Earnest was a private student loan lender that provided student loans and refinancing options to borrowers. It was acquired by Navient, a student loan servicer, in 2017 and is no longer accepting new loan applications. If you have an existing loan with Earnest, it is still being serviced by Navient and you will need to contact Navient for information about your loan and to make payments. Navient can be reached at (888) 272-5543 or through its website at www.navient.com.
It’s important to keep in touch with your student loan servicer and stay current on your loan payments. If you are having difficulty making your student loan payments, you may be able to modify your repayment plan or explore other options to avoid default. Defaulting on your student loans can have serious consequences, including damaging your credit score and affecting your ability to borrow in the future. If you are experiencing financial hardship, it’s a good idea to reach out to your servicer as soon as possible to discuss your options.
Earnest offered a unique feature called “precision pricing” which allowed borrowers to choose their monthly payment and have Earnest come up with a loan term between 5 and 20 years to meet that payment amount, with the goal of paying off the loan as quickly as possible. This option resulted in a total of 180 different repayment terms, including the possibility of a 7.5-year loan term, which was not commonly offered by other lenders.
Earnest Rates and Terms
Earnest provided refinancing options for loans ranging from $5,000 to $500,000, with competitive rates. The company offered variable-rate loans with an APR of 1.88% to 5.64% and fixed-rate loans with an APR of 2.59% to 5.79%. The maximum interest rate for loans with terms under 10 years was 8.95%, while loans with terms of more than 10 years to 15 years had a maximum interest rate of 9.95%. Loans with longer terms had a maximum interest rate of 11.95%. It’s worth noting that Earnest did not allow cosigners on its refinance loans, but it did permit individuals with incomplete bachelor’s or associate’s degrees to refinance with the company.
Earnest Private Student Loan
Private student loans are an option for students who need additional funding for their education after exhausting other options, such as federal student loans and scholarships. Private student loans are offered by banks, credit unions, and other lenders, and they usually require a credit check and may have higher interest rates and fees compared to federal student loans. It’s important to carefully consider all of your options before taking out a private student loan, as the terms and conditions can vary significantly between lenders. If you are considering a private student loan, be sure to compare multiple lenders and carefully review the terms and conditions of any loan you are considering.
In addition to refinancing options, Earnest also offered private student loans for both undergraduate and graduate students. These loans featured highly competitive rates and terms for undergraduate loans, as well as flexible repayment plans. One of the standout features of these loans was a 9-month grace period after graduation before payments were required, which was one of the longest grace periods offered by private student loan lenders. Earnest also provided four different in-school repayment options: full deferment, fixed payments of $25 per month, interest-only payments, or full payments including both principal and interest.
Earnest Loan Eligibility
As Earnest is no longer accepting new loan applications and has been acquired by Navient, it is no longer possible to apply for a loan with Earnest. If you are interested in taking out a student loan, you may be able to apply for a federal student loan through the Department of Education. Federal student loans are available to eligible students and offer fixed interest rates and flexible repayment options. To apply for a federal student loan, you will need to fill out the Free Application for Federal Student Aid (FAFSA) and be accepted to a college or university.
If you are not eligible for federal student loans or need additional funding beyond what is offered through federal student loans, you may also be able to consider private student loans. Private student loans are offered by banks, credit unions, and other lenders, and they usually require a credit check and may have higher interest rates and fees compared to federal student loans. It’s important to carefully consider all of your options before taking out a private student loan, as the terms and conditions can vary significantly between lenders. If you are considering a private student loan, be sure to compare multiple lenders and carefully review the terms and conditions of any loan you are considering. Regenerate response
Earnest FAQs
Here are some frequently asked questions about Earnest:
- What is Earnest? Earnest was a private student loan lender that provided student loans and refinancing options to borrowers. It was acquired by Navient, a student loan servicer, in 2017 and is no longer accepting new loan applications.
- How do I contact Earnest? If you have an existing loan with Earnest, it is being serviced by Navient and you will need to contact Navient for information about your loan and to make payments. Navient can be reached at (888) 272-5543 or through its website at www.navient.com.
- Can I apply for a new loan with Earnest? No, Earnest is no longer accepting new loan applications. If you are interested in taking out a student loan, you may be able to apply for a federal student loan through the Department of Education or consider private student loans from other lenders.
- How do I make a payment on my Earnest loan? If you have an existing loan with Earnest, it is being serviced by Navient and you will need to contact Navient to make payments. Navient can be reached at (888) 272-5543 or through its website at www.navient.com.
- What are my repayment options for an Earnest loan? If you have an existing loan with Earnest, your repayment options will depend on the terms of your loan and your individual circumstances. It’s a good idea to contact Navient, the servicer of your Earnest loan, to discuss your options and find a repayment plan that works best for you. Navient can be reached at (888) 272-5543 or through its website at www.navient.com.
