Earnest Student Loans: Low Rates and No Fees for Students

Choosing the right student loan can have a big impact on your financial future, so that’s why Earnest Student Loans take a modern approach to borrowing for college, offering flexible repayment options to fit a variety of budgets and needs.

Their interest rates are competitive, which can help you save money over time. Plus, there are no origination, late, or prepayment fees, so your costs are more predictable.

You can apply for an Earnest loan with or without a cosigner, depending on your situation. They support both undergraduate and graduate students at eligible schools, and the application process is simple and fully online. And if you have questions, their customer support team is ready to help and guide you through the process.

Earnest also offers several repayment plans, including deferred and interest-only options, giving you flexibility to manage payments while you’re still in school. Additionally, the company is upfront about their rates and terms, so you won’t run into any surprises.

Earnest Student Loans are available in most states, with clear eligibility requirements, and you can pay off your loan early at any time without penalty. With these features, Earnest stands out as a strong option for students looking for private loans.

In this article, we’ll break down the main benefits, eligibility criteria, and how Earnest compares to other lenders—so you can decide if it’s the right fit for your education financing needs.

How do Earnest Student Loans work?

Earnest Student Loans are built to make paying for college simple and accessible. The process starts with an easy online application, where you can check your rates without impacting your credit score. You’ll get personalized offers based on your financial situation and school details.

One standout feature is the ability to customize your repayment term. You can choose a loan length that fits your budget—picking any number of years within the available range. This flexibility makes it easier to manage your monthly payments and control how much interest you’ll pay overall.

Earnest also lets you skip one payment every twelve months if you need to, which can be a lifesaver during unexpected financial bumps. Both undergraduate and graduate students attending eligible schools at least half-time can apply.

Another plus: Earnest looks at more than just your credit score. They consider things like your savings habits, education, and earning potential, which means more students can qualify—even if they don’t have much credit history yet.

You can apply with or without a cosigner, depending on your eligibility. Having a cosigner can boost your chances of approval and might help you get a lower rate. Once you’re approved, the funds go straight to your school to cover tuition and other education expenses.

By choosing Earnest, you get more control over your repayment plan and a modern, user-friendly borrowing experience. Their unique features will support you throughout your education journey.

What are the main advantages of Earnest Student Loans?

• Flexible repayment options: Earnest offers several repayment plans, including deferred, fixed, interest-only, and immediate principal and interest payments. This flexibility allows borrowers to choose a plan that fits their financial situation both during school and after graduation.
• Competitive interest rates: Both fixed and variable rates are available, often lower than those offered by many other private lenders. Creditworthiness determines rates, and applying with a cosigner can help secure a better rate.
• No fees: Earnest does not charge origination, late, or prepayment fees, so borrowers won’t face unexpected costs and can pay off their loans early without penalty. The only exception is a small stamp tax for Florida residents, as required by law.
• Simple, transparent application process: The fully online application is quick and convenient, providing clear information about rates and terms before borrowers accept the loan.
• Excellent customer support: Earnest has a responsive service, offering help throughout the application process and during repayment, which is especially valuable for students new to borrowing.

Disadvantages

While Earnest Student Loans have a lot of great features, it’s important to consider the drawbacks before you apply. One major downside is that there’s no co-signer release option. If you take out a loan with a co-signer, that person will stay on the loan for the entire term—unless you refinance. Some other lenders do allow co-signers to be released after a certain number of on-time payments, but Earnest doesn’t offer this.

Another limitation is availability. Earnest doesn’t offer student loans in Nevada, so students living in or attending school there can’t use these loans.

Finally, keep in mind that private loans like Earnest don’t come with the same protections as federal student loans. Federal loans offer benefits like income-driven repayment plans and the possibility of loan forgiveness—options you won’t get with a private lender. If you choose a private loan, you’ll be giving up those federal protections.

Rates and fees of Earnest Student Loans

Earnest Student Loans stand out for their clear fee structure and competitive interest rates. You won’t have to worry about origination fees, late fees, or prepayment penalties—so you can pay off your loan early without any extra costs. There are also no fees for returned payments, which makes your loan more predictable and affordable.

The only exception is for Florida residents, who need to pay a small state stamp tax. This tax is $0.35 for every $100 you borrow and is added to your loan balance. The full amount goes directly to the Florida Department of Revenue.

Interest rates with Earnest depend on your credit profile, the type of loan, and whether you have a co-signer. Fixed rates currently range from about 3.14% to 16.74% APR, while variable rates range from about 5.24% to 17.10% APR. The rate you get will be based on your creditworthiness and the repayment plan you choose. Moreover, applying with a co-signer can also help you qualify for a lower rate.

Additionally, you can get a 0.25% interest rate discount just by signing up for automatic payments. As long as you keep auto-pay active from your checking or savings account, you’ll keep this discount.

With Earnest, there are no hidden fees or surprise charges, since the application process will clearly explain all terms and rates, so you can plan your finances with confidence.

Requirements and eligibility criteria

To qualify for an Earnest Student Loan, you’ll need to meet a few key requirements. First, you must be a U.S. citizen, permanent resident, asylee, or DACA recipient. If you don’t fit into one of these categories, you’ll need a co-signer who does. The co-signer must also be a U.S. citizen, permanent resident, asylee, or DACA recipient.

You’ll need to be enrolled at least half-time in an undergraduate or graduate program at an eligible Title IV, not-for-profit, four-year school. Your school will need to certify your application details and the loan amount.

You also have to be old enough to legally sign a contract in your state. Earnest Student Loans are available everywhere in the U.S. except Nevada. Keep in mind, Earnest doesn’t offer variable rate loans in Alaska, Illinois, Minnesota, New Hampshire, Ohio, Tennessee, or Texas.

There is no need for a co-signer if you’re an eligible U.S. citizen, permanent resident, asylee, or DACA recipient, but having one can boost your chances of approval and help you get a lower interest rate.

If you want to qualify without a co-signer, you’ll need at least three years of credit history, along with a track record of on-time payments and responsible financial habits. Earnest looks at your savings, income, and overall financial profile—not just your credit score.

You’ll also need to show that you spend less than you earn and don’t have a lot of non-student debt. A history of frequent overdrafts or late fees can hurt your chances.

Meeting these requirements will improve your odds of getting approved for an Earnest Student Loan. For the most up-to-date and detailed information, be sure to check the eligibility page on Earnest’s official website.

How to apply for Earnest Student Loans?

Applying for Earnest Student Loans is a straightforward process. Here are the main steps to follow:

1. Check your eligibility: Visit the Earnest website and review the eligibility requirements. Make sure you meet the citizenship, enrollment, and credit criteria.
2. Get a rate estimate: Use the online prequalification tool to check your personalized rates. This step uses a soft credit check and will not affect your credit score.
3. Complete the application: Fill out the online application form with your personal, financial, and school information. If you need a co-signer, invite them to complete their part of the application.
4. Submit documentation: Upload any required documents, such as proof of income, identification, and school enrollment. Earnest may request additional information to verify your details.
5. School certification: Earnest will contact your school to certify your enrollment and the loan amount. This step ensures the funds are used for eligible education expenses.
6. Review and accept your offer: Once approved, review your loan terms, interest rate, and repayment options. Accept the offer if you agree with the terms.
7. Loan disbursement: After you accept the loan, Earnest sends the funds directly to your school. The money is applied to your tuition and other approved education costs.
8. Set up repayment: Choose your preferred repayment plan and set up automatic payments if you want the interest rate discount.

Conclusion

Earnest Student Loans stand out for their focus on making borrowing straightforward and stress-free. With a user-friendly online platform and flexible loan terms, they help students manage their education costs with confidence.

Moreover, the company’s modern approach, combined with a commitment to transparency and support, makes Earnest Student Loans a strong choice for those looking beyond federal aid. While it’s always smart to compare different lenders, Earnest’s unique features and borrower-first mindset make them well worth considering as you plan your path through college and beyond.

Frequently Asked Questions

Ready to take the next step toward funding your education? Visit the official Earnest website today to check your personalized rates and start your student loan application!