Apply for Earnest Student Loans 2021 in United States (U.S.)

Apply for Earnest Student Loans 2021 in United States (U.S.).

Earnest Student Loans: Earnest is one of the few lenders that also look into individual personal finance. To be qualified to refinance with Earnest, you have to spend less than you are earning.

If you are a parent looking for a refinance Parent PLUS loans, Earnest has a refinancing option for you. The succeeding criteria are the same as for the student refinancing option.

In this article, I will be emphasizing on Earnest students loan.

Table of Contents

Getting to Know Earnest

In the year 2017, this San Francisco-based establishment was acquired by the student loan servicer Navient, but the company still operates under the Earnest brand and retained their original management.

Earnest loans are not available in Alabama, Delaware, Kentucky, Nevada, or Rhode Island. But if you live in an eligible state, you can apply for refinancing if you meet the following requirements:

You’re over the age of 18
You’re a U.S. citizen or permanent resident alien
You have debt from a Title IV accredited college
You have either graduated or are in your final semester of college
You have a job or a job offer
The loan amount you’re refinancing is over $5,000

Earnest also favors applicants who have enough in savings to cover at least two months’ worth of expenses, have increasing bank balances, are current on rent or mortgage payments, and do not carry high amounts of credit card or personal loan debt, among other factors.

Earnest Student Loan Refinancing

Interest Rates

Earnest offers student loan refinance loans with competitive interest rates. Variable-rate loans start as low as 2.54% APR, and fixed-rate loans start as low as 3.89% APR (with a 0.25% rate reduction for auto pay). To get the best rate, you’ll need to meet Earnest’s credit and financial criteria.

Term Lengths

Unlike other lenders who only allow borrowers to choose among specific term lengths, Earnest offers terms ranging anywhere from 5 to 20 years. You can choose a term length, and therefore a monthly payment, that best fits your budget.

Loan Amounts

Earnest requires borrowers to refinance at least $5,000 in student debt but there is no limit on how much borrowers can refinance. This is helpful for borrowers with a lot of high-interest student debt.

Benefits

There are many other benefits to refinancing your with Earnest. Earnest doesn’t charge origination fees or prepayment fees.

Earnest also allows borrowers to schedule additional payments when extra money becomes available. This can help borrower’s pay, which can ultimately save borrowers money on interest costs over time.

Earnest also has policies in place to help borrowers deal with financial hardship. Borrowers can apply for temporary deferment or forbearance.

Another great thing about Earnest is that the company has favorable feedback on consumer review websites (such as Trust pilot) about its customer service.

Finally, Earnest allows their borrowers to skip one payment a year after they have made on-time payments for six months.

Bear in mind that in mind, skipping a payment would result in higher payments in the following months.

What Makes Earnest Student Loan Refinancing Unique?

Refinancing student debt with Earnest means refinancing with a lender that tailors your interest rate and repayment plan to you, but to get that plan, you’ll need to be financially fit.

It takes only two minutes to get an estimated rate. You’ll notice that it’s a range, and that’s a result of Earnest’s underwriting process. Score to see where you’ve made progress and whether it’d be a good fit for you.

What is Earnest Student Loan Refinancing?

You can refinance private, federal and Parent PLUS through Earnest. The loans are unsecured, and Earnest prides itself on a technique called Precision Pricing to make your repayments fit your budget.

Refinancing starts at a variable 2.54% APR or fixed 3.89% APR with auto pay, and terms run from 5 years to 20 years. Those terms can be broken down by month as part of Earnest’s Precision Pricing.

The minimum balance you’ll need to refinance is $5,000, with Earnest.

What Do I Need to Apply?

Getting your rate should take about two minutes. Here’s what you’ll need to do:

Visit Earnest’s website.

Choose either Student Loan Refinancing or Parent PLUS Refinancing.

Complete the required forms with your education, finance, contact, and personal information.

Get your rate nearly instantly.

To continue with your application after you get your range of potential rates:

Connect your financial accounts through Earnest.

Submit any extra documentation.

I Got the Earnest Student Debt Refinancing Loan. Now what?

On agreement, you should have been able to set up auto pay to ensure that your payments are on time and get the rate discount. If you didn’t sign up then, you can enroll through your Earnest online account.

Simply log in to your account and tap on Loan details. Sign up from there, shifting your pay schedule to biweekly at the same time, if you’d like.

If your finances start getting rocky and you think you might not be able to make a payment, call Earnest’s customer support team right away. They may be able to work with you to find an alternative solution.

FAQs

1. Can I refinance my debt if it’s due to working toward an associate’s degree?

– Yes. If your associate’s degree is from a Title IV–accredited school, it’s acceptable

2. Will Earnest be the company that services my loan after I sign?

– Yes. Earnest is a direct lender that stays with you throughout the life of your loan.

3. My current loan has a grace period. Will Earnest match it?

– Yes. Earnest will match up to nine months of a documented grace period.

4. My current loan has a grace period. Will Earnest match it?