Earnest Private Student Loans Review

What you need to know: Earnest private student loans come with flexible in-school repayment options and a wide range of loan terms, including Rate Match1 of competitors' interest rates.Customers have access to unique borrower benefits, like an extended grace period2 and the option to skip a payment3 once per year.Earnest private student loans may be difficult to qualify for without a cosigner.Earnest is consistently one of the top refinancing lenders for student loans6.

But it also offers private student loans that are packed with borrower benefits.Borrowers can choose from multiple in-school repayment options, depending on their financial needs.They can also take advantage of an extended grace period that’s three months longer than the industry standard.But Earnest private student loans might be hard to qualify for on your own.

Read on for our Earnest private student loans review, including rates, terms and what to expect when applying.Earnest Fixed interest rates starting at 2.79% APR1 for qualified cosigner borrowers (4.49% APR1 for qualified primary borrowers)Variable interest rates starting at 4.99% APR1Terms: 5, 7, 10, 12 or 15 yearsLoan amounts: Up to the full cost of attendanceAutopay2 discount: Yes 1 Actual rate and available repayment terms will vary based on your financial profile.Fixed annual percentage rates (APR) range from 3.04% to 16.74% (2.79% – 16.49% with auto pay discount).Variable annual percentage rates (APR) range from 5.24% to 17.10% (4.99% – 16.85% with auto pay discount).

Earnest variable interest rate student loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York.The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent.The rate will not increase more than once a month, but there is no limit on the amount that the rate could increase at one time.Our lowest rates are only available for our most credit qualified borrowers and require selection of our shortest term offered, full principal and interest payment while in school, and enrollment in our .25% auto pay discount from a checking or savings account.

Enrolling in autopay is not required as a condition for approval.2 You can take advantage of the Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment from a checking or savings account.The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay.Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction.

For multi-party loans, only one party may enroll in Auto Pay.It is important to note that the 0.25% Auto Pay discount is not available while loan payments are deferred.Earnest Private Student Loans are made by One American Bank, Member FDIC, or FinWise Bank, Member FDIC.One American Bank, 515 S.

Minnesota Ave, Sioux Falls, SD 57104.Finwise Bank, 756 East Winchester, Suite 100, Murray, UT 84107.Earnest student loans are serviced by Earnest Operations LLC, 300 Frank H.Ogawa Plaza, Suite 340, Oakland 94612.

NMLS #1204917, with support from Higher Education Loan Authority of the State of Missouri (MOHELA) (NMLS# 1442770) One American Bank, FinWise Bank, and Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by agencies of the United States of America.© 2025 Earnest LLC.All rights reserved.See Earnest disclosures.

Earnest private student loans review Earnest private student loans are available to undergraduate and graduate students with or without a cosigner.Here’s a breakdown of its private student loan product.Pros of Earnest private student loans Rate match.Earnest will match competitor's interest rates while still offering additional discounts such as auto-pay4 interest savings.

Flexible in-school repayment options. Choose from $25 fixed monthly payments, interest-only payments, deferred payment until after graduation, or interest and principal payments.Customized repayment options. Choose to pay monthly or every two weeks.Extended grace period. Earnest provides up to nine months of deferment after graduation, if eligible.Forbearance is available. Borrowers are eligible for up to 12 months of forbearancefor verifiable hardship (e.g.

unpaid maternity leave, involuntary loss of employment, decrease in income, etc.).Option to skip a payment. Eligible borrowers may skip one payment every 12 months, but each instance counts toward your overall forbearance limit.Deferment options might be available. You might be able to postpone payments if you’re enrolling in grad school or you’re active duty military personnel serving during a war, military operation or national emergency.No fees5. This includes no origination, late payment, prepayment or returned payment charges.

Autopay discount. Earnest offers a 0.25% interest rate discount for making automatic payments.But it can’t be combined with certain repayment programs that already offer a rate reduction.Discount for returning borrowers.Receive an extra 0.25% interest rate discount for returning borrowers.

Full loan discharge.This is available if you become totally and permanently disabled or pass away.Cons of Earnest No cosigner release available. However, you have the option to refinance with Earnest later down the road, which automatically releases your cosigner.Can’t preview your rates without a hard credit check. Unlike with Earnest’s refinancing loan, you’ll have to complete the full application to receive your rate.

Requires full-time enrollment.Exceptions are made for graduate students who are enrolled at least half-time.Earnest private student loans eligibility requirements To be eligible for an Earnest private student loan, you must: Be a U.S.Citizen or possess a Permanent Resident Card, Deferred Action for Childhood Arrivals (DACA) or Asylee (or have a cosigner who meets this requirement).

Live in the District of Columbia or any U.S.state.You’ll also need to be the age of majority as defined by your state.Be enrolled full-time at a four-year, Title IV-qualified school. Graduate students must be enrolled at least half-time.

Have a FICO score of 650 or more and at least three years of credit history.If applying with a cosigner, only the cosigner must meet this requirement.Application process: What to expect Earnest doesn’t have a prequalifying tool for its private student loans.So, you’ll have to complete a full application online to receive an interest rate offer based on your creditworthiness.

Because Earnest’s private student loans have rigid financial requirements, it encourages borrowers to apply with a cosigner.Earnest states that having a cosigner can increase your chance of approval by six times. And it might provide you with access to lower rates.Earnest’s application process is straightforward.You’ll need to provide personal, professional and financial information, such as: Your address, birthday, social security number and academic progress.

Relevant employment information (e.g.employer name, salary, estimated future earnings, etc.) Requested loan amount.If prompted, you might need to submit supporting financial documentation, like a recent pay stub or a recent monthly statement to verify a brokerage account.But you won’t need to do so with the initial application.

Once you’ve submitted your application, you should receive a response within 72 hours.Are Earnest private student loans right for you? We always recommend exhausting all opportunities for federal financial aid (e.g.grants, scholarships and federal student loans) before turning to private student loans.Private student loans typically have higher interest rates and fewer borrower protections in place.

But, depending on your financial situation, you might need to use private loans to fill any remaining funding gaps.Earnest private student loans can be a good fit if you prioritize repayment flexibility both in-school and after graduation.It might be a good option, if you think you’ll benefit from unique perks, like being able to skip a payment every 12 months.As a company, Earnest has a solid reputation for its application process, customer service and competitive rates.

And unlike other private lenders that partner with a third-party for loan servicing, Earnest functions as both the lender and loan servicer.So, you’ll have continuity throughout your repayment journey.Shop around with at least three lenders to find the best rates and terms for your private student loans.If you decide to use Earnest, you might receive a cash-back bonus through Student Loan Planner®.

Disclosures 1 Terms and conditions apply.To qualify for this Earnest Rate Match Bonus offer: 1) you must submit a completed student loan application; 2) you must provide documentation of an eligible competitive rate offer exclusive of all discounts by calling Client Happiness at (888) 601-2801 or chat on Earnest.com and follow the instructions to send in your proof of lower rate; and 3) you must provide a valid email address during the application process.The bonus will be paid out in the form of a gift card.You will receive instructions on how to redeem the gift card via the email address you have provided.

Limit one rate match bonus per application.A bonus cannot be issued to residents in MA.Earnest may discontinue this program at any time.Bonuses that are not redeemed within 180 calendar days of the date they were made available to the recipient may be subject to forfeit.Bonus amounts of $600 or greater in a single calendar year may be reported to the Internal Revenue Service (IRS) as miscellaneous income to the recipient on Form 1099-MISC in the year received as required by applicable law.

Recipient is responsible for any applicable federal, state or local taxes associated with receiving the bonus offer; consult your tax advisor to determine applicable tax consequences.Additional terms and conditions may apply.Earnest may discontinue this program at any time.2 Nine-month grace period is not available for borrowers who choose our Principal and Interest Repayment plan while in school.

3 Earnest clients may skip a payment through a one, one-month forbearance during a 12 month period.Your first request to skip a pay can be made once you've made at least 6 months of consecutive on-time full principal and interest payments, and your loan is in good standing.The interest accrued during the skipped month will result in an increase in your remaining minimum payment.The final payoff date on your loan will be extended by the length of the skipped payment periods.

Any unpaid accrued interest may capitalize (added to the principal balance) at the end of the forbearance period by adding unpaid accrued interest to the outstanding principal as permitted by law and the terms of the loan agreement.4 You can take advantage of the Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment from a checking or savings account.The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay.Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction.

For multi-party loans, only one party may enroll in Auto Pay.It is important to note that the 0.25% Auto Pay discount is not available while loan payments are deferred.5 Earnest does not charge fees for late payment, prepayment, or loan origination.However, late payments may still be reported to credit bureaus and may affect your credit score.

6 Please note that you will lose benefits associated with your underlying federal loans, such as federal Income-driven Repayment Plans, Economic Hardship Deferment, Public Service Loan Forgiveness, or other deferment and forbearance options, if you refinance into a private loan.If you file for bankruptcy, you may still be required to pay back this loan.