Business Insider's personal finance team compared Earnest student loans to the best private student loans of 2025 and found it to be an industry leader thanks to its competitive interest rates and lack of fees.
Earnest stands out for its transparency, with no origination, prepayment, or early payment fees, which significantly lowers the cost of borrowing.
Additionally, its data-driven application and underwriting process allow for personalized, low rates, making it a strong option for those who meet its credit and financial requirements.
Earnest Student Loans Overview
What are Earnest Student Loans?
Earnest is a strong lender with competitive rates and a variety of term lengths. If you fall into financial hardship, you can skip a payment once per year — though that payment will extend the length of your loan term later. It's also one of our top picks for the best companies for refinancing student loans.
Earnest Key Features
Earnest is best for borrowers who want competitive interest rates — particularly those who only want to take out a small loan amount. Earnest offers loans of as small as $1,000 at both fixed and variable rates.
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.
There are several options for contacting Earnest's customer support. You can call the company from 5:00 a.m. to 5:00 p.m. PST Monday through Friday, excluding holidays. You can also live chat Earnest on its contact us page during the same hours. You can email the lender or send physical mail to its San Francisco address.
Types of Loans at Earnest
Earnest offers several types of student loans, including:
- Undergraduate
- Graduate
- Parent
- Medical
- Law
- MBAs
- Refinancing
Earnest Undergraduate Student Loans
Earnest 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.
Earnest Graduate Student Loans
Earnest Graduate Student Loans have a significantly lower APR range than competitors like Sallie Mae Graduate Student Loans. You're also eligible for the same skip-a-payment perk offered with undergraduate loans and can choose from a variety of repayment term lengths. This can help if you want smaller monthly payments (longer term length) or to save in overall interest (shorter term length). If you change your mind down the road, you can pay off your loans early with no penalty.
Refinancing Student Loans with Earnest
Earnest is a reputable lender to refinance your student loans with. It offers options to combine federal and private loans, adjust your minimum payments, adjust your payment dates, choose your frequency of payments, and some of the most competitive rates on the market.
Potential borrowers have the opportunity to check their rate in just two minutes with no credit impact. Within 48 hours, most will receive their decision and refinance their loans to fit their lifestyle.
Through Earnest, you can also refinance again 30 days after disbursement. However, you can't be past due, participate in a hardship or bankruptcy forbearance, or skip a pay or interest-only repayment program or you won't be eligible.
Those refinancing with Earnest are also eligible to skip a payment of their choice per year, as long as their loan is in good standing.
Earnest International Student Loans
Earnest is one of the only companies that allows international students to get a loan without a U.S.-based cosigner. Instead, the company makes its lending decisions based on cross-border credit data, giving the company an equivalent score to support its evaluation of applications. This product is a great option for international borrowers who live in Canada, India, Mexico, or South Korea.
How to Apply to Earnest
Eligibility Requirements for Earnest Student Loans
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 U.S. citizen or permanent resident or have a cosigner who is a U.S. citizen or permanent resident
- You pass a credit check
Step-by Step Application Guide for Earnest
- Put in an application on Earnest's website. You'll enter your email address, name, phone number, and other personal information. You'll get an estimated monthly payment and rate with no impact on your credit score.
- Wait for Earnest to get your college to certify the loan. This process takes a varying amount of time — some colleges don't certify loans until it's near the end of the semester. Once your loan is certified, Earnest will send you an email letting you know.
- Track when your loan funds will reach your college. Earnest will then send your loan funds directly to your college on its designated disbursement date, which varies from college to college.
Required Documentation for Earnest
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
Earnest Interest Rates and Fees
Current Interest Rates at Earnest
The interest rate on a private student loan with Earnest is 4.99% - 16.85% variable and 3.47% - 16.49% fixed (with AutoPay discount). Earnest's Auto Pay reduces costs by 0.25% if borrowers are willing to link either their checking or savings accounts.
Earnest also offers a 100% Rate Match Guarantee, where existing customers can apply for lower interest rates based on the rates of competitors. However, they cannot match rate estimates or preliminary offers, and further terms and conditions do apply.
It's important to keep in mind that the interest rates available to you are contingent on several factors, including your credit score.
Fee Structure at Earnest
Earnest does not charge fees of any kind, including origination fees, prepayment fees, early payment fees, or extra payment fees.
Pros and Cons of Earnest Student Loans
Earnest Student Loan Pros
- Several repayment term length options. You can choose from a variety of term choices, as five, seven, 10, 12, 15, and 20-year repayment term lengths available
- No origination fee, prepayment penalty, or late fees. Earnest won't hit you with any additional fees for taking out your loan or falling behind on your payments.
- Very competitive interest rates. Earnest's rates are some of the lowest on the market, so you have a great chance of getting an excellent deal with the lender.
- Low loan minimum. You only need to take out a minimum of $1,000 to get a loan from Earnest.
- Ability to skip one payment per 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 Student Loan Cons
- No mobile app. If you want to manage your loan on the go, you won't be able to use an Earnest mobile app to do so.
- No weekend customer support. Other lenders offer customer support seven days a week.
Repayment Options and Benefits
You can repay your student loan one of four ways after you've taken it out: deferred, fixed, interest-only, and full payment. The best repayment plan depends on your situation.
Deferred payments will be the most expensive option because you won't pay down any of your loan principal until after the grace period is over, and interest will accrue during that entire period. Full payments will cost the least overall because you aren't allowing interest to accrue at any point.
Deferred
- No payments while in school and during nine-month grace period
- Unpaid interest accrues
- Interest is capitalized at the end of deferment period
- Highest overall cost
Fixed
- Pay $25 per month while in school and during nine-month grace period
- Unpaid interest accrues
- Interest is capitalized at the end of grace period
- Low in-school payments
Interest-Only
- Pay loan's interest monthly while in school and during nine-month grace period
- Only available for cosigned loans
- Moderate in-school payments
Full Payment
- Repay principal plus interest while in school and during nine-month grace period
- Only available for cosigned loans
- Highest in-school payments
- Lowest overall cost
Alternatives to Earnest Student Loans
Earnest Student Loans vs. ELFI Student Loans
ELFI Undergraduate Student Loan offer lower fixed rates than Earnest, but Earnest has comparable variable interest rates. ELFI doesn't offer any autopay rate discount like Earnest does, though it has slightly higher customer reviews on Trustpilot.
Earnest Student Loans vs. SoFi Student Loans
Neither Earnest nor SoFi Undergraduate Student Loans charge origination fees and late fees, and both offer a variety of term lengths. SoFi offers slightly lower variable interest rates, and it's our favorite private student loan option for applying online thanks to its easy application interface.
Earnest Customer Experience
Earnest's customers generally report a good experience with the lender. It rates 4.6 stars out of 5 on Trustpilot with many users praising the quick application process. Keep in mind Earnest also offers personal loans, so not all customer reviews relate to student loans specifically.
Is Earnest Trustworthy?
Earnest is considered a trustworthy company, currently boasting an A+ rating from the Better Business Bureau, indicating it responds to customer complaints quickly. There are no notable lawsuits against Earnest currently.
Why You Should Trust Us: How We Reviewed Earnest Student Loans
We rate all student loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories: interest rates, fees, term lengths, borrower accessibility, repayment options, customer support, and company ethics.
Each category's weighting is determined based on its importance to your borrowing experience.
Read more about how we rate student loans >>
Earnest Student Loan FAQs
The interest rate on a private student loan with Earnest is 4.99% - 16.85% variable and 3.47% - 16.49% fixed (with AutoPay discount). The rates for Earnest student loans are competitive interest rates that vary based on the type of loan and the borrower's credit profile.
Yes, you can defer your Earnest student loans. Earnest provides deferment and forbearance options for borrowers facing financial difficulties or returning to school.
To apply for an Earnest student loan online, go through the Earnest website and fill out the application form and submit the necessary documents. Applications are only available online as Earnest does not have any in-person locations.
When it comes to fees, Earnest loans typically have no origination fees or prepayment penalties. Review the loan terms carefully for any other charges.
Earnest provides various repayment options, including fixed repayment, interest-only repayment, and deferred repayment options.
