Earnest Student Loans Review 2022

Table of Contents

Loan Amounts and Terms

Earnest will refinance loans as small as $5,000 (or $10,000 in California). You can refinance a most of $500,000. Before you full your mortgage paperwork, you’ll choose a compensation time period between 5 and 20 years. Similar to Earnest’s non-public pupil loans, you may choose your exact compensation timeline, right down to the precise variety of months.

Borrowers in Kentucky and Nevada should not eligible for refinance loans from Earnest.

Loan Costs and Fees

As of April 29, 2022, Earnest gives variable APRs of ​​1.74% to 7.99% and glued APRs of two.74% to 7.99% (together with the autopay low cost).

Similar to their non-public pupil loans, Earnest doesn’t cost origination charges, late charges or prepayment penalties on their refinanced loans. There is an $8 returned fee payment within the case that your mortgage fee can’t be fulfilled.

Repayment Options

For refinanced loans, Earnest solely gives customary compensation. You’ll start making full funds to Earnest as quickly as your previous pupil mortgage is paid off. In sure conditions, you might be able to quickly pause your loans you probably have a documented hardship. You may additionally pause your loans in case you enter grad college or serve within the army. During intervals the place your mortgage is paused, curiosity will nonetheless accrue.

Noteworthy Perks and Features

Earnest’s refinanced loans provide comparable perks to their non-public loans: You can skip a fee as soon as each 12 months, get a 0.25% charge low cost when enrolled in autopay and alter your fee date as wanted.

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