Earnest Review

Michael Dinich

In a Nutshell

Earnest provides student refinancing at low interest rates for borrowers with credit scores over 650 who have relatively high income. It’s a great way for recent graduates to pay significantly less on their student debt by letting them choose from a number of loan term options that will best suit their specific financial situation.

pros

  • Offers a number of flexible repayment options
  • Precision Pricing model gives borrowers greater flexibility

cons

  • No option for borrowers to apply with co-signer
  • Lack of informative educational resources

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Earnest at a Glance

APR
As low as
1.99% (with 0.25% autopay discount)
Loan Types
Consolidation for federal and private student loans
Refinance amount
$5,000+
Repayment terms
5-, 10-, 15-, 20- year loans
Minimum credit score
650+
Best for
Fast applications
Direct lender or marketplace
Direct lender

Earnest at a Glance

Earnest was founded in 2013 by Louis Beryl and Benjamin Hutchinson as a way to help people achieve their financial goals. Earnest provides a way for customers to alleviate burdensome student debt faster than traditional lenders. Earnest is funded by reputable venture capital firms such as Andreessen Horowitz, First Round Capital, Maveron, and Atlas Venture.

Earnest is a student debt refinancing loan provider that believes there are many financially responsible people who are not receiving the loans they deserve. Earnest’s technology reviews thousands of data points to create a complete financial picture for potential borrowers. An Earnest loan provides borrowers with the opportunity to save $30,963 on average in student loan interest payments.

Best for people who have a credit score above 650 and want a loan provider that services their loan throughout the entire life of the loan.

Earnest Highlights

  • Customers save an average of $30,936 on their student debt payments
    Earnest provides customers with a consolidated student debt loan and a lower interest rate, offering significant savings on interest payments.
  • Many consumer education resources
    Customers receive access to several guides and information sections on the student debt refinancing process in addition to a blog with countless personal finance articles written by industry experts.
  • Will not transfer customer’s loan to a third party servicer
    Earnest borrowers get the peace of mind of knowing that their loan will be managed by Earnest’s professionals throughout the entire life of the loan.

Information and Support

Earnest customers receive access to their helpful information library. Borrowers are able to review materials discussing the entire refinancing process, including how to close out existing student loans. Additionally, Earnest hosts a blog that features articles focused on a wide variety of personal finance topics that are bound to help anyone’s financial situation. Customer support is available Monday - Friday, 8am - 5pm PT.

Types of Debt Addressed

Earnest enables customers to address both their secured and unsecured debt, allowing borrowers to receive funding to consolidate private and federal student loans. Earnest now offers refinancing for Sallie Mae loans. 

Earnest offers loans in the District of Columbia and all states except for DE, KY, and NV.

Flexibility of Repayment Plan

Earnest offers customers a choice of a fixed rate repayment plan or a variable rate repayment plan. Fixed rates start as low as 2.98% (with 0.25% autopay discount) APR and variable rates start as low as 1.99% (with 0.25% autopay discount) APR.

Repayment Terms

Earnest offers 4 different options for customers to settle their student loans. Borrowers can receive 5, 10, 15, or 20 year loans. However, customers can have their debt settled in as little time as their finances allow with Earnest’s no early repayment fee policy.

Earnest Earnest Visit Site

Ease of Quote Application Process

Receiving a rate quote from Earnest can take as little as two minutes. Customers must enter their personal details, educational background, income information, and some pertinent spending data.

Conclusion

Earnest provides borrowers with low interest rate student refinancing even if they do not have stellar credit, but have strong education and income. Earnest cares about their customers and enables borrowers to choose from a number of loan term options that will best suit their specific financial situation. Earnest is a great way for recent graduates to pay significantly less on their student debt.

Michael has worked in personal finance for over 20 years, helping families reduce taxes, increase their income, pay down debt and save for retirement. Michael is passionate about personal finance, saving money, and all things geeky.

Earnest customer reviews

Based on 30 reviews

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29 Sep 2020

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Top Reviews

FH, OH
9 months ago

Ease of use

Brand satisfaction

Value for money

Service quality

Very much worth it. Refinanced my loans without a hassle. No problems with this site. I have never had any problems or difficulty

Layla, CA
a year ago

It's easy to use, and helps me regularly when I need to make payments earlier than when I get my checks

Kz, CT
10 months ago

They have good rates for their refinancing options. It was very easy to apply. They give good options to pay off loans

Mary, NY
a year ago

Great customer service so far. Lowered my interest rate a lot on my private student loans. Their website is easy to use but I wish they had an app.

M, NE
9 months ago

Like everything dislike nothing everything seemed to be very self explanatory so was good for those who like simplicity in their student loan refinancing service.

Sunny, AR
9 months ago

Great customer service always speedy and friendly ready to help any way they can. Also good value for money

Amanda, NE
9 months ago

Easy to use and very honest about everything. I was able to verify everything online without having to call

Dave, NJ
7 months ago

It's easy to use for beginners. Customer service was very helpful to lead me through the steps. It wasn't a hassle to use at all, and I refinanced my student loans into one place.

Jessecole, PA
7 months ago

Earnest was well. The money aspect was very high on their end. Other than that it was super easy to navigate and use.

Anne, PA
10 months ago

They have Attentive customer service Ease of use good interest rates. Excellent payment plan. Helped me with refinancing my son's college loans

Ariana, CT
9 months ago

They have a hard time trying to work with the students that need them. If you need to return to school, they make it a hassle.

EM, WI
8 months ago

They are a honest and reliable company. That honors there customer and takes care of them.

Jessica, CA
a year ago

I liked it because it was easy to use and I feel like it wouldn't be that hard to repay the loans.

Kay, NJ
8 months ago

Earnest's website is really simple and great! I was able to get the best deal on my loans by using this.

Keaton, IL
a year ago

It was more complicated than I would have liked. I feel like it did what it advertised, though. So I don't think it's a bad product; it could be better, though.

Kels, CA
9 months ago

Very easy to use, customer service is always very kind and helpful. Easily accessible on the go and I've never had any issues using it

Kipp, OH
a year ago

it's not that easy to get an account started or learn to use but once I got the hang of it, it really helped me find different options for student loans

Mike, CA
8 months ago

I like that the loans are tailored to my financial profile. The interest rates are good and the available terms are good.

MC, TX
10 months ago

Earnest allows me to refinance my loans in one place with an improved rate. It's still a lot, but slightly better than it was before

Noei, NY
9 months ago

I have nothing bad to say about earnest it's really good, however it's not able to keep me at ease because I owe a lot in loans.

30 reviews