Earnest is a student loans lender based in San Francisco, CA. It was founded in 2013 and offers student loan refinancing in 50 states (and Washington, DC).
The range of APRs you qualify for when refinancing a student loan vary widely by lender and will depend on your creditworthiness and the type of loan you choose. Loans with fixed rates will typically have higher APRs than loans with a variable rate.
Earnest offers variable rate APRs that range from 2.57% to 5.87%.
Borrowers who choose a fixed-rate refinancing loan can expect APRs that range from 3.25% to 6.32% APR.
No, Earnest does not charge a loan origination fee.
A loan origination fee is what some lenders charge for processing, underwriting, and funding a loan. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees.
Yes, Earnest charges additional fees to borrowers who pay off their loans sooner than anticipated. Take this into consideration when choosing a lender because prepayment fees can reduce or even cancel the interest savings of repaying a loan early.
Earnest provides refinancing loans of 5 to 20 years.
It also offers borrowers unemployment protection. This means that if you lose your job your loan payments may qualify for a temporary hold.
Earnest considers loans applications from:
Applicants with a credit score of at least 700 can apply for a loan via Earnest. Note that borrowers can add a cosigner to the loan to either meet eligibility requirements or qualify for lower interest rates.
Active duty servicemembers and their covered dependents cannot apply for a loan via Earnest. The Military Lending Act prohibits lenders from charging servicemembers more than a 36% APR.
Earnest will typically fund loans within 7 and 14 days of approval.