Earnest Refinance Student Loan
Earnest is a new lender that offers fixed rate and variable rate student loan refinancing. Earnest charges no origination, late or prepayment fees and tracks your payment history to boost credit scores. With Earnest, you can refinance up to $100,000 of student loans at a fixed rate from 4-8% APR with no origination fees charged on any amount borrowed.
Estimated to have funded over $5.5 billion of loans
Earnest was founded in 2014, and since then the company has funded over $5.5 billion of loans. In the past year, Earnest has reported funding nearly one billion dollars worth of student loans—and this number continues to grow rapidly!
The reason why Earnest is so successful? They are dedicated to providing their customers with an alternative way to pay back their student loans without getting stuck in a cycle that’s difficult to get out of.
“If you’re in need of a loan, Earnest is a great place to start. They offer competitive rates and they’re very flexible when it comes to repayment terms.” – ABC News
Offers fixed-rate and variable-rate loans
Earnest offers fixed-rate and variable-rate loans. A fixed-rate loan is a loan with a fixed rate for the life of the loan. The interest rate on your Earnest loan doesn’t change, even if rates rise or fall in the market. A variable-rate loan has an interest rate that may change over time based on changes in LIBOR® or Prime Rate. If you choose to pursue a variable-rate Earnest mortgage, we’ll evaluate your creditworthiness at origination and then again every six months to determine if you’re eligible for a lower rate (assuming we see positive changes in your financial profile).
Charges no origination, late or prepayment fees
- Earnest doesn’t charge any fees for applying, or for origination.
- Earnest does not charge late fees.
- Earnest does not charge prepayment fees.
- If you choose to pay off your loan early, you will not be penalized. There is no prepayment penalty at Earnest!
Earnest is a new lender that offers fixed rate and variable rate student loan refinancing. Earnest was founded in 2013 by a former Apple engineer who realized the need for better options for student loan refinancing. With its low interest rates, Earnest makes it easy to refinance your student loans with one application and no origination fees. Earnest also uses technology to help their customers save time and money when paying off their debt by automatically rounding up purchases to the nearest dollar with their
Minimum loan amount of $5,000
If you don’t have enough student loans to meet the minimum, you can still refinance. You’ll just need to find a lender who will accept your smaller balance, and pay them accordingly.
That said, if your student loan balance is higher than the minimum amount and it’s been several years since graduation, it might make sense for you to consider refinancing with a smaller balance—even if that means paying more per month. If this is something that interests you but isn’t available through Earnest Refinance Student Loan’s site (it won’t be), contact us directly at [email protected]
If you’re considering refinancing your student loans, Earnest is the best option available. With over $3 billion funded, they have been in business since 2014 and offer competitive rates on private student loans (as low as 1.99% APR), so you know that if this company goes under there won’t be any surprises waiting for you down the lineKnowing the difference between fixed-rate and variable-rate loans can help you determine which is best for your needs. Fixed-rate loans are ideal if you prefer a consistent monthly payment or plan to own your home for many years, whereas a variable-rate loan may be better suited to someone who plans on refinancing in five years or lessIf you want to refinance a student loan with a higher balance than the minimum, Earnest Refinance Student Loan is the way to go. You can expect to pay less interest and get better terms from your lender…
Tracks student loan payment history to boost credit score
If you’re looking to refinance your student loans, a company called Earnest is offering a new product that tracks your payment history and can help you get a better interest rate.
Earnest says this type of refinance is different because the company tracks your payment history and then uses that information to make sure you can get a better interest rate on your student loan.
In addition, if you don’t qualify for refinancing with other lenders because of bad credit or low income level, Earnest offers another option where they will help build up your credit score over time by paying off older balances first so that more recent payments are more heavily weighted in their calculations. The company also offers repayment options to boost credit scores even further by making minimum monthly payments for three years before graduating onto full principal-only repayments after graduation (which means no more interest!).
Loan terms range from 5-20 years for fixed-rate loans, 5-10 for variable-rate loans.
Loan terms are based on the loan amount.
If you have a smaller loan, such as $15,000 or less, your rate will be lower than if you had more than that. However, all loans have an introductory period during which they are fixed-rate and then become variable after that introductory period ends (you can read more about this in our Student Loan Repayment Calculator).
Fixed-Rate Loans: For loans between $15,001 – $50,000: 5-20 year fixed rate term options are available with interest rates starting at 4% APR*; For loans over $50,000: 5-20 year fixed rate term options with interest rates starting at 3.99% APR*; Variable Rate Loans: For loans between $15k – $30k: 5 year variable rate term options with interest rates starting at 2.95%; For loans over 30k up to 50k : 10 year variable rate term options with interest rates starting at 3%
No cosigner option available
If you’re looking for an Earnest Refinance Student Loan, there’s no cosigner option.
Because the application is designed to be quick and easy, you may not even need to submit any documents with your application (like a W-2 or tax return).
Earnest is a new lender that offers fixed rate and variable rate student loan refinancing.
Earnest is a new lender that offers fixed rate and variable rate student loan refinancing. Earnest was founded in 2013 by a former Apple engineer who realized the need for better options for student loan refinancing. With its low interest rates, Earnest makes it easy to refinance your student loans with one application and no origination fees. Earnest also uses technology to help their customers save time and money when paying off their debt by automatically rounding up purchases to the nearest dollar with their Cashback program which earns them 1% cash back on each purchase they make while paying off their debt.
If you’re approved, your account will be reviewed by our underwriting team to decide the maximum amount you can borrow. To get started, just sign up and complete the online application.
Earnest is a new lender that offers fixed rate and variable rate student loan refinancing. Earnest is also an accredited member of the Better Business Bureau and is backed by investors like Google Ventures, Andreessen Horowitz, Founders Fund and many others. So if you have been considering refinancing your student loans through Earnest, now would be a good time to get started!