Earnest Student Loan Refinancing Reviews: What to Know

Surprising fact: in 2024 Earnest drew 67 CFPB complaints — a sharp rise that changes how I view their refinance product today.

I’ll keep this review current with present-time updates on student loans and lender policies so you can act now. I explain how Earnest’s fixed APRs (commonly 4.35%–9.99%) and variable APRs (about 5.88%–9.99% with a 0.25% autopay discount) stack up.

My overview covers availability, state restrictions on variable rates, and the typical loan sizes and terms you can choose. I also walk through borrower-friendly features like skipping a payment once a year, no late fees, and deferment options.

Bottom line: I aim to give a clear, up-to-date snapshot of Earnest’s pros and cons so you can weigh this refinance option against others with confidence.

Key Takeaways

• I summarize current rates, term options, and eligibility to help you decide quickly.
• Variable rates tie to SOFR and are limited in several states — that affects your choices.
• Loan amounts and terms are flexible, often up to $500k–$550k and 60–240 months.
• Borrower protections include no late fees and one skip-payment per year.
• The 2024 CFPB complaint increase is a signal to read recent borrower experiences closely.

My take at a glance: Is Earnest worth it for refinancing right now?

Right now I judge Earnest on current underwriting, rate windows, and recent complaint trends to give you a timely verdict.

Short answer: Earnest is worth a look if you want flexible payment options and competitive rates with a clean fee structure. They offer soft-pull prequalification, no origination or prepayment fees, and fixed APRs often shown between 4.35%–9.99%. Variable APRs commonly land around 5.88%–9.99% with an autopay discount.

The ability to fine-tune a term from 60 to 240 months helps you target a monthly payment that fits your budget. Skip-a-payment after six on-time payments adds breathing room, and NerdWallet notes payoff to prior servicers usually completes in about ten days.

• Soft pull lets you shop rates without a hard hit to credit.
• Autopay trims interest if you enroll.
• Good fit for disciplined student borrowers who value flexibility.

Caution: state limits on variable rates and the 2024 complaint spike mean you should compare lenders and check current servicing feedback before you lock in a refinance.

What’s new in student loans right now (present): rates, policies, and market shifts

I’m tracking today’s market shifts so you understand how current benchmarks affect your refinance choice.

Why SOFR matters now: Earnest ties variable APRs to the 30-day Average SOFR. The lender sets the value using the rate published on the 25th of the prior month, rounded to the nearest hundredth. That means your payment can change monthly as the benchmark moves.

Caps and credit matter. Earnest caps vary by term: up to 8.95% for ≤10 years, 9.95% for 11–15 years, and 11.95% for over 15 years. Your margin is added based on your credit profile, so better credit tends to mean lower margins.

The complaint spike and what I recommend

In 2024 Earnest got 67 CFPB complaints versus 25 in 2023 — a noticeable jump. Not all complaints mean systemic failure, but this rise signals you should document communications and watch servicing closely after disbursement.

• Gauge near-term SOFR trends and your tolerance for payment swings before choosing variable.
• Use borrower protections like skip-a-payment wisely; they ease cash flow but don’t stop interest accrual.
• Compare lenders and lock a fixed rate if your credit is improving and you want predictability.

“If you expect rate relief soon and can handle swings, variable may still be worth a look.”

Earnest refinance rates, terms, and loan amounts

I’ll show how Earnest’s APR bands and precision-term options affect your monthly payment and total interest so you can size a loan that fits your goals.

Current APR ranges: fixed and variable

Fixed APRs commonly sit around 4.35%–9.99% (some feeds show up to ~10.14%).

Variable APRs typically range 5.88%–9.99% with the lowest results including the 0.25% autopay discount; a few sources list variable near 10.24% at the high end.

Variable rates track SOFR and have term-dependent caps: about 8.95% for shorter loans, 9.95% for medium, and 11.95% for the longest horizons.

How precision pricing customizes terms from 60 to 240 months

Earnest’s precision pricing means you can pick nearly any repayment length between 60 and 240 months.

I’ve seen borrowers choose odd-month terms (for example, 7 years plus two months) to hit a target payment while cutting total interest.

Loan limits and state-specific minimums

Typical loan sizes run from $5,000 up to $550,000, though some sources list a $500k cap—verify during prequal to confirm your max.

State minimums can be higher: California often requires $10,000 and New Mexico $10,001 for certain products.

How autopay discounts affect your real cost

Enrolling in autopay trims the APR by 0.25%. That small cut can lower monthly outlay and shave thousands in interest over years.

Quick thought: a modest autopay discount plus shortening the term a bit often yields sizable lifetime savings without a big payment shock.

Fees and cost structure: what you will and won’t pay

I want to make fees and small costs crystal clear so you know what truly affects your monthly payment. Below I highlight the current fee rules and the few exceptions to watch for when you refinance a student loan with Earnest.

Good news: Earnest charges no origination fee, no prepayment penalty, and no late fees. That can lower your long‑term interest compared with some other lenders.

• No origination, prepayment, or late fees. You can pay extra or finish the loan early without added cost.
• Returned payment fee: Watch for a small returned payment charge (up to $8) if an autopay or bank transfer bounces.
• Soft pull first, hard pull later. Rate checks use a soft credit inquiry; a hard pull occurs when you submit a full application.
• Serviced in‑house. Earnest services its own loans, so your payment policies and service contacts stay consistent after disbursement.

No late fee doesn’t stop interest from accruing, so I suggest using autopay and calendar reminders to protect your balance and avoid higher interest costs over time. These fee policies are a practical advantage, but they’re only part of the true cost picture you should compare among lenders.

Eligibility and underwriting: who gets approved

Before you apply, I explain who typically clears Earnest’s underwriting and what small gaps can trip a refinance approval.

Quick overview: Earnest looks beyond a single number. They weigh your credit score, account history, income patterns, and everyday financial habits to set rates and decide approval.

Credit score thresholds and income verification

Most sources list a minimum credit score near 650, though one shows 665. I advise assuming the higher bar to avoid surprises.

You’ll usually link a primary checking account so the lender can verify steady deposits. No firm minimum income is published, but consistent employment or income is required.

Graduation rules and incomplete-degree applicants

If you didn’t finish a degree, you may still qualify. Earnest often approves applicants with ~700+ credit scores if it’s been at least six years since attending a not-for-profit school.

Financial habits Earnest rewards

They value a pattern of rising balances in savings, low revolving non-student debt, and a record of on-time payments. Two months’ living expenses in savings helps your case.

Underwriting Item	Common Threshold	Why it matters	What I recommend
Credit score	650–665 (assume 665)	Primary filter for rate bands	Raise score before applying
Income verification	Employment or regular deposits	Shows repayment ability	Connect accounts, supply paystubs
Incomplete degree	Often 700+ & 6+ years since school	Protects lender risk	Build savings and reduce debt
Savings & behavior	2+ months expenses	Signals cash cushion	Increase balances, pay cards down

Bottom line: Earnest assesses your whole profile, not just a credit score. If you’re borderline, build savings, cut revolving debt, and keep payments on time before you apply to improve odds with student loans earnest.

Repayment options and flexibility after you refinance

You can shape your repayment strategy after refinancing to match changing life and income needs.

I outline the main tools Earnest offers so you can pick the best path for your student loan. Use these options thoughtfully; most carry interest while they help your cash flow.

Skip-a-payment: how it works and when to use it

Skip-a-payment is available once every 12 months after six consecutive on-time payments. It can ease a short cash crunch.

Interest continues to accrue during a skipped month, so this helps cash flow but increases total cost. I recommend it for one-off shocks, not long-term relief.

Hardship, deferment, and interest-only periods

Deferment for grad school, residency, or internship can pause principal for up to 36 months, often in 12-month increments. Interest accrues unless you qualify for subsidized status.

Hardship forbearance can pause payments up to 12 consecutive months. Use it when income drops suddenly, and plan how you’ll handle accrued interest when payments restart.

Interest-only periods may be allowed up to 24 months in three-month blocks. This keeps balances from growing quickly while lowering immediate payment amounts.

Automation and extra payments to shave interest

Biweekly autopay effectively creates one extra payment per year. That reduces principal faster and trims interest over the life of the loan.

Increasing your minimum payment is simple and often the most cost-effective way to shorten your payoff timeline.

“Use skip-a-payment for short-term relief, deferment for study or residency, and interest-only when you need smaller payments — but always account for added interest.”

Option	Typical Limit	Impact on interest
Skip-a-payment	1 per 12 months after 6 on-time payments	Interest accrues during skipped month
Deferment (school/residency)	Up to 36 months (often 12-month increments)	Principal paused; interest usually accrues
Hardship forbearance	Up to 12 consecutive months	Payments paused; interest accrues
Interest-only periods	Up to 24 months (3-month increments)	Lower payments; interest still added to balance
Biweekly/extra autopay	No formal limit	Reduces total interest and months to payoff

Availability by state and key limitations to know before you apply

I map current limits so you don’t waste time applying where products aren’t offered. Confirm your state before you start prequalification.

Quick snapshot: Earnest does not offer refinance loans in Nevada. If you live there, consider other lenders now.

Variable-rate access is restricted in several states. Alaska, Illinois, Minnesota, New Hampshire, Ohio, Tennessee, and Texas currently cannot get variable options.

Notes to check during prequalification

• Some sources show uncertainty about Kentucky. I recommend confirming availability during prequalification.
• State rules can change which rate types you can pick, so verify before locking a term or a rate.
• If you plan to move, your residency at application time often affects eligibility.

State	Refinance Available	Variable Rate?	Action
Nevada	No	No	Use an alternative lender
Alaska	Yes	No	Choose fixed rates
Texas	Yes	No	Confirm before applying
Kentucky	Possibly	Confirm	Verify during prequal

Bottom line: check state limits before you apply. These rules can change which student loans, loan terms, and rates you can access and affect your timing by months.

Pros and cons I noticed during my Earnest review

I’ve distilled the main pros and cons so you can quickly judge if this lender fits your repayment plan.

Where Earnest shines for refinancing

Precision pricing gives you 60–240 months of granular terms so you can target a payment that fits your budget.

Soft‑pull prequalification lets you shop rates without a hard credit hit. Loan amounts commonly range from $5,000 up to $500k–$550k.

Autopay cuts your APR by 0.25%, and biweekly or extra payments make it easy to reduce interest and accelerate repayment.

Skip-a-payment, no late fees, and in-house servicing add practical flexibility for borrowers who want fewer surprises.

Trade-offs and missing features

No formal co-signer release means removing a cosigner usually requires a full refinance or other steps to get a release.

Variable rates are not available in several states, which limits options for some applicants.

“I weigh the 2024 CFPB complaint spike as a reminder to keep records and escalate promptly if problems arise.”

Bottom line: Earnest offers strong tools for disciplined student loan payers, but check state limits and the lack of co-signer release before you commit.

earnest-student-loan-refinancing-reviews: how it compares to top alternatives

I put Earnest side-by-side with top alternatives so you understand the trade-offs before you commit.

Ascent focuses on origination for undergrad and grad borrowers with long terms—up to 20 years—and big caps (about $200k undergrad, $400k grad). It does not offer student loan refinancing, so it isn’t a direct refi partner if you want to consolidate existing balances.

Funding U is fixed-rate only and caps borrowing more tightly (roughly $20,000 per year). Its features suit undergraduates who need modest amounts and want predictable payments.

• Ascent can be attractive for origination with longer terms and larger caps, and it sometimes offers larger autopay discounts than Earnest.
• Compared with many private student loans, Earnest’s refinance flexibility stands out: custom terms, skip-a-payment, and in‑house servicing.
• Funding U fits smaller borrowings and fixed-rate preferences rather than large refinance balances.

Competitor	Refinance?	Notable feature
Ascent	No	Long terms, bigger autopay discounts
Funding U	Yes (fixed only)	Lower annual caps, interest-only discounts
Earnest	Yes	Precision terms, skip-a-payment, in-house servicing

“I’ll pick Earnest when I need to consolidate high balances or want post-refi flexibility; I’ll look elsewhere for low annual needs or new origination discounts.”

Borrower experience: applications, timelines, servicing, and support

I’ll lay out the practical steps and typical wait times so you can plan payments and avoid missed deadlines during the switch.

Soft pull vs. hard pull

You can check rates with only a soft pull. That protects your credit while you shop.

A hard pull happens when you submit the full application and accept terms. Plan the timing if you expect other credit actions.

Payoff timeline and in-house servicing

After approval, payoff to prior servicers typically completes in about 10 days. During that time, keep making any due payments to avoid late marks.

Because Earnest services loans in-house, the company that approves you will also handle payments and support — that continuity can simplify questions about balance, payoff dates, and payment posting.

Support, referral, and feedback

Earnest offers phone and secure-message support; document calls and save confirmations if you need to escalate. Keep records of dates and agent names.

The lender pays a $200 referral bonus per successful referral when eligibility rules are met.

“Document every step and keep paying prior servicers until the payoff posts to avoid surprises.”

What recent feedback suggests

Borrower feedback has trended toward faster payoffs but more service complaints in 2024 — Earnest received 67 CFPB complaints that year versus 25 in 2023. Stay vigilant and escalate promptly if issues arise.

Who should consider Earnest—and who should not

My goal is to show which borrowers gain the most from Earnest’s flexible terms and who should pause before applying.

Great fit: high earners aiming to pay off fast

Earnest suits borrowers who want control over repayment and plan to pay aggressively.

Precision terms, biweekly autopay, and interest-only windows make it easier to lower total interest while keeping monthly payment options flexible.

• High earners with steady income who want to shorten payoff timelines.
• People who use biweekly or extra payments to cut interest and finish their loan sooner.
• Those comfortable trading federal protections for a lower private rate.

Think twice: refinancing federal loans or needing co-signer release

If you hold federal student loans, refinancing removes access to IDR plans, federal forbearance, and possible forgiveness programs. That can be a costly trade-off.

• Need a future co-signer release? Earnest does not offer one; removing a cosigner usually requires a new refinance.
• If income is uncertain or you rely on federal safety nets, keep federal loans for now.
• Compare fixed-rate options if your state limits variable offers; price-check the best fixed terms from any lender.

“If you plan to accelerate payoff and have stable income, Earnest can be a strong choice — but don’t refinance federal loans lightly.”

Timing your refinance: how to decide when the rate is right

I watch rate trends and personal credit changes closely before I decide to submit an application. That helps me balance market moves with my budget and goals.

Watching SOFR trends and your credit profile

Variable APRs are pegged to the 30-day SOFR, so monitor that benchmark and short-term momentum. If SOFR looks likely to climb over the next 12–24 months, a fixed option may be safer.

Use Earnest’s soft‑pull prequalification to check offers as your credit improves. Small gains in credit can push you into a better pricing band without a hard inquiry.

Stress-testing payments before you lock terms

I stress-test my budget assuming a rate 1–2 percentage points higher than the quoted number. That shows whether I can handle payment swings without depleting emergency savings.

• If you want savings, model a slightly shorter term plus autopay (0.25% discount) to see total interest cut.
• Plan for raises or income changes — waiting can make sense if your cash flow will improve in a few years.
• Conversely, if market signals point up, locking a fixed rate now can protect monthly costs.

“Check SOFR trends, improve credit where you can, and test higher payments so your plan survives bumps.”

How to apply on the Earnest website: step-by-step

I’ll walk you through the online process so you move from soft prequalification to payoff with fewer surprises.

Prequalification, documents, and connecting accounts

Begin with a soft pull to see your estimated rate. The soft inquiry protects your credit while you shop and starts the application process.

Have basic personal details and your current student loan balances ready. You’ll connect your primary checking account where your paycheck lands so Earnest can verify income.

Optionally add savings, investment, and other accounts to strengthen your profile. Upload any requested ID and payoff statements quickly to avoid delays.

Selecting term, final approval, and disbursement

Review your offered terms and use precision pricing to choose the term and monthly amount that fit your goals.

When you proceed from prequalification, expect a hard credit check at application submission. Avoid opening new credit before that hard credit check to protect your rate and approval odds.

After final approval, Earnest typically pays prior servicers in about 10 days. In that time, keep paying any outstanding bills until you see a $0 balance from your old servicer.

• Check your rate with a soft pull and have loan details ready.
• Connect primary checking; optionally add savings and debts for context.
• Upload ID and payoff documents promptly.
• Pick your term using precision pricing, then submit the full application.
• Expect a hard credit check when you proceed; don’t open new credit right before it.
• After approval, the lender sends funds to prior servicers—this often takes about 10 days.
• Set up autopay right away to lock the 0.25% discount and consider biweekly to pay down faster.

“I recommend documenting each step and keeping payments up until the prior balance posts to zero.”

What I’d watch out for before choosing Earnest

Let me flag the state rules, documentation steps, and rate limits that deserve your attention before you apply.

State limits matter. Earnest isn’t available in Nevada, and variable rates are blocked in AK, IL, MN, NH, OH, TN, and TX. That can change which loan options you see during prequal.

SOFR-linked moves and caps mean your monthly payment can shift. Variable caps go up to 11.95% for terms over 15 months, so model a worst-case rate when you plan.

• Confirm your state’s availability and whether variable is offered to avoid wasted applications.
• Understand how SOFR adjustments and caps could affect payments across months and years.
• Document communications, verify payoff amounts, and monitor accounts closely after disbursement.
• Earnest does not offer co-signer release — removing a partner later usually means another refinance.
• Double-check state minimums and maximum loan amounts so your consolidation plan actually works.
• When you compare lenders, match APR ranges with fees, flexibility, and servicing quality, not just rates.

“Keep detailed records and confirm payoffs early — that simple habit avoids most service headaches.”

Risk	Impact	What I recommend
State restrictions	Lose variable option or access	Verify state before you apply
SOFR volatility & caps	Higher payments over time	Stress-test payments at cap
Service complaints (CFPB spike)	Longer resolution times	Save call records; escalate if needed

If you want to quickly compare refinance options across partners and lenders, I recommend you compare refinance options before you commit.

Conclusion

Now that you know the details, here’s how I’d decide for my own education debt today.

I value flexible term choices and a clean fee setup. Because earnest offers precision terms from 60 to 240 months and a 0.25% autopay discount, it can help shape a payoff that fits your budget.

If you want control over repayment and practical repayment options—skip-a-payment, deferment, or interest-only windows—Earnest is worth serious consideration. In-house servicing and no prepayment penalty simplify the process after funding.

Weigh fixed versus variable with SOFR trends and confirm state availability. Remember, co-signer release isn’t offered, so plan for that before you apply.

My final tip: compare at least two other lenders, stress-test payments for the next several years, then lock the structure that matches your goals and cash flow.

FAQ

What is Earnest and can I refinance federal and private student loans with it?

Earnest is a private lender that offers student loan refinancing and personal loans. I can refinance both federal and private student loans through Earnest, but refinancing federal loans means I’ll lose federal protections like income-driven repayment and Public Service Loan Forgiveness. I recommend weighing those trade-offs before applying.

How do I check rates without hurting my credit?

Earnest offers a soft pull for prequalification, so I can see personalized rates and monthly payments without a hard credit check. A hard pull happens only when I submit a formal application and give consent, which can affect my credit score slightly.

What APR ranges does Earnest currently offer for fixed and variable loans?

Rates change with market conditions and my credit profile. Earnest’s fixed and variable APR ranges reflect SOFR-linked moves for variable products and current market pricing for fixed terms. I suggest prequalifying to see the specific range I’d get based on my credit, income, and loan amount.

How does Earnest’s “precision pricing” work for loan terms from 60 to 240 months?

Precision pricing means Earnest tailors rate and term combos based on individual borrower risk and repayment preferences. I can pick terms between 60 and 240 months and Earnest will show customized options so I can trade monthly payment size for overall interest cost.

Are there any fees I should expect when refinancing with Earnest?

Earnest advertises no origination fees, no prepayment penalties, and no routine late fees in many cases, but fees can still appear in partner servicing or state-specific situations. I always check the loan disclosure and state-specific terms before signing.

How does autopay affect my interest rate and overall savings?

Enrolling in autopay typically gives a small interest rate discount that lowers my APR and total interest paid. Over long terms, that discount can produce meaningful savings, so I enable autopay if I’m confident in consistent cash flow.

What credit score and income do I need to qualify with Earnest?

Earnest evaluates credit score, debt-to-income, employment, and cash reserves. While there’s no public hard cutoff, I found that stronger credit scores and stable income improve approval odds and rate offers. Co-signers can help if my credit or income is limited.

Can I refinance if I haven’t finished my degree?

Some incomplete-degree situations may qualify depending on what I owe and the lender’s policy, but Earnest typically prefers borrowers who have graduated or have a clear repayment path. I should confirm eligibility during prequalification.

Does Earnest offer payment flexibility like skip-a-pay, forbearance, or interest-only options?

Yes. Earnest provides options such as skip-a-payment, hardship forbearance, deferment for grad school or residency, and temporary interest-only periods in certain cases. Terms and availability vary, so I’d contact support or review my loan agreement for specifics.

Is Earnest available in every state and are there limitations by state?

Earnest is not available in every state and some states limit variable-rate products. I should check the Earnest website or prequalify to confirm availability and any state-specific minimums before applying.

How long does the application and disbursement process take?

After I prequalify, submit a full application, and provide documents, final approval and disbursement to prior servicers typically take a few weeks, but timelines vary. I recommend keeping documents ready and monitoring communications to speed the process.

Can I get a co-signer or a co-signer release with Earnest?

Earnest accepts co-signers to help borrowers qualify, but co-signer release policies may be limited or require strong credit and payment history. I’d check the specific co-signer terms during application.

How does Earnest compare to competitors like Ascent or Funding U?

Earnest stands out for flexible terms, precision pricing, and strong customer experience. Ascent may offer longer terms and different underwriting; Funding U focuses on fixed rates and lower loan caps. I’d prequalify with multiple lenders to compare rates, fees, and features.

Will refinancing with Earnest help me save money overall?

Refinancing can lower my interest rate or shorten my term to save on interest, but savings depend on my current rate, new APR, loan balance, and whether I give up federal protections. I recommend running a savings calculation and stress-testing payments before I lock a refinance.

What documents does Earnest require to apply and finalize approval?

Earnest typically asks for ID, proof of income (pay stubs, W-2s), employment info, and loan payoff statements for existing servicers. Connecting bank accounts can speed verification. Having these ready shortens approval time.

How does Earnest handle customer service, complaints, and servicing transitions?

Earnest provides online support, phone help, and escalation paths. I noticed a spike in complaints industrywide in 2024–2025, so I keep detailed records and follow up promptly if issues arise during payoff or servicing transfers.

Should I refinance federal loans with Earnest if I plan to pursue Public Service Loan Forgiveness?

No. If I plan to pursue PSLF or need income-driven plans and federal protections, refinancing federal loans with a private lender like Earnest will make me ineligible. I wouldn’t refinance in that scenario.

What are the risks tied to variable-rate loans and SOFR-based products today?

Variable rates tied to SOFR can rise when benchmark rates climb, increasing my monthly payment and total interest. I watch SOFR trends and consider my risk tolerance and timeline before choosing variable options.

Can I make extra or biweekly payments to save on interest with Earnest?

Yes. I can make extra payments or set biweekly payments to reduce interest faster. Earnest supports greater-than-minimum autopay to help accelerate principal repayment.

What should I watch out for before finalizing an Earnest refinance?

I verify state availability, any partner servicing fees, the impact on federal benefits, co-signer terms, and actual APR after autopay discounts. I also stress-test my budget to ensure I can sustain the new payment over time.