Refinancing with Earnest
Refinancing rates from 2.47% APR. Checking your rates won’t affect your credit score.Check out Earnest
As spring approaches and the weather starts to warm up, we start to feel a bit like this:
Throwing open windows, getting rid of items we no longer need, and storing items we won’t need again until next winter are hallmarks of the season. Spring cleaning can be an invigorating way to streamline your life. Unfortunately, not all clutter is tangible.
How to organize your finances
What about your financial clutter? Here’s how to organize your finances, and possibly save some money in the process.
1. Streamline your student loans
How many different servicers, due dates, and minimum payments are you dealing with on a monthly basis? Tracking all that can be a pain, not to mention you might also have different interest rates on your various loans, which could be close to double digits depending on when you took them out.
If you qualify, refinancing your loans can accomplish a number of things:
- Consolidate multiple loans into one
- Lower your interest rate
- Reduce your monthly payments
- Ease burdensome tracking requirements.
Keep in mind, however, that refinancing federal student loans with a private lender forfeits all of your federal repayment options, such as income-driven plans, deferment, and forbearance.
Refinancing is a great option to streamline your student loan situation if you have good credit, solid income, and no trouble making payments — but wouldn’t mind saving money with a lower interest rate.
2. Evaluate and consolidate your bank accounts
Many times, the number of bank accounts someone has increases over time. Maybe you were chasing rates, or you opened an account at a credit union with convenient ATM locations, but never got around to closing your old account.
Whatever the reason, your money ended up spread out among various financial institutions, and now you’re tracking it across all those accounts.
Moving all your money to linked checking and savings accounts at a single bank can make everything easier to track and access. So analyze your various accounts — which one do you use the most? Which one pays the highest interest rate or has the least stringent usage requirements?
Consider what criteria are most important to you, transfer all your funds to the winning bank, and close those other accounts for good.
If you have a side gig, you might want to keep a separate business checking/savings account in addition to your personal accounts. This will minimize your personal liability and make sure your taxes are accurate.
If the bank where you have your personal accounts doesn’t offer the best business accounts for your needs, it’s okay to make your peace with needing two different institutions.
3. Get rid of costly credit cards
Similarly, the number of credit cards most people have also creeps up as the years go by — balance transfer offers, sign-up bonuses, rewards programs, and better interest rates are all potential reasons to open new accounts.
Closing them, however, can be a pain, often requiring phone calls to “customer retention specialists” and/or sending requests by snail mail.
Unfortunately, your desire to avoid the hard sell or track down a stamp can cost you in the form of high interest rates on lingering balances, annual membership fees, or both.
While closing several cards can potentially harm your credit (more on that below), you probably don’t need them all, either. Depending on how many cards you have, you might decide to keep open your oldest account, the account with the rewards program that gives you the most value, and the card with the lowest interest rate — and close any cards with expensive annual fees.
A word of caution, however: don’t close any accounts if you have a significant outstanding balance. Reducing your total available credit by closing one or more credit cards, while keeping the same amount of debt, will increase your credit utilization ratio and lower your credit score.
If you’ve got a balance running on any card, pay it off before closing accounts. While you’re at it, you can also check out these easy ways to improve your credit score.
4. Review your insurance policies
If it’s been awhile since you took a close look at your renter’s, homeowners, or auto insurance policies, you might be paying too much. While contacting other companies may lead to the most savings, even calling your current company may reveal new savings program you qualify for, or uncover the fact that your coverage needs have changed.
5. Cancel unneeded subscriptions
Whether it’s cable, your gym membership, or that monthly snack box subscription, if you don’t use it (or can live without), cancel it! That’s more money you can save or use to make extra student loan payments.
It can seem like more trouble than it’s worth to organize finances, but the mental clutter and wasted money of a financial situation that’s not optimized can cost you — literally. So open a window, let the fresh air in, and spring clean your finances today!
Interested in refinancing student loans?Here are the top 6 lenders of 2018!
|Lender||Variable APR||Eligible Degrees|
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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 6.23% 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
Savings example: average savings calculated based on single loans refinanced from 9/2013 to 12/2017 where borrowers’ previous rates were disclosed. Assumes same loan terms for previous and refinanced loans, and payments made to maturity with no prepayments. Actual savings for individual loans vary based on loan balance, interest rates, and other factors.
Application detail: 5 minutes indicates typical time it takes to complete application with applicant information readily available. It does not include time taken to provide underwriting decision or funding of the loan.
Instant rates mean a delivery of personalized rates for those individuals who provide sufficient information to return a rate. For instant rates a soft credit pull will be conducted, which will not affect your credit score. To proceed with an application, a hard credit pull will be required, which may affect your credit score.
Total savings calculated by aggregating individual average savings across total borrower population from 9/2013 to 12/2017. Individual average savings calculation based on single loans refinanced from 9/2013 to 12/2017 where borrowers’ previous rates were provided. Assumes same loan terms for previous and refinanced loans, and payments made to maturity with no prepayments. Actual savings for individual loans vary based on loan balance, interest rates, and other factors.
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.
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|2.47% – 6.99%3||Undergrad & Graduate||Visit SoFi|
|2.47% – 6.23%1||Undergrad & Graduate||Visit Earnest|
|2.47% – 8.03%4||Undergrad & Graduate||Visit Lendkey|
|2.95% – 6.37%2||Undergrad & Graduate||Visit Laurel Road|
|2.48% – 6.25%5||Undergrad & Graduate||Visit CommonBond|
|2.72% – 8.32%6||Undergrad & Graduate||Visit Citizens|