Earnest Student Loan Refinancing Review

Earnest offers more flexible repayment options and borrower protections compared to other private lenders. If you refinance your student loans with Earnest, you have the option of skipping one of your payments every 12 months without being penalized (though your monthly payment and total loan amount will be adjusted and increase after). Earnest offers the option to defer your payments as well. Even further, you have the ability to customize your payment due dates when you borrow with Earnest. And if you’re still struggling to make your payments, you can have them reduced or paused through forbearance of up to 12 months. For these reasons, Earnest is one of the most flexible lenders offering student loan refinancing.

Borrowers who want to refinance with Earnest typically need at least a decent credit history to qualify. If you don’t meet the eligibility requirements for income and credit scores (650+) to refinance on your own, you’re out of luck: this lender does not offer the option of applying with a cosigner at this time. But if you do qualify, you’ll have access to very competitive interest rates, with both fixed and variable rates available. As with most lenders, borrowers with a solid credit report and high credit scores qualify for the best rates. Earnest does allow borrowers who have not graduated to refinance student loans.

Choose from 5, 10, 15 and 20-year loan terms. To be eligible to borrow, you need to either be a college graduate or be an enrolled student who is less than one semester away from graduating.

You must refinance at least $5,000 in student loan debt or $10,000 if you are a California resident. You can borrow up to $500,000. Earnest is known for moving quickly through the loan application process and telling you what your interest rate will be in a matter of minutes. They also have great customer service, though there are no evening or weekend call hours.