Earnest

Earnest is a fintech lender famous for student loan refinancing and private student loans. It uses a unique data underwriting model that looks at a borrower's earning potential and saving habits, not just their FICO score. This often results in lower rates for responsible young professionals.

Earnest allows borrowers to customize their loan terms (payment amount and length) with precision. It is a legitimate lender acquired by Navient, helping graduates save thousands of dollars in interest on their education debt.

Frequently Asked Questions

1. specific eligibility requirements?

To refinance, you generally need a credit score of at least 650, steady income, and a history of on-time payments. Earnest also considers your savings patterns and career trajectory.

2. Can I skip a payment?

Yes, Earnest offers a unique feature where you can skip one payment every 12 months (once you have established a track record of on-time payments). The interest still accrues, but it provides flexibility during tight months.

3. specific origination fees?

No, Earnest does not charge origination fees or prepayment penalties on student loan refinancing. This is a major advantage over some competitors.

4. Is it federal or private?

Earnest offers private student loans and private refinancing. If you refinance federal loans with Earnest, they become private, meaning you lose federal benefits like income-driven repayment or forgiveness.

5. How fast is the process?

The online application is very fast, often taking less than 15 minutes. Once approved and signed, Earnest pays off your old lenders within 3-10 business days.