From student loan refinancing that could save you thousands to personal loans to help fund life’s biggest moments, our products are designed to help you reach your financial goals.
- Student Loan Refinancing
- Our student loan refinancing helps you pay down your federal and private student loans on your terms. We consolidate as many of your existing student loans as you’d like at a lower rate, with the option to choose between a fixed or variable rate at a term that fits your exact needs. We can refinance a minimum of $5,000 of eligible student loans, up to $500,000. Please note: you must have graduated and be employed, or be within 6 months of graduating and possessing a job offer to submit an application. Take a look at our Eligibility Guidelines for more information, and then start your student loan refinancing application here.
- Personal Loans
- We offer 1, 2, and 3 year personal loans between $2,000 and $50,000 with rates between 5.25% and 12.00% APR. Personal loans can be used for a number of reasons, including but not limited to: vacation/honeymoon, moving/relocation, security deposit, engagement/wedding, home improvement, new job expenses, and career development. We do not currently offer loans for small businesses. Take a look at our Eligibility Guidelines for more information, and then start your personal loan application here.
- Coding Bootcamps
- Considered a type of personal loan, our coding bootcamp loans help cover the course cost of participating programs. These 2- and 3-year loans feature competitive interest rates, along with the option to defer your loan until after you complete the course (varies by course). Please note that your loan will still accrue interest at a simple daily rate (interest rate divided by 365) while your loan is deferred. If you choose deferment, your total loan amount to be repaid after your deferment ends will be equal to the initial balance plus any unpaid accrued interest. For coding bootcamp loans, please obtain the unique URL from the coding bootcamp you’ve been accepted into to begin your application.
Earnest offers loans to financially responsible people. While your credit history is an important aspect of our review process, we also look at your cash flow, debt-to-income ratio, retirement contributions, and savings habits. We ask applicants to provide up-to-date information about their education and employment, as well as connect certain financial accounts, which allows us to evaluate your personal and financial profile. Please view our Eligibility Guidelines to see if Earnest is a fit for you.
Some reasons that we may not be able to approve an application are:
- History of missed payments
- Income that does not support everyday living expenses along with the Earnest loan
- Savings that do not cover at least 3 months of normal living expenses, including the Earnest loan
- Recent bankruptcy or foreclosure
Please refer to the map below to see where we currently offer loans.
We currently lend in Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Florida, Georgia, Hawaii, Idaho, Illinois*, Indiana, Kansas, Maine, Maryland, Massachusetts, Michigan*, Minnesota*, Missouri, Montana, Nebraska, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon*, Pennsylvania, South Carolina, Tennessee*, Texas, Utah, Virginia, Washington, Washington D.C., West Virginia, Wisconsin, and Wyoming. Regardless of where you live, you can create a user profile so you can be at the top of the list when we offer loans in your state.
*Within the U.S., regulations on fixed and variable interest rates are governed at the state level. In some states, the regulations on variable rates are not aligned with our current rate ranges. As a result, we do not offer variable rates in these markets.
Our data-intensive application and sophisticated underwriting software help us accurately analyze each applicant’s unique profile to give our clients competitive rates. Using an online application helps us verify your identity and prevent fraud, which cuts out costly verification measures. We pass these savings on to you by offering lower interest rates and faster decision times.
We are happy to receive your feedback. Please give us a call during business hours (Monday-Friday 8am-5pm Pacific Time) at (888) 601-2801, email us at firstname.lastname@example.org, or chat with us during business hours to file a complaint.
The 2-minute Rate Check tool for our student loan refinancing product helps provide potential applicants a preview of their likely rates. If you are shown rate estimates after filling our the Rate Check, you will likely see similar rates offered if you move forward with the application and are approved. These rate estimates are not guaranteed, and can change based on the information we collect in your full application.
We do not currently offer a similar Rate Check tool for our personal loans or coding bootcamp loans, but are working hard to extend this option to all of our clients.y be completed in 10-20 minutes and submitting an application will give you the opportunity to learn your rate before deciding to accept your loan.
Each state has its own individual legal requirements for lending. We are a new company and we are adding new states rapidly. You can create an Earnest profile to be put at the front of the line for when we do offer loans in your state. We will notify you as soon as Earnest becomes available in your state.
We recognize that every person is different when it comes to their finances. Rather than just look at your credit score, we use your educational and employment history, as well as data from your financial accounts, to better understand you as an individual. The better we know you, the better we’re able to deliver personalized rates and savings.
Here are some details about the steps in our application process:
- Loan Purpose: You will be asked to enter basic information about the loan you are seeking to take out. This helps us better understand the nature of your needs. For personal loans, your loan purpose provides necessary context for your application.
- Education/Employment: Here you can enter all of your educational and professional background. Doing so helps us better understand your academic and career growth, to assess your earning potential as it relates to paying off your Earnest loan.
- Financial: When you link your financial accounts to your Earnest profile, you are giving Earnest read-only access to your financial transactions within those accounts. This means we may only view the transaction and balance history, not make charges. Connecting your accounts enables us to verify the information provided in your application as well as perform calculations that are critical to our review process. Securely stored data from LinkedIn and bank accounts are used for the purposes of underwriting your loan, verifying identity, and minimizing fraud. We do not store or have access to your usernames, passwords, or login credentials. We will also never sell your data under any circumstance.
- Personal: Finally, entering your personal information allows us to verify your identity, since we do not have any physical branches where we can do so in person. Securely uploading a government-issued photo ID helps us confirm the information we review on your credit report. Entering your Social Security Number is used to perform the hard credit inquiry we must complete when processing your application and further minimizes the potential for fraud by ensuring we are reviewing the correct credit report.
Our interest rates are based on your entire personal and financial profile. Specific interest rates and terms available to you will be communicated at the time of approval.
When you initially check your rate for student loan refinancing, we perform what is known as a “soft inquiry” or “soft credit pull.” Soft inquiries do not affect your credit score. Check out our blog post for more details.
For all loans, we perform a ”hard inquiry” when you submit your application. Hard inquiries occur when a lender looks at your credit report to make a lending decision (for loans, credit cards, mortgages, etc.). Hard credit inquiries do appear on your credit report and can affect your credit score.
We support the current and previous major releases of Chrome, Safari, Firefox and Internet Explorer on a rolling basis. Each time a new version is released, we begin supporting that version and stop supporting the third most recent version. Because of this, we highly recommend you use the most recent version of your browser when filling out our application.
Once signed into your Earnest account, your loan status and payment details can be found by clicking on "My Loans" at the top of the page. You can also contact our Client Happiness team via phone, chat, or email.
When you first submit your application, you will receive a confirmation email letting you know that it is now under review. We then review your application and check to see if there is anything we are missing that is necessary in order to make an accurate decision. If we need additional information from you to review your application, we will email you and request that you supply that information in your Earnest account.
As soon as we receive all of the necessary information, we will review your application and email you once we have made a decision.
Student Loan Refinancing
What makes refinancing my student loans with Earnest different from other refinancing or consolidation options?
Our student loan refinancing is unique in several important ways:
- Merit-Based Rates: We offer our clients low interest rates that they have earned by being financially responsible. This can save you thousands or tens of thousands of dollars over other lending options that only look at your credit score.
- No Fees for Origination, Prepayment, or Anything Else: Our business is built on interest payments, not hidden fees or gimmicks.
- No Middlemen: While other lenders pass you off to a third party to manage your loan, we believe in doing everything ourselves so that we can ensure you have a great experience. Real people in our office are never more than a call or email away.
- Precision Pricing: Set the exact payment amount you want without being restricted to standardized options that are not right for you. You can even specify the exact number of months in which you want to pay off your loan.
Radical Flexibility: This is the first student loan refi program specifically designed to flex with you and your life:
- We make is easy for you to choose the most optimal terms for your financial situation right when you sign.
- Make smaller payments every two weeks rather than monthly so that you pay less interest overall.
- Schedule extra payments to save on interest whenever you have extra funds available.
- If you decide to attend an accredited graduate school at least half time, you may apply for a deferment while you pursue your degree.
- Skip a payment: After 6 months of on-time payments, you will be eligible to skip a payment every 12 months. While this feature can be extremely helpful when life hits a bump in the road, please note that the principal and interest from that payment will be spread out across your remaining payments, resulting in increased monthly payments.
No—once you have refinanced your student loans with Earnest, we will manage payments and be your servicer for the life of the loan. means that our Client Happiness team can provide you the best possible service.
The short answer is, the sooner you refinance the more you could save. The longer you hold your loan at a higher rate, the more interest you are accruing, even if you are in a grace period. Not only will we honor your existing grace period up to six months, but, with no origination fee, there is no cost to refinancing with Earnest.
If you have loans accruing no interest until after graduation, then you would save money by waiting. Furthermore, if you do not yet have a job/job offer or income that supports payments for your loan, it is recommended that you do not apply yet.
For more details, check out our Eligibility Guidelines.
Refinancing is a great solution for employed or soon-to-be-employed graduates who have high-interest, unsubsidized Direct Loans, Graduate PLUS loans, and/or private loans.
We look for clients who have a strong history of financial responsibility, which can show itself in many ways. For example, some clients may have a limited credit history, but present healthy savings patterns and a career with strong earning potential. We also look for clients who have an income that supports both the life of the Earnest loan and their everyday living expenses. Positive payment history is another key part of our review process, as this demonstrates you are committed to making your payments in full for all of your existing debts.
You must also meet the following requirements:
- You are at least 18 years old.
- You are a United States citizen or permanent resident
- You reside in a state in which we lend
- Your student loans were used to pay for a completed degree from a college or university that is accredited under Title IV. If you are unsure whether your school is accredited, you can consult this list.
- You graduated or are in your final semester.
- You are employed or have a written job offer.
- You demonstrate an ability to afford loan payments and are generally financially responsible. You can read more about what that means in our Eligibility Guidelines.
If you believe your situation justifies an exception to these criteria, please contact us at email@example.com.
Federal student loans do carry some special benefits. If you are consolidating any federal student loans with us, you will not be able to take advantage of federal student loan repayment or hardship options. For more information about special benefits, please consult: https://studentaid.ed.gov/repay-loans/understand/plans.
In some cases you should not refinance. If you have loans accruing no interest until after graduation, then you would save money by waiting until after they start accruing interest to refinance. Additionally, if you are taking advantage of some of the unique benefits of federal student loans, refinancing may not be right for you.
Earnest is currently approved to provide loans in Alaska, Arkansas, Arizona, California, Colorado, Connecticut, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Kansas, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Montana, Nebraska, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Tennessee, Texas, Utah, Virginia, Washington, Washington D.C., West Virginia, Wisconsin, and Wyoming. However, we encourage you to create a profile regardless of where you live so we can contact you when we are able offer loans in your state.
We are able to only offer fixed rate loans in Illinois, Minnesota, Oregon, and Tennessee.
We can refinance student loans used to pay for any college or university degree that is accredited with the U.S. Department of Education under Title IV. Please note, we can only refinance loans for completed degrees, not certificates or other credentials. If you are unsure whether your school is accredited, you can consult this list.
While we are not able to combine loans from two different individuals, we would be happy to consider two separate refinancing applications. For each application we would consider only individual income, but we can factor in any joint assets that you might share.
Absolutely. When considering refinancing your federal student loans, it is important to review the current protections and benefits you are granted with those loans and understand which of those you may be giving up when refinancing with a private lender like Earnest.
For student loan refinancing, Earnest offers cosigning on a case-by-case basis. We will always do our best to approve your loan based on your individual financial profile first. If we find that we cannot approve your loan on its own but that a cosigner could help, we will email you and let you know how to proceed. If we did not approve your loan and you were not extended the cosigner option, we concluded that adding a cosigner would not affect our decision.
We are not able to offer a cosigner option for our personal loans at this time.
Yes. Previous refinancing or consolidation does not affect the eligibility of your application. As long as the completed degree you have received was obtained at a school under the Title IV accredited list, we are able to refinance your existing loan.
All clients are eligible to enroll in autopay, which will ensure that all of your payments are made on time. Student loan refinance clients who are enrolled in autopay will receive a 0.25% interest rate discount. Personal loans and coding bootcamp loans are not eligible for an autopay discount at this time.
There are two ways to enroll:
- When signing your loan agreement, you'll be asked to confirm you'd like to be enrolled in autopay by entering in the last four digits of your Social Security Number.
- If you did not sign up during the loan agreement signing process, you will see the option to enroll in your Earnest account. Simply click on ‘Loan Details’ and then ‘Enroll in Autopay’ in the left menu. You can then follow a few quick steps to finish the process. Please refer to the visual below to see how.
Please note that the autopay discount is not available during deferment, forbearance, or grace periods.
APPLYING TO REFINANCE
When choosing between a fixed or variable interest rate loan, consider the length of the loan, how much you value predictability in your budget, and the current interest rate environment.
A fixed rate loan has the same interest rate throughout the life of the loan. One reason borrowers, especially those with long-term loans, like fixed rate loans is that they provide a kind of “interest rate insurance” — they cost a little more, but that premium protects you against price changes down the road.
A variable interest rate loan’s APR will fluctuate over time based on an interest rate index known if as 1-Month LIBOR. This means that your monthly payment can also change as interest rates change. You can view historical 1-month LIBOR rates here. Interest rates on variable rate loans are capped at 8.95%, 9.95%, or 11.95% depending on the term of your loan and state regulations.
You can also refer to our blog post about the difference between fixed and variable interest rates for more details.
The rate range you see after completing a Rate Check is strictly an estimate, as it is based on limited information. Once we receive your full loan application, we can perform a complete assessment and offer you final rates. For student loan refinancing, we do our best to meet or beat the rate estimate, and we often do.
Consolidation simply combines multiple student loans into one. That means one monthly payment instead of having to juggle many different ones, sometimes with multiple servicers. When you consolidate, your interest rate will be a weighted average of the interest rates on the loans you combine. You won’t save money on interest rates — but it can make life easier by reducing the amount of time you spend managing different payments.
Refinancing can be done with one loan or several, and involves getting a new loan with a different (usually lower) rate than before, due to changes in your financial situation. When you refinance, you typically work with a company to pay off the original loan(s) and get a new unified loan at a lower rate.
PAYING OFF OLD LOANS
If you are approved for an Earnest student loan refinance, you will typically be approved for the total eligible student loan amount listed on your credit report. When you’re ready to accept your loan, you can choose to refinance less than the requested amount (as long as it’s above $5,000) or up to 105% of your approved amount. If you need a larger amount, please contact the Client Happiness team.
Once you’re approved, you are automatically approved for the total eligible student loan amount listed on your credit report. When you’re ready to accept your loan, you can choose to refinance less than the requested amount (as long as it’s above $5,000) or up to 105% of your approved amount.
During the agreement process for your Earnest loan, you will list the exact loans you would like Earnest to pay off. If there are any loans you wouldn’t like us to pay off, you will be able to indicate which ones to omit. Once you've done this, we will manage the payoff process with your loan servicer(s).
Once your application with Earnest has been approved, there are three easy steps to paying off and closing out your existing student loans:
- Identify your 10-day payoff amount. This is a specific dollar amount needed to fully pay off your current loans. It is provided by your current loan servicer and is valid for 10 days. A 10-day payoff is different from your loan balance because it factors in the interest due through the payoff date, as well as any payments made during that 10-day period.
- When you are ready to sign your loan agreement, simply provide us with your final 10-day payoff amount, and we will generate a loan agreement with this balance.
- Once you sign your loan agreement, we will send the full payoff amount to your current loan servicer within the 10-day window. Transfer of the 10-day payoff amount may take two to three days, and your previous servicer may also need a few days to process the transaction.
Yes. Keep making payments until your previous servicer shows a $0 balance, which means it has processed our payoff check and your loan is now with Earnest. We never want to risk you having a late payment in the event that our loan payoff payment has not been processed by your previous servicer.
We are required by law to wait three days in case you change your mind. Delivery may take two to three days, and your previous servicer may also need a few days to process the transaction.
You have a general account number with your current loan servicer, as well as an individual loan number or identifying suffix for each loan. Each loan servicer has a different format for their loans that is listed on your billing statement each month.
Oftentimes, for loans in deferment or in a grace period, loan servicers do not provide billing statements. Instead, they provide what is referred to as an "interest notice" or "interest bill,” which is a statement showing interest accrued during the deferment time period. If you are not currently receiving these documents from your servicer, you can request them either by signing in to your servicer's website and downloading them, or by contacting them directly.
After you sign your loan agreement, we are legally required to wait three days in case you decide to change the terms of your loan (such as the amount). Earnest will then send your loan servicer a check to pay off your loans. Your loan servicer will then process Earnest’s check and let us know when the funds have been applied. As soon as we receive confirmation from your previous servicer that they have received and processed our check, we will send you an email to let you know that you are officially an Earnest client. Your Earnest loan will begin to accrue interest when our payoff to your old servicer has cleared, and your first payment will be scheduled 30 days after then.
How do I find my 10-day payoff amount?
- Sign in to your account here.
- Select “Continue” to enter into your account summary.
- Select “Payments & Billing”.
- Select “Loan Payoff” (in left column).
- Select the loans for which you want a payoff request.
- Select the the 10-day payoff date from today’s date.
- Select “Request A Payoff Amount”.
- The system will automatically calculate the payoff amount total.
All AES payoffs will be sent to:
AES – Paid In Full
P.O. Box 2251
Harrisburg, PA 17105-2251
Individual AES loans are distinguished by a Loan Sequence number, typically 1001, 1002 and so on. You’ll also see a “Loan Program” on your statement. You’ll need to identify individual loans if you choose to only pay off certain loans by listing out the Loan Sequence numbers for your individual loans. Learn more about your billing statement here.
Your FedLoan account number is a 10-digit number on your statement or in your FedLoan account. To get your payoff information, you can speak with FedLoan directly at 1 (800) 699-2908 or visit their website.
- Visit FedLoan's site.
- Sign in with your username and password.
- Select “Loan Payoff” under Payments & Billing.
- Select the loan you want to pay off.
- Select the “Request A Payoff Amount” button.
- Enter payoff information.
- Save a copy of your payoff statement.
- Repeat process for each loan you you wish to pay off.
All FedLoan payoffs should be sent to:
Department of Education, FedLoan Servicing
P.O. Box 530210
Atlanta, GA 30353-0210
If you want to pay off some but not all of your loans, you’ll need Loan Identifiers from FedLoan. These are unique identifiers for each loan but these do not appear on your billing statement. If you’re unable to find these numbers in your account, you’ll need to call FedLoan directly.
Here’s a sample billing statement for more information.
Your Great Lakes loans are identified by individual Payment Reference Numbers instead of typical account numbers. Payment Reference Numbers are 15-digit numbers included on your loan statement. To get your payoff amounts, follow these steps.
- Visit Great Lakes and sign in to your account.
- Click “Payments” in the top navigation bar, and then select the first option in the dropdown menu “Manage Payments”.
- Click the “Calculate Payoff Amount” link.
- Use the “Choose Payoff Date” field to select a date 10 days in the future. Then click the “Calculate” button.
- The 10-day Payoff Amount is shown below.
Great Lakes loans go to one of two addresses:
ED-held loans processed and serviced by Great Lakes:
Dept of Education
PO Box 530229
Atlanta, GA 30353-0229
Lender-held FFELP loans processed and serviced by Great Lakes:
PO Box 3059
Milwaukee, WI 53201-3059
Individual Great Lakes loans are identified by Payment Reference numbers mentioned above. If you have certain loans you wouldn’t like to pay off, you’ll list out the Payoff Reference numbers for those so we include those details in the payoff instructions.
Your MOHELA account number is a 10-digit unique number available in your account or on any billing statement. Payoff checks should be made payable to Mohela for all loans serviced by Mohela. To get your 10 day payoff amount:
- Visit Mohela.
- Enter your username and click “Login”.
- Enter your password and click “Continue”.
- Select “Payoff Calculator” under Payment Assistance.
- Select your payoff method (Online, Phone or Mail).
- Select your payoff date for 10 days from current date.
- Select which loans you would like to pay off (you may choose one or more) and click “Calculate”.
Your payoff results will be shown, and you will be able to print details of the payoff estimate. If you have trouble obtaining a payoff amount, you can call 1 (888) 866-4352. Be sure to specify that a 10-day payoff is needed.
Your Mohela payoff address depends on the type of loan you have. All federal loans have one payoff address while FFELP loans go to another. FFELP loans are any Stafford Loans, Unsubsidized Stafford Loans, Federal PLUS Loans, and Federal Consolidation Loans.
For Federal student loans:
Department of Education
P.O. BOX 105347
Atlanta, Georgia 30348-5347
For FFELP borrowers:
PO BOX 1022
Chesterfield, MO 63006
If you plan to pay off some but not all loans, you can list out the individual loans by their Loan Sequence numbers. These Loan Sequence numbers are listed in your billing statement and are typically 1, 2, 3, etc. Please do not use the “Loan Program” as the unique identifier for your loan since Mohela will not apply be able to identify payoffs with that information.
Payoff information can be obtained 24 hours a day through Nelnet's automated phone system when you call 1 (888) 486-4722. The 10-day payoff information includes 10 days of accrued interest.
IMPORTANT: Nelnet services their own loans as well as loans owned by the Department of Education. If you have Nelnet-serviced loans, your account number will begin with D or J. Department of Education-owned loan account numbers begin with E. Payoffs for the different types of loans will have to go to different addresses, and you’ll need to click “Add new servicer” to list these as separate servicers.
Nelnet has several payoff addresses for their loans depending on the loan type. You’ll select the correct address by looking at your account number.
Mail accounts starting with an "E" to:
Department of Education
P.O. Box 740283
Atlanta, GA 30374-0283
Mail accounts starting with a "D" to:
P.O. Box 2970
Omaha, NE 68103-2970
Mail accounts starting with a "J" to:
P.O. Box 2877
Omaha, NE 68103-2877
Individual loans are distinguished by Groups. You’ll see Group A, Group B, etc listed on your loan statement as individual loans. If you’d like to pay off some but not all of your loans, you’ll need to request individual payoffs for your loans to pay off.
IMPORTANT: Group letters are not the same as the letters on account numbers and do not matter when choosing your payoff address. You can have a Nelnet loan which has an account number beginning with a D, E or J and within those account numbers, your loans will have individual Groups that can be any letter.
Your Sallie Mae account number is either a 9-digit number or a 16-digit number that can be found on your billing statement. If your loan if 16-digits, your account number will start with the number “5”. You can call Sallie Mae directly at 1 (800) 472-5543 to get your pay off information or sign into your account and do the following:
- Visit Sallie Mae.
- Sign in with your username and password.
- Select the loan you would like a payoff quote for to take to you to the Loan Details page.
- At the bottom of that page, select the Loan Payoff Calculator.
- Enter the date for the correct 10-day payoff in the calculator.
- Click “Calculate”.
- The calculator will generate the payoff amount valid for the next 10 days.
- If you have trouble obtaining the payoff amount, you can contact Sallie Mae at 1 (800) 472-5543.
All payoff checks to Sallie Mae will go to the following address:
PO Box 8459
Philadelphia, PA 19101-8549
If you want to pay off some but not all of your loans, you’ll need your individual loan identifiers. Loan identifiers are 1-01, 1-02, and so on. Each loan under your account number will have this unique ID so you can indicate which loans are to be paid off and which are not to be paid off.
Your Tru Student account number is a 10-digit number. You’ll see it at the top of your Tru Student account when you sign in online. To get your 10-day payoff amount, contact Customer Service at 1 (866) 869-1592 with your Account Number or Social Security Number. Electronic payoff requests will be sent through the Message Center in your Tru Student online account.
We’ll send your Tru Student payoff to the following address:
P.O. Box 8033
Helena, MT 59604-8033
Each individual loan in your Tru Student account has an unique Loan Sequence Number, typically 1, 2, 3, etc. You’ll indicate which loans you’d like us to pay off and which ones we should not pay off by using these Loan Sequence numbers.
UAS payoff checks are payable to your university. You’ll see the “Make Check Payable To” information on your billing statement and will fill out your Earnest payoff information. Your UAS account number is available in your account or reaching out to UAS. Confirm the correct “Check Payable To” name when you get your loan servicer information.
- Have your Social Security number and zip code available.
- Call 1 (800) 999-6227.
- To speak with a customer service representative, press 3.
UAS payoffs will be sent to the following address:
University Accounting Service
PO Box 5865
Carol Stream, IL 60197-5865
Managing Your Earnest Student Loan
Changing your payment schedule for your Earnest account is quick and easy.
- Log into your account and select the ‘My Loans’ tab at the top of the page.
- Click the ‘Loan Details’ button next to the loan whose payment schedule you’d like to modify.
- On the ‘Loan Details’ page, there is a ‘Payment Options’ section on the left side menu.
From there, you can enroll in autopay, schedule bi-weekly payments, schedule an extra payment, update your payment account, and adjust your payment schedule.
Simply sign in and select ‘Loan Details’. You will see the option to ‘Change Autopay Amount’ under the ‘Payment Options’ menu on the left side.
You may request to switch between fixed and variable interest rates after making at least 6 consecutive on-time payments. This process can happen no more than once every six months, and requests are still subject to approval. To request a switch, please call us at (888) 601-2801 or email us at firstname.lastname@example.org.
Please note that the interest rate on your new loan will be based on prevailing interest rates and your financial profile at the time of your request and, as such, this rate may be different from those you were offered when your current loan was signed.
With documentation from your previous servicer to confirm, we may be able to match your existing grace period for up to six months. Once you are approved, please upload documentation with the details of your grace period to the ‘Uploads’ section of your Earnest account, and then contact our Client Happiness team at (888) 601-2801 or email@example.com to request a grace period match.
We offer deferment up to 36 months for clients who return to an accredited graduate school at least half time. Please note that interest continues to accrue during the deferment period. If you would like to request a deferment or would like additional information, please contact our Client Happiness team via phone, chat, or email.
Earnest loans are considered student loans for federal and state tax consideration. Note that you may or may not be eligible for interest deduction depending on your individual tax situation. You should consult your tax advisor for more information.
Earnest will have a 1098-E tax form available for download in your account at the beginning of the each year. The form will include the full amount you've paid in interest toward your student loan. We'll make the form available regardless of the total interest paid, so even if you've paid less than $600 this year, you'll have the total for your records.
Paying bi-weekly will help you cut down on the total interest paid over the life of your loan and is easy to set up. Start by signing in to your Earnest account and selecting ‘Loan Details.’ Then click on ‘Change Autopay Schedule’ under the ‘Payment Options’ menu on the left side. Finally, select ‘All Future Auto-payments’ and ‘Every 2 Weeks.’ You can also choose when to start this new payment schedule. Please note that setting up bi-weekly payments will schedule payments every 14 days. This means that you could see up to three payments in one month depending on the number of weeks in the month.
Personal loans can be used for a number of reasons, including but not limited to: vacation/honeymoon, moving/relocation, security deposit, engagement/wedding, home improvement, new job expenses, and career development. We do not currently offer business loans.
Earnest offers loans to financially responsible people. While your credit history is an important aspect of our review process, we also look at your cash flow, debt-to-income ratio, retirement contributions, savings habits, and more. We ask applicants to provide up-to-date information about their education and employment, as well as connect certain financial accounts, which allows us to evaluate your personal and financial profile. Please view our Eligibility Guidelines to see if Earnest is a fit for you.
Some reasons that we may not be able to approve an application are:
- History of missed payments
- Income that does not support everyday living expenses along with the Earnest loan
- Savings that do not cover at least 3 months of normal living expenses, including the Earnest loan
- Recent bankruptcy or foreclosure
You may request to borrow between $2,000 and $50,000 through our personal loan application. In some states this range varies:
- Between $7,500 and $50,000 in South Carolina
- Between $5,000 and $50,000 in New Mexico
- Between $5,000 and $50,000 in Ohio
You have 7 calendar days to accept your Earnest personal loan offer. If you have any questions about your terms or conditions of the loan agreement, please reach out to us as soon as possible.
Our goal is to provide all applicants a decision within 2-3 business days once an application is complete. We may need your help verifying some information, which could require additional documents and cause the process to take slightly longer.
Once approved, you will have 7 calendar days to accept the loan offer. Once you accept and enter your bank account details, we will transfer the funds by the next business day. You will usually see the loan transfer into your account within 2-3 business days after signing.
Repaying Your Loan
To make an extra payment, just sign in to your Earnest account and click ‘Loan Details.’ You will find ‘Make an Extra Payment’ under the ‘Payment Options’ menu on the left side.
Because Earnest does not charge origination fees, our interest rates are equal to our APR, or "annual percentage rate." For details on this, check out our blog post on the topic.
To calculate your accrued interest, we use the "simple daily interest" method. This means that interest accrues each day in an amount equal to 1/365 times your APR multiplied by your remaining principal owed. For our bootcamp loans, interest accrues at a simple daily rate even while you are in a deferment period.
In your Earnest account you can make changes to only your next payment or all future auto-payments. Simply sign in and select ‘Loan Details.’ You will see the option to ‘Change Autopay Schedule’ under the ‘Payment Options’ menu on the left side.
You can always move your next payment by up to 7 days.
If you shift your recurring payment date beyond this 7-day window, you will need to satisfy your next payment before your chosen date will take effect.
Please note that changes to your payment date must be made at least 4 business days before your scheduled payment.
All clients may extend an individual payment date up to 7 days past the originally scheduled date through their account. If you need to adjust your auto-payment date to better match your financial situation (for example, to align with paychecks), you can also move this up to 7 days through your Earnest account. If you need to move your auto-payment date more than 7 days, please note you will need to make a payment for the current billing period before the change takes effect.
In addition to payment changes, we offer our student loan refinancing clients the ability to skip a payment. After making 6 months of on-time payments, you may request to skip one month’s worth of payments — a single payment for clients on monthly schedules or two payments for clients paying biweekly. You may request to use this feature again after 12 months of on-time payments. Please be aware that any skipped payments will be re-amortized and spread among your remaining payments, and using this feature does count towards the forbearance limits outlined in your loan agreement.
If none of these options fits your particular situation regarding payments, please contact our Client Happiness team immediately to discuss. In certain situations you may qualify for forbearance, a protection offered by Earnest for clients who are experiencing a documented and verifiable hardship. In most cases, these would include circumstances such as:
- Involuntary decrease in income (e.g. reduction in hours, unpaid leave or change from full-time to part-time employment)
- Involuntary loss of employment (defined as termination at no fault of the client)
- Significant increase in costs that are essential to the home or family (e.g. increase in medical expenses, emergency home repairs or child care)
Please note that voluntary resignations from employment, outside of extenuating circumstances, would not qualify for forbearance. During all servicing requests, simple daily interest continues to accrue on your loan.
I noticed the total amount of my Earnest loan is several cents less than the sum of the amount I pay each month – why?
Your loan accrues a small amount of interest each day. When we calculate minimum payments, we round up to the nearest cent to make sure that the loan is paid off on time. Ultimately, we charge a smaller amount on the last repayment to account for this rounding. We make sure to never withdraw more from your bank account than the total amount required to pay your loan.
We know that unexpected life events can affect your budget, so we offer student loan refinancing clients the ability to skip one payment every 12 months. You may request to skip a payment 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. Please be aware that a skipped payment does count towards the forbearance limits outlined in your loan agreement.
You may request to skip a payment by calling our Client Happiness team at (888) 601-2801 if you are eligible to do so. You must call at least 4 business days before your upcoming payment date. If you are unable to make your upcoming payment or are experiencing financial hardship, please let us know as soon as possible.
Personal loans and bootcamp loans are not eligible for the skip-a-payment feature.
Security & Privacy
When you link your financial accounts to your Earnest profile, you are giving Earnest read-only access to your financial transactions within those accounts. This means we are only allowed to view the transaction and balance history of your accounts, but never make any charges.
Connecting your accounts enables us to verify the information provided in your application as well as perform calculations that are critical to our review process. All of this information is what sets us apart and allows us to offer you rates for your unique financial profile. We will never sell this information to any third-parties.
The data you import from a LinkedIn account helps us understand your career growth, education history, and earnings potential based on your personal growth history and saves you time while filling out the application.
Securely stored data from LinkedIn is used for the purposes of underwriting your loan, verifying identity, and minimizing fraud. We do not store or have access to your usernames, passwords, or login credentials. We will never sell your data under any circumstance.
We take security and privacy as seriously as you do. In order to protect you and your data against fraud and theft, our secure system is tested by our team and third-party agencies regularly.
Fees and Taxes
We do not charge origination, prepayment, early payment, or extra payment fees. Because we process all application and loan information online, we cut down costs significantly and pass those savings on as lower rates for our clients. The primary way we generate revenue is from the interest received on our loans. However, if any payment made towards your loan is returned, we reserve the right to charge up to $8 to pay the charges assessed by any institution for processing a returned payment.
For all loan documents executed in Florida, a stamp tax of 0.35% (for example $21 on a loan of $6,000) is levied by the state government. Earnest applies the stamp tax up front by debiting the amount from your bank account on the day following the initial loan transfer. The transaction will be labeled “FL Documentary Stamp Tax.” All of this tax goes directly to the Florida Department of Revenue.
A stamp tax of 0.35% (for example $21 on a loan of $6,000) is levied by the State of Florida, and the tax applies to all loan documents that are executed or delivered in Florida. Rather than hiking up our interest rates, Earnest applies the stamp tax up front by debiting the amount from your account on the day following the initial loan transfer. The transaction will be labeled “FL Documentary Stamp Tax”. 100% of this tax goes directly to the Florida Department of Revenue. Certificate of Registration No. 78-80163739-1.
Need immediate help?
Email us anytime at firstname.lastname@example.org or give us a call at (888) 601-2801 during office hours – 8AM to 5PM Pacific time, Monday through Friday.