Earnest student loans: 2024 review

New private student loans

Earnest offers competitive rates for a variety of loan products for undergraduate and graduate students. Rate shoppers can take advantage of Earnest’s rate-match guarantee, which could earn qualified matchers an Amazon gift card. The application process is online and within 72 hours you’ll typically get an answer and can pick your repayment options.

Earnest is one of very few student loan lenders to offer loans if you’re attending school half time — most lenders require full-time attendance. It also offers unique repayment programs that include the potential term to extend your team as long as 30 years. Hardship options include forbearance and rate reduction plans to help students struggling to repay their loans.

• Deferred payments: Students can defer loans for up to nine months after graduation, three months more than most lenders allow. 
• Fixed payments: Unless you choose one of the other payment options, your loan will automatically be put into a principal and interest payment plan based on the term you choose. 
• Interest only: Borrowers have the option to choose interest-only payments while in school. The interest-only option can be combined with forbearance and extended terms options to give students the lowest possible payment. 
• Extended term program: Earnest is one of the only Bankrate-reviewed lenders to offer loans from the option to extend the loan term out to 30 years. This option can be used as part of a forbearance program to free up money in your monthly budget to get caught up on your student loan payments. 
• Hardship options: Students having trouble making payments can opt for rate reduction, extended loan payment and forbearance. Loan forgiveness may be an option with extreme life circumstances such as death or disability.

Earnest refinance student loans

Earnest earns a Bankrate Score of 4.4 out of 5 for its refinance loans. A wide variety of student loan refinance rate options are available with terms stretching out to 20 years, biweekly and monthly payment options and even special payment flexibility to skip a payment without any penalty. You’ll need at least a 650 credit score to qualify for a student loan with lenders through Earnest. 

If you have multiple student loans you can simplify your bill paying and consolidate them into one new loan using Earnest. Both federal and private loans can be consolidated with this program, but if you consolidate your federal loans with Earnest you will lose all access to federal student loan programs.

Where Earnest stands out

• Competitive APRs with price match guarantee: Rates at Earnest are among the lowest of student loan lenders reviewed by Bankrate. Its price match guarantee separates it from other student loan lenders. 
• Flexible repayment options: Students have many more choices to repay their loan that other lenders don’t offer. Hardship options are clearly detailed on its website for borrowers that run into financial difficulties. 
• Unique programs for diverse student needs: Earnest offers financing for students who can do full-time school or are international or DACA students.

Where Earnest falls short

• Higher rates for independent borrowers: Rates are more than a full percentage point higher for borrowers who can’t or don’t want to qualify with a co-signer. 
• High credit score minimum: Students with little or no credit may not qualify unless they have a co-signer with good credit.
• Shorter repayment terms for new loans: While some lenders offer undergrad new loans with repayment terms as long as 20 years, you’ll be capped at 15 years with Earnest.

How this lender compares

Earnest vs. College Ave

Earnest offers its borrowers more repayment flexibility than College Ave with its rate reduction and extended repayment options. Earnest also offers refinance terms as long as 20 years, compared to a maximum of 15 years at College Ave. 

College Ave offers deferment grace periods as long as 36 months, significantly longer than the nine-month maximum at Earnest. You can also apply for a co-signer release once you’ve paid half of your College Ave loan balance off, a feature not offered by Earnest. 

Earnest vs. SoFi

Earnest has lower rates than SoFi and more flexible repayment terms, with extended-term and rate reduction choices. You’ll also have to start repaying a SoFi loan six months after you graduate from school, whereas you have an extra three months with Earnest. 

SoFi gives you more customer service options with seven-day-a-week phone support. You can only reach someone by phone at Earnest during weekdays. SoFi also provides excellent career and financial planning resources with a broader range of educational articles than Earnest offers. 

How Bankrate rates Earnest

Earnest receives separate ratings for its new student loans and refinance products.