When you refinance student loans, you get credit for the positive changes to your financial profile since you originally took out the loans. A student loan refinance is a good choice for people who have seen advances in their income, career, or credit score since they were in school.
Our data-driven evaluation of your full financial profile gives us the ability to offer qualified borrowers lower, more personalized rates than traditional lenders can. So whether you want to pay off your student faster or just reduce your student loan payments, we can help.
Refinancing vs. Consolidation
Student loan consolidation is the process of unifying several loans with different rates and terms into a single loan with a single payment. The blended interest rate is determined by calculating the weighted average interest rate of the original loans (meaning higher balance loans have greater impact). Consolidating student loans does not affect the amount of interest you pay—it just simplifies your payments.
Refinancing student loans, on the other hand, is a step beyond consolidation. When you refinance multiple loans, the lender will evaluate your current financial profile to provide a rate that reflects your financial progress since you originally took out the loans. Whereas consolidation just streamlines bills, refinancing also shrinks them. Read more about refinancing vs. consolidation on our blog.
Earnest Student Loan Refinancing Reviews
See what our clients have to say
Easy process and very helpful.
Earnest made the stressful process of paying off high rate school loans simply painless and at a GREAT RATE! They helped me through the entire process explaining every required document and answered every question. Downloading the documents could not have been easier. Everyone that I spoke to were extremely courteous and helpful and I received responses within 24 hours, or sooner, of any other documents required and my application required more documentation than normal. My approval answer came back very quickly.
Thank you Earnest!
Jordan M. - Manalapan Township, NJ
Fairleigh Dickinson University-Metropolitan Campus, Masters of Arts
Rather smooth process to consolidate loans - not a significant savings monthly but a savings nonetheless. App is great for balance checks, payments, etc and simple to use. Thanks
Richard K. - Connelly Springs, NC
Indiana University of Pennsylvania-Main Campus, PhD
Process was very simple and quick. I thought that it was very suspicious that I was asked to log into my bank account but saw no negative reviews so I went thru with the application. Seamless process and excellent fixed rates.
Reviews solicited from random sample of Earnest clients since July 2017. All responses are published here in full. No compensation was provided in exchange for reviews.
Credit is complicated—learn the basics here
We’ve put together a library of essential resources (like how-to guides, comparisons, and calculators) to help you make better choices when it comes to refinancing student loans. And keep an eye out—we’re always adding more.
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.