At a Glance
Rating Breakdown
Performance Overview
Scores out of 5, based on our editorial analysis
About Earnest
Earnest was acquired by Navient in 2017 for $155 million, which gives it access to one of the largest student loan servicing infrastructures in the country. Despite the Navient parentage, which carries negative consumer sentiment from federal loan servicing controversies, Earnest operates as an independent brand with its own underwriting model and technology stack. The company evaluates not just FICO scores but savings account balances, spending-to-income ratios, and earning trajectory to determine pricing. This whole-picture approach can benefit high-income professionals with strong financial habits who happen to have average credit scores. Earnest's defining feature is precision term selection: borrowers choose their exact repayment period down to the individual month, anywhere from 5 to 20 years. This means you can set a monthly payment that exactly matches your budget rather than choosing between coarse 5-year increments. For example, if you can afford $1,100/month on a $120,000 refinance, you can select a term of approximately 11 years and 4 months rather than choosing between 10 years at $1,290 or 15 years at $980. Both fixed and variable rates are available with zero fees of any kind: no origination fee, no late fee, no prepayment penalty. The skip-a-payment feature allows eligible borrowers to defer one payment per 12-month period without penalty or negative credit reporting, providing a genuine safety valve for cash-flow disruptions. The critical tradeoff is that refinancing federal student loans with Earnest permanently forfeits federal protections including income-driven repayment plans, Public Service Loan Forgiveness eligibility, federal forbearance, and the ongoing possibility of broad-based forgiveness programs. This decision is irreversible. Borrowers who work in government, nonprofits, or who may need IDR plans should not refinance federal loans regardless of rate savings. Earnest is best suited for high-earning private-sector professionals with stable income, strong savings, and exclusively private student loans or federal loans they are certain they will never need federal protections for.
Key Features
Custom Loan Terms
Choose your repayment term down to the exact month between 5 and 20 years for precise payment control.
Skip-a-Payment
Eligible borrowers can skip one payment every 12 months without penalty or negative credit reporting.
No Fees Whatsoever
Zero origination fees, zero late fees, and zero prepayment penalties.
How It Works
Check Your Rate
Pre-qualify in minutes with a soft credit pull that does not affect your score.
Customize Your Loan
Select your exact repayment timeline and choose between fixed or variable rates.
Submit Your Application
Upload required documents including proof of income, degree, and current loan statements.
Refinance Complete
Earnest pays off your existing loans directly and you begin making payments on the new terms.
What They Do
- Student Loan Refinancing
- Private Student Loans
- Parent PLUS Loan Refinancing
- Graduate Student Loans
Debt Types They Take On
- Federal Student Loans
- Private Student Loans
- Parent PLUS Loans
- Graduate School Loans
Fee & Cost Structure
Regulatory & Trust
Review Summary
Notable Case Studies
Attorney with Mixed Federal/Private Loans
A corporate attorney earning $210,000 carried $165,000 in student debt: $95,000 in federal loans at 6.8% and $70,000 in private loans at 8.2%. Not pursuing PSLF and had no interest in IDR plans. Combined weighted average rate: 7.4%. Monthly payment across all servicers: $1,920.
Software Engineer with High Private Loan Balance
A 28-year-old engineer earning $175,000 had $92,000 in private student loans from a coding bootcamp and master's program, split across two lenders at 9.1% and 10.4% variable APR. Monthly payment: $1,340. Rates were increasing with each Fed rate hike.
Pros & Cons
Pros
- Precision term selection down to the individual month lets borrowers optimize their monthly payment to within a few dollars of their budget, rather than settling for coarse 5-year increments
- Zero fees of any kind means the quoted rate is the complete cost of borrowing, with no hidden origination charges reducing your refinance proceeds
- Skip-a-payment feature once per 12 months provides a genuine safety valve during cash-flow disruptions without late fees or negative credit reporting
- Refinance amounts up to $500,000 cover even the largest medical, dental, and law school debt loads in a single consolidated loan
- Both fixed and variable rate options with competitive pricing, particularly for high-income professionals whose financial profile scores well in Earnest's whole-picture underwriting model
Cons
- Refinancing federal student loans permanently and irreversibly forfeits all federal protections: IDR plans, PSLF eligibility, federal forbearance, and any future forgiveness programs
- No co-signer release option means the co-signer remains liable for the full term of the loan, unlike some competitors that offer release after 24-48 consecutive on-time payments
- Minimum credit score of 650 plus Earnest's additional requirements around savings and income trajectory effectively shut out borrowers without strong financials, making this inaccessible to many who need rate relief most
- Navient parentage raises concerns for some borrowers given Navient's history of federal servicing lawsuits, though Earnest operates independently with its own customer service and technology
User Reviews (13)
released my mom as cosigner after 24 months
Originally needed my mom as cosigner to qualify. After 24 on-time payments and a credit score improvement (640 to 720), I applied for cosigner release. Approved in about 2 weeks. My mom's credit report no longer shows the loan. This matters because the $65K loan was hurting her DTI when she tried to refinance her mortgage. Not all refi lenders offer cosigner release. Earnest does and the process was straightforward.
pro tip: only refinance your high-rate loans
Had $80K total student debt -- $50K at 6.8% and $30K at 3.4%. Only refinanced the $50K at 6.8% through Earnest and got 4.29%. Left the $30K at 3.4% with my federal servicer since it was already lower than any refinance rate available. Earnest lets you select WHICH loans to refinance, not all or nothing. This selective approach saved me more than refinancing everything at a blended rate. Smart borrowing means doing the math loan by loan.
refinanced my Parent PLUS loans, decent experience
Had $55K in Parent PLUS loans at 7.08%. Refinanced into my own name through Earnest at 5.49%. Monthly payment dropped from $640 to $520. The process required me to meet income requirements on my own (separate from my parents) which makes sense. Not the absolute lowest rate I was quoted (SoFi offered 5.29%) but Earnest's skip-a-payment feature and payment flexibility tipped the scales. If you have Parent PLUS loans and can qualify on your own income, refinancing is worth exploring.
refinanced my student loans way down
Had $120K in federal student loans at 6.8% weighted average. Refinanced through Earnest at 3.89% fixed over 15 years. Monthly payment dropped from $1,380 to $880. Total interest savings over the life of the loan: approximately $32,000. Yes I gave up federal protections like income-driven repayment and PSLF. But I'm in private sector making $130K and have no intention of using those programs. If you're in a similar situation, the math is clear.
best customer service in the student loan refi space
Had to call three times during my refinance for various questions. Never waited more than 5 minutes. Every rep was knowledgeable and friendly. One rep proactively told me about the 0.25% autopay discount I hadn't applied yet. Compare that to my federal servicer (Nelnet) where hold times are 45+ minutes and reps read from scripts. Earnest's service feels like a real company that cares about retention, not a government contractor going through the motions.
Earnest let me pick my EXACT monthly payment
Most lenders give you 3-5 term options. Earnest lets you set your exact monthly payment down to the dollar and they calculate the corresponding term. I picked $600/month on a $45K refinance and got a 7-year-and-4-month term at 4.49%. This level of customization doesn't exist anywhere else. It meant I could budget exactly $600 without rounding up or having leftover dollars. Small thing but it shows they actually thought about the user experience.
literally zero fees -- no origination, no late, no prepay
Zero origination fee. Zero late fee (though late payments are reported to bureaus after 30 days). Zero prepayment penalty. In the student loan refi space where some lenders charge 1-4% origination, Earnest charging nothing is a genuine differentiator. On a $100K refinance, that's $1K-$4K you're not losing upfront. The rate is the rate. What you see is what you get. Refreshingly simple.
set up biweekly payments, paying off 8 months early
Earnest allows biweekly payment scheduling. Instead of $600/month I pay $300 every two weeks. Over a year that's 26 half-payments = 13 full payments instead of 12. The extra payment goes directly to principal. On my $55K loan at 4.49%, this will save about $1,800 in interest and pay it off 8 months early. Simple math trick that most lenders make difficult to set up. Earnest makes it a one-click option in the dashboard.
the skip-a-payment feature saved me during a job transition
Lost my job in March. Was terrified about my $850/month student loan payment. Earnest lets you skip one payment every 12 months with no penalty and no interest accrual freeze (interest still accrues but no late fee and no credit hit). Used it during my job search. Found a new job 3 weeks later. That feature alone is worth choosing Earnest over a lender with no flexibility. Most refinance lenders treat a missed payment as default. Earnest treats it as life happening.
$280K med school debt refinanced during residency
Earnest is one of the few lenders that will refinance during medical residency. $280K in federal loans at 6.5% average. Got 4.99% fixed through Earnest. They have a specific program for medical professionals in training. Monthly payment is $2,100 on a 15-year term. Yes I gave up PSLF eligibility but I'm going into private practice, not public service. For residents going private, refinancing makes sense once you're confident in your career path.
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- Annual Percentage Rates (APRs), loan amounts, and terms displayed are estimates based on publicly available information and may vary based on your creditworthiness, income, and other factors. Actual rates, terms, and availability may differ from what is shown here.
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