Earnest Student Loans Review

Earnest Private Student Loans are worth considering for undergraduate and graduate students who have exhausted their federal student loan options. You'll probably need a cosigner to be approved, unless you're working a considerable amount in addition to being a full-time student. There are four repayment plans¹, and Earnest will give you an interest rate reduction if you apply for auto-pay², but there are no opportunities for deferment or forbearance, so it may not be a great choice if you're concerned about your ability to keep up with the payments.

Loan Details

Earnest offers fixed and variable private student loans, ranging from $1,000 in most states³ up to 100% of your school's certified cost of attendance. Undergraduate and graduate students can apply for loans, and parents can take out private student loans on behalf of their child. There are four repayment plans¹ to choose from, three of which offer a nine-month grace period⁴, which is three months longer than what many other private student loan companies offer. While there are deferment and forbearance options available to students who refinance loans with Earnest, the company doesn't appear to extend those same protections to students who take out new private student loans. Your loan term will vary depending on how much you borrow, but you won't have to worry about prepayment, late payment, origination or disbursement fees⁵ driving up your balance.

Loan Types

• Undergraduate
• Graduate

Minimum Loan Amount

• $1,000³

Maximum Loan Amount

• 100% of school's certified cost of attendance

Loan Term

• Loan term⁶ depends on how much you borrow and the repayment plan you choose

Interest Rates

• Fixed
• Variable

Repayment Options¹

• Deferred
• Fixed
• Immediate
• Interest-Only

Grace Period⁴

• Yes

Deferment or Forebearance

• Yes

Cosigner Release⁷

• Yes

Fixed APR Range

• 2.29% - 16.24% APR⁸ (with Auto Pay² and Loyalty⁹ discounts)

Variable APR Range

• 4.74% - 16.60% APR⁸ (with Auto Pay² and Loyalty⁹ discounts)

Eligibility Criteria

You must be enrolled full-time in a qualifying university. You (or your cosigner) must be a U.S. citizen or permanent resident to qualify for an Earnest Private Student Loan. While the company doesn't mandate a cosigner, many students will need one because they may not have three years of credit history, which is a requirement to be approved for a private student loan with Earnest.

Eligibility criteria can be found anytime at earnest.com/eligibility.

Cosigner Required

• No

Course Load

• Full-time

Citizenship Requirement

• U.S. Citizen
• Permanent Legal Resident

Customer Experience

Earnest offers online quotes to students interested in securing a private student loan, and, like many private student loan companies, it offers a 0.25% interest rate reduction to students who enroll in auto-pay² and return borrowers can receive an additional 0.25% interest rate reduction⁹ . The company's website does contain a blog with useful articles to help students understand their student loans and there are some student loan refinancing calculators, but there are no calculators to help students understand the costs of their new Earnest Private Student Loan.

Student Loan Calculator

• Yes

Online Quotes

• Yes

Discounts

You receive a 0.25% interest rate reduction when you enroll in autopay². Return borrowers can receive an additional 0.25% interest rate reduction⁹.

Company Reputation

Earnest has been around since 2013, and its personal loan and student loan refinancing services have received largely positive reviews, earning a 4.6 rating from Trustpilot.

Lender Type

• Online Lender

Year Founded

• 2013

BBB Rating

• A+

Trustpilot Rating

• 4.6 out of 5

Date Collected

• 2026-05-19

Company Disclosures

¹ Repayment terms and repayment options available vary based on loan type.

² You can take advantage of the Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment from a checking or savings account. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. It is important to note that the 0.25% Auto Pay discount is not available when loan payments are deferred during the interim period as a result of selecting the deferred repayment option.

³ Residents of Hawaii must request a loan of at least $1,501.

⁴ Nine-month grace period is not available for borrowers who choose our Principal and Interest Repayment plan while in school.

⁵ Earnest does not charge fees for origination, late payments, returned check, or prepayments. Florida Stamp Tax: For Florida residents, Florida documentary stamp tax is required by law, calculated as $0.35 for each $100 (or portion thereof) of the principal loan amount, the amount of which is provided in the Final Disclosure. Lender will add the stamp tax to the principal loan amount. The full amount will be paid directly to the Florida Department of Revenue. Certificate of Registration No. 78- 8016373916-1.

⁶ Available interest rates are subject to change. Interest rates as of 03/19/2026. Earnest’s Loan Cost Examples: 1.) These examples provide estimates based on principal and interest payments beginning immediately upon loan disbursement. Variable annual percentage rate ("APR"): A $10,000 loan with a 15-year term (180 monthly payments of $152.84) and a 16.85% interest rate without Auto Pay (16.85% APR) would result in a total estimated payment amount of $27,511.20. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed APR: A $10,000 loan with a 15-year term (180 monthly payments of $150.30) and a 16.49% interest rate without Auto Pay (16.49% APR) would result in a total estimated payment amount of $27,054.10. 2.) These examples provide estimates based on interest-only payments while in school. Variable interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $152.84) and a 16.85% interest rate without Auto Pay (16.85% APR) would result in a total estimated payment amount of $35,515.14. For a variable loan, after your starting rate is set, your rate will then vary with the market. Your actual repayment terms may vary. Other repayment options are available. The calculation assumes that the “in-school” period is 4 years (48 months) and includes our 9 month grace period, during which the monthly payment will be $140.42 for 57 months. Fixed interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $150.30) and a 16.49% interest rate without Auto Pay (16.49% APR) would result in a total estimated payment amount of $34,886.94. Your actual repayment terms may vary. Other repayment options are available. The calculation assumes that the “in-school” period is 4 years (48 months) and includes our 9 month grace period, during which the monthly payment will be $137.42 for 57 months. 3.) These examples provide estimates based on fixed $25 payments while in school. Variable interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $253.39) and a 16.85% interest rate without Auto Pay (14.92% APR) would result in a total estimated payment amount of $47,035.20. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $246.61) and a 16.49% interest rate without Auto Pay (14.65% APR) would result in a total estimated payment amount of $45,814.80. Your actual repayment terms may vary. Other repayment options are available. The calculation assumes that the “in-school” period is 4 years (48 months) and includes our 9 month grace period, during which the monthly payment will be $25.00. 4.) These examples provide estimates based on deferred payments. Variable interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $275.17) and a 16.85% interest rate without Auto Pay (14.67% APR) would result in a total estimated payment amount of $49,530.60. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $268.03) and a 16.49% interest rate without Auto Pay (14.39% APR) would result in a total estimated payment amount of $48,245.40. Your actual repayment terms may vary. Other repayment options are available. It is important to note that the 0.25% Auto Pay discount is not available when the deferred repayment option has been selected and the loan is in the interim period. The calculation assumes that the “in-school” period is 4 years (48 months) and includes our 9 month grace period, during which the monthly payment will be $0.

⁷ To qualify for automatic cosigner release, the outstanding principal balance of your loan must be paid down to 50% or less of the original principal balance. The primary borrower must have made 36 months of required payments after the end of the Interim Period. The primary borrower must meet our eligibility and minimum credit requirements. Additional terms and conditions may apply. To request cosigner release, the primary borrower must have made 12 consecutive, monthly on-time principal and interest payments (or an amount equal thereto) immediately preceding the cosigner release application. The primary borrower must satisfy certain eligibility and credit criteria at the time of application. Additional terms and conditions may apply.

⁸ Actual rate and available repayment terms will vary based on your financial profile. Fixed annual percentage rates (APR) range from 2.79% to 16.74% (2.29% - 16.24% with Auto Pay and Loyalty discounts). Variable annual percentage rates (APR) range from 5.24% to 17.1% (4.74% - 16.6% with Auto Pay and Loyalty discounts). Earnest variable interest rate student 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 plus a margin and will change on the 1st of each month. The rate will not increase more than once a month, but there is no limit on the amount that the rate could increase at one time. Our lowest rates are only available for our most credit qualified existing cosigned loan borrowers who receive the 0.25% Loyalty discount and requires selection of our shortest term offered, full principal and interest payment while in school, and enrollment in our 0.25% Auto Pay discount. Enrolling in Auto Pay is not required as a condition for approval. Interest rates are subject to change.

⁹  To be eligible for the Loyalty Discount, applicants must have previously obtained an Earnest Private Student Loan and apply using the same email address associated with that loan. Only one Loyalty Discount may be applied per eligible Earnest Private Student 7 9 Loan. Not all applicants may qualify. This offer cannot be combined with Earnest’s Rate Match program. Earnest may modify or discontinue this offer at any time and without notice, however, once a Loyalty Discount is earned, it will not be taken away.

¹⁰ Earnest clients may skip a payment through a single, onemonth forbearance during a 12 month period. Your first request to skip a pay can be made once you’ve made at least 6 months of consecutive on-time full principal and interest payments, and your loan is in good standing. The interest accrued during the skipped month will result in an increase in your remaining minimum payment. The final payoff date on your loan will be extended by the length of the skipped payment periods. Any unpaid accrued interest may capitalize (added to the principal balance) at the end of the forbearance period by adding unpaid accrued interest to the outstanding principal as permitted by law and the terms of the loan agreement. Please note that skipping a payment is not guaranteed and is at Earnest’s discretion. Your monthly payment and total loan cost may increase as a result of postponing your payment and extending your term.

Earnest Private Student Loans are made by FinWise Bank, Member FDIC. FinWise Bank, 756 East Winchester, Suite 100, Murray, UT 84107. Earnest student loans are serviced by Earnest Operations LLC, 300 Frank H. Ogawa Plaza, Suite 340, Oakland, CA 94612. NMLS #1204917, with support from Higher Education Loan Authority of the State of Missouri (MOHELA) (NMLS# 1442770).

FinWise Bank and Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by agencies of the United States of America.