Refinancing with Earnest
Refinancing rates from 2.50% APR. Checking your rates won’t affect your credit score.
Stuck. Overwhelmed. Buried in debt.
These feelings can easily wash over you when you are working hard to pay off student loans. Sometimes even with your hard work, it feels like it’s not enough and you are just treading water.
When you’re in a rut and your student loans are making you depressed, you may be looking for student loan relief to help ease the burden. While there are no magic solutions, there are ways to find some student loan relief to help you deal with the issue. Here are some steps to get started:
Talk to your lender
The first step in the process is to contact your lender. They are your starting point to find out what your options are when you are looking for student loan relief.
Each lender is different and has various repayment plans and terms and conditions, so you’ll want to go to the source to find out what they offer.
To help make the process easier, here are some helpful tips:
- Start by discerning whether you have federal or private student loans or both. This will make a huge difference in what options are available to you.
- Go to your lender’s website and find their contact information. Not sure where to start? Get information from the National Student Loan Data System.
- Call them immediately to ask about your situation and see what sort of relief options are available to you.
- Make sure to get your options in writing.
- If you choose a plan like deferment or forbearance, be clear on the details and timeline. Often this is only for a set amount of time, so it’s important to be clear on all of the details.
Like with any relationship, communication is key. Stay in touch with your lender if you are having trouble making payments, if you need to change your repayment plan, or if you have any questions or concerns.
Look into student loan forgiveness options
If you have federal loans and work at certain jobs, you may be in luck.
The Public Service Loan Forgiveness program offers qualified applicants the option to forgive their debt after 10 years of consistent repayment. This is a great option for those who are working for the greater good, but not bringing in the big bucks to pay back their loans.
To qualify, you need to:
- Make 120 on-time, full, scheduled monthly payments on your Federal Direct Loans.
- Make all of your payments under a qualifying repayment plan. Income-Based Repayment, Pay As You Earn, and Income-Contingent Plan all qualify for Public Service Loan Forgiveness.
- Work full-time at a qualifying public service organization. These include federal, state, and government organizations, as well as 501(c)(3) non-profit organizations.
See our post on Public Service Loan Forgiveness for a more details on this program.
If you’re a teacher, there are also special programs that may help you with your loans. Check out student loan forgiveness for teachers options here.
Consider if Refinancing is Right For You
Are you struggling with high interest rates that prevent you from making progress? Do you feel like you are managing loans from various lenders and can’t keep them straight? Then student loan consolidation and refinancing might be a good option for you.
Through refinancing, you typically look for a better interest rate and can consolidate your loans into one monthly payment. Essentially, you are taking out one loan to pay off all your other loans, but in return you have one payment and a lower interest rate.
Refinancing is a great option if you have student loans with high interest rates. Consolidation and refinancing often work best with private student loans, but it’s also possible to refinance federal student loans too.
For those with only federal student loans, think carefully about whether refinancing is right for you as you will give up your federal loan repayment options, such as Income-Based Repayment and loan forgiveness programs.
If you decide that refinancing is right for you, check out various student loan refinancing lenders that can help you get the best rate and plan so that you can effectively manage your student loans.
Find a Like-Minded Community
This last step is such an important part of finding student loan relief, yet not talked about very often: find a community that’s also dealing with student loan debt.
You are not alone and there are others out there that are going through the same things. You can read personal finance blogs, find communities on Facebook or Twitter, or even talk to your friends about your student loan debt. Here are some resources to get started:
- Join the conversation on Twitter, using #debt or #StudentDebtStress
Student loans are an issue that need to be talked about and not just swept under the rug. For your sanity, it’s helpful to surround yourself with others who are also working to get out of student loan debt and that can provide support.
If your student loans are making you depressed — and affecting other areas of your life — consider seeking professional help.
In addition, you can check out various resources on our blog about how to get out of debt, and use online tools to help you pay off debt.
The key is to find support and resources and not let student loan debt consume you. Student loans suck, but there are ways you can find some relief — so you can manage your loans, pay them off, and move on with your life.
Interested in refinancing student loans?Here are the top 6 lenders of 2019!
|Lender||Variable APR||Eligible Degrees|
|Check out the testimonials and our in-depth reviews!
1 Important Disclosures for SoFi.
2 Important Disclosures for Earnest.
To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Earnest fixed rate loan rates range from 3.89% APR (with Auto Pay) to 7.89% APR (with Auto Pay). Variable rate loan rates range from 2.50% APR (with Auto Pay) to 7.27% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 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% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of April 17, 2019, and are subject to change based on market conditions and borrower eligibility.
Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
The information provided on this page is updated as of 04/17/2019. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at firstname.lastname@example.org, or call 888-601-2801 for more information on our student loan refinance product.
© 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.
3 Important Disclosures for Laurel Road.
Laurel Road Disclosures
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the fixed rate will decrease by 0.25%, and will increase back up to the regular fixed interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the variable rate will decrease by 0.25%, and will increase back up to the regular variable interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.
All credit products are subject to credit approval.
Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $4 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products and personal loans that help simplify lending through customized technology and personalized service. In April 2019, Laurel Road was acquired by KeyBank, one of the nation’s largest bank-based financial services companies. Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. All loans are provided by KeyBank National Association, a nationally chartered bank. Member FDIC. For more information, visit www.laurelroad.com.
4 Important Disclosures for LendKey.
Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
5 Important Disclosures for CommonBond.
Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown.
All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 2.49% effective March 10, 2019.
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|2.50% – 7.27%1||Undergrad & Graduate|
|2.50% – 7.12%3||Undergrad & Graduate|
|2.81% – 8.79%4||Undergrad & Graduate|
|2.50% – 6.65%2||Undergrad & Graduate|
|2.55% – 7.12%5||Undergrad & Graduate|
|3.00% – 9.74%6||Undergrad & Graduate|