Refinancing with Earnest
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Last weekend, hip-hop star Nicki Minaj shocked Twitter followers when she helped pay off student loans and tuition bills for fans with straight-As. Later, she announced that a Minaj charity was in the works and would help borrowers with student debt.
Minaj made a big impact for some fans, but you shouldn’t sit around hoping for a celebrity to help out with your debt, too. Here’s a look at how Minaj’s charitable giving played out and what you can do today to get ahead of your student debt.
Nicki Minaj paying student loans for select fans
Minaj launched a contest last week to promote her new music video. But that contest fell out of the spotlight when a Twitter follower asked if she’d help cover his student loans. She tweeted back and said that she’d cover his costs if he could show he had good grades in school.
She opened the offer up to other followers. She paid off student loan balances and tuition bills, and even purchased textbooks for one fan.
Nicki Minaj charity is in the works
Minaj’s generosity spurred thousands of shares, likes, and replies. And although many of the requests weren’t for large student loan balances, they highlighted the high costs of a higher education.
By the end of the weekend, Minaj helped eight fans, paying out $18,000 of her own money. She also announced a formal Minaj charity to help people with student loan debt. Details on the charity are forthcoming, but it’s an exciting development.
3 strategies for paying off your student loans
While Minaj’s efforts are admirable, her donations are a drop in the bucket. Forty-four million Americans owe more than $1.4 trillion in student loan debt. That’s far more than any celebrity can pay off.
But you don’t need someone else’s help to tackle your debt. If you’re feeling overwhelmed by student loan payments, consider these three strategies:
1. Sign up for an income-driven repayment plan
If you have federal student loans and struggle with payments, consider an income-driven repayment (IDR) plan. Under IDR, the government extends your repayment term and caps your payments based on a percentage of your discretionary income.
2. Apply for repayment grants
While you might not be able to get Minaj to pay off your student loans, you can apply for federal, state, and private grants. These grants can help you pay off your student loan debt — even if you’ve already graduated.
3. Consider refinancing your debt
High-interest student loans can make paying off your debt difficult. Refinancing your student loans, however, can help you lower how much you spend on interest and get your monthly payments under control.
With refinancing, you take out a new loan with a private lender and use it to pay off your old loan. The new loan may have a different repayment term and lower interest rate and monthly payment.
However, refinancing is not a catch-all solution. Research and speak with lenders to determine whether refinancing is right for you.
Take action on your student loans today
If you have student loan debt, a celebrity like Minaj probably isn’t going to swoop in and save the day.
Make a date with your finances. Take a hard look at your monthly payments and consider whether you can increase payments or need help. Explore repayment plans, refinancing options, and create a budget to reduce spending. The sooner you take action, the sooner you can create a plan to pay down your student debt for good.
Interested in refinancing student loans?Here are the top 6 lenders of 2019!
|Lender||Variable APR||Eligible Degrees|
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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 2.54% 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 March 18, 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 0318/2019. 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 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.
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.
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 2.5% effective February 10, 2019.
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|2.54% – 7.12%3||Undergrad & Graduate|
|2.54% – 7.27%1||Undergrad & Graduate|
|2.67% – 8.96%4||Undergrad & Graduate|
|3.23% – 6.65%2||Undergrad & Graduate|
|2.69% – 7.43%5||Undergrad & Graduate|
|2.98% – 9.72%6||Undergrad & Graduate|