Earnest Student Loans Review: A Comprehensive Guide for Students and Graduates
Introduction
Readers, if you’re a student or graduate contemplating student loans, you’ve likely encountered Earnest Student Loans. In this comprehensive review, we’ll delve into the intricacies of Earnest, exploring its features, eligibility criteria, application process, and customer service, to help you make an informed decision about whether Earnest is the right choice for your educational funding needs.
About Earnest Student Loans
Launched in 2013, Earnest Student Loans is a private lender that offers both undergraduate and graduate student loans. Earnest distinguishes itself through its focus on customer experience, transparent pricing, and flexible repayment options. The company has garnered positive feedback for its user-friendly online platform, mobile app, and dedicated support team.
Features of Earnest Student Loans
- Competitive Interest Rates: Earnest offers competitive interest rates that are determined by your creditworthiness and other factors.
- Extended Repayment Terms: Unlike many lenders, Earnest provides extended repayment terms of up to 20 years for undergraduate loans and 25 years for graduate loans, giving you more breathing room to repay your debt.
- No Origination or Prepayment Fees: Earnest does not charge any origination or prepayment fees, saving you money over the life of your loan.
- Cosigner Release Option: Earnest allows you to release your cosigner from the loan after completing a certain number of on-time payments, reducing the financial burden on your loved ones.
- Loyalty Rewards: Earnest rewards customers for consistent on-time payments and referrals, offering a cash bonus or a reduced interest rate.
Eligibility Criteria
To be eligible for an Earnest Student Loan, you must:
- Be a U.S. citizen, permanent resident, or hold a valid visa
- Be enrolled at an eligible college or university
- Meet Earnest’s credit and income requirements
- Have a satisfactory academic record
Application Process
The Earnest loan application process is streamlined and can be completed online. You’ll need to provide information such as your personal details, financial history, and academic records. Earnest uses a soft credit inquiry to pre-approve you for a loan, without affecting your credit score. Once you’ve submitted your application, you’ll typically receive a decision within a few days.
Customer Service
Earnest prides itself on providing exceptional customer service. They offer:
- Dedicated Support Team: Earnest has a dedicated team of loan advisors available by phone, email, and live chat to assist you with any questions or concerns.
- Mobile App: The Earnest mobile app allows you to manage your account, make payments, and track your progress from your smartphone.
- Online Knowledge Center: Earnest’s online knowledge center provides comprehensive information on student loans, repayment options, and financial literacy.
Earnest Student Loans in Detail
| Feature | Details |
|---|---|
| Interest rates | 3.34% – 7.99% variable, 4.34% – 8.99% fixed |
| Loan terms | 5, 7, 10, 12, 15, 18, 20 years for undergraduate loans; 5, 7, 10, 12, 15, 18, 20, 25 years for graduate loans |
| Repayment options | Standard, graduated, extended, and income-driven plans |
| Fees | No origination or prepayment fees |
| Cosigner release | Available after 24 on-time payments |
| Loyalty rewards | Cash bonus or reduced interest rate for consistent on-time payments and referrals |
Conclusion
Earnest Student Loans offers a range of competitive features and flexible options to help students and graduates finance their education. Its transparent pricing, extended repayment terms, and exceptional customer service make it a viable choice for those seeking private student loans. Whether you’re an undergraduate or graduate student, we encourage you to explore Earnest Student Loans and compare it with other lenders to make the best decision for your financial future.
Be sure to check out our other articles for more information on student loans, personal finance, and wealth management.
FAQ about Earnest Student Loans Review
What is Earnest?
Earnest is an online lender that offers student loans to both undergraduate and graduate students.
What are the benefits of using Earnest?
Earnest offers competitive interest rates, flexible repayment options, and a variety of loan terms.
What are the drawbacks of using Earnest?
Earnest does not offer parent PLUS loans or consolidation loans.
What are the eligibility requirements for an Earnest student loan?
To be eligible for an Earnest student loan, you must be a US citizen or permanent resident, enrolled in an accredited college or university, and have a minimum credit score of 650.
What is the interest rate on an Earnest student loan?
Earnest offers interest rates that range from 3.99% to 9.99%.
What are the repayment options for an Earnest student loan?
Earnest offers a variety of repayment options, including fixed monthly payments, interest-only payments, and extended repayment plans.
What is the loan term for an Earnest student loan?
Earnest offers loan terms that range from 5 years to 20 years.
What fees are associated with an Earnest student loan?
Earnest charges an origination fee of up to 4.99%.
What are the customer service options for Earnest?
Earnest offers customer service via phone, email, and live chat.
How do I apply for an Earnest student loan?
You can apply for an Earnest student loan online or over the phone.