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Are the student loan interest rates of Earnest worth considering?

As an undergraduate student, I am looking for a loan lending company that will help me sustain my tuition fees and college expenses in school.  A peer has recently suggested that Earnest offered their loans at a federal student loan interest rate.  However, I need more information on earnest student loans and what makes them stand out. This also includes finding answers to ‘how long does it take to pay off student loans?’ Finding the student loan interest rates will enable me to compare it with other companies lending loans to students.

Dana Keller

in Student Loans

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Zach Chandler on April 6, 2018

I am familiar with Earnest as it’s among the best companies that offer lending services and refinancing services to many students. It has favored many students as being a company that offers loans to clients with even short credit histories and entry-level incomes.  Aside from the quality of the services from loan consolidating and refinancing:

  •    The interest rates on student loans are at 3.25%-6.39% APR, and 2.57%-6.19% APR fixed and variable rates, respectively.
  •    Terms of loans offered to all clients are personalized terms. Unlike the typical 5, 10 and 15-year loan term, client have a personal term to choose from 5-20 years. How long it takes to pay off a student loan will be determined by the student.
  •    Earnest also offers an eligible loan balance of $5,000 - $500,000

The following are the advantages of applying for student loans in Earnest;

  •    You could extend the due date of loan payment up to seven days
  •    You are exempted from any fee or expenses unless it is a fee charged due to late payment
  •    In cases, you have made consecutive payment for the loan for six months you can skip a payment every twelve months
  •    You have flexible repayment options to suit clients with trouble making the down payment.
  •    You could make biweekly payments to reduce the rate of federal student loan interest to be paid ultimately.
  •    In case after every six months, you would like to shift from fixed to the variable interest rate as long as you have made on-time payments for the past consecutive six months.
  •    Earnest has a pricing tool that assists clients to choose a monthly payment that suits them depending on the interest rate and duration of the loan.

For one to qualify to apply for a loan with Earnest, you should be a citizen of the US and also at least eighteen years old. You should also be the primary borrower of the loan and also use the loan for immediate schooling. Additionally $5,000 must be refinanced. All the loan debt should exclusively be used to fund your education. Some financial factors like your payment history, bank balances, your spending versus your earnings savings and your amount of debt are also checked.

Leigh Mann2 years ago

As a student who has also received Earnest student loans in several instances, I agree that their fixed and variable interest rates are not only attractive but also competitive. This is what makes Earnest more worthy to consider it as your student loan lender company. Aside from the loan application process is as easy as follows:

  •    Log on to the Earnest website and click on the loan box
  •    You have to create an account where your details would be required. This information includes your name, email address, phone number and nationality. Click on “Begin”
  •    Fill in your education information. This includes the name of your school, the degree you are undertaking, tuition fee balance and the graduation date. Click “Next”
  •     Provide your financial information clicking on “ext”
  •    Provide your address which is the place where you currently reside and click “Next”
  •    Provide a password to your new account and agree to the terms of the loan agreement and submit.


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