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Average savings calculation is based on all Earnest clients who refinanced their student loans between 1/1/15 and 6/10/16. The savings 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 loan, which is calculated using the original loan’s APR and monthly payment based on the same principal balance as their requested Earnest loan.

Here is what our math includes:

  • 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 Earnest student loan refinance, 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.

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 where 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.

Client Testimonials

Individuals portrayed as Earnest clients on this site are actual clients and were compensated for their time to participate.