Founded in 2013, Earnest is headquartered in San Francisco and backed by Maveron, Andreessen Horowitz, Atlas Venture, Mohr Davidow Ventures, First Round Capital and others. Founded on the belief that financially responsible people deserve better options and access to credit, Earnest’s lending products are built for a new generation seeking to reach life’s milestones. The company uses data and technology to understand every applicant’s unique financial story and offer the lowest possible rates. Earnest helps provide better access to higher education by making student loans more affordable and they let you restructure your student loans by offering student loan refinancing.
Earnest offers a highly flexible loan program that lets you determine your payment schedule. It makes your student loan even more affordable by not charging any origination, prepayment and other hidden fees. Other interesting features includes switching between fixed and variable rates at no charge. Earnest also offers Unemployment protection for 3 months when in between jobs, for up to 12 months total over the life of the loan.
If you’re approved to refinance student loans with Earnest, their Precision Pricing programs gives maximum payment flexibility. It allows you to create a payment schedule plan that can help you save thousands of dollars in the course of your loan. Earnest Precision Pricing lets you a get a rate anywhere along a curve instead of having to choose one rate at either 5, 10, 15, and 20 year increments which can end up costing more unless it is at the exact amount you want to pay per month. This can be advantageous for borrowers with a strict monthly budget, but regardless of budget can cut down the total cost of the loan.
Earnest takes a different approach to lending by considering your education, employment status, income to debt ratio and payment history among others. This makes it ideal for clients who are just starting to build a credit history. Applications only takes a few minutes and a quick rate estimate in under 2 minutes.
Borrowers who opt for Earnest student loan refinance options can call and speak with an Earnest employee, rather than someone at a third-party servicer, to resolve any questions or issues that may arise.
Most lenders pass their clients to a third-party after thirty days, but Earnest pledges not to do so. This ensures that borrowers will always have direct access to the source of information about their loan, which can often result in faster resolution times.
Earnest offers refinancing services for private, Federal and Parent PLUS loans as well as providing personal loans. Earnest does not place any ceilings on the maximum amount of student loan refinancing for graduate and undergraduate school, however there is a minimum balance of $5000 in student debt required.