If you’re looking to refinance your college debt, and want to pay it off as soon as possible, consider Earnest. You’ll receive customizable repayment options that make it easier for you to increase your monthly payments. Additionally, you can make extra payments with no prepayment penalties.
While most other lenders only look at your credit score, Earnest will look at your earning potential, and other data from your financial accounts to determine eligibility. Furthermore, if you save money regularly, make payments on time, and don’t have lots of credit cards or personal loan debt, you’ll most likely be approved.
Read below for more information on what they have to offer.
Earnest In a Nutshell
| Loan Terms | 5 – 20 years, down to the month |
| Loan Amounts | $5,000 – $500,000 |
| Loan Types | Variable & Fixed |
| Cosigner | No |
| Autopay Discount | 0.25% |
| Prepayment Fees | None |
| Late Fees | None |
Earnest $200 per Referral Offer
When you share your personal referral link with friends or family, both you and your referral will receive $200 when they refinance their student loans. Check out their referral program terms here.
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Earnest Special Features
This company offers radical payment flexibility options that makes them different from their competition. Here are some of those options below:
Customized Monthly Payments
Earnest’s precision pricing allows you to save money on interest when you pick the exact monthly amount that you want to pay for. The provider will automatically adjust your repayment term to match the amount you pick.
Adjustable Payment Date
You’ll be able to change your monthly payment date on the Earnest dashboard. Push it back up to seven days, or move it up as much as you want to.
Adjust Payment Amount
Increase your minimum monthly payment to pay off your debt faster, and save on interest. All you have to do is change your payment information online from your Earnest dashboard whenever you want.
Skipped Payments
Every 12 months, up to 12 times over the life of your loan, you’ll be able to skip a payment. Some people use the extra money to holidays, others use it for home improvement projects. This option is only available if you have 6 months of consistent, timely payments.
Earnest Rates & Fees
Like we said in the section above, one of Earnest best features is their precision pricing option. You’ll be able to pick your monthly payment amount, and the company will come up with a term from 5-20 years that lets you hit your exact monthly payment target. The weight on getting the amount right means the terms don’t look as clean. For example, an 8.5-year loan term won’t look as good if this happens.
Your actual rate will depend on several things. This will include your credit history, and your financial profile. Earnest will not charge any application or origination fee, nor will you have to pay prepayment penalty or late fees.
Earnest Financial Eligibility
Earnest’s unique underwriting criteria includes things like: income, savings, timely payments, career earning potential, and more. This is all to get a better understanding of how you manage your money until now. Then, they will compare it to your long-term financial outlook.
This individualized approach is great if you’re financially responsible. However, if you don’t have a long credit history yet, other lenders will judge you only from your credit score. Earnest will look past that.
Earnest Requirements
Here are several of the requirements you need to be able to refinance your student loans with Earnest:
- Be a US citizen or possess a 10-year, non-conditional green card.
- Not a resident of Alabama, Delaware, Kentucky, Nevada or Rhode Island.
- Variable rates aren’t available if you live in Alaska, Illinois, Minnesota, New Hampshire, Ohio, Tennessee or Texas.
- Must apply within six months of graduation.
- Must have attended a Title IV-accredited school.
Additionally, Earnest won’t be able to refinance Sallie Mae loans due to a non-compete agreement.
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Conclusion
Earnest will make it easy for you to pay your student loans off with a dashboard that adjusts your payment dates and amounts. Furthermore, you’ll be able to get a secure low-rate loan from Earnest with an average credit score.
