancing
If you’re a parent who took out student loans for your child, you can refinance student loans through Earnest. The terms are the same as regular student loan refinancing, but Earnest won’t allow you to transfer the debt to your child. The refinanced loan will stay in the original borrower’s name.
Fees and Rates
Earnest student loans offer competitive interest rates for all their lending products. The interest rates for private student loans are available in both fixed and variable options.
In terms of student loan refinancing, Earnest provides options for both fixed and variable rates. It’s important to note that all rates include an autopay discount.
For those undecided between a variable or fixed-rate loan, Earnest offers flexibility. After six months of consistent, on-time payments, you have the option to change the rate type of your Earnest student loan. Keep in mind that this option is subject to approval and may impact your credit report.
Earnest student loans are designed to be cost-effective, with no application or origination fees. Additionally, borrowers will not incur prepayment penalties or late fees.
Earnest’s Student Loan Process
Earnest’s online application is quick and convenient. After applying, you get a rate estimate in about two minutes, and it only involves a soft credit pull. If the rate works for you, proceed with Earnest’s unique approval process, which looks beyond your credit score, considering your savings, investments, and career potential for a more personalized rate.
With the Precision Pricing tool, you can tailor your monthly payment to suit your budget, selecting a repayment term and rate that aligns with your financial goals. After approval, you can manage payments easily through Earnest’s dashboard and mobile app, simplifying the entire process.
Special Features
Earnest provides several benefits that make managing student loans easier and more flexible. From customer support to unique repayment options, these features help borrowers stay on track with confidence.
- Client Happiness Team: Earnest’s dedicated in-house team is available to answer questions and provide support by phone, text, or email, ensuring borrowers receive quick, helpful responses.
- Resource Library: Earnest offers guides, calculators, and other tools to support borrowers in managing and paying off loans efficiently. Their resources cover topics like loan consolidation and tips for faster repayment.
- Deferment: Borrowers can defer private loans if they enroll in graduate school or serve in the military or Peace Corps. While interest continues to accrue, this option lets borrowers pause payments during significant life events.
- Forbearance: Borrowers who have made at least three on-time payments may qualify for forbearance in cases like job loss, medical expenses, or unpaid parental leave, providing temporary relief from payments.
- Option to Skip a Payment: After six months of consecutive on-time payments, borrowers can skip one payment every 12 months. The skipped payment is added to the end of the loan term, a helpful option for tight budget months.
Bottom Line
If you’ve exhausted all of your options for grants, scholarships, and federal student loans and are looking to take out private student loans or refinance existing loans, Earnest is a suitable option. The company uses technology to evaluate borrowers in an entirely new way, and help you access the most competitive rates.
The lending requirements may seem strict, but Earnest makes it easy to see how you can increase your odds of approval. The company is a truly unique lender, and a good choice for anyone who wants low interest rates, customized repayment terms, and robust borrower protections.