Earnest Review: Student Loan Refinancing

Earnest Review: Saving thousands of dollars on your student loan debt seems ideal, and that's just what Earnest promises. Is it legit, though?

Saving thousands of dollars on your student loan debt seems ideal, and that’s just what Earnest promises. Is it legit, though?

Earnest is a technology-enabled fintech lender, headquartered in San Francisco that offers personal loans and student loan refinancing.

But if it the right student loan refinancing company for you?

Let’s find out, together in our Earnest review.

Refinance your student loan with Earnest and earn a $200 bonus when you sign your loan!

Get Your Rate

Earnest Reviews

This Company Will Give You $100 for Opening a Free Account

aspirationSimply sign up for Aspiration, and the free banking app will give you cash for free, you just relax while it gives you $100 just for opening a new debit card. There’s no catch. This bank account is legit and only takes two minutes to sign up for an account.

Follow these simple steps to add a $100 bonus to your new account:

  1. Open your Aspiration Spend & Save Account and fund your account with at least $10.
  2. Use your Aspiration debit card to make at least $1,000 of cumulative transactions within the first 60 days of opening your account. There’s no need to spend extra money — just use your card to buy groceries and pay your utilities.
  3. You’re good to go! Keep your eyes peeled for that $100, which will appear in your account within 120 days.

Earnest promises they can lower your rate, then allow you to customize and manage your payments online. They offer flexible payments and private & federal loans are eligible with radical flexibility. Users save on average $30,939.

Heard enough? Head over to Earnest and check your rate in 3 minutes to see how much you can save.

Who is Earnest Best For?

Earnest is best suited for those who are just coming out of school who have little to no credit history. They have a lot of options for students and other individuals that are looking for a small loan and they have very unique flexibility.

For example, you can set your own monthly payments and change between fixed and variable rates without any fees. Earnest has lower than average rates in the industry (click to view comparison rates).

Visit Earnest to learn all of their options to see what they have for you.

Services Offered

Student Loan Refinance and Student Loan Consolidation

Earnest Features

Auto Payment, Career Support, Cosigner Option

1. Lower rates through better data

They use data other lenders don’t—like your savings patterns, investments, and career trajectory—to give you the rate you deserve.

2. Customization to your budget & timeline

Precision Pricing saves money for student loan clients by using your budget to determine a unique rate and term—down to the month.

3. Seamless from start to finish

Apply online, then manage your account payment preferences with our intuitive dashboard.

4. Expert in-house service

They have an in-house Client Happiness team is available via call, text, or email for student loan clients.

Refinance your student loan with Earnest and earn a $200 bonus when you sign your loan!

Get Your Rate

Earnest Student Loan Refinancing Rates

Get one simple payment that fits your budget. Variable rates start at 2.47% APR with Auto Pay.

You can get your student loan refinancing rate in 2 minutes by clicking here.

Earnest Loan Length

Loan Length: 5, 7, 10, 15, 20

You can get a loan through them for a 5, 7, 10, 15, or 20-year term. Speak to one of their representatives to figure out the best loan length that works for you.

Earnest Loan Amounts

The company currently offers student loan refinancing and consolidation for loans over $5,000.

Earnest Eligibility

To qualify for this loan, you will need to have an excellent credit history and be able to prove that you have an adequate income to pay off the loan. Please talk to a representative to discuss other criteria that might apply to you and your application for refinancing your student loans.

Earnest Pros:

  • Easy to get approved. Great for people just coming out of school who have little to no credit history
  • Offers unique flexibility, people can set their own monthly payments and change between fixed and variable rates without any fees
  • Earnest has lower than average rates in the industry

 

Earnest Cons:

  • The company is limited in its locations
  • Applicants must be employed or have a written job offer in order to be eligible for student loan refinancing
  • Earnest was only established in 2013

 

Why Should You Refinance Your Student Loan Debt ?

In case you’re wondering why someone would refinance student loan debt, here are the top reasons:

1. It’s simple to check your rate and can save you a lot of money

There are a lot of competing student loan companies and that’s good for you. That means you can get the best possible interest rate which can save you a lot of money. The average user saves $18,668 when refinancing. You can check your rate for all of the lenders on this page in under 3 minutes.

2. If you have a high interest rate on your student loans

Fortunately, for many graduates, refinancing can be a great opportunity to help with loan payments. If you have federal or private student loans with an interest rate over 4%, then refinancing them will save you a lot of money. Student loans with 6.8% interest rates mean that you’ll need to pay $586 a month in interest alone for every $100,000 you owe. You could also refinance your student loans to a longer term to help lower your monthly payments.

3. If you don’t qualify for public student loan forgiveness

Public student loan forgiveness (PSLF) was created in 2007 in order to encourage graduates to pursue full-time work in public sectors including nonprofits and government organizations. If you are working in one of these fields, and have been consistent with your payments, it’s best to weigh your options and see if refinancing or PSLF will save you more money over the life on your student loan.

4. Have more questions?

If you want to learn more about student loans before refinancing student loans with Earnest, here are some good student loan resources to consider:

Ready to Get Your Rate?

Refinance your student loan with Earnest and earn a $200 bonus when you sign your loan!

Get Your Rate

 

(Or click here to learn more about Earnest →)

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Best Student Loan Refinancing Options for June 2021

Variable APRLoan TypesEligible Loans
splash financial1.89% - 5.99%Variable & FixedPrivate & FederalVISIT LENDER
studentloansadvice2.25% - 6.88%Variable & FixedPrivate & FederalVISIT LENDER
lendkey1.91% - 5.25%Variable & FixedPrivate & FederalVISIT LENDER
earnest
1.99% - 5.64%Variable & FixedPrivate & FederalVISIT LENDER