Can you really save money while paying off your student loans?
It’s not easy but it’s definitely possible. You just have to know the right tools and strategies to maximize your money’s potential. One of the best ways to do that is by refinancing your student loans with a reputable private lender, such as Earnest.
A brand new breed of company, Earnest helps student loan borrowers make the most of their financial situations and save money at the same time. If you’re considering refinancing your student loans, Earnest’s unique features and precision data collecting could help you get approved and save thousands of dollars over time.
What is Earnest?
Earnest is an innovative private student loan lender that differentiates itself from other refinancing companies by taking a merit-based approach to lending, using your complete financial history to determine eligibility for a loan. Instead of focusing on your credit score, they look at all your banking transactions, credit card history, deposits and withdrawals, savings accounts, and retirement accounts.
The service also takes into account your payment history and career activity, such as your LinkedIn profile, to accurately compile a profile of overall creditworthiness. If you’re struggling to get approved for a loan or refinancing, Earnest’s unique approach may be what you’re looking for.
Here are six ways Earnest can help save you money on your student loans.
1. Merit-based loans
As mentioned, Earnest avoids the traditional loan application that relies on your credit score or credit history alone and uses a merit-based loan application instead.
Their data-intensive technology focuses on your complete financial picture, from how much you have saved in the bank to your credit card payment history. They even take into account your future financial potential based on past decisions.
In other words, they look at you as an individual and not simply a number on a page. This gives you better opportunity to be approved for student loan refinancing, which means big savings in the long run. Traditional banks and other student loan refinancing competitors often fail to focus on you as an individual.
2. Precision and flexible payments
With Earnest’s Precision Pricing option, you can personalize your interest rate based on your loan term and choose a monthly payment that’s perfect for your budget. According to Earnest, their Precision Pricing feature could save you over $1,000 in interest payments.
In addition, you can sign up for bi-weekly payments with no additional fees and start paying down your loan faster. And if necessary, Earnest allows you to skip one payment per year. You’ll have to make it up over time, but it could help in those times when your cash flow is low.
3. Low interest rates
Earnest manages and collects your payments directly, rather than outsourcing this to a third-party. If you call customer service about your payments, they will be able to help you directly, as they’re genuinely interested in helping your financial situation.
Earnest offers student loan interest rates starting at 3.25% for fixed-rate loans and 2.57% for variable loans. The exact interest rate you qualify for will partially depend on the length of your loan term, which can be 5, 10, 15 or 20 years, or any variation of your own custom length.
4. No hidden fees
There are absolutely no fees when applying for a loan through Earnest, which can be a big money-saver. Earnest does not charge loan origination or prepayment fees. You can adjust your monthly payments if you want to pay back your loan later or earlier without paying a fee as well.
5. $150 referral bonus
Another great perk of refinancing with Earnest is the $150 referral bonus you can earn by helping to sign up new clients. Not only will you receive competitive interest rates and access to awesome customer service, but you’ll get $150 cash up front when someone refinances their student loans using your referral link.
6. Unlimited online access
Earnest’s goal is to save you both time and money and they achieve this by offering a simple online portal that streamlines the loan application process and allows you to make payments quickly and easily. In the end, when you save time you’re also saving money and that’s a win-win for everyone.
Is Earnest right for you?
When shopping around and comparing the best refinancing options, be sure you consider all the available interest rates, benefits, and features, as well as your personal financial situation. Earnest could be a great choice if your credit score isn’t representative of your entire financial history, or you’re having problems getting approved for other loans.
Interested in refinancing student loans?Here are the top 6 lenders of 2018!
|Lender||Rates (APR)||Eligible Degrees|
|Check out the testimonials and our in-depth reviews!|
|2.75% - 7.24%||Undergrad & Graduate||Visit SoFi|
|2.57% - 6.39%||Undergrad & Graduate||Visit Earnest|
|2.57% - 7.12%||Undergrad & Graduate||Visit CommonBond|
|2.99% - 6.99%||Undergrad & Graduate||Visit Laurel Road|
|2.74% - 7.26%||Undergrad & Graduate||Visit Lendkey|
|2.89% - 8.33%||Undergrad & Graduate||Visit Citizens|
Student Loan Hero Advertiser Disclosure
Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print, understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.