We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. Learn more
  1. Home
  2. Student Loan Refinance
  3. Earnest Review

Earnest Student Loan Refinance Review


ConsumersAdvocate.org Rating: 3.5 / 5 (Very good)
10 Customer Comments & Reviews - see all comments
Our content is free because we may earn a commission when you click or make a purchase using our site. Learn more.
Founded in 2013, Earnest is a Fintech company that offers personal loans as well as refinance and consolidation loans for students and parents.

The company uses data technology to understand every applicant's unique financial background and offer the lowest possible rates. As of 2017, it operates as a subsidiary of Navient Corporation.
 
VIEW RATES >

How is Earnest rated?

Breakdown

3.5/5
Loan Specifications
3.5/5
Eligibility Requirements
3.5/5
Customer Experience
3.5/5
Reputation

Overall Rating: 3.5 / 5 (Very good)

Earnest is a fintech company using data science and software automation to offer high-quality financial services at the lowest possible rates.

Earnest works on the principle that financially responsible people deserve better options and access to credit. The company's lending products encourage younger people to reach life's milestones. Earnest uses data and technology to understand every applicant's unique financial story and offer the lowest possible rates.

Earnest is one of our top choices for student loan refinance for their customizable repayment terms and excellent savings opportunities. They are also the only lender to offer clients the ability to customize their payments to their own budget rather than predetermined 5, 10, 15, or 20-year terms.

Clients also can switch between fixed and variable rates, and prepay with no penalty. Those who have over $5,000 in student debt from accredited schools, good payment histories, and can show proof of employment will find Earnest as an ideal choice.

Users with incomplete bachelor's or associate's degrees can refinance with Earnest, given they meet the eligibility requirements.

Earnest Loan Specifics

Loan Specifications - 3.5 / 5

Earnest offers borrowers the ability to tailor their loan terms to reduce their monthly payments at any time. It also allows borrowers to skip payments and make up for them at a later date.

Although Earnest provides estimated APRs on its webpage, actual rates will depend on the applicant's particular credit and employment situation. Obtaining a quote on the company's website is quick and easy, only taking a few minutes to complete.

Once the applicant is approved for refinancing, he or she can set their exact monthly payment and choose between a fixed or a variable interest rate.
Loan Types
Undergraduate
Graduate
Parent
Federal
Private
Maximum Loan Amount
$500,000
Terms
5
10
15
20
Rates
Fixed
Variable
Fixed APR Range
4.29% - 9.74% APR (includes 0.25% autopay discount)
Variable APR Range
5.89% - 9.74% APR (includes 0.25% autopay discount)
Deferment or Forbearance

*

Clients must reside in the District of Columbia or one of the 49 states Earnest operates in (all but Nevada). Earnest does not offer variable rate loans in AK, IL, MN, NH, OH, TN, and TX.

Earnest Qualifications

Eligibility Requirements - 3.5 / 5

To qualify for refinancing through Earnest, borrowers must be U.S. citizens or possess a 10-year (non-conditional) Permanent Resident Card and be looking to refinance at least $5,000 in student loans from Title-IV-accredited schools.

The company also requires the applicant to have completed degrees for all debts or be nearing the completion of said degrees. Other requirements include having a minimum credit score of 680 (650 for cosigners) and proof of employment. To verify income, students are required to provide their previous two years' W-2 forms. Self-employed applicants are required to provide three years of 1040's.

Eligibility criteria can be found anytime at earnest.com/eligibility.
Citizenship Requirement
U.S. Citizen
Minimum Credit Score
650
Income Verification
Degree Required
Positive Repayment History

Earnest Customer Experience

Customer Experience - 3.5 / 5

Earnest offers users valuable resources such as information on its different loan products, helpful guides, and student loan calculators.

The company's website is straightforward, and the application process takes only minutes to complete. The Earnest website provides a Help page with an FAQ section and other resources, as well as a full page on eligibility criteria.

Its iPhone app, another appealing feature, allows users to check their loan balances and make payments. Customers who refer their friends to the site can earn $200 for each one who signs a loan agreement.

Earnest Company Reputation

Reputation - 3.5 / 5

Earnest is accredited by the Better Business Bureau and holds an A+ rating with the organization.

There are only four complaints filed against the company for advertising or sales issues. However, the only visible complaint appears to be due to the consumer's misunderstanding about the pre-approval and credit check process.
Lender Type
Online Lender
Year Founded
2013
BBB Rating
A+
Number of BBB Positive Reviews
2
Number of BBB Negative Reviews
4
Trustpilot Rating
4.7 out of 5
Date Collected
2023-10-06

Company's Disclosure

Actual rate and available repayment terms will vary based on your income. Fixed rates range from 4.54% APR to 9.99% APR (excludes 0.25% Auto Pay discount). Variable rates range from 6.14% APR to 9.99% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan refinance loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. The maximum rate for your loan is 8.95% if your loan term is 10 years or less. For loan terms of more than 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95%. Please note, we are not able to offer variable rate loans in AK, IL, MN, NH, OH, TN, and TX. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account.

Company Profile

Full Name
Earnest Student Loan Refinance
Company Website
https://www.earnest.com/
Headquarters
535 Mission St., Suite 1663, San Francisco, CA, 94105

Our Comments Policy  |  How to Write an Effective Comment

Leave a comment for Earnest Student Loan Refinance
Minimum 12 words.
 No maximum length.
* What's Your Rating?
To make this comment as helpful as possible for our community, please provide at least 2 sentences.

10 Customer Comments & Reviews

Loading Reviews ...
J
Jason S
10/27/2021
Probably the worst experience I have ever had. I cannot impress enough how unprofessional and unorganized this team is. Thankfully I used another site, College Avenue who approved within 24 hours. If you want consistent heartburn and a team who that prioritizes their position of power over your education. Use Earnest...it is their specialty.

marjolenen
9/17/2020
I refinanced my private student loans through Earnest and my interest rate dropped from 8.5% to 3.5%. Earnest also offers a referral program: You can earn a $200 bonus when you refinance your student loan via Earnest! Just go to earnest.com/invite/marjolene and get your $200 after you complete the refinancing process. Hope this helps!

ccooper159
6/18/2020
I used Earnest to refinance my loans to a lower rate. Great company. I would use them again. You can chat online to answer questions. You can customize your payment. Pay monthly or every 2 weeks. Apply extra payment to next month or towards the principal. The response from the team is always fast and helpful.

A
Anuruddha H
6/3/2020
I have had loan with earnest . I work out side the country as a professional. I am us citizen and I file taxes here. My loan was declined because my earnings are in foreign currency. Maybe they don't have the capability to convert.

jensilversmiller
12/19/2019
Earnest has perpetually gotten worse over time. The app and website are frequently glitchy preventing you from accessing statements and seeing all of your account details. You then have to call or email customer service for almost everything. While they are generally pleasant, they can't always fix the issues. Plus, who wants to be forced to call customer service for something as simple as a statement?

T
TJ
2/8/2019
Navient bought Earnest. Earnest now sucks - they're horrible in terms of customer service, it's a complete hassle.

E
edmundmaster
10/11/2017
Absolute fraud in STERIOD, they want your bank account and the password, literally the password to withdraw, transfer money from your back account. I hope no one falls for these criminals. They should be in jail, period.

E
edmundmaster
10/11/2017
They require your DOB, SS #, Name and Address which I understand. What seems crazy is they want you to give away your bank account and the bank account password. Now this seems like asking a thief to hold your wallet full of cash for next 10 years or whatever the loan term is. Most crazy part is all is done on line. I have never seen this kind of craziness in my entire life. The whole process is a scam, Identity theft in STEROID. Someone should report to BB bureau immediately about this scam.

Esvin S
8/11/2017
(Earnest - College Debt Consolidation) The application process is easy. Although mine took a bit longer than expected so make sure to call them to check on your application status if you suspect it is taking longer than usual (a couple days to a week to respond with approval/denial/requesting more information. Also, definitely use my referral code https://www.earnest.com/invite/esvin to get an easy $200 off when your loan is approved. Here is another link of Earnest's info: https://www.nerdwallet.com/blog/loans/student-loans/earnest-student-loan-refinance-flexibility/ - Thank you in advance -

B
Brendan
2/13/2017
Started the process to get a rate for my astronomically high 2 year loans from college, but appears they only deal with people who have a degree not people who have stopped because they had to pay for their loans. Unfortunately trapped by Sallie Mae. Students beware.

Top Rated
Our Partner
  • Rates based in part on your earning potential
  • Loan amounts between $5,000 and $500,000
  • Customizable payments, including skipping one payment per year
  • Zero fees of any kind
VIEW RATES >

Related to Student Loan Refinance

Top Articles
Suggested Comparisons