Student Loan Rate Disclosures
Private Education Loan Application & Solicitation Disclosure
last updated: 08/13/2025
Fixed Disclosure
Loan Interest
Rate & Fees
Your starting interest rate (excluding auto pay discount) will be between
After the starting rate is set, your rate will not change
CREDITOR
c/o Earnest Operations LLC
300 Frank H. Ogawa Plaza, Suite 340
Oakland, CA 94612
The Creditor on this loan will be One American Bank or FinWise Bank and will be automatically assigned at application submission.
Your starting interest rate (upon approval)
The starting interest rate you pay will be determined after you apply. It will be based upon your credit history, which repayment option you choose, and other factors (cosigner credit history, if applicable). 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 your rate will not increase or decrease for the life of the loan. For more information on this rate, see the reference notes.
Loan Fees
Origination Fees
We do not charge origination fees.
Late Charge
If a payment is late, you will not have to pay a penalty.
Prepayment Charge
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
For Florida residents 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.
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Loan Cost Examples
The total amount you will pay for this loan will vary depending upon when you start to repay it. This example provides estimates based upon 4 repayment options available to you or the student for whom you borrow this loan is enrolled in school. Repayment Option availability and loan term lengths may vary based on primary borrower versus cosigned loan, undergraduate versus graduate level, and Parent Loan borrowers.
Repayment Options
(while enrolled in school and during the corresponding separation period stated below)
Repayment Options (while enrolled in school and during the corresponding separation period stated below) | Amount Provided (amount provided directly to you or your school) | Interest Rate (highest possible starting rate) | Loan Term | Total Paid over Life of Loan (includes associated fees) |
Deferred Repayment Make no payments while enrolled in school and during the separation period of 9 billing periods thereafter. Unpaid interest will accrue and be added to your loan (as allowed by law). | $10,000 | 16.74% | 15 years starting after the separation period | $49,136.40 |
Fixed Repayment Make fixed payments of $25 each month while enrolled in school and during the separation period of 9 billing periods thereafter. Unpaid interest will accrue and be added to your loan (as allowed by law). | $10,000 | 16.74% | 15 years starting after the separation period | $46,660.80 |
Interest Repayment Make interest payments but defer payments on the principal amount while enrolled in school and during the separation period of 9 billing periods thereafter. Unpaid interest will accrue and be added to your loan (as allowed by law). | $10,000 | 16.74% | 15 years starting after the separation period | $35,324.10 |
Principal and Interest Repayment Make principal and interest monthly payments. Immediately following loan disbursement. You can always make larger payments. | $10,000 | 16.74% | 15 years starting after disbursement | $27,372.60 |
About this example
The Deferred, Fixed and Interest Repayment examples assume you/your student remains in school up to 4 years, and accounts for the corresponding separation period stated above. It is based on the highest starting rate currently charged and associated fees. The examples assume unpaid interest is capitalized at the beginning of the repayment period and payments are made on the date they are due.
Federal Loan Alternatives
You may qualify for Federal education loans. For additional information, contact your school’s financial aid office or the Department of Education at: www.studentaid.gov.
Interest Rates for Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans first disbursed on or after July 1, 2025 and before July 1, 2026.
Loan Program | Current Interest Rates by Program Type* |
Stafford For students | 6.39% fixed |
PLUS | 8.94% fixed Federal direct loan. |
*These interest rates are determined by federal law and are fixed for the life of the loan. The federal loan interest rates may change in the future, but only for new federal loans. Federal law may also change in the future. To learn more, go to https://studentaid.gov/understand-aid/types/loans/interest-rates.
Next Steps
Find out about other loan options
Some schools have school-specific student loan benefits and terms not detailed on this form. Contact your school’s financial aid office or visit the Department of Education’s website at: www.studentaid.gov. for more information about other loans.
To apply for this loan, complete the application and the Self-Certification Form
You may get the certification form from your school’s financial aid office. 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
This loan has a fixed interest rate and will not increase or decrease for the life of the loan..
Rates are typically higher without a cosigner.
Eligibility Criteria
Borrower
You must be a U.S. Citizen, Permanent Resident (10-year non-conditional) Asylee or Deferred Action for Childhood Arrivals (DACA). If you are not a U.S. Citizen, Permanent Resident (10-year non-conditional), DACA recipient or Asylee, you will need a cosigner who is.
You/your student must attend an eligible Title IV, not for profit 4-year school pursuing an undergraduate or graduate program for at least half-time enrollment.
You/your student must be enrolled at an eligible school which certifies the student’s application information and loan amount.
You must be of a legal age to enter into a contractual arrangement.
You must reside in the District of Columbia or one of the states that we lend in (all but Nevada).
See earnest.com/eligibility for full eligibility details.
Cosigner
A cosigner is not required for U.S. Citizens, Permanent Residents, Asylee or Deferred Action for Childhood (DACA) but may help you qualify and/or receive a lower interest rate. If the primary student borrower is a VISA holder with SSN, then the loan must have a cosigner who is a U.S. Citizen, Permanent Resident (10-year non-conditional), DACA or Asylee.
The Earnest Private Student Loan for Parents is not available with a cosigner.
Cosigner must be of legal age to enter into a contractual arrangement.
You must reside in the District of Columbia or one of the states that we lend in (all but NV).
See earnest.com/eligibility for full eligibility details.
Bankruptcy Limitations
If you file for bankruptcy you may still be required to pay back this loan.
Prepayments
You may prepay your principal at any time without being charged a prepayment penalty.
State Notices
Private education loans are one tool that students use to finance their education. Your lender and your institutionʹs Financial Aid Office provide assistance with eligibility for the loans. For borrowers who have existing private education loans, Virginia has a Student Loan Advocate to assist borrowers who are struggling with repayment. You can contact the Student Loan Advocate at: State Council of Higher Education for Virginia, James Monroe Building, 10th Floor, 101 N. 14th Street, Richmond, VA 23219; [email protected]; 804‐786‐2832. In addition, resources for prospective and current private education loan borrowers are available online at http://schev.edu/privateloan.
More information about loan eligibility and repayment deferral or forbearance options are available in your loan application and Credit Agreement.
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Variable Disclosure
Loan Interest
Rate & Fees
Your starting interest rate (excluding auto pay discount) will be between
After the starting rate is set, your rate will not change
Although the rate will vary after you are approved, it will never exceed 36% or, if the borrower is a resident of Washington, 25%, or if the borrower is a resident of Colorado or Iowa, 21%, or if the borrower is a resident of Wisconsin, 18% (the maximum allowable for this loan).
CREDITOR
c/o Earnest Operations LLC
300 Frank H. Ogawa Plaza, Suite 340
Oakland, CA 94612
The Creditor on this loan will be One American Bank or FinWise Bank and will be automatically assigned at application submission.
Your starting interest rate (upon approval)
The starting interest rate you pay will be determined after you apply. It will be based upon your credit history, which repayment option you choose, and other factors (cosigner credit history, if applicable). 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 be lower or higher than rates on this form. The variable rate is based upon the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York on the twenty-fifth day, or the next business day, of the preceding calendar month, and using the daily interest rate based on actual days in the year and rounding up plus a margin and will change on the 1st of each month. For more information on this rate, see the reference notes.
Loan Fees
Origination Fees
We do not charge origination fees.
Late Charge
If a payment is late, 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
For Florida residents 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.
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Loan Cost Examples
The total amount you will pay for this loan will vary depending upon when you start to repay it. This example provides estimates based upon 4 repayment options available to you or the student for whom you borrow this loan is enrolled in school. Repayment Option availability and loan term lengths may vary based on primary borrower versus cosigned loan, undergraduate versus graduate level, and Parent Loan borrowers.
Repayment Options
(while enrolled in school and during the corresponding separation period stated below)
Repayment Options (while enrolled in school and during the corresponding separation period stated below) | Amount Provided (amount provided directly to you or your school) | Interest Rate (highest possible starting rate) | Loan Term | Total Paid over Life of Loan (includes associated fees) |
Deferred Repayment Make no payments while enrolled in school and during the separation period of 9 billing periods thereafter. Unpaid interest will accrue and be added to your loan (as allowed by law). | $10,000 | 17.10% | 15 years starting after the separation period | $50,436.00 |
Fixed Repayment Make fixed payments of $25 each month while enrolled in school and during the separation period of 9 billing periods thereafter. Unpaid interest will accrue and be added to your loan (as allowed by law). | $10,000 | 17.10% | 15 years starting after the separation period | $47,893.80 |
Interest Repayment Make interest payments but defer payments on the principal amount while enrolled in school and during the separation period of 9 billing periods thereafter. Unpaid interest will accrue and be added to your loan (as allowed by law). | $10,000 | 17.10% | 15 years starting after the separation period | $35,952.30 |
Principal and Interest Repayment Make principal and interest monthly payments. Immediately following loan disbursement. You can always make larger payments. | $10,000 | 17.10% | 15 years starting after disbursement | $27,829.80 |
About this example
The Deferred, Fixed and Interest Repayment examples assume you/your student remains in school up to 4 years, and accounts for the corresponding separation period stated above. It is based on the highest starting rate currently charged and associated fees. The examples assume unpaid interest is capitalized at the beginning of the repayment period and payments are made on the date they are due.
Federal Loan Alternatives
You may qualify for Federal education loans. For additional information, contact your school’s financial aid office or the Department of Education at: www.studentaid.gov.
Interest Rates for Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans first disbursed on or after July 1, 2025 and before July 1, 2026.
Loan Program | Current Interest Rates by Program Type* |
Stafford For students | 6.39% fixed |
PLUS | 8.94% fixed Federal direct loan. |
*These interest rates are determined by federal law and are fixed for the life of the loan. The federal loan interest rates may change in the future, but only for new federal loans. Federal law may also change in the future. To learn more, go to https://studentaid.gov/understand-aid/types/loans/interest-rates.
Next Steps
Find out about other loan options
Some schools have school-specific student loan benefits and terms not detailed on this form. Contact your school’s financial aid office or visit the Department of Education’s website at: www.studentaid.gov. for more information about other loans.
To apply for this loan, complete the application and the Self-Certification Form
You may get the certification form from your school’s financial aid office. 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 and the variable rate may change based on the market).
Reference Notes
Variable Interest Rate
Your loan has a variable Interest Rate that is based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York on the twenty-fifth day, or the next business day of the preceding calendar month, and using the daily interest rate based on actual days in the year and rounding up. Your rate is calculated each month by adding a margin between
0.89%and
12.75% to the one-month SOFR.
The rate will not increase more than once a month, but there is no limit on the amount that the rate could increase at one time. If the interest rate increases, your Monthly Payments will be higher.
Rates are typically higher without a cosigner.
Eligibility Criteria
Borrower
You must be a U.S. Citizen, Permanent Resident (10-year non-conditional), Asylee or Deferred Action for Childhood Arrivals (DACA). If you are not a U.S. Citizen, Permanent Resident, DACA recipient or Asylee, you will need a cosigner who is.
You/your student must attend an eligible Title IV, not for profit 4-year school pursuing an undergraduate or graduate program for at least half-time enrollment.
You/your student must be enrolled at an eligible school which certifies the student’s application information and loan amount.
You must be of a legal age to enter into a contractual arrangement.
You must reside in the District of Columbia or one of the states that we lend in (all but NV).
See earnest.com/eligibility for full eligibility details.
Cosigner
A cosigner is not required for U.S. Citizens, Permanent Residents, Asylee or Deferred Action for Childhood (DACA) but may help you qualify and/or receive a lower interest rate. If the primary student borrower is a VISA holder with SSN, then the loan must have a cosigner who is a U.S. Citizen, Permanent Resident (10-year non conditional), DACA or Asylee.
You must reside in the District of Columbia or one of the states that we lend in (all but NV).
Cosigner must be of legal age to enter into a contractual agreement.
See earnest.com/eligibility for full eligibility details.
Bankruptcy Limitations
If you file for bankruptcy you may still be required to pay back this loan.
Prepayments
You may prepay your principal at any time without being charged a prepayment penalty.
State Notices
Private education loans are one tool that students use to finance their education. Your lender and your institutionʹs Financial Aid Office provide assistance with eligibility for the loans. For borrowers who have existing private education loans, Virginia has a Student Loan Advocate to assist borrowers who are struggling with repayment. You can contact the Student Loan Advocate at: State Council of Higher Education for Virginia, James Monroe Building, 10th Floor, 101 N. 14th Street, Richmond, VA 23219; [email protected]; 804‐786‐2832. In addition, resources for prospective and current private education loan borrowers are available online at http://schev.edu/privateloan.
More information about loan eligibility and repayment deferral or forbearance options are available in your loan application and Credit Agreement.
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Additional Iowa Student Loan Disclosures - Earnest Private Student Loans
A. Cosigner Requirements
A cosigner is required for this student loan if you have not reached 18 years of age and do not meet the residency requirements: the student borrower must be a United States citizen, possess a 2-year (conditional) or 10-year (non-conditional) Permanent Resident Card, Deferred Action for Childhood Arrivals (DACA) recipient or Asylee. The cosigner must be a United States citizen, Permanent Resident Alien, 2-year Conditional Permanent Alien, 10-year (Non-Conditional) Permanent Resident, Deferred Action for Childhood Arrivals (DACA) recipient, or Asylee.
Cosigners may also affect the interest rate on your loan. If you have a cosigner, you may receive a better interest rate and improve your chances for loan approval. The effect a cosigner has upon the interest rate depends upon the cosigner’s creditworthiness.
The Earnest International Independent Graduate and Earnest Private Student Loan for Parents are not available with a cosigner.
B. Repayment of Loan Information
Repayment of your loan begins approximately 25 to 60 days after funds are disbursed to the school if you choose Interest Repayment or Fixed Repayment of at least $25 each month while the student borrower is enrolled in school and throughout the Interim Period. The Deferred Repayment option does not require payments during the Interim Period.
The Interim Period of your loan begins on the day of the first disbursement on your loan and will end the earlier of the following applicable dates:
nine (9) months after the student graduates, or
nine (9) months after the first date the student ceases to be enrolled in at least half-time study, without interruption.
Note: The cosigned Earnest Private Student Loan and the Earnest Private Student Loan for Parents each also offer full Principal and Interest Repayment following the first disbursement of the loan. If this repayment option is selected, the loan does not have an Interim Period.
After the Interim Period ends, the Repayment Period of your loan begins. During the Repayment Period, you will be required to make monthly payments of the principal and interest due on your loan. The Repayment Period available on your loan can range from 60 to 180 months (International Independent Graduate loans can range from 60 to 120 months).
You can prepay the loan in whole or part at any time without penalty.
C. Deferment or Forbearance
Under certain circumstances, you may request to defer payment on this loan or request forbearance on payments. Deferment or forbearance will have consequences on the repayment of this loan. Interest will continue to accrue during any periods of deferment or forbearance. Unpaid interest will be added to the Principal Loan Amount (“capitalize”).
We may grant the student borrower a deferment or the student borrower or cosigner a forbearance during any period when your loan requires principal and interest payments as follows:
Return to School Deferment – If the student borrower returns to an eligible school at least half time during any period when the loan requires principal and interest payments, the student borrower may request the Return to School Deferment. Even if you do not request a Return to School Deferment, if we are notified that the borrower has returned to an eligible school at least half time, we may grant a Return to School Deferment If we grant a Return to School Deferment, your monthly payments during the Return to School Deferment will reflect the same repayment option that applied to your loan during the Interim Period. Interest is charged during the In-School Deferment and unpaid interest will capitalize at the end of the In-School Deferment, which will increase the total loan cost.
Residency or Internship Deferment – If the student borrower enters a residency or internship program during any period when the loan requirements principal and interest payments, the student borrower may request the “Residency or Internship Deferment.” To apply for the Residency or Internship Deferment, the student borrower and an official from the residency or internship program must complete and submit a deferment form to us for consideration. If we approve the request, your monthly payments during the Residency or Internship Deferment will reflect the same repayment option that applied to the loan during the Interim Period for up to 12-month increments. Interest is charged during the Residency or Internship Deferment and unpaid interest may capitalize at the end of each residency or internship deferment which will increase the total loan cost.
Forbearance – You can ask us to postpone payments during any period when your loan requires principal and interest payments if you experience a temporary inability to make payments(“hardship forbearance”). Interest is charged during the forbearance period and unpaid interest will capitalize at the end of the forbearance period which will increase the total loan cost. We may also postpone payments at our discretion due to special circumstances, including but not limited to your military service, natural disasters or administrative purposes. We will tell you if any amounts have been capitalized.
Skip-A-Payment – You can ask us to postpone one payment through a single, one month forbearance during a 12-month period. Your first request to skip a payment can be made once you’ve made at least 6 months of consecutive on-time full principal and interest payments, and your loan is in good standing.
D. Additional Terms and Conditions
Your loan is subject to all the terms and conditions of your credit agreement. Please read your credit agreement carefully; it includes terms under which the interest rate on the loan may change. To obtain a copy of your credit agreement, please call 1-888-601-2801.
Key additional terms and conditions are highlighted below:
Automatic Debit Discount, “Auto Pay”- You can take advantage of the 0.25% Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment. The interest rate reduction will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. Earnest private student loan borrowers can elect to enroll in automatic debit through Earnest’s online account management system.
Note: The 0.25% Auto Pay interest rate reduction is not available on loans in the deferred repayment plan until the end of the loan’s interim period, as described above.
E. Consequences of Loan Default
There are serious consequences if you default on this loan. For example, under normal circumstances, student loans are not dischargeable in bankruptcy. In order to discharge a loan in bankruptcy, the borrower must prove undue hardship in an adversary proceeding before the bankruptcy court.
There are additional consequences of default on this loan:
We may report the late payment history to credit reporting agencies, which will adversely affect your credit rating and ability to get more credit.
We may take legal action or refer you to a collection agency, which may result in additional fees.
Any future disbursements will be canceled, and you will be ineligible for further loans from the lender.
Full amount of the loan will become due immediately.
F. Lender/Servicer Contact Information
Name: Earnest Operations, LLC with support from Higher Education Loan Authority of the State of Missouri (MOHELA).
Address: 300 Frank H. Ogawa Plaza, Suite 340
Oakland, CA 94612
Phone Number: 1-888-601-2801
Email Address: [email protected]
Web Site Address: www.earnest.com