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Last Updated: 04/12/2019

Earnest Operations LLC Refinance Education Loan Variable Rate Application & Solicitation Disclosure

Loan Rates & Estimated Total Costs

Your starting interest rate (including the optional 0.25% autopay discount) will be between:

2.49%7.27%

After your starting rate is set, your rate will then vary with the market.

Your Starting Interest Rate (Upon Approval)

The starting interest rate you pay will be determined after you apply. It will be based on your credit history and other factors. If approved, we will notify you of the rate you qualify for within the stated range.

Your Interest Rate During The Life Of The Loan

Your rate is variable. This means that your rate could move lower or higher than rates on this form. The variable rate is based upon the one-month London Interbank Offered Rate (LIBOR) published in the The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. For more information on this rate, see the Reference Notes.

Although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of more than 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans).

Loan Fees

  • Origination fees: Earnest does not charge origination fees.
  • Late Charge: If a payment is late, you will not have to pay a penalty.
  • Prepayment: If you pay off early, you will not have to pay a penalty.
  • Returned payment charge: If your payment is returned, you will not have to pay a penalty.
  • Florida Stamp Tax: A Florida documentary stamp tax is required by law, calculated as $.35 for each $100 (or portion thereof) of the principal loan amount, the amount of which is provided in the Final Disclosure. Lender will add the stamp tax to the principal loan amount. The full amount will be paid directly to the Florida Department of Revenue. Certificate of Registration No. 78-8016373916-1.

Loan Cost Examples

This example provides an estimate based on payment beginning immediately upon loan disbursement.


Repayment Option Amount Provided Interest Rate Loan Term Total of Payments

Make Full Payment

Pay both the principal & interest amounts.
$10,000 4.75% 5 Years

Make Full Payment

Pay both the principal & interest amounts.
$10,000 5.25% 10 Years

Make Full Payment

Pay both the principal & interest amounts.
$10,000 5.75% 15 Years

Make Full Payment

Pay both the principal & interest amounts.
$10,000 6.00% 20 Years

About This Example

The repayment examples are based on the loan amounts and loan terms shown in the above table. They are based on the highest starting rate currently charged and associated fees. The examples assume that all payments are made on the date they are due.

Next Steps

1. Find Out About Federal Loan Consolidation Options.

Federal Student loans can also be consolidated into a Federal Direct Consolidation Loan, which may provide you with features and benefits not available with private consolidation loans such as this one. For more information about Federal Loan Consolidation options, see https://studentaid.ed.gov/repay-loans/consolidation.

2. To Apply For This Loan, Complete Your Application Online.

If you are approved, we will ask you to contact your existing student lender and inquire about your ten-day repayment schedule. If you are approved for this loan, the loan terms will be available for 30 days (terms will not change during this period, except as permitted by law).

Reference Notes

Variable Interest Rate

This loan has a variable interest rate that is based on a publicly available index, the one-month London Interbank Offered Rate (LIBOR) published in the The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. Your rate will be calculated each month by adding a margin between .92% And 4.22% to the one-month LIBOR. The rate will not increase more than once per month. The maximum rate for your loan is 8.95% if your loan term is 10 years or less. For loan terms of more than 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95%. Please note, we are not able to offer variable rate loans in AK, IL, MN, NH, OH, TN, and TX.

Autopay Discount

If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, the Variable Rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.

Eligibility Criteria

  • You must be at the age of majority or older at the time you apply.
  • You are a United States citizen or permanent resident alien without conditions and with proper evidence of eligibility.
  • You must reside in a state in which Earnest Operations LLC is authorized to lend.
  • Your debt was incurred solely for the payment of qualified post-secondary education costs (as defined by 26 USC Section 221).
  • See earnest.com/eligibility for full eligibility details.

Repayment Options

This EARNEST OPERATIONS LLC Refinance Education Loan does not have a grace period. Monthly payments of principal and interest begin the month after the loan proceeds are disbursed unless we grant you a deferment and align your repayment begin date to the expiration of the grace period on the federal student loans that you are refinancing with us. You understand that interest will continue to accrue during this deferment period and that accrued interest will be capitalized at the end of this deferment period. Interest will not be capitalized on loans made to Michigan residents under the Regulatory Loan Act of 1963.

Federal Loan Alternatives

  • Think carefully before taking out a private refinance loan to pay off your Federal student loans. If you refinance your Federal student loans through a private refinance loan program, you will not be able to select Income-Driven Repayment or other flexible payments plans that are available to Federal student loan borrowers. In addition, Federal student loans offer deferment (e.g., Economic Hardship Deferment), forbearance, and loan forgiveness options (e.g., Public Service Loan Forgiveness) that are not available to you if you take out a private refinance loan.
  • You may also lose certain protections under The Preservation of Consumers’ Claims and Defenses [Holder in Due Course Rule].
  • The Servicemembers Civil Relief Act provides that interest rate reductions are available only if the loan is entered into before you began your active military service.

Bankruptcy Limitations

If you file for bankruptcy, you may still be required to pay back this loan. More information about loan eligibility and repayment deferral or forbearance options are available in your loan application and loan agreement.

Last Updated: 04/12/2019

Earnest Operations LLC Refinance Education Loan Fixed Rate Application & Solicitation Disclosure

Loan Rates & Estimated Total Costs

Your starting interest rate (including the optional 0.25% autopay discount) will be between:

3.50%7.89%

After your starting rate is set, your rate will then remain fixed for the term of the loan.

Your Starting Interest Rate (Upon Approval)

The starting interest rate you pay will be determined after you apply. It will be based on your credit history and other factors. If approved, we will notify you of the rate you qualify for within the stated range.

Your Interest Rate During The Life Of The Loan

Your rate is fixed. This means that, upon approval, your interest will never change during the life of your loan. For more information on this rate, see the Reference Notes.

Loan Fees

  • Origination fees: Earnest does not charge origination fees.
  • Late Charge: If a payment is late, you will not have to pay a penalty.
  • Prepayment: If you pay off early, you will not have to pay a penalty.
  • Returned payment charge: If your payment is returned, you will not have to pay a penalty.
  • Florida Stamp Tax: A Florida documentary stamp tax is required by law, calculated as $.35 for each $100 (or portion thereof) of the principal loan amount, the amount of which is provided in the Final Disclosure. Lender will add the stamp tax to the principal loan amount. The full amount will be paid directly to the Florida Department of Revenue. Certificate of Registration No. 78-8016373916-1.

Loan Cost Examples

This example provides an estimate based on payment beginning immediately upon loan disbursement.


Repayment Option Amount Provided Interest Rate Loan Term Total of Payments

Make Full Payment

Pay both the principal & interest amounts.
$10,000 6.25% 5 Years

Make Full Payment

Pay both the principal & interest amounts.
$10,000 6.75% 10 Years

Make Full Payment

Pay both the principal & interest amounts.
$10,000 7.25% 15 Years

Make Full Payment

Pay both the principal & interest amounts.
$10,000 7.75% 20 Years

About This Example

The repayment examples are based on the loan amounts and loan terms shown in the above table. They are based on the highest starting rate currently charged and associated fees. The examples assume that all payments are made on the date they are due.

Next Steps

1. Find Out About Federal Loan Consolidation Options.

Federal Student loans can also be consolidated into a Federal Direct Consolidation Loan, which may provide you with features and benefits not available with private consolidation loans such as this one. For more information about Federal Loan Consolidation options, see https://studentaid.ed.gov/repay-loans/consolidation.

2. To Apply For This Loan, Complete Your Application Online.

If you are approved, we will ask you to contact your existing student lender and inquire about your ten-day repayment schedule. If you are approved for this loan, the loan terms will be available for 30 days (terms will not change during this period, except as permitted by law).

Reference Notes

Fixed Interest Rate

Your loan has a fixed interest rate that will not vary during the term of the loan.

Autopay Discount

If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, the Variable Rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.

Eligibility Criteria

  • You must be at the age of majority or older at the time you apply.
  • You are a United States citizen or permanent resident alien without conditions and with proper evidence of eligibility.
  • You must reside in a state in which Earnest Operations LLC is authorized to lend.
  • Your debt was incurred solely for the payment of qualified post-secondary education costs (as defined by 26 USC Section 221).
  • See earnest.com/eligibility for full eligibility details.

Repayment Options

This EARNEST OPERATIONS LLC Refinance Education Loan does not have a grace period. Monthly payments of principal and interest begin the month after the loan proceeds are disbursed unless we grant you a deferment and align your repayment begin date to the expiration of the grace period on the federal student loans that you are refinancing with us. You understand that interest will continue to accrue during this deferment period and that accrued interest will be capitalized at the end of this deferment period. Interest will not be capitalized on loans made to Michigan residents under the Regulatory Loan Act of 1963.

Federal Loan Alternatives

  • Think carefully before taking out a private refinance loan to pay off your Federal student loans. If you refinance your Federal student loans through a private refinance loan program, you will not be able to select Income-Driven Repayment or other flexible payments plans that are available to Federal student loan borrowers. In addition, Federal student loans offer deferment (e.g., Economic Hardship Deferment), forbearance, and loan forgiveness options (e.g., Public Service Loan Forgiveness) that are not available to you if you take out a private refinance loan.
  • You may also lose certain protections under The Preservation of Consumers’ Claims and Defenses [Holder in Due Course Rule].
  • The Servicemembers Civil Relief Act provides that interest rate reductions are available only if the loan is entered into before you began your active military service.

Bankruptcy Limitations

If you file for bankruptcy, you may still be required to pay back this loan. More information about loan eligibility and repayment deferral or forbearance options are available in your loan application and loan agreement.