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Our experts answer readers' student loan questions and write unbiased product reviews (here's how we assess student loans). In some cases, we receive a commission from our partners; however, our opinions are our own.
Actual rate and available repayment terms will vary based on your income. Fixed rates range from 4.68% APR to 15.15% APR (excludes 0.25% Auto Pay discount). Variable rates range from 5.57% APR to 16.45% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan origination 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. Although the rate will vary after you are approved, it will never exceed 36% (the maximum allowable for this loan). Please note, Earnest Private Student Loans are not available in Nevada. 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. It is important to note that the 0.25% Auto Pay discount is not available while loan payments are deferred.
Earnest is a strong lender with competitive rates and a variety of term lengths. If you fall on financial hardship, you can skip a payment once per year — though that payment will extend the length of your loan term later.
Actual rate and available repayment terms will vary based on your income. Fixed rates range from 4.68% APR to 15.15% APR (excludes 0.25% Auto Pay discount). Variable rates range from 5.57% APR to 16.45% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan origination 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. Although the rate will vary after you are approved, it will never exceed 36% (the maximum allowable for this loan). Please note, Earnest Private Student Loans are not available in Nevada. 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. It is important to note that the 0.25% Auto Pay discount is not available while loan payments are deferred.
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Origination Fee
$0
Editor's Rating
4.25/5
4.25 out of
5 Stars
Pros & Cons
Pros
No origination fees, prepayment penalties, or late fees
Great APR
Many options for repayment term length
Quick application process
Skip a payment option
Low loan minimum
Cons
Credit check
May need a cosigner
Highlights
More Information
Five, seven, 10, 12, 15, and 20-year repayment term lengths available
Apply through your computer or mobile device
Customer service available via phone, live chat, email, and standard mail
Loan minimum of $1,000, maximum up to 100% cost of attendance
Skip a payment feature allows you to forgo making one payment every year
Loans are originated by Earnest Operations LLC
Repayment options available:
Deferred: No payments for up to nine months after leaving school
Interest only: Only make payments on the loan's interest while in school
Partial payments: Pay $25 per month while in school
Full repayment immediately: Start making full payments while still in school
This is an advertisement. You are not required to make any payment or take any other action in response to this offer.
Earnest is best for borrowers who want competitive interest rates — particularly those who only want to take out a small loan amount. Earnest offers loans of as small as $1,000.
Types of Student Loans Offered by Earnest
Earnest offers several types of student loans, including:
Undergraduate
Graduate
Parent
Medical
Law
MBAs
Refinancing
Earnest Student Loan Details
You don't need a cosigner to apply, but having one can net you a lower rate.
You should pursue your federal student loan options before applying for any private student loan, including one with Earnest, as you can usually get better terms and protections through the government.
You have to meet the following eligibility requirements to get a student loan with Earnest:
You are attending, or are enrolled to attend, full-time at an eligible four-year institutions
You live in any state or Washington, DC, excluding Nevada
You are the age of majority in your state of residence
You are a US citizen or permanent resident or have a cosigner who is a US citizen or permanent resident
You pass a credit check
You'll need to provide the following information to apply for a loan online:
Email and physical address
Date of birth
Citizenship status
School you're attending
Degree you're pursuing
Enrollment status
Expected graduation date
Credit score
There are several options for contacting Earnest's customer support. You can call the company from 5:00 a.m. to 5:00 p.m. PST Monday through Friday, excluding holidays. You can also live chat Earnest on its contact us page during the same hours. You can email the lender or send physical mail to its San Francisco address.
Earnest Undergraduate Student Loans
Earnest's undergraduate student loans come with competitive minimum interest rates. If you or your cosigner has a good credit score, you could potentially save money with this lender compared with similar companies.
Earnest's loans have a unique perk. They allow you to skip one payment every year. You can request your first skip once you've made at least six months of consecutive on-time, full principal and interest payments, as long as your loan is in good standing. However, interest will accrue during this time, and the lender will extend the final payoff date of your loan by the length of the skipped payment period.
Earnest won't charge any origination, prepayment, late, or application fees. You have a host of term lengths to choose from, including five, seven, 10, 12, 15, and 20 years.
Actual rate and available repayment terms will vary based on your income. Fixed rates range from 4.68% APR to 15.15% APR (excludes 0.25% Auto Pay discount). Variable rates range from 5.57% APR to 16.45% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan origination 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. Although the rate will vary after you are approved, it will never exceed 36% (the maximum allowable for this loan). Please note, Earnest Private Student Loans are not available in Nevada. 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. It is important to note that the 0.25% Auto Pay discount is not available while loan payments are deferred.
Actual rate and available repayment terms will vary based on your income. Fixed rates range from 4.68% APR to 15.15% APR (excludes 0.25% Auto Pay discount). Variable rates range from 5.57% APR to 16.45% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan origination 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. Although the rate will vary after you are approved, it will never exceed 36% (the maximum allowable for this loan). Please note, Earnest Private Student Loans are not available in Nevada. 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. It is important to note that the 0.25% Auto Pay discount is not available while loan payments are deferred.
Show more
Origination Fee
0
Editor's Rating
4.25/5
4.25 out of
5 Stars
Pros & Cons
Pros
No origination fees, prepayment penalties, or late fees
Great APR
Many options for repayment term length
Quick application process
Skip a payment option
Low loan minimum
Cons
Credit check
May need a cosigner
Highlights
More Information
Five, seven, 10, 12, 15, and 20-year repayment term lengths available
Apply through your computer or mobile device
Customer service available via phone, live chat, email, and standard mail
Loan minimum of $1,000, maximum up to 100% cost of attendance
Skip a payment feature allows you to forgo making one payment every year
Loans are originated by Earnest Operations LLC
This is an advertisement. You are not required to make any payment or take any other action in response to this offer.
Earnest's graduate student loans have a significantly lower APR range than competitors like Sallie Mae and Discover. You're also eligible for the same skip-a-payment perk as is offered with undergraduate loans and can choose from a variety of repayment term lengths. This can help if you want smaller monthly payments (longer term length) or to save in overall interest (shorter term length). If you change your mind down the road, you can pay off your loans early with no penalty.
Must be a resident of Canada, India, Mexico, or South Korea
Must be pursuing an MBA, Masters of Engineering, or a Master of Laws / Juris Doctorate.
Earnest is one of the only companies that allows international students to get a loan without a US-based cosigner. Instead, the company makes its lending decisions based on cross-border credit data, giving the company an equivalent score to support its evaluation of applications. This product is a great option for international borrowers who live in Canada, India, Mexico, or South Korea.
Pros and Cons for Earnest Student Loans
How to Apply for an Earnest Student Loan
Put in an application on Earnest's website. You'll enter your email address, name, phone number, and other personal information. You'll get an estimated monthly payment and rate with no impact on your credit score.
Wait for Earnest to get your college to certify theloan. This process takes a varying amount of time — some colleges don't certify loans until it's near the end of the semester. Once your loan is certified, Earnest will send you an email letting you know.
Track when your loan funds will reach your college. Earnest will then send your loan funds directly to your college on its designated disbursement date, which varies from college to college.
Earnest Student Loans Frequently Asked Questions
Is Earnest forgiving student loans?
Earnest is not forgiving student loans. No private student loan lender is doing so.
What type of student loan is Earnest?
Earnest has both variable and fixed student loans. The company also offers student loan refinancing.
Does Earnest ruin your credit?
Earnest will only negatively impact your credit if you don't repay your loans on time. If you pay it back consistently, your credit score may actually improve.
Is Earnest trustworthy?
The Better Business Bureau — which evaluates companies by reviewing business' replies to customer complaints, honesty in advertising, and clarity about business practices — gives Earnest an A grade. Earnest also hasn't been involved in any scandals in the past few years,
What Options Do I Have to Repay My Earnest Student Loans?
You can repay your student loan one of four ways after you've taken it out: deferred, fixed, interest-only, and full payment. The best repayment plan depends on your situation.
Deferred
Fixed
Interest-only
Full payment
No payments while in school and during nine-month grace period
Unpaid interest accrues
Interest is capitalized at the end of deferment period
Highest overall cost
Pay $25 per month while in school and during nine-month grace period
Unpaid interest accrues
Interest is capitalized at the end of grace period
Low in-school payments
Pay loan's interest monthly while in school and during nine-month grace period
Only available for cosigned loans
Moderate in-school payments
Repay principal plus interest while in school and during nine-month grace period
Only available for cosigned loans
Highest in-school payments
Lowest overall cost
Deferred payments will be the most expensive options because you won't pay down any of your loan principal until after the grace period is over, and interest will accrue during that entire period. Full payments will cost the least overall because you aren't allowing interest to accrue at any point.
Actual rate and available repayment terms will vary based on your income. Fixed rates range from 4.68% APR to 15.15% APR (excludes 0.25% Auto Pay discount). Variable rates range from 5.57% APR to 16.45% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan origination 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. Although the rate will vary after you are approved, it will never exceed 36% (the maximum allowable for this loan). Please note, Earnest Private Student Loans are not available in Nevada. 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. It is important to note that the 0.25% Auto Pay discount is not available while loan payments are deferred.
Earnest's rates on undergraduate loans are extremely competitive compared with similar companies. Here's how Earnest compares College Ave and Discover:
Earnest vs. College Ave
Both Earnest and College Ave have the similar minimum APR on fixed and variable loans. You could get a great rate with either if you have a good credit score. There are no origination fees or prepayment penalties with either lender.
Earnest vs. Discover
Earnest's minimum APR is lower than Discover's, so you might be better off going with Earnest if you have a good credit score. Earnest's maximum rates are comparable to Discover's. You won't pay origination fees or prepayment penalties with either company.
Methodology: How We Rated Earnest Student Loans
We rate all student loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:
Interest rate (20% of rating)
Fees (20% of rating)
Term lengths (15% of rating)
Repayment options while in school (15% of rating)
Borrower accessibility (15% of rating)
Customer support (7.5% of rating)
Ethics (7.5% of rating)
Each category's weighting is determined based on its importance to your borrowing experience. Rates and fees have the most significant impact on the total cost of your loan, so we weigh those the most heavily. Customer support and ethics are still crucial parts of the borrowing experience, but do not directly tie to a student loan's terms, so they have less of an impact on the overall rating.
Ryan Wangman was a reporter at Personal Finance Insider reporting on personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans. He is also a Certified Educator in Personal Finance (CEPF).In his past experience writing about personal finance, he has written about credit scores, financial literacy, and homeownership. He graduated from Northwestern University and has previously written for The Boston Globe. Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services here >>
Elias Shaya is a junior compliance associate on the Personal Finance Insider team based in New York City.Personal Finance Insider is Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that readers already know and love. The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions.The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team. Elias is the point person for the loans sub-vertical and works with the editorial team to ensure that all rates and information for personal and student loans are up to date and accurate.He joined Insider in February 2022 as a fellow on the compliance team.Elias has a Bachelor of Science in International Business from the CUNY College of Staten Island. Prior to joining Insider, he volunteered at the New York Presbyterian Hospital, where he worked with the biomedical engineering department. In his spare time, Elias enjoys exploring new restaurants, traveling to visit his family in Lebanon, and spending time with friends.
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