Earnest is a partner lender from which we receive compensation. Edvisors® evaluates each lender we partner with and only recommend loan programs which we believe are a best fit for our audience.
What is Earnest?
Earnest is a student loan company that was built upon the foundation and desire to provide financially responsible people with the credit they deserve. Founded in 2013, they offer in-school private loans as well as refinancing and personal loans. Earnest merges technology with a keen understanding of banking principles to evaluate the creditworthiness of all individuals, including taking earning potential into consideration. The company earned a place on the Fast Company World’s 50 Most Innovative Companies list in 2015. And in 2017 they were acquired by Navient Corporation, a student loan servicer that launched in 2014 as its own brand after doing business as Sallie Mae for over 40 years.
Earnest Customer Service
Earnest provides customer service in the form of easy online chat messaging available when viewing the contact page, as well as service via phone Monday through Friday, and the option to submit your questions through their website with a returned response through email. Earnest has earned 4.5 stars of excellent service reviews through Trustpilot and they hold an A+ rating on Better Business Bureau (BBB).
Earnest Student Loans
Earnest prides themselves in providing low rates and a longer grace period than most private student loan lenders (9 months instead of 6 months). With Earnest you can also take advantage of zero fees, choice of loan terms, a 2-minute eligibility check, and the option to skip one payment a year.
Some of Earnest’s student loan products include:
- Undergraduate Private Student Loans
- Graduate Private Student Loans
- Cosigned Private Student Loans
- Business School Loans
- Medical School Loans
- Law School Loans
Apply for an Earnest Private Student Loan
- Check your eligibility in just 2 minutes
- Flexible repayment options you can choose from
- No fees for origination, disbursement, prepayment, or late payment3
- Skip a payment once per year (once repayment period restarted)4
- Will cover up to 100% of the school's certified cost of attendance
- 9-month grace period (3 months more than most lenders)2
This information is for graduate and undergraduate students attending participating degree-granting schools. Borrowers must be U.S. citizens or U.S. permanent residents if the school is located outside of the United States. Non-U.S. citizen borrowers who reside in the U.S. are eligible with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident) and are required to provide an unexpired government-issued photo ID to verify identity. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.
Actual rate and available repayment terms will vary based on your income. Fixed rates range from 4.70% APR to 14.85% APR (excludes 0.25% Auto Pay discount). Variable rates range from 5.24% APR to 14.65% 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.
1You can take advantage of the Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. For multi-party loans, only one party may enroll in Auto Pay.
2Nine-month grace period is not available for borrowers who choose our Principal and Interest Repayment plan while in school.
3Earnest does not charge fees for origination, late payments, or prepayments. Florida Stamp Tax: For Florida
residents, Florida documentary stamp tax is required by law, calculated as $0.35 for each $100 (or portion thereof) of the principal loan amount, the amount of which is provided in the Final Disclosure. Lender will add the stamp tax to the principal loan amount. The full amount will be paid directly to the Florida Department of Revenue. Certificate of Registration No. 78-8016373916-1.
4Earnest clients may skip one payment every 12 months. Your first request to skip a payment can be made once you’ve made at least 6 months of consecutive on-time payments, and your loan is in good standing. The interest accrued during the skipped month will result in an increase in your remaining minimum payment. The final payoff date on your loan will be extended by the length of the skipped payment periods. Please be aware that a skipped payment does count toward the forbearance limits. Please note that skipping a payment is not guaranteed and is at Earnest’s discretion. Your monthly payment and total loan cost may increase as a result of postponing your payment and extending your term.
The information provided on this page is updated as of 03/08/2023. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice.
Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 303 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, e-mail us at [email protected], or call 888-601-2801 for more information.
THIS IS AN ADVERTISEMENT. YOU ARE NOT REQUIRED TO MAKE ANY PAYMENT OR TAKE ANY OTHER ACTION IN RESPONSE TO THIS OFFER.
Earnest Private Student Loans
Earnest provides student loans with a variety of benefits including:
- The option to pick a repayment option with bi-weekly or monthly payments
- A nine-month grace period for payments; fifty-percent longer than most competitors
- Options for flexible repayment plans
- Zero prepayment penalties, late fees, or origination fees
- Increased chance of approval when you apply with a cosigner
Earnest Graduate Student Loans
Earnest provides graduate students with a loan that “works as hard you do” and allows students to take their education to the next level, with competitive interest rates, and flexible repayment options. The benefits of Earnest’s graduate student loans include:
- Zero fees
- The option to skip one payment a year
- The ability to save 0.25% with auto-pay
- The capability to easily include a cosigner
- A nine-month grace period
- The option to make a $25 in-school payment
Earnest Student Loan Refinance
Earnest has helped over 130,000 clients with $11.6 billion in total student loans refinanced. Earnest touts competitive variable and fixed rates with the ability to combine multiple loans into one monthly payment. And their benefits include:
- Loan customization
- Choosing your loan term
- The ability to remove a cosigner
- The option to combine many loans into one payment
- Access to a Client Happiness team (customer service)
- The ability to adjust your payment date at any time
- A resource library with how-to guides, calculators, and comparisons to help you make the best choice when refinancing your loan
Bonus: You could earn a referral fee of $200 for your word-of-mouth efforts. Simply refer a friend who successfully refinances their loans and earn your bonus.
| Pros | Cons |
|---|---|
| Credit is not the only factor in loan approval | You must be enrolled full-time at a 4-year college or university |
| Can refinance with incomplete bachelor's or associate's degrees | |
| No origination or late payment fees; also, no prepayment penalties | |
| Option to skip a payment once a year | Interest continues to accrue and skipped payments could result in an extended repayment period. You must make a minimum of 6 monthly payments before qualifying. |
| Prequalification is available | Earnest is not available in all 50 states |
| Offers four in-school repayment options and five loan terms | |
| 9-month grace period |
Apply for an Earnest Student Loan
When applying for an in-school student loan from Earnest you’ll want to keep the following eligibility requirements in mind. Students and potential cosigners must be a U.S. citizen or Permanent Resident, and be enrolled full-time at a Title IV-accredited not-for-profit institution. Utilizing a cosigner is highly encouraged, especially to qualify for lower rates. Earnest makes the process easy with an eligibility checklist on their site for each loan product offered.
If you’re looking to refinance your loans with Earnest, you can pick them from our lineup of student loan refinance companies, and you can also see the other offers in the marketplace on our sister website. You’ll want to strongly consider whether it makes sense to include any of your federal loans as it may mean sacrificing borrower benefits, including potential loan forgiveness (if you qualify).
How Earnest Gives Back
Earnest most recently joined Fintech Equality Coalition to help fight racial inequality in the financial services system and society. This means pushing and enhancing access to financial services, as well as providing job and career advancements for the Black community.
Earnest Headquarters
Earnest is headquartered in San Francisco, California with additional offices in Salt Lake City, Utah.
