Looking for an honest, transparent loan provider with flexible repayment options alongside forbearance security or refinancing? Earnest Student Loan Refinance is the best option and that is why this is the best article for you to read as you will get a full updated review of Earnest Student Loan Refinance, Pros, and Cons, and how to apply.
Earnest student loan is a digital lender that was launched in 2013 to provide students with loan refinancing and private student loans.
If you are a student who would like to get a student loan refinance or get a private loan for educational purposes, then consider Earnest’s student loan. You can access it through its mobile application and you would get maximum satisfaction from using it.
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What Is Earnest Student Loan Refinancing?
Refinancing is the process of taking a loan to repay a debt. Thus, Earnest Student Loan Refinancing is one of the plans of Earnest where students can get a flexible repayment option with a low-interest rate and monthly payment.
Here, you get either a fixed or variable rate on your loan refinancing. The amounts range from $5, 000 to $500, 000 with repayment terms between 5 to 20 years, on applying for a refinance, you will receive your monthly payment options.
This way you have control over the amount prepared each year, however, your payment amounts are a determinant factor of your interest rate and length of payment.
In as much as you meet the refinancing eligibility requirements, you can refinance student loans even with an incomplete bachelors or associate degree.
What is Earnest Student Loan Refinance Interest Rates and Fees?
Interest rates vary depending on your credit and financial profiles, however, there is a 0.25% discount of interest rate if your account is set as automatic payments.
It is important to note that your variable rates might be lower, but it increases over time and these variable rate loans are not available in New Hampshire, Ohio, Tennessee, Alaska, Illinois, Minnesota, and Texas.
Also, Earnest student loan refinance has no application fees charges, no late fees, and prepayment penalty, but there is an $8 fee charged if your payment gets returned due to insufficient funds.
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Eligibility Criteria For Earnest Student Loan Refinance
- Good credit score of at least 650,
- You must have good money management,
- And must be qualified on your own without a co-signer,
- You must have a good earning potential,
- You must be employed or have a consistent income,
- A student in school must be enrolled less than half time with a students loan in repayment,
- A resident in any o the 48 States of Earnest loans locations.
How to Apply for Earnest Student Loan Refinancing
Below are the steps to apply for Earnest Student Loan Refinancing:
- Download the application,
- Create an account with the lender by supplying your information which includes; your school, loan balance, income, assets, and housing situation, address and Social Security Number,
- A check will be conducted on your soft credit, then from the offers you are eligible for, pick a loan based on a convenient monthly plan, (note, the lower the monthly plan, the longer your repayment period and the higher your interest rate grow)
Pros and cons of Earnest student loans Refinancing
Earnest’s student loan refinancing is the best option if you have to fill the gap of your federal student loans. But every great thing has pros and cons, below are the pros and cons.
Pros
No co-signer
You don’t need another party to make you qualified. With your credit history, income, and other requirements, you get qualified.
Payment Skip
You can skip a payment once in 12 months, but this extends your repayment terms.
Long grace period
You have a long time to repay your loan
Cons
Average credit needed
Someone with pot credit might find it hard to use the Earnest Student Loan Refinancing service.
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Conclusion
Earnest Student Loan Refinance is legit with its reputation for getting 5-star on NerdWallet (A loan site that guides people on money) as well as a 5-star rating on Trustpilot with over $11.6 billion students loans refinanced with over 130, 000 clients.
This is to prove that it is a legit platform that offers great customer service with its refinancing Variable APR autopsy starting from 1.74% and Fixed APR with autopay at 2.44%.
You can refinance your loan today and be given repayment term options of 5 to 20 years. All you need to do is to download the application on your mobile phone, then proceed with refinancing with Earnest Student Loans.
If you have any experience with Earnest Student Loan Refinance, share using the comment section.
