Are Earnest Student Loans Good?

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When it comes to financing higher education, student loans become a crucial part of the equation for many students. With numerous options available, finding the right lender can make a significant difference in terms of interest rates, repayment options, and overall experience. One lender that has gained considerable attention is Earnest. But are Earnest student loans good? Let’s dive into various aspects of Earnest student loans to help determine if they might be a good fit for you.

Understanding Earnest Student Loans

Earnest is known for its personalized approach to lending. They offer both private student loans for current students and student loan refinancing for graduates. The company emphasizes a flexible and transparent process, aiming to help borrowers manage their loans more efficiently and affordably.

Flexible Repayment Terms

One of the standout features of Earnest student loans is their customizable repayment options. Borrowers can select from a wide range of repayment terms, typically spanning from 5 to 20 years. This degree of flexibility allows students to choose a plan that best fits their financial circumstances and long-term goals.

For instance, some may prefer a shorter term to pay off their debt quickly and minimize interest charges, while others might opt for a longer term to secure lower monthly payments. This customization can significantly impact the overall affordability and manageability of the loan.

Competitive Interest Rates

Earnest offers competitive interest rates, which can be a strong selling point for potential borrowers. They provide both fixed and variable rate loans, giving students the option to choose based on their risk tolerance and financial strategy.

Fixed rates offer the stability of consistent payments throughout the life of the loan, effectively shielding borrowers from market fluctuations. Variable rates, on the other hand, typically start lower than fixed rates but can change over time, potentially leading to lower costs if the market conditions remain favorable.

Modern Approach

Earnest prides itself on leveraging technology to improve the lending experience. Their application process is entirely online, streamlined, and designed to be user-friendly. They use a variety of factors to assess creditworthiness, including cash flow, savings patterns, and employment history, which allows for a more inclusive and comprehensive evaluation beyond just credit scores.

Skip-a-Payment Feature

A unique perk of Earnest is their Skip-a-Payment feature. Borrowers can apply to skip one payment every 12 months, provided they meet certain criteria. This can offer a much-needed respite for those facing temporary financial difficulties or unexpected expenses.

Pros and Cons of Earnest Student Loans

Like any financial product, Earnest student loans come with their own set of advantages and drawbacks. Let’s explore these to get a balanced perspective.


  1. Customizable Repayment Plans: Earnest’s flexible repayment options allow borrowers to tailor their loan terms to suit their financial needs.
  2. Competitive Rates: Both fixed and variable rate loans are competitively priced, potentially leading to substantial savings over the life of the loan.
  3. No Fees: Earnest does not charge origination fees, prepayment penalties, or late fees, making their loans more straightforward and cost-effective.
  4. Skip-a-Payment Option: This feature provides financial relief during tough times without impacting credit scores or leading to hefty penalties.
  5. Inclusive Credit Assessment: Earnest’s approach to evaluating borrowers takes a holistic view of financial health, potentially benefiting those with less traditional credit profiles.


  1. Credit Score Requirements: Despite their inclusive assessment process, Earnest does require a minimum credit score, which might exclude some borrowers.
  2. Limited Cosigner Release: Unlike some other lenders, Earnest does not offer cosigner release. This means that borrowers cannot remove a cosigner from their loan after a certain period has passed.
  3. US Citizens and Permanent Residents Only: Earnest loans are only available to U.S. citizens and permanent residents, excluding international students from their potential customer base.
  4. Limited Customer Support: Some borrowers have reported issues with customer service responsiveness, which can be problematic for those needing timely assistance.

Real-World Experiences

Hearing from actual customers can provide additional insights into whether Earnest student loans are a good fit. Reviews and testimonials often highlight the practical aspects of dealing with a lender beyond the advertised features.

Many borrowers praise Earnest for their easy-to-use online platform and the absence of hidden fees, which contribute to a more transparent borrowing experience. The customizable repayment terms are also frequently cited as a significant benefit, allowing individuals to better manage their monthly payments and overall debt load.

However, some negative reviews mention difficulties with customer support. While the majority of interactions seem positive, there are instances where borrowers felt their issues were not resolved promptly. This highlights the importance of considering customer service quality alongside loan terms and rates.

Conclusion: Are Earnest Student Loans Good?

Whether Earnest student loans are a good option depends on individual financial circumstances and priorities. Their customizable repayment plans, competitive interest rates, and lack of fees are substantial advantages. The Skip-a-Payment feature and technology-driven application process further add to their appeal.

However, potential borrowers should weigh these benefits against the lack of cosigner release and the mixed reviews on customer support. As with any financial decision, it’s crucial to compare Earnest with other lenders, consider personal financial goals, and perhaps consult a financial advisor.

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