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How to Refinance Your Student Loans

How to Refinance Your Student Loans

After working to improve student loan refinancing for over 5 years, I’ve learned two fundamental truths: 

  1. Student loan refinancing is a great option for those looking to get a lower interest rate or a lower monthly payment, and sometimes both. 
  2. Navigating the world of student loans can be confusing (although we’re doing our best to fix this).

With that in mind, I’ve written a quick guide on how to refinance your student loans with Earnest, and what sets us apart as a lender: 

How to Refinance Your Student Loans with Earnest

Ready to take control of your student loan debt but not sure where to start with refinancing? Let’s walk through each step of our process:

2-minute rate check

Before you invest too much time and effort (as well as a hard credit inquiry), we want to make sure Earnest is the right lender for you. By analyzing information beyond your credit score, we can provide an instant rate estimate and guidance as to your likelihood of approval. It’s our way of getting to know you and confirming you’re eligible to refinance with Earnest.


Once you get your rate check results, you’ll move on to fill out an application. Here we ask for further information to fill out your profile—such as indicators of financial responsibility like your saving and spending habits. If you really want to speed along, have your most recent student loan statement(s), financial account login information, as you will be asked to link your account(s), your total annual income, and additional assets information.  

We evaluate

Once you have submitted your application, we perform a hard pull on your credit. We also look beyond your credit score at data other lenders don’t—from your savings patterns to career trajectory, we consider your unique financial situation to provide rates and terms tailored to you.

While your application is in review, remember to keep paying your loans with your current servicer. Want to check on the status of your application? Once you’re signed in to your Earnest account, your loan status can be found by clicking on “My Loans” at the top of the page.

Finalize your loan agreement

Once the review process is complete, you’ll receive an email with your loan decision. If you’re approved to refinance, you’ll get your final rate and the opportunity to customize your loan. 

With Earnest’s proprietary Precision Pricing algorithm, you can set your preferred monthly payment based on your budget. Here you decide if you are optimizing for quick repayment with the least amount of interest paid, or reduced monthly payments to fit your budget. 

You will have 30 days to accept your student loan refinance offer. If you have any questions throughout this process, check out our Help Center, or reach out to our Client Happiness team.  

Why Refinance My Loans with Earnest?

We are focused on empowering people with the financial capital they need to live better lives. Part of this is tailoring your student debt to a loan that works for you. When refinancing with Earnest, you can: 

1Earnest clients may skip one payment every 12 months. Your first request to skip a payment can be made once you’ve made at least 6 months of consecutive on-time payments, and your loan is in good standing. This skipped payment will then be spread out across your remaining payments, resulting in an increase in your monthly minimum payment and interest will continue to accrue. Please be aware that a skipped payment will count towards the forbearance limits outlined in your loan agreement. Please note that skipping a payment is not guaranteed and is at Earnest’s discretion.

Terms and conditions to refinancing your loans with Earnest apply. See Eligibility criteria information at

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