On January 15, 2018, our team joined America in its annual recognition of Dr. Martin Luther King Jr., supporting our local community through volunteerism and by marching collectively in honor of his legacy.
At Earnest, our goal was to engage our second MLK’s Day of Service by accomplishing two activities, because it felt important to do something that was uplifting and inclusive for this annual tradition. Some Earnest employees put on their walking shoes to support the NorCal MLK Jr. Foundation annual march and another small group participated in the Golden Gate Park National Conservancy activity to clean up Ocean Beach, in San Francisco.
Maintain our Earnest values
Out of the five core values that set the foundation for our culture at Earnest, the “Make it Happen” value often takes center stage; it is a value that helps us build great financial products and services for our clients while contributing to our approach towards civic engagement. Historically, Earnest has committed to supporting a wide range of causes, from packaging 9000 pounds of food for the SF-Marin Food Bank, spending time with local children at our local Boys and Girls Club, and this is just a few of the many opportunities we’ve supported over the past four years.
We are only at the beginning
As we face the future of 2018, there will be many more causes to support and numerous civic events that will attract our attention, and we will gladly meet those opportunities head-on. We’re actively looking for more people to join us in this endeavor, and we expect our involvement will be even greater in the days ahead. Sticking with the tradition of our last MLK Day of Service blog post, we would love to have more community-minded people join us, because — well, we’re hiring!
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.