Earnest offers private student loans for undergraduate students, and private student loans for graduate and professional students (such as private student loans for medical school, business school and law school). Earnest also refinances federal and private student loans.
Key Things to Know about Earnest
- Earnest has an A+ rating from the Better Business Bureau.
- Earnest allows you to skip one payment every year and make it up later.
- Get a 0.25% interest rate reduction when you sign up for auto pay.
- For refinancing student loans, get your new interest rate in two minutes.
- There are no fees for origination, disbursement or late payments.
Private Student Loans
Grace Period: There is a 9-month grace period, which is 3 months more than the typical lender’s grace period.
In-School Payment Options: Deferred payment, fixed payments of $25 per month, interest-only payments or principal and interest payments
Loan Amount: $1,000 up to the college’s cost of attendance
Loan Terms: 5, 7, 10, 12 or 15 years for cosigned loans; 5 or 7 years for solo borrowers
Student Loan Refinancing
Earnest offers refinancing for student loans (both federal and private), including refinancing Parent PLUS loans.
Payment Flexibility: Earnest offers an option to customize your payment amount to work with your budget. You can also opt for biweekly payments, and adjust your payment due date to whenever you’d like. Make extra or early payments without any prepayment penalties.
Eligibility Requirements: A minimum of a 650-credit score is required. Earnest also evaluates your savings, education and earning potential when offering interest rates.
Loan Amount: $5,000 ($10,000 in California) to $500,000
Loan Terms: 5 years to 20 years
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