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Earnest’s Next Chapter: Expanding Our Mission’s Impact

I could not be more excited and proud to share the momentous news that Earnest is joining the Navient family of companies. Navient is the country’s largest student loan servicing company.

By taking this major step forward to build out our business with the industry leader, we can continue to realize Earnest’s mission and a future of helping millions more people save billions more dollars through better lending.

Our mission at Earnest is—and will continue to be—to democratize access to high-quality financial services. One big part of that is to give people better access to credit at earlier ages and at cheaper prices.

Since we launched our student loan refinancing product in January of 2015, with a focus on better pricing and repayment flexibility, we have refinanced nearly $2 billion of student loans. That has created savings of more than $500,000,000 for tens of thousands of Earnest clients.

And although that’s big—it is not enough. The U.S. credit system remains broken. It does not do a great job of looking holistically at a borrower’s full profile. We fundamentally changed that at Earnest with a much more encompassing underwriting model. By combining our capabilities with Navient, we can bring this benefit, and more, to many more people.

Why Our Companies Are a Great Fit

Growth: Navient helps millions of Americans repay their student loans and is one of the largest student loan companies across all financial services—managing or servicing more than $300 billion in loans. By pairing Earnest’s technology, innovation, and data-driven approach with Navient’s reach and resources, we can affect change at incredible scale.

Expertise: Navient CEO Jack Remondi, formerly the CEO at Sallie Mae, and Navient’s team, have decades of experience in this field. I am excited to learn under Jack’s leadership. Navient is one of the most well-respected, formidable, and well-performing financial services companies in the student loan community. Their data-driven customer contact program has helped its customers lead nationally in repayment success.  I am confident that Earnest will also become a nationally recognized brand focused on helping more people.

Mission: As I have gotten to know Jack over the past year, I know we share similar values between our two companies, most notably our relentless focus on clients and long-term view for company building. Both these values—“Earn Happy Clients” and “Build for Decades”—have been core to Earnest from day one.

What This Means for Earnest Clients

For Earnest clients, nothing changes. They will continue to get the great features we’re so proud to offer, including Precision Pricing, flexible repayment terms, and personalized client happiness support.

We are proud to serve each one of our clients and are grateful that they have chosen to use Earnest for this important financial relationship. We look forward to welcoming many more into our community.

I want to express my enormous gratitude to everyone who has been part of the Earnest journey over the last four years. We are grateful to all of our investors who believed in us from the very beginning that we could change this industry.

Most importantly, I want to thank every single person who has worked at Earnest—past and present—who have dedicated their hearts and minds to build this company. My thanks also extend to all the family, friends, and loved-ones who supported every Earnie while we were hard at work. Thank you.

I am filled with pride as I think of what Earnest has become and cannot wait to see what the future lies ahead.

As I said when we opened our doors at Earnest four years ago, it was only year 1 of 100. Now, here’s to the next 96 years!

Thank you, Louis Beryl, CEO/Founder, Earnest

This blog post has also been published on LinkedIn.

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Earnest is a technology company using software automation, smart design, and exceptional service to restore trust in the lending industry and help clients take control of their finances.