Earnest Private Student Loans: 2026 Review
Earnest offers student loan refinancing and private student loans for undergraduate and graduate students. It stands out for its flexible repayment options.
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Student loan ratings
Earnest’s refinancing loan is best for borrowers who want to customize their repayment schedule to pay off debt. Its private undergraduate and graduate student loans are an option for borrowers who want flexible repayment.
Earnest Undergraduate Loan review
Pros
- Borrowers who return to Earnest for a new private student loan can be eligible for a 0.25% rate reduction.
- 0.25% rate reduction for borrowers who sign up for automatic payments.
- No late fees.
- Option to skip one payment every 12 months for eligible borrowers.
- Every borrower gets a 9 month grace period.
Cons
- Does not offer renewable or multi-year approval options.
- Must be enrolled half-time or more.
Full Earnest student loan review
Earnest is an alternative for borrowers who have exhausted their federal student loan options and need additional money to cover college costs. This lender stands out for multiple and unique repayment options, including the ability to skip one payment per year.
Students enrolled at Title IV-eligible community colleges are able to apply for Earnest loans. Deferred Action for Childhood Arrivals (DACA) students can also qualify. Earnest offers loan terms ranging from five to 15 years for undergraduate loans, and between five and 20 years for refinanced student loans.
Earnest borrowers should be aware they are not assigned a dedicated advisor or banker when they take out an Earnest student loan, and extra payments are not automatically applied to the principal first. Earnest borrowers who have made six months of on-time, full payments may be eligible to skip a payment once every 12 months. The interest accrued during the skipped payment will be added to the remaining minimum payment.
More about Earnest student loans
Loan and borrower requirements
Loan terms: 5, 7, 10, 12 and 15 years.
Loan amounts: $1,000 to $400,000. Hawaii residents must request a loan of at least $1,501.
Minimum credit score: 650.
Minimum income: No minimum income.
Maximum debt-to-income (DTI) ratio: Not applicable.
Time requirement after filing for bankruptcy: Bankruptcy cannot be present on credit report.
Co-signer: Allowed but not required.
Payment and repayment
Allows greater-than-minimum payments via autopay: Yes.
Allows bi-weekly payments via autopay: Yes.
Grace period following graduation: 9 months.
In-school repayment options: Full, interest-only, partial payment of $25 and fully deferred payments.
Post-school repayment options:
Interest-only payments.
Internship deferment (not counted against other deferment options).
Residency deferment (not counted against other deferment options).
Temporary lower payments.
Skip-a-payment program.
Military deferment (not counted against other deferment options).
Customer experience
Customer service: Has an in-house customer service team. It has a built-in process for escalating complaints. Borrowers can reach Earnest through phone, email and live chat.
Time for application approval: Some borrowers can be approved instantly, while borrowers whose applications require manual reviews may need to wait a few days.
Loan servicer: Earnest Operations LLC.
Earnest extras
Offers multiple in-school and post graduation repayment options for borrower flexibility.
No fees — including no origination or late fees.
All students get a 9-month grace period — which is a longer grace period than other student loan lenders.
Borrowers who return to Earnest for a new private student loan may be eligible for a 0.25% rate reduction.
Lender | Fixed APR | Min. credit score | Variable APR | |
|---|---|---|---|---|
 Check Rate on Sallie Mae's website | 2.89-17.49% | Mid-600s | 3.62-16.25% | Check Rate on Sallie Mae's website |
 Check Rate on College Ave's website | 2.59-17.99% | Mid-600s | 3.89-17.99% | Check Rate on College Ave's website |
 Check Rate on Ascent's website | 2.69-16.86% | Low-Mid 600s | 3.65-16.06% | Check Rate on Ascent's website |
 Check Rate on Monogram's website | 3.35-17.17% | Mid-600s | 3.53-17.23% | Check Rate on Monogram's website |
 Check Rate on ELFI's website | 2.99-12.85% | 680 | 6.75-13.05% | Check Rate on ELFI's website |
Earnest Graduate Loan review
Pros
- Borrowers who return to Earnest for a new private student loan can be eligible for a 0.25% rate reduction.
- 0.25% rate reduction for borrowers who sign up for automatic payments.
- No late fees.
- Option to skip one payment every 12 months for eligible borrowers.
- Every borrower gets a 9 month grace period.
Cons
- Does not offer renewable or multi-year approval options.
- Must be enrolled half-time or more.
Earnest offers these graduate school loans
Medical | Pharmacy |
Dental | Nursing |
Veterinary | MBA |
Law |
Earnest Student Loan Refinance review
Pros
- Customizable payments and loan terms.
- Eligible borrowers can skip one payment every 12 months.
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
Cons
- Won’t allow you to transfer parent loans to your name.
Before applying for an Earnest student loan
Before taking out an Earnest student loan or any other private student loan, exhaust your federal student loan options first. Submit the Free Application for Federal Student Aid, known as the FAFSA, to apply.
» MORE: NerdWallet’s FAFSA Guide
Compare your private student loan options to make sure you’re getting the best rate you qualify for. In addition to interest rates, look at lenders’ repayment alternatives and the flexibility they offer to borrowers who struggle to make payments.
If you aren't eligible for an Earnest student loan
If Earnest denies your student loan application, the lender will let you know why. Depending on the reason, you may want to consider other lenders or, if you haven’t already, try applying with a co-signer.
If you don’t have access to a co-signer — or still aren’t eligible with one — consider lenders that don’t require co-signers or specialize in bad or no credit student loans.
STUDENT LOAN RATINGS METHODOLOGY
Our student loans editorial team surveyed 20 banks, credit unions and online lenders that offer student loans and student loan refinancing. These include the top lenders by market share and online search volume, as well as some lenders that serve specialty or nontraditional markets.
We considered and scored more than 60 features and data points for each financial institution in the categories of loan flexibility, affordability, transparency, customer experience and variety of borrowers served.
The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.
Read more about our ratings methodology for student loans and our editorial guidelines.
Frequently asked questions
Is Earnest student loans legit?
Earnest is a private online lender that offers refinancing to college graduates and private student loans to undergraduate and graduate students. It was founded in 2013 and began offering private student loans in April 2019.
Is Earnest good for student loans?
Earnest has a 4.5 star rating for its refinancing loan and a 4.5 star rating for its graduate student loan, as reviewed by NerdWallet. The highest possible rating is 5 stars.
Is Earnest a federal loan?
Earnest offers private student loans and refinancing. It does not service federal student loans.