Earnest vs Discover Student Loan Refinancing: Discover Exited, Here Are the Alternatives
Last updated 09/27/2026 by
Andrew Latham
Edited by
Andrew Latham
Update: Discover no longer offers student loans
Discover stopped accepting new student loan applications, including refinancing and consolidation, on February 1, 2024, and has since sold its student loan portfolio. Existing Discover borrowers kept their loans and terms. If you’re shopping for a refinance today, Discover isn’t an option, so this page keeps the original Earnest vs Discover comparison for reference and points you to lenders that are still accepting applications.
Summary:
Earnest and Discover both offered student loan refinancing with fixed and variable APRs, but Discover exited the student loan business in February 2024. Earnest is still lending and offers customizable repayment terms, but it’s worth comparing against other lenders before you apply. If you were considering Discover, refinance lenders such as Splash Financial, ELFI and LendKey are the closest current alternatives.
Borrowers comparing Earnest and Discover usually want to weigh interest rates, repayment flexibility, eligibility and borrower protections before refinancing. Since only one of them still lends, the more useful question is how Earnest stacks up against the lenders that replaced Discover as an option.
Get Competing Student Loan Refinancing Offers
Compare rates from multiple vetted lenders. Discover your lowest eligible rate.
It's quick, free and won’t hurt your credit score
Quick Comparison: Earnest vs Discover Student Loan Refinancing
Earnest figures update from its current SuperMoney profile. Discover figures are the last terms listed on its SuperMoney profile before it stopped taking applications, and are shown for reference only.
| Feature | Earnest | Discover (no longer available) |
|---|---|---|
| Accepting New Applications | Yes | No (closed February 1, 2024) |
| Loan Amounts | $5,000 - $500,000 | Starting at $1,000 |
| Fixed APR | 5.19% - 9.99% | 4.74% – 12.74% |
| Variable APR | 5.72% - 9.99% | 1.8% – 10.37% |
| Loan Term (Years) | 5 years - 20 years | 10 years – 20 years |
| Minimum Credit Score | 650 - 850 | Not disclosed |
| Co-signing Allowed | Yes | Yes |
| Unemployment Protection | Yes | No |
| Origination Fees | 0% | Not disclosed |
| No Prepayment Fee | Yes | Yes |
| SuperMoney User Score | mostly not recommended | Not rated |
About Earnest Student Loan Refinancing
Earnest offers student loan refinancing with highly customizable repayment terms. Rather than relying solely on traditional credit metrics, Earnest considers income, savings habits, and financial behavior when evaluating applications.
Main Features
- Loan amounts: $5,000 - $500,000
- Fixed APR: 5.19% - 9.99%
- Variable APR: 5.72% - 9.99%
- Loan terms: 5 years - 20 years
- Funding speed: 7 days - 14 days
- Unemployment protection: Yes
User Rating:mostly not recommended
About Discover Student Loans (Discontinued)
Discover offered student loan refinancing and consolidation through Discover Bank, with fixed and variable rates, structured repayment terms and the backing of a long-established national bank. It stopped accepting new applications on February 1, 2024, and later sold its student loan portfolio. If you already have a Discover student loan, your rate and terms did not change because of the exit. Check your most recent statement or Discover’s student loan site to confirm who services your loan now.
What Discover offered (last listed terms)
- Loan amounts: Starting at $1,000
- Fixed APR: 4.74% – 12.74%
- Variable APR: 1.8% – 10.37%
- Loan terms: 10 years – 20 years
- Unemployment protection: No dedicated program
How Earnest and Discover Compared
- Repayment flexibility: Earnest lets borrowers choose highly customized term lengths, while Discover offered structured term options.
- Underwriting approach: Earnest evaluates broader financial behavior, while Discover emphasized traditional credit and income qualifications.
- Institutional backing: Discover was backed by a major national bank, while Earnest operates as a fintech-focused refinance lender.
- Availability today: Earnest is accepting applications. Discover is not.
Best Alternatives to Discover Student Loans
If Discover’s bank-backed stability was the draw, these lenders are still accepting applications. All three below refinance both federal and private student loans.
| Feature | Splash Financial | ELFI | LendKey |
|---|---|---|---|
| Loan Amounts | $10,000 - $500,000 | Starting at $10,000 | $5,000 - $300,000 |
| Fixed APR | 4.45% - 10.24% | 4.29% - 8.44% | 3.98% - 9.24% |
| Variable APR | 5.88% - 10.24% | 4.74% - 8.24% | 4.20% - 9.25% |
| Loan Term (Years) | 5 years - 20 years | 5 years - 20 years | 5 years - 20 years |
| Minimum Credit Score | 650 - 850 | 680 - 850 | 680 - 850 |
| Origination Fees | 0% | 0% | 0% |
| SuperMoney User Score | strongly recommended | strongly recommended | strongly recommended |
Splash Financial: compare offers from multiple lenders
Splash Financial is a refinance marketplace that shows offers from its partner banks and credit unions in one place, which makes it a quick way to rate-shop now that Discover is out of the picture. Fixed APRs range from 4.45% - 10.24% on loans of $10,000 - $500,000.
ELFI: low rates and borrower protections
ELFI (Education Loan Finance) is the closest match for borrowers who wanted a bank-backed lender. It offers fixed APRs of 4.29% - 8.44%, accepts cosigners, and offers unemployment protection, a feature Discover did not have.
LendKey: credit union rates
LendKey connects you with community banks and credit unions, which often price competitively for borrowers with strong credit. Fixed APRs run 3.98% - 9.24%, with loans of $5,000 - $300,000.
Still in school? Ascent private student loans
Discover also stopped offering in-school private student loans. Ascent offers private student loans for current students, with or without a cosigner, and fixed APRs of 1.94% - 17.50% on cosigned loans.
Behind on a private student loan? Yrefy
Yrefy refinances private student loans that are delinquent or in default, a group most refinance lenders turn away. Fixed APRs run 1% - 7%, and Yrefy charges an origination fee of 5%.
Which Option Is Best for You?
- Consider Earnest if: custom repayment terms matter most to you. Read recent borrower reviews first (SuperMoney community rating: mostly not recommended).
- Choose Splash Financial if: you want to compare several lenders’ offers at once.
- Choose ELFI if: you want a bank-backed lender with unemployment protection, the closest fit for former Discover shoppers.
- Choose LendKey if: you want credit union pricing.
Pro Tip
Refinancing federal student loans with a private lender permanently removes access to federal repayment plans and forgiveness programs. Make sure refinancing aligns with your long-term financial goals.
Bottom line: Discover is no longer an option for new student loans or refinancing. Earnest is still an option if custom repayment terms are your priority, but compare its offer and borrower reviews against Splash Financial, ELFI and LendKey, especially if you preferred Discover’s traditional banking approach.
What’s Next?
Earnest: See its current rates and read borrower reviews before applying.
Read the full Earnest review — mostly not recommended
Read the full Earnest review — mostly not recommended
Compare more lenders: See our ranking of the best student loan refinancing companies.
Key Takeaways
- Discover stopped accepting new student loan applications on February 1, 2024.
- Existing Discover borrowers kept their loans and terms.
- Earnest is still lending and offers custom repayment terms; compare its reviews and rates before applying.
- Splash Financial, ELFI and LendKey are the closest current alternatives to Discover.
- Refinancing federal loans removes federal protections.
FAQs
Does Discover still offer student loans?
No. Discover stopped accepting new student loan applications, including refinancing and consolidation, on February 1, 2024, and has since sold its student loan portfolio.
What happens to my existing Discover student loan?
Your loan, rate and payment schedule stayed the same when Discover exited. Your servicer may have changed, so check your latest statement for where to send payments. You can also refinance it with another lender at any time.
Is Earnest better than Discover?
Discover is no longer an option for new borrowers, so the practical comparison is Earnest against the lenders still accepting applications. Earnest offers custom repayment terms, but compare its rates and borrower reviews with ELFI, LendKey and Splash Financial before choosing.
What is the best alternative to Discover student loans?
For refinancing, ELFI is the closest match to Discover’s bank-backed approach, Splash Financial lets you compare several lenders at once, and LendKey offers credit union rates. For new in-school loans, Ascent is an option.
Does refinancing remove federal protections?
Yes. Refinancing federal student loans with a private lender removes access to federal repayment plans and forgiveness programs.
Compare More Student Loan Refinance Lenders
- SoFi vs Earnest — Compare fintech member benefits with repayment customization.
- ELFI vs SoFi — Compare bank-backed refinancing with fintech perks.
- LendKey vs Earnest — Compare marketplace lending with precision underwriting.
- Earnest vs Laurel Road — Compare customization with relationship banking perks.
- College Ave vs SoFi — Explore refinancing flexibility and tools.
Andrew is the Content Director for SuperMoney, a Certified Financial Planner®, and a Certified Personal Finance Counselor. He loves to geek out on financial data and translate it into actionable insights everyone can understand. His work is often cited by major publications and institutions, such as Forbes, U.S. News, Fox Business, SFGate, Realtor, Deloitte, and Business Insider.
Share this post:
Add
as a preferred source on GoogleTable of Contents