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Earnest’s Summer of Love
At Earnest, we’re proud to have clearly defined values that have guided our team and product development since day one. One of those – if not the biggest – is love. We love code. We love good design. We love our teammates, and we love our clients. And we definitely love love itself, in all its forms.
That’s why for the rest of this Summer, in celebration of the Supreme Court’s historic ruling for marriage equality and in recognition of all the challenges still to come, Earnest will donate $200 to the Equality Federation or GLAAD for any funded personal loan relating to wedding or engagement expenses (think: that pesky deposit for your caterer, an extra special honeymoon, or just all the flights it takes to make this wedding season the best ever.)
To qualify, simply apply for a personal loan and be sure to select either Engagement/Wedding or Vacation/Honeymoon as your “Loan Purpose” and note what you’ll specifically be using your new low-interest funds for. If you’re approved and accept your loan term, email “[email protected]” with a quick reminder that you’d like $200 donated to further advance LGBTQ rights and equality. We’ll send you a confirmation as soon as we’ve completed the donation.
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Explanation of $30,939 Average Client Savings
Average savings calculation is based on all Earnest clients who refinanced student loans owned and serviced by Navient between 03/06/2017 and 03/31/2018. The savings figure of a particular client is calculated by subtracting the projected lifetime cost of their Earnest refinancing from the projected total cost of their original student loans.
How we calculate the figures:
For the original student loans, the projected lifetime costs are calculated using the weighted average term of the original loans and the weighted average interest rate in effect in the month prior to the refinance event, including borrower benefits (e.g. automatic payment discounts).
For the refinanced loans, projected lifetime costs are calculated using the selected Earnest term and interest rate, also including borrower benefits.
Projected lifetime costs assume a principal balance of $75,000.
Projected monthly savings is derived by using the “projected lifetime savings” divided by the selected Earnest term
In order to calculate our average client savings, we excluded:
Savings from any client that selected an Earnest loan with a longer term than their Navient student loan terms
Loans resulting from a client refinancing the same Earnest loan with Earnest
Average client savings amount is not predictive or indicative of your individual cost savings. For example, your individual savings may differ based on your loan term and rate type selections, if you change your repayment options, or if you pay off your student loans early.
Explanation of Rates “With Autopay”
Rates shown include 0.25% APR reduction when client agrees to make monthly principal and interest payments by automatic electronic payment. Use of autopay is not required to receive an Earnest loan.
Explanation of Precision Pricing™ Savings
Savings calculations are based on refinancing $121,825 in student loans at an existing loan servicer’s interest rate of 7.5% fixed APR with 10 years, 6 months remaining on the loan term. The other lender’s savings and APR (light green line) represent what would happen if those loans were refinanced at the other lender’s best fixed APRs. The Earnest savings and APR (white line) represent refinancing those loans at Earnest’s best fixed APRs.
Savings is computed as the difference between the future scheduled payments on the existing loans and payments on new Earnest and “other lender” loans. The calculation assumes on-time loan payments, no change in interest rates, and no prepayment of loans.
Individuals portrayed as Earnest clients on this site are actual clients and were compensated for their participation.