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Earnest Student Loans: The Next Chapter of Education Financing

Earnest was founded to disrupt traditional lending practices and has refinanced over $4 billion in student loans since 2013. And now we are going to send students to school.

Today, we launched Earnest Student Loans, a new way to finance your education. We have built new tools to simplify every step of the application and approval process, and led with technology, data, and design to engineer a more human application experience. Our private student loan offering incorporates four unique differentiators:

  • Innovative eligibility check – A quick two-minute mobile-friendly eligibility check that can also let you know if you might benefit from adding a cosigner.
  • Cosigner invite – Asking someone to cosign on a loan can be an awkward step for students. Earnest’s application makes it simple and easy to invite a cosigner to the process.
  • Customizing your loan With easy-to-understand terms and total cost transparency, as well as what you will owe each month after graduating, you can tailor your loan to your financial needs.
  • 9-month grace period – We offer a 9-month grace period, 3-months longer than the 6-month industry standard, giving students more time to transition into post-school life.  

Managing the costs of how to pay for school is a big decision for students. After scholarships, grants, and federal student loans, we want to be there to help these deserving scholars earn a degree.

Students signing up for a loan with most providers may have no idea what they’re getting themselves into due to poor user experience and loan terms that seem opaque and confusing. Earnest Student Loans are designed for today’s students and families, with a simple application process, intuitive design, clear explanations, and friendly customer support.

Our team conducted over 300 hours of user research with students, cosigners, and financial aid offices to re-engineer the student lending process from start to finish. We applied our skills in design and expertise in user experience to modernize a category that hasn’t evolved in nearly two decades.

Like our refinance product, Earnest Student Loans have no origination, prepayment, return, or late payment fees, ever. We also offer multiple repayment options while in school: $25 fixed, interest only, principal and interest, and deferred.

It’s time for a new chapter in student financing, where lenders offer responsible loans to students who are on the path to becoming financially responsible professionals.

Disclaimer: This blog post provides personal finance educational information, and it is not intended to provide legal, financial, or tax advice.