While our $200 referral bonus is good motivation to spread the word about Earnest, some clients find fulfillment in a deeper purpose.
Meet Samantha Rosenbaum—repeat referral bonus collector and financial hero to her friends.
Several years ago Samantha got frustrated that she was wasting hours on the phone with her loan servicer trying to get extra payments applied. She refinanced with Earnest and was relieved to find a repayment process designed to get her out of debt faster, not keep her on an interest treadmill.
Pretty quickly, Samantha realized her housemates and friends were equally frustrated—many had no idea what their interest rate even was, and were simply paying the minimum monthly payment (a recipe for debt that never goes away).
She found that people were scared to even look at their loan balance, to see a number that’s “more money than I’ve ever seen in my bank account, and now I owe it,” in Samantha’s words.
Never one to shy away from a challenge, Samantha printed the number, put it up on her mirror, and plotted a way to pay it off as fast as possible. And when it came to referring friends, she didn’t just post a link—she shared her personal story on Facebook, and answered the questions that popped up in the comments.
Fast forward two years, and Samantha funnels her franklins into a bank account earmarked for future entrepreneurial ventures.
Inspired to up your own referral game? Here are Samantha’s top tips:
Make it personal when posting—share your student loan story and offer to help people
Don’t assume everyone knows as much as you do—or even what refinancing is
If you’ve had good experiences with Earnest Client Happiness, mention it—people like to know they will be well taken care of!
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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.