Alert Message
Thanks for signing up! We hope you enjoy our newsletter, The Teller.
repaying student loan

Repaying Student Loans with Earnest: 9 Reasons to Become a Client

Conquer your student debt. Refinance now.

Get My Rate

Student loan refinancing* can save you thousands of dollars over just a few years by consolidating your debt into one new loan with a lower interest rate. Not only that, but it can also help you simplify your repayment process and pay off your loans faster.

Earnest offers special flexibility and benefits that can make it easier — and less stressful — to refinance. Our low rates, and perks like discounts for autopay**, can also help you meet your personal finance and savings goals more quickly. Here’s what makes repaying student loans with Earnest different.

Earnest will let you skip a payment when you need to

Earnest’s features may give you peace of mind when you’re transitioning from federal student aid and loan programs into a consolidated private loan. We know everyone needs a little help sometimes. So if you’re in good standing on your loan agreement with Earnest, you may be eligible to skip a payment*** once a year.

Say, for example, your car breaks down and you need a little bit of extra cash to pay for it. You can request to skip your student loan payment that month so you can use the money you would have spent on your loan to pay the unexpected bill.

This feature can help you avoid taking on extra credit card debt or personal loans with high interest payments. Earnest will then spread the amount of the skipped payment over the remainder of your loan term. Your interest rate won’t change and you’ll still have the same payoff date.

You may be able to refinance without a cosigner

When you refinance with Earnest, we’ll ask a holistic set of questions during the application process, including some that other companies might skip. For example, instead of just running your credit report, we’ll also ask you about your bachelor’s degree program, work history, and more.

Depending on your total student loan debt and income potential, you may be eligible to refinance your loans with Earnest without a cosigner, even if some other lenders would require you to have one. You can learn more about our eligibility requirements here, and feel free to call us any time with questions about your loan application.

Get flexible loan structure and payment options

Earnest lets borrowers choose between repayment options that work best for their finances. For example, instead of making one monthly payment, you can set up a biweekly autopay to split up the bill into two equal payments. This can help you save money on interest by paying down your principal balance faster.

Avoid penalties for late fees

Unlike most other lenders, Earnest doesn’t charge late fees if you can’t make a payment on time. Even though it’s important to make payments on time to maintain your credit score (and setting up autopay can help with that), we won’t penalize you for a mistake.

Earnest also doesn’t charge any origination or prepayment fees or require prepayments. That means Earnest’s student loan refinance options may cost less over the full term of your loan.

You can have your rate reevaluated mid-loan term

Earnest borrowers can choose between fixed-rate and variable interest rate options, which each have their own advantages. With a fixed interest rate, you’ll be locked in to a set rate for the life of the loan, so you’ll know it won’t change. This is particularly valuable if you secure a low interest rate. Variable rates are sometimes lower at the outset, which can save you money, and may increase or decrease over time.

Regardless of which you choose initially, Earnest allows borrowers in good standing to request a reevaluation of their interest rates after making a set number of on-time payments. So, if interest rates or your financial situation change and you’d like to switch to either a fixed or variable rate, you can contact us to learn more about your options.

Earnest offers flexible repayment options

Federal student loan terms include some special protections for borrowers that private lenders don’t typically offer, such as Public Service Loan Forgiveness for people in certain careers. You can also apply for deferment and forbearance with a federal loan servicer to stop payments for a time if you experience financial hardship.

However, Earnest also has ways for you to reduce your payments temporarily, extend your loan term to lower your monthly bill, and receive a temporary interest rate reduction. In the event you need a little help, you can give Earnest’s client happiness team a call to explain your situation and discuss your options.

Receive an autopay discount

Regardless of whether your current loans are public or private, Earnest’s competitive interest rates may be lower than what you’re paying. And if you’re willing to set up autopay instead of manually making your payment every month, you can save even more.

Earnest gives borrowers a 0.25% interest rate reduction for setting up and maintaining autopay**. This is the best way to make sure you’re always on time and don’t miss any payments, which can help maintain and improve your credit score and credit history.

If you can afford it, you can set your autopay amount higher than your required payment amount, which can help you pay down your loan balance faster. You can use Earnest’s sliding student loan repayment calculator to see how an extra $5 or $10 — or more — per month can impact your repayment plan in a positive way.

Consolidate your public and private student loans with one monthly payment

Juggling multiple student loan payments can make it more challenging and confusing to pay down your debt faster. Earnest can help you refinance your total loan amount up to the whole cost of attendance for your university, across both public and private lenders. And that includes Parent PLUS loans. Earnest will take care of sending final disbursement so you can consolidate your student debt into one monthly payment, all under the same repayment terms.

See how much you could save with Earnest student loan refinancing

At Earnest, we know our borrowers are more than their credit report. They’re people. They’re dynamic. And they have needs that extend beyond what numbers can show.

That’s why we do our best to accommodate all types of financial situations. We’re here to help if you fall on hard times, and we’ll always be here to answer your questions when they arise.

Best of all, refinancing* with Earnest may help save you thousands of dollars in interest and help you pay off your loans faster, putting you closer to achieving other goals and dreams.

The best way to see how much money you can save by refinancing your student loans with Earnest is to check your interest rate. It only takes two minutes and won’t affect your credit score.

Credit products are subject to credit approval

*Choosing to refinance to a longer term may lower your monthly payment, but increase the amount of interest you may pay. Choosing to refinance to a shorter term may increase your monthly payment, but lower the amount of interest you may pay. Review your loan documentation for total cost of your refinanced loan.

**A .25% interest rate discount is applied when auto pay is elected from a checking or savings account.

***Earnest 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. The interest accrued during the skipped month will result in an increase in your remaining minimum payment. The final payoff date on your loan will be extended by the length of the skipped payment periods. Please be aware that a skipped payment does count toward the forbearance limits. Please note that skipping a payment is not guaranteed and is at Earnest’s discretion. Your monthly payment and total loan cost may increase as a result of postponing your payment and extending your term.

Earnest Loans are made by Earnest Operations LLC. Earnest Operations LLC, NMLS #1204917. 535 Mission St., Suite 1663, San Francisco, CA 94105. California Financing Law License 6054788. Visit for a full list of licensed states. For California residents: Loans will be arranged or made pursuant to a California Financing Law License.

 Earnest loans are serviced by Earnest Operations LLC with support from Navient Solutions LLC (NMLS #212430). Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by agencies of the United States of America.

 © 2021 Earnest LLC. All rights reserved.

Conquer your student debt. Refinance now.

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