On January 16, 2017, the country celebrated the life and legacy of Martin Luther King, Jr. For Earnest, it marked our first annual Day of Service as a company.
We chose this day to kick off our ongoing pledge to commit a full day of team-wide volunteering efforts to our community each year. We are thrilled that dozens of people from Earnest worked with the NorCal MLK Jr. Foundation to help with the annual march.
Service is a Core Part of Earnest
Why have a Day of Service? We are a company with a social conscience, and with a desire to do something we believe needs doing, and that is expressed by our mission to democratize access to high-quality financial services and products.
But the mission is not the only place where our social conscience is present—we want to be a company that gives back to our local community and that grows the scale and impact of our positive work year after year.
In our first three years as a company, Earnies clocked more than 500 hours of volunteering at local community organizations in the San Francisco Bay Area. In 2015 and 2016, we packaged 9,000 lbs of food at the SF-Marin Food Bank, delivered 150 holiday presents to families in need through The Raphael House and spent time with children at local Boys and Girls Clubs.
Now, by establishing a dedicated Day of Service, we want to expand our efforts and the impact we can make in the coming months and years. We take pride in our mission ourselves and having many different answers to the question “How can we help?” If you’d like to join us, we’re hiring.
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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.