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Earnest Student Loan Review

Loan Amount: $1,000 - cost of attendance
Deferment Period: 9 months
APRs From: Fixed: 3.49% - 12.78%Variable: 1.24% - 11.44%
Loan Types Offered: Undergraduate, graduate, co-signed, business, medical, law, refinancing
Co-Signer: No
Loan Types Offered: 5 to 15 years

Who is a  Earnest Student Loan Good For?

Earnest’s private student loans are best for borrowers who either can qualify on their own or have a creditworthy co-signer. Because the lender offers several repayment protections, it’s also a good fit for borrowers who prefer a measure of financial security.

Earnest Student Loan Eligibility Requirement

If you’re a student with some credit history under your belt, you might be able to qualify for an Earnest student loan on your own. Keep in mind: Once you start attending school, you’ll need to be enrolled full time if you’re a freshman, sophomore or junior. Seniors and graduate students may enroll half time.

During the application process, Earnest will check that you have:

  • At least three years of good credit history.
  • A minimum annual income of $35,000.
  • Zero bankruptcies on your credit reports.
  • A history of making on-time payments on debt where you’re listed as the primary borrower. You also can’t have accounts in collections.

Interest Rates and Terms

Earnest borrowers can get a 0.25 percent discount after setting up automatic payments. The rates below include this discount:

Loan productVariable rateFixed rate
Undergraduate student loansStarting at 1.24% APRStarting at 3.49% APR
Graduate student loansStarting at 1.24% APRStarting at 3.49% APR
Co-signed student loansStarting at 1.24% APRStarting at 3.49% APR
MBA student loansStarting at 1.24% APRStarting at 3.49% APR
Medical student loansStarting at 1.24% APRStarting at 3.49% APR
Law student loansStarting at 1.24% APRStarting at 3.49% APR
Refinance student loansStarting at 1.99% APRStarting at 2.98% APR

Fees:

Earnest doesn’t charge origination fees, late fees, returned payment fees or prepayment penalties. However, Florida residents must pay a documentary stamp tax, which is calculated as 35 cents for each $100 borrowed. On a $10,000 loan, that works out to $35.

How to Get a Student Loan

For the initial check, you’ll need to answer basic demographic questions, including your name, email address, postal address, birthdate, school name and credit score range. Earnest will also ask about your citizenship status, whether you earned income last year, the type of degree you plan to pursue and expected graduation date. Then you’ll see a range of interest rates you may qualify for.

Once you start the official application, you’ll need your Social Security number. You also may need to supply proof of income, such as a pay stub, and permission to check your credit.