Earnest Student Loans and Refinancing Review: Large Loans, No Fees, and Repayment Flexibility Benefit Borrowers

Best for Large Loans

4.7 _/5

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Private Student Loans

• Loans for undergraduates, graduates, parents, and more
• Choose an in-school repayment plan or defer payments
• No fees, including late payment or origination fees
• 9-month grace period is longer than other lenders
• Skip one payment per year without penalty
• Check your eligibility in two minutes without impacting your credit score

• Doesn’t allow for cosigners to be released
• Must be enrolled at least half-time
• Not available in Nevada

Rates (APR)	4.11% – 16.20%
Loan amounts	$1,000 – 100% of certified costs
Repayment terms	5, 7, 10, 12, or 15 years

Refinance Student LoansView Rates

• Consolidate federal and private student loans
• Choose between biweekly and monthly payments
• Adjust your payment date if needed
• Make extra or early payments with no fees
• Skip one payment per year without penalty

• Cosigners must reside in the same state as the borrower
• Not available in Nevada

Rates (APR)	5.19% – 9.74%
Loan amounts	$5,000 – $500,000
Repayment terms	5 – 20 years
Min. credit score	665

Earnest is a strong choice for borrowers seeking flexible, fee-free student loans or refinancing options. We recommend it for its competitive rates, customizable repayment terms, and borrower-friendly perks like skipping one payment per year and no fees for origination or late payments.

Earnest refinancing also allows borrowers to combine federal and private loans, which simplifies managing student debt. While it lacks cosigner release and isn’t available in Nevada, Earnest’s affordability and flexible repayment make it a top option for managing student loans.

Earnest student loans

Best for Large Loans

4.7 _/5

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Why Earnest is a top choice for student loans

Earnest’s student loans are highly rated for several unique benefits, making it a go-to option for borrowers looking for both flexibility and affordability. In our editorial ratings, we selected Earnest as a top option in several areas, including:

• Best for No Fees
• Best for Skipping a Payment
• Best for Repayment Customization
• Best for Large Loan Amounts
• Best Rate Match Guarantee
• Best Grace Period

Pros

• No fees for application, origination, or late payments
• Flexible in-school repayment optionsAllows one skipped payment per year, added to loan term
• Covers up to 100% of certified costs, including tuition and living expensesNine-month grace period before repayment starts
• Matches competitor rates and provides a $100 gift card
• Options to refinance and adjust terms after disbursement

Cons

• Skipped payments extend the loan term
• Must be in good standing to use flexible features
• No cosigner release
• Not available in Nevada
• Must be enrolled at least half-time
• Stringent credit requirements compared to competitors

How do Earnest student loans work?

Earnest offers a broad selection of private student loans that cover nearly any educational path, from undergraduate and graduate programs to specialized loans for MBA, medical, and law students. Whether you’re a full-time or half-time student, Earnest’s flexibility makes it a valuable option for students and their families looking for adaptable loan options.

The loan amount you can borrow depends on factors like your (or your cosigner’s) creditworthiness, the cost of attendance, and other financial considerations. Earnest typically disburses funds directly to the school, streamlining the process so you can focus on your studies without worrying about where your funding is going.

One of the most convenient aspects of Earnest’s process is that the application itself is simple and low-pressure. It starts with a two-minute eligibility check that won’t impact your credit score—ideal for seeing where you stand without the risk.

Once eligible, you can complete the full application, where Earnest allows you to choose your preferred loan terms, providing a degree of flexibility that’s rare among private lenders.

Earnest’s student loan terms and fees

Earnest’s loan structure offers notable flexibility and transparency, which may appeal to borrowers looking for straightforward terms.

With a range of fixed and variable interest rates, extended grace periods, and several in-school repayment options, Earnest provides options that can suit different financial situations.

The absence of fees—including no application, origination, or late fees—can help reduce upfront and ongoing costs for borrowers, making it a solid choice for those who want to avoid additional expenses.

Feature	Details
Rate discounts	0.25% autopay
Loan amounts	$1,000 – 100% of certified costs
Repayment terms	5, 7, 10, 12, or 15 years
Grace period	9 months
Cosigner release	None
Fees	None

Earnest’s rates start competitively, though the upper end of its range is similar to other private lenders. Here are its rates by loan type:

Loan Type	Rates (APR)
Undergraduate	4.11% – 16.20%
Graduate	4.11% – 16.20%
Parent	4.11% – 16.20%

Earnest’s nine-month grace period is longer than the six-month standard, giving recent graduates extra time before repayment. However, it’s worth noting that Earnest doesn’t offer a cosigner release option, which could be limiting for borrowers seeking to eventually take full responsibility for the loan.

What are the eligibility requirements?

Earnest’s eligibility criteria for student loans align with what’s typical in the private lending market, although some specifics may affect who can qualify. A cosigner isn’t required, which can simplify the process for borrowers applying independently.

However, Earnest points out that having a cosigner can substantially improve approval odds—by up to five times. In fact, over 90% of Earnest’s borrowers apply with a cosigner, which may suggest that solo applicants could face more difficulty qualifying.

Below is a detailed look at Earnest’s eligibility requirements for undergraduate, graduate, and parent loans:

Requirement	Details
Citizenship	U.S. citizen or permanent resident
State of residence	All states except Nevada
Minimum age	Must be the age of majority
Enrolled school	Eligible 4-year Title IV institution
Minimum credit score	650
Minimum income	$35,000 per year
Bankruptcy history	No history of bankruptcy

While international students may also apply, they need a creditworthy cosigner who is a U.S. citizen or permanent resident to meet the criteria. Earnest’s credit score and income requirements—650 and $35,000 annually, respectively—are on par with other private lenders, but they could be a barrier for students who don’t have a qualifying cosigner.

This may make Earnest a better fit for those who either have a strong credit profile themselves or access to a creditworthy cosigner.

How does repayment work?

Earnest provides a range of repayment options, giving borrowers flexibility based on their financial situation. Unlike many lenders, Earnest offers several in-school repayment choices, allowing students to pick what works best during their studies:

• Deferred: make no payments while in school (interest accrues and adds to the balance, increasing the loan’s total cost).
• Interest only: pay only the accruing interest, which prevents the loan balance from growing while in school.
• $25 flat payment: pay a flat $25 each month, which partially covers accruing interest to limit balance growth.
• Full principal and interest payments: make regular payments to reduce both the principal and interest from the start.

Borrowers also choose a repayment term when they take out the loan, with options of five, seven, 10, 12, or 15 years. Here’s an example of a $10,000 loan at 6% APR, assuming no payments are made while in school, to show how term length affects monthly payments and total interest costs:

Repayment term	Monthly payment	Total interest paid
5 years	$193.33	$1,599.80
7 years	$149.05	$2,496.40
10 years	$111.02	$3,322.40
12 years	$98.17	$4,180.40
15 years	$84.07	$5,132.60

These figures are approximate, but you can see how shorter terms mean less interest overall, but borrowers will need to handle higher monthly payments.

Earnest also offers deferment options, including up to three years for unemployment or economic hardship, and one year of forbearance under specific circumstances, including income, residency programs, National Guard service, and t for specific situations, like certain professional training or National Guard service.

While these programs provide flexibility, interest accrues during deferment and forbearance, potentially increasing the total cost of the loan.

Where Earnest could improve its student loans

While Earnest offers a range of valuable features, a few areas could be improved to better meet borrowers’ needs:

✖️ Cosigner release

Earnest does not provide a cosigner release option, meaning cosigners remain responsible for the loan until it’s fully paid off. This can be a drawback for borrowers who want to assume full responsibility after a period of on-time payments.

If cosigner release is important, other lenders like Sallie Mae, Ascent, and SoFi offer release options after 12 to 24 months of payments.

✖️ Availability in Nevada

Earnest student loans aren’t available to Nevada residents. For students in Nevada, other lenders such as College Ave, Sallie Mae, or Ascent may be viable alternatives with comparable terms.

✖️ Income and credit score requirements

Earnest’s minimum requirements of a 650 credit score and $35,000 annual income may limit access for borrowers without a strong credit profile or qualified cosigner.

For students who may not meet these criteria, lenders with more flexible credit and income standards, or options for no-cosigner loans, could be worth considering.

How do Earnest private student loans compare to other lenders?

For borrowers exploring alternatives, comparing Earnest with lenders like can help highlight key differences in eligibility and borrower requirements. Here is how Earnest stacks up against our other top-rated student loans. You can read about each lender in more detail on our best student loans page.

Earnest’s refinance student loan

Best for Skipping a Payment

4.6 _/5

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Our take on Earnest refinance student loans

Refinancing with Earnest allows borrowers to consolidate both federal and private student loans into a single loan, often at a lower interest rate or with adjusted terms. This can simplify repayment, reduce the total cost of the loan, or make monthly payments more manageable, depending on your financial goals. In our editorial ratings, Earnest’s refinance loans earn:

• Best for skipping a payment
• Best for choosing your term

Pros

• Refinance $5,000 – $500,000
• 5 – 20 year terms
• Choose biweekly or monthly payments
• Consolidates multiple loans (federal and private) into one for simplified repayment
• Offers flexible payment options with monthly or biweekly schedules and adjustable payment dates
• No prepayment fees, allowing extra or early payments to reduce interest costs
• Allows borrowers to skip one payment per year without penalty

Cons

• Cosigners must live in the same state as the borrower, limiting options for some
• No cosigner release option, meaning cosigners stay responsible until full repayment
• Not available to residents of Nevada

How refinancing student loans with Earnest works

Refinancing with Earnest begins with an online application. You’ll enter basic information about your loans, income, and credit, then choose between available terms (5 to 20 years) and rates (fixed or variable).

Earnest performs a soft credit check initially, so your credit won’t be impacted at this stage. Once you select your loan terms, Earnest completes a hard credit check and processes the application.

After approval, Earnest disburses funds directly to your existing loan servicers to pay off the original loans. Your new loan with Earnest then replaces your old loans, consolidating them into a single monthly or biweekly payment. You can choose to set up autopay for a 0.25% rate discount and adjust your payment date to better fit your cash flow.

Throughout repayment, Earnest allows flexibility—borrowers can make extra payments without fees, skip one payment per year if needed, and switch between monthly or biweekly payments. This process is designed to streamline repayment and make managing student debt more affordable and straightforward.

Rates, terms, and fees

Earnest’s refinance loans come with a range of rates and terms that provide flexibility for different financial goals. Both fixed and variable rate options are available, with competitive starting rates, and Earnest allows borrowers to choose from loan terms that extend up to 20 years, offering options for those who want either lower monthly payments or a quicker payoff.

In addition, Earnest’s zero-fee policy—covering everything from application fees to origination and late fees—helps keep refinancing costs down. Combined with its repayment assistance options, Earnest’s refinance loans provide a straightforward, cost-efficient way to manage student debt.

Feature	Details
Fixed rates (APR)	3.99% – 9.74%
Variable rates (APR)	5.74% – 9.74%
Rate discounts	0.25% autopay
Loan amounts	$5,000 – $500,000
Repayment terms	5 – 20 years
Cosigner release	None
Fees	None

Variable rates are unavailable in Alaska, Illinois, Minnesota, New Hampshire, Ohio, Tennessee, and Texas.

What are the eligibility requirements?

Earnest’s eligibility criteria for refinancing focus on borrowers with a solid credit history and income stability, aligning with the standards of many private lenders. Here’s an overview of what’s needed to qualify:

Requirement	Details
Citizenship	U.S. citizen or permanent resident
State of residence	All except for Nevada
Graduation status	Enrolled less than half-time, in your last semester, or have graduated
Minimum credit score	665
Minimum income	Not disclosed

For borrowers, the minimum credit score of 665 suggests Earnest is looking for applicants with established credit profiles. While the minimum income threshold isn’t publicly disclosed, applicants are typically expected to demonstrate stable earnings, as with other private lenders.

Additionally, Earnest’s requirement that borrowers reside outside Nevada limits availability slightly but aligns with most other private lenders’ state-specific restrictions.

Cosigners aren’t required for Earnest refinancing, but bringing a cosigner could improve approval odds or reduce rates for borrowers with a lower credit profile.

Overall, Earnest’s refinance eligibility requirements may be best suited for borrowers with good credit and stable income, though borrowers with unique financial situations might find more flexibility with other lenders.

How does repayment work?

Earnest offers repayment terms ranging from five to 20 years, giving borrowers control over their monthly payments and the overall cost of their loan. This range of options is particularly valuable for those who want to adjust their financial commitment based on their budget and goals.

Choosing a shorter term means higher monthly payments but results in less total interest paid over time. On the other hand, longer terms reduce monthly payments, freeing up cash for other expenses or savings, though they result in higher overall interest costs.

Here’s an example of a $25,000 loan with eight years left at 7% APR, refinanced at 5% APR, to show how different terms impact both monthly payments and total repayment:

Repayment term	Monthly payment	Total repayment
Current loan: 8 years @ 7% APR	$316	$30,336
Refinance: 5 years @ 5% APR	$472	$28,320
Refinance: 10 years @ 5% APR	$265	$31,800
Refinance: 15 years @ 5% APR	$198	$35,640
Refinance: 20 years @ 5% APR	$165	$39,600

In addition to these term options, Earnest’s skip-a-payment feature allows borrowers to miss one payment each year without penalty. This unique option can provide peace of mind if an unexpected expense comes up, like a medical bill or emergency repair, since it lets borrowers delay one payment without facing late fees or credit impact.

The missed payment is added to the end of the loan term, with interest continuing to accrue, giving borrowers a flexible backup without disrupting their payment schedule.

How does Earnest student loan refinancing compare to other refinancing lenders?

While Earnest offers flexibility and competitive rates, comparing it with other lenders can help you find the best option for your specific needs. Other lenders may offer unique benefits, like cosigner release or broader eligibility.

Here’s how Earnest stacks up against other top-rated lenders. Visit our best student loan refinancing lenders page for more details.

Is Earnest a reputable lender?

When considering a lender, evaluating customer reviews and ratings is crucial. These insights can illuminate the company’s customer service quality, loan management experience, and overall credibility. 

Google, Trustpilot, and the Better Business Bureau (BBB) are reliable sources for these reviews. Trustpilot aggregates global user-submitted reviews, and the BBB provides a platform for consumer complaints and business responses in North America.

Here’s how Earnest fares in customer reviews:

Source	Customer rating	Number of reviews
BBB	1.55 out of 5	10 reviews
Trustpilot	4.7 out of 5	6,802 reviews
Google	2.9 out of 5	22 reviews

Ratings were collected on October 24, 2024

The BBB rating is low. However, remember that the BBB primarily focuses on consumer complaints and how businesses resolve them, which can skew the rating. The number of reviews is low compared to the thousands of reviews on Trustpilot.

Trustpilot reviewers commend Earnest for its ease of application and fund disbursement, excellent customer service, and clear communication. These positive remarks, combined with a high rating of 4.7 out of five, suggest many satisfied customers.

BBB reviewers have voiced dissatisfaction with Earnest’s customer service, citing difficulties in granting requests. However, Earnest is BBB-accredited with an A+ rating, the highest achievable score, reflecting its commitment to resolving consumer complaints.

Does Earnest have a customer service team?

Earnest provides dedicated customer service to its borrowers, handling all aspects of loan servicing in-house, including repayment management and communication. 

When you need help, you’ll deal with Earnest’s team rather than being passed to a third-party loan servicer.

Affectionately referred to as the “Client Happiness” team, Earnest’s customer service department is committed to answering all your questions and assisting you during office hours. The team can help with various inquiries, from general to account-specific.

Here’s how you can reach Earnest’s customer service:

• Email: [email protected]. 
• Phone: Call 888-601-2801 between 5 a.m. and 5 p.m. Pacific time, Monday to Friday.
• Chat: Click the chat icon in the bottom right corner to access Earnest’s virtual assistant anytime. If it can’t assist you, a team member will chat with you during regular office hours.
• Mailing address: For written correspondence (not payments), you can write to: P.O. Box 9250, Wilkes-Barre, PA 18773-9250.

How to apply for an Earnest student loan

Applying for a student loan with Earnest can be a smooth, user-friendly experience compared to several other lenders. With a clear, streamlined online application process, you can submit all your information and documents from your device. You will likely hear back within 24 hours of submitting your application.

Here’s how to apply for a student loan with Earnest:

1. Prepare: Ensure you’ve completed the two-minute eligibility check and created an account on Earnest’s platform. Gather necessary documents, such as W-2s, employment papers, bank statements, and proof of U.S. citizenship. Remember, most applicants apply with a cosigner, which can boost approval chances and secure lower interest rates.

Source: Earnest

2. Apply: Submit your secure application from your computer, tablet, or smartphone. This step should take about 15 minutes. If you’re cosigning, Earnest will notify the student when your portion is complete.
3. Select: Once approved, choose your repayment plan and loan term. Options include fixed, deferred, interest-only, and full payment plans. After making your selection, sign your application.
4. Certification: At this stage, Earnest liaises with your school to confirm your enrollment and certify the loan, verifying the loan amount matches the school’s records. You should get confirmation within 14 days that the lender is sending funds to your school.

What if I’m denied a student loan from Earnest?

If you’re denied a student loan from Earnest, you have options. 

First, consider reapplying with a cosigner if you applied alone. A cosigner can increase your approval chances and even lower your interest rate.

Earnest doesn’t state whether it provides reasons for loan denial. However, per the Fair Credit Reporting Act, lenders must provide reasons for denying an application based on information in your credit report.

In case you can’t or prefer not to apply with a cosigner, consider the following alternatives:

• No-cosigner student loans: These loans are designed for students who do not have a suitable cosigner. Keep in mind the terms might not be as favorable as those with a cosigner.
• Bad-credit student loans: If your credit score is the issue, these loans can be a viable option. They’re designed for borrowers with less-than-perfect credit.

Consider your circumstances, and consult with a financial advisor to make the best choice for your education financing.

Earnest FAQ

Does Earnest offer private or federal student loans? 

Earnest offers private student loans.

Does applying with Earnest hurt my credit? 

Applying for a loan with Earnest involves a hard credit check, which could affect your credit score. However, Earnest offers a rate check that involves a soft credit inquiry, allowing you to see your potential interest rates without hurting your credit score.

Does Earnest require a cosigner? 

Earnest doesn’t require a cosigner, but a cosigner can increase your chances of loan approval and even provide more favorable loan terms. Students who apply for an Earnest loan with a cosigner increase their approval chances by five times.

Does Earnest allow cosigners to be released? 

Earnest doesn’t offer a cosigner release option for its private student loans. If you or your cosigner seek this, consider Sallie Mae, Ascent, or SoFi. 

What can Earnest student loans be used for? 

Funds from Earnest student loans must be used for qualified education expenses. These include tuition, room and board, books, and other education-related expenses. The lender usually sends the funds to the school to verify their appropriate use before excess funds are sent to the primary borrower.

How long does it take to receive funds from Earnest? 

Once you sign your application, Earnest works with your school to send your funds immediately. You can expect a confirmation that the money is being sent to your school within 14 days of signing your loan agreement.

Is Earnest responsible for paying off my current student loans?

If you are refinancing with Earnest, you are ultimately responsible for paying off your current student loans. Earnest facilitates the process by paying off your old loans with your new loan—then you repay Earnest according to your new loan terms.

Can Earnest student loans be forgiven? 

Private student loans, including those from Earnest, do not qualify for federal loan forgiveness programs. However, Earnest may discharge your loan in certain situations, such as permanent disability. It’s best to check with Earnest for any specific scenarios.

How we rated Earnest student loans and refinancing

We designed LendEDU’s editorial rating system to help readers find companies that offer the best student loans and student loan refinancing. Our system awards higher ratings to companies with affordable solutions, positive customer reviews, and online transparency of benefits and terms.

We compared Earnest to several student loan and refinancing lenders, using hundreds of data points from company websites, public disclosures, customer reviews, and direct communication with company representatives. We weighted, scored, and combined each factor to produce a final editorial rating. This rating is expressed on a scale from 1 to 5, with 5 being the highest possible score. Our take is represented in our rating and best-for designation, recapped below.

Recap of our Earnest student loans review