Refinancing with Earnest
Refinancing rates from 2.50% APR. Checking your rates won’t affect your credit score.
Paying back your student loans can feel like a huge burden — one that affects nearly every aspect of your life. But sometimes, it’s more than just an inconvenience. There are bigger issues at play, and you may need help.
Luckily, there are several resources that can offer student loan help. Here are five different optionsstart you can use for different student loan situations.
1. If you’re having trouble making payments…
There may be times when you will have trouble making your payments. If you’re struggling to make payments on your student loans, there’s one place to start for student loan help: your loan servicer.
While you may or may not have the best relationship with your loan servicer, they are your main point of contact when it comes to repaying your loans.
It’s crucial that you contact your loan servicer to discuss various repayment options. You can learn more about deferment or forbearance as well as other options that may offer some student loan help.
If you don’t contact your loan servicer, you may be vulnerable to student loan default, which can wreak havoc on your credit and your financial life.
2. If you’re having trouble with your loan servicer…
Unfortunately, student loan borrowers can’t choose who their loan servicers are. So if you’re having issues with them, you can’t just decide to switch to another servicer (unless you refinance your student loans).
If you’ve tried direct communication with your loan servicer and it’s either not working or you’re not getting a response, there’s a higher power you’ll want to contact.
The Consumer Financial Protection Bureau (CFPB) is an agency that helps empower consumers to take control of their economic lives. The agency was established by Congress to aid consumers and help carry out federal consumer financial laws. If you’re having trouble with your loan servicer, you can submit a complaint to the CFPB here.
The CFPB recently opened a public inquiry on the state of student loan servicers. 30,000 people commented and complained about customer service issues, payment problems, and more. The CFPB works on resolving issues and tracking borrowers’ feedback.
3. If you’re curious about student loan refinancing and other repayment options…
Student loan refinancing can be a great way to reduce your interest rate and save money. If you’re curious about student loan refinancing and other student loan issues, look no further. Student Loan Hero is committed to showing you ways to manage your student loans and make these issues easy to understand.
We’re a proponent of student loan refinancing, but only if it makes sense for you and you’re not gunning to get your loans forgiven. If you’re curious about student loan refinancing, check out the following resources:
- Find out how much you can save through refinancing.
- Compare various refinancing options.
- Know what questions to ask before you refinance.
In addition, if refinancing isn’t right for you, we have comprehensive guides on income-driven plans and student loan forgiveness. Not to brag, but these are some pretty rad resources to help student loan borrowers.
4. If you’re facing default…
Facing default on your student loans can be scary. Luckily, there’s help out there if you find yourself in this situation.
If you’re facing default, look into the resources at Inceptia. According to their website, “Inceptia is a nonprofit organization that partners with schools and loan holders to provide free assistance in understanding information, tools and resources available on student loans.”
They have a team of counselors that can help guide you through various repayment options for your student loans. If you’re facing default, you can contact a trained counselor at 855.471.1615 to discuss the next steps.
5. If you’re looking for community support/help from an expert…
Are you looking for more resources on how to manage your money and pay back your student loans? Are you feeling alone and seeking student loan help from your peers or an expert?
Check out SALT, a nonprofit that was created by American Student Assistance to help borrowers manage their money. You must create an account, which is free and takes 30 seconds or less.
SALT offers various resources to help students and alumni alike with their student loans. Their community is a great place to ask questions and get answers from your peers or an expert.
Once you create an account, go to the “Connect” tab and click under “SALT Community.” Once there, you’ll be able to ask an expert or your peers one of your burning questions about student loans.
You can even browse through current and past discussions to see if your question has already been answered. There’s a wealth of information there to help you make sense of your student loans.
Managing your student loans may be tough at times; you may need a little extra student loan help. Using the above resources, you can get the help you need and get answers to your most pressing questions.
Is there anything we missed? Anything else you need help with?
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|