Fixed Rate APR
4.29% – 8.49%
Variable Rate APR
5.88% – 7.99%
Loan Terms
5 – 20 years
180 custom options
Fees
$0
No app, origination, prepayment, or late fees
Promo:
$200 bonus when you sign through referral link
Earnest is the most flexible student loan refinancing lender on the market. While most lenders force you into standard 5, 10, 15, or 20-year terms, Earnest offers 180 custom term options — meaning you can dial in the exact monthly payment that fits your budget, down to the dollar.
Their fee structure is genuinely unmatched. No origination fees, no application fees, no prepayment penalties, and — uniquely — no late fees. That last part matters more than you’d think. If you hit a rough month and your payment is late, you won’t get hit with a penalty on top of it.
Earnest also lets you skip one payment per year without penalty. The interest still accrues, but the payment itself is deferred — which gives you a real safety valve if something unexpected comes up. You can also switch between fixed and variable rates, and prepay at any time without cost.
Where Earnest really shines is their underwriting approach. Instead of just looking at your credit score and income, they factor in your savings habits, employment history, and overall financial behavior. This means borrowers with fair credit but strong financial fundamentals can still qualify — even if other lenders would turn them down. You can also refinance even if you didn’t finish your degree, as long as you meet their other criteria.
Who can refinance with Earnest?
- U.S. citizens, permanent residents, DACA recipients, and H-1B visa holders (with cosigner)
- Savings to cover at least 2 months of expenses
- Available in all states except Nevada (variable rates excluded in AK, IL, MN, NH, OH, TN, TX)
- Borrowers who didn’t finish their degree may still qualify