If you want to refinance your college debt, and you want to pay it off quickly, then consider Earnest. You’ll get customizable repayment options that make it easy to increase your monthly payments. Plus, make extra payments with no prepayment penalties.
While other lenders might only look at your credit score, Earnest will also examine your earning potential and various data from your financial accounts to determine eligibility. If you save money regularly, make payments on time, and you don’t have a lot of credit card or personal loan debt, chances are, you’ll be approved.
See the $300 bonus offer for student loan refinancing from Splash Financial here.
Earnest In A Nutshell
|Loan Terms||5 – 20 years, down to the month|
|Loan Amounts||$5,000 – $500,000|
|Loan Types||Variable & Fixed|
Earnest $200 Per Referral Offer
When you share your personal referral link or code with your friends and family, you’ll each get $200 when they refinance their student loans with Earnest. See their referral program terms here.
We don’t have a personal referral link to provide. Here are a few you can try:
Earnest Special Features
What sets Earnest apart from its competition? The company offers radical payment flexibility options, including:
Customized Monthly Payments
Earnest’s precision pricing lets you save money on interest by choosing the exact monthly amount you want to pay. The provider will automatically adjust your repayment term to match the amount you choose.
Adjustable Payment Date
You can shift your monthly payment date via your Earnest dashboard. Push it back up to seven days, or move it up as much as you would like.
Adjustable Payment Amount
To increase your minimum monthly payment, pay off your debt faster and save on interest, simply change your payment details online from your Earnest dashboard, at any time.
Got a bonus from work? Or maybe a big tax refund? Use the extra cash you have to help bring your loan principal balance down. The lower your balance, the less interest you stack up between payments, which means the more you save over the life of the loan. You can schedule the extra payment for any day, of any amount, with no fees or penalties.
Every 12 months, up to 12 times over the life of your loan, you can choose to skip a payment. Some use the extra cash for a holiday, others for taking on a home improvement project. Whatever the reason, this option is only available if you’ve had six months of consistent, timely payments.
Earnest Rates & Fees
As mentioned in the section above, one of Earnest’s coolest features is its precision pricing option. With it, you can pick your monthly payment amount, and the company will come up with a term between 5 to 20 years that lets you hit your exact monthly payment target. The weight on getting the amount right means the terms won’t look as clean cut, for example an 8.5-year loan term. That’s something you don’t get to see often with other lenders.
Your actual rate will depend on several factors, including your credit history and financial profile. Earnest does not charge any application or origination fee, nor will you have to pay prepayment penalty or late fees.
Earnest Financial Eligibility
Earnest’s unique underwriting criteria includes things like income, savings, timely payments, career earning potential and more, to get a better sense of how well you’ve managed your money up until now. And then they compare it to your long-term financial outlook.
This kind of individualized approach is good news if you’ve been financially responsible, but you haven’t established a long credit history just yet. While other lenders might judge you purely on your credit score, Earnest will look past that.
You must meet the following requirements in order to refinance your student loans with Earnest:
- Be a US citizen or possess a 10-year, non-conditional green card.
- Not a resident of Alabama, Delaware, Kentucky, Nevada or Rhode Island.
- Variable rates aren’t available if you live in Alaska, Illinois, Minnesota, New Hampshire, Ohio, Tennessee or Texas.
- Must apply within six months of graduation.
- Must have attended a Title IV-accredited school.
Also, Earnest can’t refinance Sallie Mae loans due to a non-compete agreement.
Earnest makes it easy to pay back your loans with a dashboard that can adjust your payment date and amount, make extra payments and even skip a payment. And lastly, you might be able to secure a low-rate loan from Earnest with a mediocre credit score, thanks to its unique and flexible approval process.