During our thorough review process, we take career history and career potential into account, along with other credit and financial data. We view each applicant as an individual, not a number, and with this information we are able to offer better terms for your loan. Your LinkedIn profile is not just about finding a new job – it is about taking control of your online professional life. It is an easy way to host your professional profile, get credit for your accomplishments, connect with other professionals, improve job stability, and advance faster and bounce back quicker from any unexpected career changes.
All the loans we have financed at Earnest have been for people who have worked hard to invest in their future, which often requires an upfront cost. LinkedIn is a simple way to show the world that you are making that investment. We’re happy to help our clients who have put their best foot forward to start a new job or enter a new stage in life.
We are excited to connect with you to see how far you’ve come and where you’re going professionally, and we’re excited to help you get there.
We are a skilled team of design, math, finance, and technology geeks who noticed a lack of trust in the financial system and decided to do something about it. We also like to write articles to help clients with any financial challenge they may face.
Disclaimer: This blog post provides personal finance educational information, and it is not intended to provide legal, financial, or tax advice.
Let us do the math
Use our calculators to aggregate multiple student loans or preview your potential savings from refinancing with Earnest.
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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.