Is Earnest the Right Choice to Refinance Your Student Loan?

Earnest overview:

• Rating: ⭑⭑⭑✭✩

Pros:

• Earnest’s repayment options are remarkably flexible. You can set your own monthly payment, skip a month every year and receive up to 12 months of financial hardship forbearance.

• There are no origination fees, prepayment penalties or late fees on an Earnest student loan refinancing.

Cons:

• Earnest doesn’t offer a cosigner release option.

• Earnest refinancing is not available in Mississippi.

What should you know about Earnest for student loan refinancing? Earnest is a private loan lender and a subsidiary of Navient. It offers private, parent, business, medical and law school loan refinancing and private student loans.

Known for its flexible repayment plans, Earnest stands out as one of the highest-quality refinance lenders.

Learn how Earnest’s refinancing options compare to your priorities.

✅Flexible repayment. Earnest lets borrowers set their own monthly payment amount, which means you can repay your loan faster and save money in the long term. Unlike most lenders’ set loan terms, such as seven, 10 or 15 years, Earnest lets you set your loan terms to whatever works for your budget, with loan terms typically ranging from five to 20 years. Note: Kentucky residents refinancing $15,000 or less are limited to a maximum term of 10 years.

✅Skip a payment if you want. You can skip one payment after making at least six consecutive on-time payments. This option is treated as a one-month forbearance, meaning interest may still accrue and the skipped payment counts toward the loan’s total forbearance limit. To skip another payment, you must make 12 additional consecutive on-time payments.

✅Referral bonus. You can earn a $200 referral bonus for each person you refer to Earnest who successfully refinances their student loans with the lender. You can start the referral process by signing into your Earnest account. The referrer must use your unique referral link. If your referral is approved and signs their loan agreement, both you and the individual you referred will receive $200, typically within 30 days.

✅Financial hardship protections. During financial hardship, you might qualify for forbearance. However, remember that during forbearance, interest continues to accrue daily. Also, if you decide to return to school and attend an accredited undergraduate or graduate school at least half-time, you can receive up to 36 months of loan deferment.

✅No hidden fees. Earnest does not charge prepayment penalties, late fees or origination fees on their refinance loans or their private student loans.

✅Parent PLUS loans eligible. Earnest refinances federal PLUS loans and private parent loans. This does not transfer the debt to the student. The parent will still owe the refinanced debt.

✅Autopay discount. Like most other lenders, Earnest features an interest rate reduction when you enroll in automatic payments straight from your bank account.

✅In-house customer service. Earnest’s customer service representatives are in-house. They’re also both the lender and loan servicer, which can make it easier for representatives to access your loan information and get you the help you need.

🚫No cosigner release. Earnest doesn’t offer a cosigner release option.

🚫No lending in MS. Earnest doesn’t lend to Mississippi residents.

🚫Limited availability of variable-rate loans. Due to various state laws, Earnest does not offer variable-rate loans to residents of Alaska, Illinois, Minnesota, New Hampshire, Ohio, Tennessee or Texas. Only fixed-rate refinance loans are available in these states, taking a bit of choice away from borrowers.

🚫Extra taxes in Florida. The Florida Stamp Tax applies to Earnest loans borrowed by Florida residents. This tax amounts to $3.50 per $1,000 of the principal loan balance, paid directly to the Florida Department of Revenue.

The maximum you can refinance with Earnest is $550,000 in student loans. The minimum is $5,000. However, for California and New Mexico, the minimum refinance balance is $10,000 and $10,001, respectively.

You can refinance one or multiple student loans. There is no maximum number of loans you can refinance into one loan.

As of April 28, 2026, Earnest offers the following interest rates for their refinance loans:

• 3.95%-9.99 % fixed rate APR

• 5.89%-9.99 % variable rate APR

Both of these rates reflect a 0.25% autopay discount.

Earnest does not charge the following fees on their refinance loans or their private student loans:

• Prepayment penalties

• Late fees

• Origination fees

Here are the eligibility requirements for refinance loans with Earnest: :

• Your credit score must be 665 or above and have at least three years of credit history.

• You must be a U.S. citizen, permanent resident, DACA recipient, Asylee or have an H1-B visa with a U.S. citizen cosigner.

• You must be enrolled less than half-time and your student loans must be in repayment, or you must expect to complete your degree by the end of the semester when you apply.

• You must reside in a U.S. state (besides Mississippi) or in the District of Columbia.

• You must be the age of majority in your state (usually 18).

• You must be the primary borrower or cosigner of the loan you want to refinance.

• Your loans are not for future schooling.

• You must refinance at least $5,000. (California residents must refinance at least $10,000, and $10,001 or more for New Mexico residents)

• You must be employed or have a consistent income. No income requirement is given for refinance loans.

• Borrowers are generally expected to have enough savings to cover at least two months of normal expenses, including housing.

• Your student loans must not be in default.

• You must not have bankruptcy on your credit report.

• Your student debt must be from a Title IV-accredited school.

• You must be up to date on your rent or mortgage payments.

• Your debt must be held by an institution within the United States.

• You can refinance again as soon as 30 days after disbursement, provided your account is in good standing and not in a hardship program. There is no limit to how many times you can refinance a student loan.

• You can check your eligibility and rates for an Earnest loan with a “soft” credit check that doesn’t impact your credit history.

Learn More: How Does Student Loan Refinance Affect Your Credit Score?

For Earnest’s private and refinance student loans, you are not required to have a cosigner, but getting one can help you secure the lowest possible rates for underwriting your cost of attendance. Cosigners must have a minimum FICO score of 650 for both private and refinance loans, and at least 3 years of credit history for refinance loans.

The application process is similar to that of other student loan lenders. Earnest asks you for several official documents, including student loan account numbers, bank account information and proof of consistent income.

How long does it take for Earnest to review a loan application? After you’ve applied, it should take 2-5 business days for Earnest to either process your application or request more information from you. Requesting more information from you may delay Earnest’s processing of your loan application.

You can check your eligibility for an Earnest loan before applying without impacting your credit score.

Earnest has an in-house team of customer service representatives, so it doesn’t outsource its customer support like other lenders might. Customer service is available via phone, email and live chat.

Earnest acts as lender and servicer. Unlike many private lenders who outsource their loan servicing, they employ an in-house loan servicing team. Not communicating back and forth with a third-party servicer improves their customer service experience.

Credible gives Earnest a rating of 4.5 out of 5 stars on Customer Experience. Earnest has received 72 Consumer Financial Protection Bureau (CFPB) complaints over the last 12 months. Most complaints are related to student loan servicing issues, including interactions with lenders or servicers and repayment challenges.

At this time, borrowers are not given designated representatives. Concerns or complaints can be escalated by calling their Client Happiness team by phone or emailing hello@earnest.com.

Learn More: Credible Reviews

Earnest’s phone number is 1-888-601-2801. You can call them Monday through Friday, 6:00 AM – 5:00 PM PT, excluding holidays.

You can also send an email to hello@earnest.com, interact with their live chat or send a contact form.

Their on-site live chat starts with an automated message that attempts to answer your question via their FAQ database. If you can’t find your answer there, you’ll be redirected to a live chat with a real representative.