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  3. Earnest vs. SoFi

Compare Earnest vs. SoFi Student Loan Refinance

What’s the difference between Earnest Student Loan Refinance and SoFi Student Loan Refinance? See how our editors compare the two companies below.
Last Updated: March 28, 2024
Earnest
4.7 / 5 - Excellent
#3 in Student Loan Refinance
VIEW RATES
SoFi
5.0 / 5 - Excellent
#6 in Student Loan Refinance
VIEW RATES
vs

Key Facts

  • Rates based in part on your earning potential
  • Loan amounts between $5,000 and $500,000
  • Customizable payments, including skipping one payment per year
  • Zero fees of any kind

Best for Competitive Rates and Flexible Terms

  • No fees at all -- no charges for origination, late, or insufficient funds.
  • Get pre-approved in 2 minutes
  • Easy-to-use loan calculator
  • Up to 20-year loan terms
  • Get a 0.125% discount on other SoFi loan products
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OVERALL RATINGS

 EarnestSoFi
Loan Specifications4.8/55.0/5
Eligibility Requirements4.5/55.0/5
Customer Experience4.5/55.0/5
Reputation4.8/55.0/5

Earnest Loan Specifics

 EarnestSoFi
Loan Types
Undergraduate
Graduate
Parent
Federal
Private
Maximum Loan Amount
$500,000
The full balance of all qualified education loans
Terms
5
10
15
20
5
7
10
15
20
Rates
Fixed
Variable
Fixed
Variable
Fixed APR Range
5.19% - 9.74% APR (includes 0.25% autopay discount)
5.24% - 9.99% (with autopay)
Variable APR Range
5.72% - 9.74% APR (includes 0.25% autopay discount)
6.24% - 9.99% APR (with autopay)
 EarnestSoFi
Deferment or Forbearance

*

Clients must reside in the District of Columbia or one of the 49 states Earnest operates in (all but Nevada). Earnest does not offer variable rate loans in AK, IL, MN, NH, OH, TN, and TX.
Fixed rates range from 5.24% APR to 9.99% APR with 0.25% autopay discount. Variable rates range from 6.24% APR to 9.99% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates on 5-, 7-, and 10-year terms are capped at 13.95% APR; 15- and 20-year terms are capped at 13.95% APR. SoFi rate ranges are current as of 02/06/24 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term you select, evaluation of your creditworthiness, income, presence of a co-signer and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The benefit lowers your interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay is not required to receive a loan from SoFi. You may pay more interest over the life of the loan if you refinance with an extended term.

Earnest Qualifications

 EarnestSoFi
Citizenship Requirement
U.S. Citizen
U.S. Citizen
Permanent Legal Resident
Minimum Credit Score
650
650 FICO
Income Verification
Degree Required
Positive Repayment History

Earnest Customer Experience

Earnest Company Reputation

 EarnestSoFi
Lender Type
Online Lender
Online Lender
Year Founded
2013
2011
 EarnestSoFi
BBB Rating
A+
A
Number of BBB Positive Reviews
2
29
Number of BBB Negative Reviews
4
113
Trustpilot Rating
4.7 out of 5
3.7 out of 5
Date Collected
2023-10-06
2020-06-30

Disclaimer

To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org) 

Company's Disclosure

Actual rate and available repayment terms will vary based on your income. Fixed rates range from 5.44% APR to 9.99% APR (excludes 0.25% Auto Pay discount). Variable rates range from 5.97% APR to 9.99% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan refinance loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. The maximum rate for your loan is 8.95% if your loan term is 10 years or less. For loan terms of more than 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95%. Please note, we are not able to offer variable rate loans in AK, IL, MN, NH, OH, TN, and TX. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account.
NOTICE: The debt ceiling legislation passed on June 2, 2023, codifies into law that federal student loan borrowers will be reentering repayment. The US Department of Education or your student loan servicer, or lender if you have FFEL loans, will notify you directly when your payments will resume.

If you are a federal student loan borrower you should take time now to prepare for your payments to restart, including the opportunity to refinance your student loan debt at a lower APR or to extend your term to achieve a lower monthly payment. Please note that once you refinance federal student loans you will no longer be eligible for current or future flexible payment options available to federal loan borrowers, including but not limited to income based repayment plans or extended repayment plans.

Company Profile

Full Name
Earnest Student Loan Refinance
SoFi Student Loan Refinance
Company Website
https://www.earnest.com/
https://www.sofi.com/
Headquarters
535 Mission St., Suite 1663, San Francisco, CA, 94105
234 First Street, San Francisco, CA, 94105

Final Verdict

SoFi Student Loan Refinance has a higher overall rating than Earnest Student Loan Refinance. SoFi scores better than Earnest across: Loan Specifications, Eligibility Requirements, Customer Experience, and Reputation.

Customer Comments & Reviews

marjolenen
9/17/2020
Earnest Student Loan Refinance review
I refinanced my private student loans through Earnest and my interest rate dropped from 8.5% to 3.5%. Earnest also offers a referral program: You can earn a $200 bonus when you refinance your student loan via Earnest! Just go to earnest.com/invite/marjolene and get your $200 after you complete the refinancing process. Hope this helps!

ccooper159
6/18/2020
Earnest Student Loan Refinance review
I used Earnest to refinance my loans to a lower rate. Great company. I would use them again. You can chat online to answer questions. You can customize your payment. Pay monthly or every 2 weeks. Apply extra payment to next month or towards the principal. The response from the team is always fast and helpful.

Esvin S
8/11/2017
Earnest Student Loan Refinance review
(Earnest - College Debt Consolidation) The application process is easy. Although mine took a bit longer than expected so make sure to call them to check on your application status if you suspect it is taking longer than usual (a couple days to a week to respond with approval/denial/requesting more information. Also, definitely use my referral code https://www.earnest.com/invite/esvin to get an easy $200 off when your loan is approved. Here is another link of Earnest's info: https://www.nerdwallet.com/blog/loans/student-loans/earnest-student-loan-refinance-flexibility/ - Thank you in advance -

A
Anonymous
6/9/2017
SoFi Student Loan Refinance review
I applied and was approved in a timely manner. My interest rate was awesome compared to what I'm at with the Feds. I just now have to decide whether or not I want to give up my rights that the Feds offer with repayment options over the life of the loan.

Jeremy O
3/7/2017
SoFi Student Loan Refinance review
Please ignore my last review. I was remarking about another student loan refinance company. SoFi promptly responded to my concern and answered my questions. They (Mitsy) were very prompt and courteous.

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Credible
4.5 / 5 - Excellent
#1 in Student Loan Refinance
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