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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).

What APRs does Earnest offer on its student refinancing loans?

The range of APRs you qualify for when refinancing a student loan 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.

Does Earnest charge an origination fee?

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.

Does Earnest charge prepayment 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.

What terms does Earnest offer?

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.

What type of borrowers will Earnest consider?

Earnest considers loans applications from:

  • undergraduate students
  • graduate students
  • parents of students

What do you need to qualify for a Earneststudent loan refinance?

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.

What is the estimated funding time for a student loan refinance via Earnest?

Earnest will typically fund loans within 7 and 14 days of approval.

  • Loan Term (Years)
    5 - 20
  • Min Loan
    $5000
  • Institution Type
    Direct Lender
  • Cosigner Optional
  • Credit Score Range
    700 - 850
  • Undergraduate Students
  • Graduate Students
  • Parents of Dependent
  • Grace Period / Deferred Interest
    9
  • No Origination Fee
  • Funding Time Range (in days)
    7 - 14
  • Unemployment Protection
  • Variable APR
    2.57% - 5.87%
  • Fixed APR
    3.25% - 6.32%
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