Our experts answer readers' student loan questions and write unbiased product reviews (here's how we assess student loans). In some cases, we receive a commission from our partners; however, our opinions are our own.
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Who is Earnest Best For?
Earnest is best for borrowers who want competitive interest rates — particularly those who only want to take out a small loan amount. Earnest offers loans of as small as $1,000.
Types of Student Loans Offered by Earnest
Earnest offers several types of student loans, including:
- Undergraduate
- Graduate
- Parent
- Medical
- Law
- MBAs
- Refinancing
Earnest Student Loan Details
You don't need a cosigner to apply, but having one can net you a lower rate.
You should pursue your federal student loan options before applying for any private student loan, including one with Earnest, as you can usually get better terms and protections through the government.
You have to meet the following eligibility requirements to get a student loan with Earnest:
- You are attending, or are enrolled to attend, full-time at an eligible four-year institutions
- You live in any state or Washington, DC, excluding Nevada
- You are the age of majority in your state of residence
- You are a US citizen or permanent resident or have a cosigner who is a US citizen or permanent resident
- You pass a credit check
You'll need to provide the following information to apply for a loan online:
- Email and physical address
- Date of birth
- Citizenship status
- School you're attending
- Degree you're pursuing
- Enrollment status
- Expected graduation date
- Credit score
There are several options for contacting Earnest's customer support. You can call the company from 5:00 a.m. to 5:00 p.m. PST Monday through Friday, excluding holidays. You can also live chat Earnest on its contact us page during the same hours. You can email the lender or send physical mail to its San Francisco address.
Earnest Undergraduate Student Loans
Earnest's loans have a unique perk. They allow you to skip one payment every year. You can request your first skip once you've made at least six months of consecutive on-time, full principal and interest payments, as long as your loan is in good standing. However, interest will accrue during this time, and the lender will extend the final payoff date of your loan by the length of the skipped payment period.
Earnest won't charge any origination, prepayment, late, or application fees. You have a host of term lengths to choose from, including five, seven, 10, 12, 15, and 20 years.
Earnest Graduate Student Loans
Earnest International Student Loans
Earnest is one of the only companies that allows international students to get a loan without a US-based cosigner. Instead, the company makes its lending decisions based on cross-border credit data, giving the company an equivalent score to support its evaluation of applications. This product is a great option for international borrowers who live in Canada, India, Mexico, or South Korea.
Earnest Student Loan Pros and Cons
How to Apply for an Earnest Student Loan
- Put in an application on Earnest's website. You'll enter your email address, name, phone number, and other personal information. You'll get an estimated monthly payment and rate with no impact on your credit score.
- Wait for Earnest to get your college to certify the loan. This process takes a varying amount of time — some colleges don't certify loans until it's near the end of the semester. Once your loan is certified, Earnest will send you an email letting you know.
- Track when your loan funds will reach your college. Earnest will then send your loan funds directly to your college on its designated disbursement date, which varies from college to college.
Earnest Student Loans Frequently Asked Questions
Is Earnest eligible for student loan forgiveness?
Earnest is not forgiving student loans. No private student loan lender is doing so.
What type of student loan is Earnest?
Earnest is a private lender that offers both variable- and fixed-rate student loans. The company also offers student loan refinancing.
Does Earnest ruin your credit score?
Earnest will only negatively impact your credit if you don't repay your loans on time. If you pay it back consistently, your credit score may actually improve.
Is Earnest loan legit?
The Better Business Bureau — which evaluates companies by reviewing business' replies to customer complaints, honesty in advertising, and clarity about business practices — gives
What Options Do I Have to Repay My Earnest Student Loans?
You can repay your student loan one of four ways after you've taken it out: deferred, fixed, interest-only, and full payment. The best repayment plan depends on your situation.
| Deferred | Fixed | Interest-only | Full payment |
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Deferred payments will be the most expensive options because you won't pay down any of your loan principal until after the grace period is over, and interest will accrue during that entire period. Full payments will cost the least overall because you aren't allowing interest to accrue at any point.
Earnest Competitors
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Earnest vs. Discover Student Loans
Earnest's minimum APR is lower than
Why You Should Trust Us: How We Rated Earnest Student Loans
We rate all student loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:
- Interest rate (20% of rating)
- Fees (20% of rating)
- Term lengths (15% of rating)
- Repayment options while in school (15% of rating)
- Borrower accessibility (15% of rating)
- Customer support (7.5% of rating)
- Ethics (7.5% of rating)
Each category's weighting is determined based on its importance to your borrowing experience. Rates and fees have the most significant impact on the total cost of your loan, so we weigh those the most heavily. Customer support and ethics are still crucial parts of the borrowing experience, but do not directly tie to a student loan's terms, so they have less of an impact on the overall rating.
Read more about how we rate student loans >>