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Earnest student loans: 2024 review

Updated on Tuesday, December 3, 2024

At a glance

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4.4
Rating: 4.4 stars out of 5
Bankrate Score
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Repayment Options
Rating: 5 stars out of 5
5.0
Affordability
Rating: 4.4 stars out of 5
4.4
Customer Experience
Rating: 4.1 stars out of 5
4.1

About Bankrate Score

Earnest provides new students and graduates with a wide variety of student loan choices that have flexible repayment terms and special. It offers better rates if you have a co-signer, but it's not a requirement. Students who want to refinance can tailor their payment to fit their budget with features like, biweekly and monthly payments and the ability to skip a payment. 

Lender Details

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Loan amount

$1,000 to total cost of attendance

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APR from

5.87%-17.10% Variable; 3.94%-16.74% Fixed (with autopay)

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Term lengths

5 to 20 years

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Min Credit Score

650

New vs. refinance student loans with Earnest

Students pursuing an education at all levels can choose some of the lowest rates available if they meet the lender’s credit criteria.

Fixed APR from Variable APR from Dollar amount Term range
Undergraduate 3.94% 5.87% $1,000 to 100% cost of attendance 5 to 15 years
Graduate 3.69% 5.89% $1,000 to 100% cost of attendance 5 to 15 years
Parent 3.69% 5.62% $1,000 to 100% cost of attendance 5 to 15 years
MBA, medical, law 3.69% 5.89% $1,000 to 100% cost of attendance 5 to 15 years
Half-time students 3.94% 5.87% $1,000 to 100% cost of attendance Not specified
International students 10.99% N/A Not specified Not specified
Refinance 3.95% 5.89% $5,000-$500,000 5 to 20 years
Parent refi 3.95% 5.89% $5,000-$500,000 5 to 20 years
Business, medical, law refi 3.95% 5.89% $5,000-$500,000 5 to 20 years

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.

Earnest customer service

Phone and chat support is available Monday through Friday from 5 a.m. to 5 p.m. PT. An email form is also available for online inquiries. 

How this lender compares

logo
Rating: 4.4 stars out of 5
4.4
Bankrate Score
APR from
5.87%-17.10% Variable; 3.94%-16.74% Fixed (with autopay)
Loan Amount
$1,000 to total cost of attendance
Min Credit Score
650
logo
Rating: 4.5 stars out of 5
4.5
Bankrate Score
APR from
5.34% Variable; 3.59% Fixed
Loan Amount
$1,000 to total cost of attendance
Min Credit Score
Not disclosed
logo
Rating: 4.8 stars out of 5
4.8
Bankrate Score
APR from
From 5.54% Variable APR; 3.54% Fixed APR
Loan Amount
$1,000 to total cost of attendance
Min Credit Score
640

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. 

Do you qualify for a loan with Earnest?

In order to qualify for an Earnest, you’ll generally need the meet the following requirements:

  • Enrolled at least half time at a four-year Title IV institution.
  • Live anywhere but Nevada.
  • Be of legal age in the state you’re attending school.
  • Prove U.S. citizenship or permanent resident status.
  • Have at least a 650 credit score or have a qualified co-signer.

How to apply for a loan with Earnest

Applying for a loan with Earnest can be done completely online in just a few steps.

  1. Use the website or mobile app to apply: You can check your eligibility through the website before applying to make sure you qualify.
  2. Upload the required documents: You can upload all required documentation electronically. Once the documents have been verified, you'll receive a final decision.
  3. Sign the loan agreement: Decisions are typically made within 72 hours. Once you receive approval, you will need to review your loan agreement and repayment plan. You can opt for bi-weekly payments at this point.

How Bankrate rates Earnest

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

Overall Score 4.4
Availability 4.8 Earnest offers multiple options for repayment for students seeking half-time to full-time education degree.
Affordability 4.4 Earnest offers competitive rates with a price match guarantee and extra post-graduation repayment options to fit a variety of budgets.
Customer Experience 4.1 Customer service limited to weekdays. The lender does not offer a mobile app.

Methodology

Bankrate uses two methodologies to score lenders that have new student loans and refinance products.

Bankrate's trusted student loans industry expertise

48

years in business

25

lenders reviewed

16

loan features weighed

400

data points collected

The Bankrate team uses a 16-point system to evaluate student loan lenders. This scoring criteria measures how lenders perform across three main categories.

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.

What customers think

What people across the web are saying about Earnest

As of October 6, 2024, Earnest has a rating of 4.7 out of 5 on Trustpilot. Its reviewers are pleased with the level of customer service and how smooth the application process is.

One customer who borrowed on behalf of their daughter said:

"The whole process of getting a college loan for my daughter was very easy, smooth and efficient with Earnest. They had the lowest interest rate among many other top name lenders. Everything was done online, communication was prompt and was very quick overall. Glad I found these guys. Will definitely go thru them with my son's college loan as well."

Trustpilot User

Outlinked content may contain views and opinions that do not reflect the views and opinions of Bankrate. Please see the issuer’s website for updated terms and conditions.

Community Earnest scores

CTA Earnest
STUDENT LOAN

Earnest

Dive into community reviews below and see what others think about Earnest.

4.3 Star Icon
28 ratings
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Score breakdown
5 stars
54%
4 stars
29%
3 stars
14%
2 stars
4%
1 star
0%
Score by category
Overall rating 4.3 / 5
Fees & closing costs 4.1 / 5
Funding time 4 / 5
Customer service 4.1 / 5
Application process 4.1 / 5
Online portal or mobile app 4.2 / 5
Verified Badge Icon

In July 2024, Bankrate collaborated with a third-party vendor to survey 1.3K loan borrowers nationwide. Bankrate and our vendor collected and summarized borrower responses to five questions on a 5-point scale, three yes/no questions, as well as open-ended reviews of their loan experience. Responses are based on individual borrower’s product details, and therefore cannot be verified for accuracy. User ratings are unedited and have not been reviewed or approved by the associated lenders, nor do these ratings reflect Bankrate’s own expert review of these loan products.

Community Reviews

See what users like you are saying about Earnest.
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Anonymous Borrower
August 20, 2024
Describe your experience with the application process
Providing basic information to check eligibility and potential rate.
Loan purpose
New student loan to pay for school expenses
Score by category
Fees & closing costs 4 / 5
Funding time 2 / 5
Online portal or mobile app 4 / 5
Customer service 5 / 5
Application process 4 / 5
Anonymous Borrower
August 20, 2024
Describe your experience with the application process
Easy management
Loan purpose
Refinance your student loan
Score by category
Fees & closing costs 5 / 5
Funding time 3 / 5
Online portal or mobile app 4 / 5
Customer service 5 / 5
Application process 4 / 5
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