Everything You Need To Know About Earnest Student Loans Review

Therefore, if you are searching for a student loan provider who is flexible, adaptable, and highly competitive, then Earnest is one of the shortlisted names.

This article introduces all you need to know Earnest student loans review, the pros and cons, eligibility, ways to repay your money, and comparison to other lenders. So, let’s jump right in!

What exactly is Earnest?

Earnest is a firm of financial technology, providing student loans and refinancing. Founded in 2013 and based in San Francisco, it does have a reputation in the industry for creating revolutionary lending practices.

They provide very flexible and customized loans that vary from borrower to borrower. If you are a student looking for some funds or even just finished school and need help refinancing an old loan, Earnest is here to help with different options for every need.

Types of Loans Earnest Has to Offer

Earnest offers private student loans, as well as refinancing of student loans. So two things we have regarding this:

1. Private Student Loans:

And the federal funding ends, and you run to use Earnest, then it will offer you every kind of loan to satisfy tuition, full attendance cost, books, housing, and any other expenses imaginable.

Key Features:

Loans anywhere from $1,000 to the total cost of attendance.

• Interest rates: Competitive fixed and variable rates.
• Loan Terms: 5 to 15 years
• No fees: That means no origination, prepayment, or late fees.

2. Student Loan Refinancing.

Earnest’s refinancing options allow borrowers to consolidate their existing student loans both federal and private into one loan with a potentially lower interest rate.

Key Features:

• Loan Amounts: Minimum of $5,000 and maximum limit.
• Interest Rates: Low Fixed and Variable Rates.
• Customizable Payment Terms: Anywhere Between 5-20 Years.
• Unique Skip A Payment: You Can Skip One Payment Per Year with Conditions.

Pros of Earnest Student Loans Earnest is Stand Out of Its Few Features.

• Personalized Payment Methods: Earnest’s flexibility is one of its most famed features when it comes to loan terms. The month to month payment terms of your loan can be built around your budget and financial aspirations. This is truly rare in the world of student loans.
• Zero Fees: I will add in Earnest Student loans Review that Earnest charges no hidden fees not application fees, origination fees, nor prepayment penalties. Late fees are also waived, but punctuality is still advisable to avoid further interest charges.
• Comparative Rate of Interest: The rates usually fall under some of the lowest, in the private student loan market-and especially for a credit-worthy borrower-thus saving you thousands of dollars through the life of your loans.
• Credit Based Approval with Cosigner Option: If you lack good credit history, cosigning will improve your chances of getting an excellent approval and much better rate. Release cosigner will occur if some requirements are met.
• Skip a Payment: Borrowers can skip payment ONCE of a year without any charges. This gives the borrower an easy break during difficult financial times.
• Very Simple and Fast Application Process: Complete online application can be done in a matter of a few minutes. It uses soft credit check source, so their approximation does not affect credit scoring unlike when there is a hard credit inquiry.

Cons of Earnest Student Loans

Earnest has many positive aspects, but there are also some cons that come with it, which are as follows:

• 1. Absence of Cosigner Release Mode in Case of Private Loans: As Earnest does offer cosigner releases for refinancing, it does not extend the same option to its private student loans. This kind of situation acts as a deterrent when one co-signer probably would want to let loose their hold on the concerned loan in the future.
• 2. Accessibility- Limited Hours: The customer support is strictly allotted to business hours. You will be waiting for sure if you need something outside of that.
• 3. Absence of Federal Loan Benefits: All these private loans are devoid of all kinds of protections, which the federal loans offer, such income driven repayment plans, loan forgiveness programs, or loan deferments.

Eligibility Criteria

To meet the criteria required for an Earnest student loan or refinancing, you should fulfill these requirements at least:

• Credit score: Generally, at least 650.
• Income: They must provide steady income or cosigners have a good financial profile for Earnest.
• Rresidency: must be a citizen or permanent resident of the United States.
• Education: Loans are available only for those attending a Title IV-accredited institution.

How to Apply for an Earnest Student Loan

The process is quite simple:

• Pre-qualify: Initially check the rates online, which includes a soft credit check Choosing Your Loan: Customize your loan by choosing the best term and the monthly amount you can afford to pay.
• Submit Documents: You will have to submit proof of income, identity, and enrollment at the school.
• Final Approval: A hard credit check will be performed by Earnest before the finalization of a loan.

Earnest, and Other Lenders

The following is how Earnest stacks up against leading lenders:

Earnest Vs. SoFI

• Interest rates: SoFi appears to be a bit ahead of Earnest when it comes to very high earners.
• Benefits: SoFi includes career coaching and advice on finances while Earnest is widely known for repayment flexibility.

Earnest Vs. Sallie Mae

• Cosigner Release: This definitely falls under Sallie Mae as it offers cosigner release after the 12 months, which Earnest does not provide for private loans.
• Charges: Earnest has no charges, whereas Sallie Mae imposes charges on late payment.

Earnest vs College Avenue

• Customizations: Flexible repayment terms from both the lenders, but it could be more customized at Earnest.
• Cosigner Requirements: College Ave probably has more leniency with cosigners.

Is Earnest Beneficial for You?

Earnest may suit you best if flexibility, low fees, and competitive rates are of your interest. It is very interesting to those borrowers who want to plan repayment around their unique financial scenarios.

But if you need federal protections in a loan or you plan to release a cosigner, you can check out other options.

Final Thoughts

In the highly competitive market of student loans, Earnest comes above the rest in flexibility, no fees, and competitive rates.

So, if you are one of those borrowers who like to control how and when you will pay back your loan, Earnest could be a good fit. Just weigh the ups and downs and think about your long-term financial goals before you sign.