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Last update: March 12, 2024
4 minutes read
Earnest: Private Student Loan Review
Explore our comprehensive Earnest private student loan review, where we examine interest rates, repayment options, eligibility criteria, and additional benefits.
By Yerain Abreu, M.S.
Learn more about our editorial standards
Earnest Review Snapshot
BEST FOR:
Students with promising earning potential
VARIABLE APR
5.62% - 16.20%
FIXED APR
4.42% - 15.90%
Considering Earnest as your private student loan lender? This review will cover interest rates, who is eligible for a loan, various repayment options, and extra perks that set Earnest apart from other lenders.
Our final verdict
With competitive rates and no fees, Earnest already scores high, but it's their customizable repayment options that truly set them apart. They give you some extra time before you gotta start paying back. And they're super clear about who can get a loan. Earnest is in a league of its own, making it a top choice for those committed to smart borrowing.
About Earnest
Established in 2013, Earnest introduced an innovative approach to lending. Instead of solely focusing on credit scores, they delve deeper into an individual's future earning potential and financial management habits. This means that if you've consistently demonstrated financial responsibility and have a promising career trajectory, Earnest might view you as an ideal borrower.
Earnest commenced its private student loan program in April 2019, catering to those who have maximized their federal loan options and require additional funding. The application process is streamlined, with a fully mobile-friendly interface.
Earnest provides a 'Rate Match' feature. If you find a more favorable rate elsewhere, they commit to matching it, ensuring you receive the best possible terms. This is applicable whether you're an undergraduate, graduate, or pursuing advanced degrees such as an MBA, Medical, or Law.
A noteworthy feature is their provision for borrowers to defer a payment once annually. Additionally, Earnest offers an extended grace period of nine months, which is longer than many other lenders in the market. However, it's worth noting that their lending services are not currently available in Nevada.
Furthermore, Earnest is committed to financial transparency and competitiveness. They have eliminated unnecessary fees and consistently offer competitive interest rates.
TuitionHero tip
Remember to borrow wisely and always explore federal loans, grants, scholarships, and work-study options before taking out a private student loan. Our user-friendly platform lets you explore and compare college financing options personalized to your unique situation.
Undergraduate loan details
Earnest provides loans that range from $1,000 up to Up to 100% of attendance costs (aggregate) for undergraduate students. They offer fixed rates from 4.42% to 15.90% or variable rates from 5.62% to 16.20% (including the autopay discount!).
Borrowers can rest easy knowing that there are:
- No origination fees
- No late fees
- No disbursement fees
- No prepayment penalties
Adding a cosigner to your loan, such as a friend or relative with strong credit, may also be an attractive option because you may likely get a lower rate and a higher chance of approval.
Repayment options
Earnest offers various hardship and other repayment options that provide borrowers with relief during times of financial stress. Some choices include deferring payments until after graduation, making interest-only payments while in school, or temporarily making partial payments.
Grace period: 9 month grace period (3 months more than most lenders)***
5.62% - 16.20%
4.42% - 15.90%
$1,000 - 100% of attendance costs
Up to 15-years
650
5.62% - 16.20%
4.42% - 15.90%
$1,000 - 100% of attendance costs
Up to 15-years
650
WHAT WE LIKE 
Option to skip one payment every 12 months
Up to nine months of deferred payments after graduation, longer than most lenders offer
You won't be charged for making a late payment
No prepayment penalties, late fees, or origination fees
Offers a 0.25% discount for setting up autopay
WHAT WE DON'T LIKE 
No co-signer release option
Loans not available to residents of Nevada
Autopay discount: 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.
Added benefit: Skip a payment once per year (once repayment period restarted)**
Eligibility
Who can benefit from Earnest's loan options? Here are the core eligibility requirements for their private student loans:
Age: You must be at least 18 years or the age of majority in your state of residence
Class load: You must be enrolled at least half time (undergraduate loans) or full time (graduate loans) in a degree program at an eligible school
Location: You must live in the District of Columbia or a state that Earnest lends in (all but Nevada) and have a valid U.S. address
School attended: You must be pursuing a bachelor’s or graduate-level degree at a Title IV-accredited school
Academic performance: You must maintain satisfactory academic progress as defined by your school
TuitionHero tip
If you're not eligible, try applying with a cosigner! Adding a cosigner to your loan application may help you get a lower interest rate and increase your chances of being approved.
Compare Earnest to other lenders
Unsure if Earnest is the right lender for you? Take a moment to check out some of their biggest competitors to see which lender works best for you.
Our top pick
Earnest
5.62% - 16.20%
4.42% - 15.90%
Disclosures
Grace period- Forbearance
- Military deferment
- Death or disability discharge
- Fixed repayment
- In-school deferment
- No prepayment penalties
- No origination fees
- No late fees
- No disbursement fees
Earnest
Disclosures
5.62% - 16.20%
4.42% - 15.90%
- Grace period
- Forbearance
- Military deferment
- Death or disability discharge
- Fixed repayment
- In-school deferment
- No prepayment penalties
- No origination fees
- No late fees
- No disbursement fees
Earnest
Disclosures
5.62% - 16.20%
4.42% - 15.90%
- Grace period
- Forbearance
- Military deferment
- Death or disability discharge
- Fixed repayment
- In-school deferment
- No prepayment penalties
- No origination fees
- No late fees
- No disbursement fees
College Ave
5.59% - 16.65%¹
4.11% - 15.44%¹
Disclosures
College Ave
Disclosures
5.59% - 16.65%¹
4.11% - 15.44%¹
College Ave
Disclosures
5.59% - 16.65%¹
4.11% - 15.44%¹
Sallie Mae
6.37% - 16.70%¹
4.50% - 15.49%¹
Disclosures
Sallie Mae
Disclosures
6.37% - 16.70%¹
4.50% - 15.49%¹
Sallie Mae
Disclosures
6.37% - 16.70%¹
4.50% - 15.49%¹
Ready to get started?
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Customer service
Earnest holds an A+ accreditation from the Better Business Bureau and has an impressive 4.7 out of 5-star rating on Trustpilot, gathered from over 5,000 reviews.
Earnest offers multiple ways to contact them.
- Website: www.earnest.com
- Email: hello@earnest.com
- Phone: 888-601-2801
- Hours: Monday – Friday, 5 am – 5 pm PST
Frequently asked questions (FAQ
Here are some of the most common questions we get asked about Earnest.
Yes, if you have a Deferred Action for Childhood Arrival (DACA) or Asylee status, you can apply for an Earnest loan, either as the main borrower or a co-signer. To be eligible, you must possess a social security number and be a current US resident. DACA individuals should provide a copy of the employment authorization Form I-797 (Notice of Action) or the Employment Authorization Document (EAD). If you hold Asylee status, be prepared with your Employment Authorization Document (EAD), Form I-797 (Notice of Action), or Form I-94 (Arrival-Departure Record Card) with the stamp “asylum granted indefinitely."
No, Earnest does not impose penalties or fees for paying off a loan before the end of the agreed repayment term. Furthermore, Earnest does not charge any additional fees, such as late fees, origination fees, or application fees. The sole charge associated with their loans is the interest.
International students, even if they aren't U.S. citizens, might be eligible for a loan from Earnest. For some, depending on specific academic conditions, there might not be a need for a cosigner. To qualify without a cosigner, the applicant should meet the following criteria:
- Come from Canada, India, Mexico, or South Korea.
- Be of legal age as per their home country.
- Be enrolled as a Graduate student in the U.S.
- Pursue specific Graduate programs like MBA, Master of Engineering, or Law degrees.
- Attend a supported, Title IV-qualified, non-profit, 4-year U.S. institution.
If an international student doesn't align with the aforementioned conditions, they might still secure an Earnest loan with the assistance of a creditworthy cosigner who's either a U.S.
Final thoughts
Earnest's no-fee structure, competitive interest rates, and flexible repayment options make it an attractive choice for a wide range of students. Whether you're an undergrad pursuing advanced degrees or a parent seeking to support your child's education, Earnest likely has a loan option that suits your circumstances.
At TuitionHero, we're dedicated to helping you find your way through the maze of student loans. We offer guidance on private loans, refinancing options, scholarships, FAFSA assistance, and even credit card deals. Begin your quest for affordable education with TuitionHero and Earnest today.
Resources
Author
Yerain Abreu
Yerain Abreu is a Content Strategist with over 7 years of experience. He earned a Master's degree in digital marketing from Zicklin School of Business. He focuses on college finance, a niche carved out of his journey through the complexities of academic finance. These firsthand experiences provide him with a unique perspective, enabling him to create content that's informative and relatable to students and their families grappling with the intricacies of college financing.
At TuitionHero, we're not just passionate about our work - we take immense pride in it. Our dedicated team of writers diligently follows strict editorial standards, ensuring that every piece of content we publish is accurate, current, and highly valuable. We don't just strive for quality; we aim for excellence.
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