Is earnest a trustworthy loan provider

• Undergraduate loans.
• Graduate loans.
• MBA, medical or law school loans.
• Parent loans.
• Co-signer loans.
• Student loan refinancing.

How Does Earnest Work?

Earnest asks applicants to submit their education and employment history for a full picture of their achievements. The company also considers your or your co-signer’s credit score, credit history, and income. Students can apply for undergraduate or graduate student loans online and typically receive a response within 72 hours. Earnest also allows student loan applications to be submitted over the phone. Once approved, students can pick a payment plan or defer repayment for nine months post-graduation. The process could take between two to five weeks for the loan to be funded, depending on the applicant and the school’s financial aid office.

What Are Earnest’s Terms, Fees and Conditions?

Earnest’s student loans and refinancing are available at both fixed and variable rates. You can choose a loan term of between five to 20 years. The minimum in-school loan amount is $1,000, and loans of up to 100% of the school’s certified cost of attendance are available. There is no application, origination or late fee.

What Discounts Does Earnest Offer?

There is a 0.25-percentage-point interest rate discount if you choose to set up automatic payments. Borrowers can choose their monthly payment amount while still in school when applying for the loan. Accounts in good standing can skip a payment once every 12 months, but it has to be paid later. Earnest’s nine-month grace period after graduation is longer than the typical six months that other student loan lenders offer.

Earnest will also match a competitor’s contractual interest rate for an in-school loan, excluding discounts for autopay or good grades. To qualify, borrowers need to contact Earnest’s customer service team and upload a loan agreement from a competitor. If approved, the borrower can view and sign an updated agreement in their Earnest account. The competitor offer must have been made within the last 30 days and meet other conditions. Once your rate match is finalized, Earnest will give you a $100 Amazon gift card.

• Be pursuing a bachelor’s or graduate degree.
• Have at least a three-year credit history.
• Show no bankruptcies on your credit report.
• Have an income of at least $35,000 for an undergraduate loan.
• Other factors for approval include having a history of making payments on time, avoiding overdraft and insufficient funds fees and avoiding a large amount of credit card debt.

• The co-signer to have a minimum of a three-year credit history.
• Have at least $35,000 in annual income.
• Both the co-signer and the student cannot have any bankruptcies or accounts in collections.
• The lender also considers whether you have a history of making payments on time, avoiding overdraft and insufficient funds fees, not taking on a large amount of credit card debt and spending less than you earn.

• Request to refinance at least $5,000 in loans. California residents must refinance $10,000 or more, and New Mexico residents must refinance $10,001 or more if they use Earnest.
• Be employed or have a consistent income.
• Have student loan accounts in good standing.
• Be current on your rent or mortgage payments.
• Other factors for approval include having enough savings to cover two months of expenses, spending less than you earn and having a history of making payments on time.

• Their last attending date must be more than six years ago.
• Their credit score should be 700 or higher.
• The school they attended wasn’t for-profit.

What Credit Score Do You Need?

Earnest student loans require either the borrower or co-signer to have a FICO score of at least 650. In the application process, Earnest also looks at an individual’s education and employment history – putting less weight on the credit score.

For student loan refinancing, Earnest requires a credit score of 680. Those who haven’t completed their degree may need to have a score of 700.

Where Does Earnest Operate?

Earnest offers loans in Washington, D.C., and in all states except Nevada. It also doesn’t offer student loan refinancing in Kentucky.

Is Earnest a Reputable Lender?

Earnest is accredited and has an A+ rating with the Better Business Bureau. It also has an excellent rating of 4.7 out of 5 stars with Trustpilot, based on more than 5,500 reviews.

In 2022, the Consumer Financial Protection Bureau received 17 student loan complaints about Earnest. The most common issue was related to dealing with the lender or servicer, mainly regarding how payments were handled or receiving bad information. Earnest provided a timely response to all issues, and all were closed with explanation.

How Is Earnest’s Customer Service?

Earnest offers a chat feature directly on its website, as well as space to send an email. To speak to a representative, call 888-601-2801.

To submit a student loan application over the phone, call 866-492-1222. Business hours are Monday through Friday from 5 a.m. until 5 p.m. Pacific Time. Is earnest a trustworthy loan provider

• Deferred payment: Borrowers wait until nine months after graduation to begin making payments.
• Fixed $25 payment: For this option, borrowers make small monthly payments while in school so they can reduce the amount of interest they accrue.
• Interest-only payment: This involves paying the accrued interest each month during school.
• Principal and interest payment: Borrowers who choose this option start making full payments right away, with no grace period.

Forbearance and Discharge Options

• Students who want the option to borrow with or without a co-signer.
• Graduates who need to refinance student loans.
• Borrowers who want to choose their monthly payment and loan terms.