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Earnest Student Loans | How to Apply

Earnest is a leading financial technology company that offers a wide range of financial products, including student loans. Earnest Student Loan provides private loan options for undergraduate and graduate students, with a focus on providing personalized solutions tailored to each borrower’s unique financial situation.

Key Features and Benefits

  1. Customized Repayment Terms: Earnest Student Loan stands out for its flexible repayment options. Borrowers can customize their loan terms, choosing from various repayment periods and deciding between fixed and variable interest rates, based on what suits their financial needs best.
  2. Competitive Interest Rates: Earnest offers competitive interest rates, allowing students to borrow at favorable terms and manage the overall cost of their education without excessive financial strain.
  3. Innovative Underwriting Process: Earnest uses an innovative underwriting process that takes into account various aspects of a borrower’s financial profile, such as income, savings, and spending habits. This holistic approach enables them to offer more accurate rates and personalized loan offers.
  4. No Fees: One of the significant benefits of Earnest Student Loan is that it charges no application, origination, or prepayment fees. This ensures borrowers are not burdened with additional costs when applying for or repaying their loans.
  5. Forbearance and Deferment Options: Earnest understands that life is unpredictable, and financial circumstances can change. As a result, they offer forbearance and deferment options to borrowers facing financial hardships, providing temporary relief and flexibility during challenging times.
  6. Cosigner Release Option: For students without an established credit history or limited income, Earnest allows the option to apply with a cosigner. Once certain criteria are met, borrowers have the opportunity to release the cosigner from the loan.

Considerations and Responsible Borrowing

While Earnest Student Loan offers many appealing features, responsible borrowing is essential to make the most of this financial opportunity. Here are some considerations and tips for responsible borrowing:

  1. Borrow Only What You Need: Evaluate your educational expenses and borrow only what is essential to cover those costs. Avoid taking out loans for non-essential expenses.
  2. Explore Federal Aid First: Before considering private loans, students should explore federal financial aid options, such as grants, scholarships, and federal student loans, which may offer more favorable terms.
  3. Understand Loan Terms: Thoroughly review the loan terms and conditions, including interest rates, fees, and repayment options. Understanding these details will help you make informed financial decisions.
  4. Budget Wisely: Create a budget to manage your finances effectively during your academic journey. Stick to your budget and avoid unnecessary expenses that could lead to additional debt.

Details of Earnest Student Loan 

You don’t need a cosigner to apply, but having one can net you a lower rate.

You should pursue your federal student loan options before applying for any private student loan, including one with Earnest, as you can usually get better terms and protections through the government.

You have to meet the following eligibility requirements to get a student loan with Earnest:

  • You are attending, or are enrolled to attend, full-time at an eligible four-year institutions
  • You live in any state or Washington, DC, excluding Nevada
  • You are the age of majority in your state of residence
  • You are a US citizen or permanent resident or have a cosigner who is a US citizen or permanent resident
  • You pass a credit check

You’ll need to provide the following information to apply for a loan online: 

  • Email and physical address
  • Date of birth
  • Citizenship status
  • School you’re attending
  • Degree you’re pursuing
  • Enrollment status
  • Expected graduation date
  • Credit score

Types of Earnest Student Loans  

Earnest offers a number of different types of private student loans, including:

  • Undergraduate Private Student Loans: These loans are for student borrowers earning their undergraduate degree
  • Graduate Private Student Loans: These loans are for student borrowers earning a graduate degree
  • Cosigned Private Student Loans: These are private student loans for borrowers applying with a cosigner, which can increase chances of approval and lead to lower interest rates.
  • Business School Loans: These loans are specifically designed for borrowers pursuing their MBA.
  • Medical School Loans: These loans are specifically designed for borrowers pursuing a medical school degree, including during their residency.
  • Law School Loans: These loans are specifically designed for borrowers pursuing a law degree.

Earnest Undergraduate Student Loans

Earnest’s undergraduate student loans come with competitive minimum interest rates. If you or your cosigner has a good credit score, you could potentially save money with this lender compared with similar companies.

Earnest’s loans have a unique perk. They allow you to skip one payment every year. You can request your first skip once you’ve made at least six months of consecutive on-time, full principal and interest payments, as long as your loan is in good standing. However, interest will accrue during this time, and the lender will extend the final payoff date of your loan by the length of the skipped payment period.

Earnest won’t charge any origination, prepayment, late, or application fees. You have a host of term lengths to choose from, including five, seven, 10, 12, 15, and 20 years.

How to Apply for Earnest Student Loan?

Applying for a student loan through Earnest is fairly easy. All you need to do is visit their website and click “Get Started” at the top of the screen. After that, you will complete your application by answering questions around:

  • The type of student loan you are applying for
  • Your name, email address, and physical address
  • Your date of birth
  • Your citizenship/residency status
  • The name of the school you will be attending
  • Your enrollment status (full-time, half-time, or part-time)
  • Your expected month and year of graduation
  • Your income level (if you have made money in the past 12 months)
  • Your credit score
  • The length of your credit history

Submitting this form will allow Earnest to very quickly determine if you will be eligible for a loan through them. In just a few seconds, you will see a number of options for both a cosigned loan and independent loan. These options will list a range of interest rates which you may qualify for.

By selecting an option, you will then be prompted to complete an account to complete your application. The full application will ask more detailed questions about your income, etc. and will involve a hard credit pull, which may have a slight impact on your credit score.

If you are applying with a cosigner, you will need to invite them to apply as well.

Pros and Cons of Earnest Student Loans


Earnest Student Loan has emerged as a valuable resource for students seeking flexible and personalized financial solutions to support their higher education aspirations. With competitive interest rates, innovative underwriting, and a customer-centric approach, Earnest empowers students to access the financial aid they need without sacrificing financial flexibility.

By borrowing responsibly and understanding the terms of their loans, students can embark on their educational journey with confidence, knowing they have a trusted partner in Earnest Student Loan. With this financial support, students can focus on their studies and make the most of their academic experience, laying the foundation for a successful and fulfilling future.

Earnest Student Loans Frequently Asked Questions (FAQS) 

Is Earnest forgiving student loans?

Earnest is not forgiving student loans. No private student loan lender is doing so.

What type of student loan is Earnest?

Earnest has both variable and fixed student loans. The company also offers student loan refinancing.

Does Earnest ruin your credit?

Earnest will only negatively impact your credit if you don’t repay your loans on time. If you pay it back consistently, your credit score may actually improve.

Is Earnest trustworthy?

The Better Business Bureau — which evaluates companies by reviewing business’ replies to customer complaints, honesty in advertising, and clarity about business practices — gives Earnest an A grade. Earnest also hasn’t been involved in any scandals in the past few years,

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