Refinancing with Earnest
Refinancing rates from 2.47% APR. Checking your rates won’t affect your credit score.
Hopefully, the name Student Loan Hero tells you that we’re here to help with your student loan situation.
But since we offer so many different free resources, you might not know about everything that’s available to help you.
This guide will steer you toward the resources that can help you the most. Jump to the section that best describes you to get started:
- You’re a future or current student paying for a degree
- You’re a graduate with student loan debt
- You’re a parent managing student loans
Check out our other helpful resources at the bottom of this post.
If you’ve landed on our homepage, you know we started out by helping ex-students who are struggling to repay their loans.
But many of our resources are made to ensure that you don’t follow in their footsteps. Many of our blog posts, for example, focus on applying for scholarships to help you avoid student loan debt altogether.
If borrowing is the best choice for you, we make an effort to connect you with the best private student loan lenders. If you end up with one of our recommended partners, that’s partly how we make money. However, we only work with partners we believe to be high-quality and helpful to our users.
Here are two calculators that are helpful if you’re considering borrowing:
- Student loan payment calculator: for understanding that what you borrow is different than what you’ll repay
- Student loan comparison calculator: for choosing the best repayment term length for your loan
For an even fuller picture of how to pay for college without harming your financial future, we recommend you start with these six blog posts:
- Your Ultimate Guide to Federal Financial Aid, the FAFSA, and More
- The Ultimate Guide to State Financial Aid Grants
- 20 Ways to Get the Best Scholarships for Current College Students
- What’s the Difference Between Federal Student Loans and Private Student Loans?
- Everything You Need to Know About Student Loan Interest Rates
- Step-by-Step Guide: How to Apply for Private Student Loans
Fun fact: Student Loan Hero CEO Andy Josuweit borrowed $74,000 for college, watched his debt balloon to $107,000, and then paid it all back using the tools we now provide. So we know firsthand the kinds of journeys borrowers take to get out of student loan debt.
To work toward your own heroic ending, check out our secure app. Once you create or sign in to your account, you can:
- Use the dashboard to sync all your federal and private loans in one place.
- Take a brief quiz to help us determine the best repayment plan for you (pictured below).
You also can:
- Use our calculators to figure out if refinancing, consolidation, or forgiveness is an options for you.
- Check out our blog’s must-reads to answer your most pressing student loan repayment questions.
- Visit our marketplace to consider student loan refinancing options, credit-building tools, and more.
Along the way, our FAQs, glossary, and customer support team can answer any questions you might have. And if you’re wondering how to find student loan repayment assistance programs, we can point you in the right direction.
If you prefer to get started on our blog, here are six comprehensive posts:
- Make Your Get Out of Debt Plan in 7 Simple Steps
- Student Loan Deferment and Forbearance: How to Pause Your Student Loan Payments
- Student Loan Default: Everything You Need to Know
- The Complete List of Student Loan Forgiveness Programs and Options
- Refinancing 101: Should You Refinance Your Student Loans?
- 6 Best Banks to Refinance and Consolidate Student Loans in 2018
Whether you or your student is learning how to pay for college or working on paying back student loans, we have free resources for you.
But a loan still might be necessary. Peruse these blog posts if you’re planning to take out debt in your name.
You also might benefit from our Income-Contingent Repayment (ICR) calculator if you’re currently repaying at least one Parent PLUS Loan. ICR is the only income-driven repayment option for parents holding federal debt. We also have a tool to help you compare student loan consolidation and refinancing.
If you or your student is learning how to pay for college, check out these blog posts:
- 7 Ways Parents Can Help Pay for College (and Avoid Financial Ruin)
- Parents Guide: How to Help Your Child Get Student Loans
- The Ultimate Parent Student Loans Guide
- Parent PLUS Loan Forgiveness Is Possible: Here’s How to Get It
- How to Rescue Your Retirement By Refinancing a Parent PLUS Loan
Other helpful resources we offer
There’s a strong possibility that if it’s a topic related to money — borrowing, spending, or saving it — we have a thoroughly researched post, calculator, or tool to share.
If your search results come up empty, contact our customer support team. We’re ready and able to field your questions.
Here are three more resources that could prove useful:
- Our news team ensures you’re up to speed on student loan news and other important financial topics.
- Our research center publishes surveys and studies related to student loan debt and other topics.
- Our Twitter and Facebook channels keep you informed on everything that we’re working on.
Hopefully, at least one of our initiatives will help you get a handle on your finances. Let us know which one. We like to hear that kind of feedback.
Interested in refinancing student loans?Here are the top 6 lenders of 2018!
|Lender||Variable APR||Eligible Degrees|
|Check out the testimonials and our in-depth reviews!
1 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 6.97% APR (with Auto Pay). Variable rate loan rates range from 2.47% APR (with Auto Pay) to 6.30% 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 Month/Day/Year, 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 08/21/18. 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 email@example.com, or call 888-601-2801 for more information on ourstudent 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.
2 Important Disclosures for Laurel Road.
Laurel Road Disclosures
APR stands for “Annual Percentage Rate.” Rates listed include a 0.25% EFT discount, for automatic payments made from a checking or savings account. Interest rates as of 11/8/2018. Rates subject to change.
Variable rate options consist of a range from 3.27% per year to 6.09% per year for a 5-year term, 4.64% per year to 6.14% per year for a 7-year term, 4.69% per year to 6.19% per year for a 10-year term, 4.94% per year to 6.44% per year for a 15-year term, or 5.19% per year to 6.69% per year for a 20-year term, with no origination fees. APR is subject to increase after consummation. The variable interest rate will change on the first day of every month (“Change Date”) if the Current Index changes. The variable interest rates are based on a Current Index, which is the 1-month London Interbank Offered Rate (LIBOR) (currency in US dollars), as published on The Wall Street Journal’s website. The variable interest rates and Annual Percentage Rate (APR) will increase or decrease when the 1-month LIBOR index changes. The variable interest rates are calculated by adding a margin ranging from 0.98% to 3.80% for the 5-year term loan, 2.35% to 3.85% for the 7-year term loan, 2.40% to 3.90% for the 10-year term loan, 2.65% to 4.15% for the 15-year term loan, and 2.90% to 4.40% for the 20-year term loan, respectively, to the 1-month LIBOR index published on the 25th day of each month immediately preceding each “Change Date,” as defined above, rounded to two decimal places, with no origination fees. If the 25th day of the month is not a business day or is a US federal holiday, the reference date will be the most recent date preceding the 25th day of the month that is a business day. The monthly payment for a sample $10,000 loan at a range of 3.27% per year to 6.09% per year for a 5-year term would be from $180.89 to $193.75. The monthly payment for a sample $10,000 loan at a range of 4.64% per year to 6.14% per year for a 7-year term would be from $139.65 to $146.76. The monthly payment for a sample $10,000 loan at a range of 4.69% per year to 6.19% per year for a 10-year term would be from $104.56 to $111.98. The monthly payment for a sample $10,000 loan at a range of 4.94% per year to 6.44% per year for a 15-year term would be from $78.77 to $86.78. The monthly payment for a sample $10,000 loan at a range of 5.19% per year to 6.69% per year for a 20-year term would be from $67.05 to $75.68.
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.
3 Important Disclosures for SoFi.
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 2.28% effective October 10, 2018.
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|2.47% – 6.99%3||Undergrad & Graduate|
|2.47% – 6.30%1||Undergrad & Graduate|
|2.51% – 8.09%4||Undergrad & Graduate|
|3.02% – 6.44%2||Undergrad & Graduate|
|2.69% – 7.21%5||Undergrad & Graduate|
|2.79% – 8.39%6||Undergrad & Graduate|