Many families have to turn to private education loans when college scholarships and federal student loans do not cover all their bills. Getting a private student loan is typically a straightforward process. Even so, you shouldn’t just borrow from the first lender you come across. Considering all of your options will ensure you sign on the dotted line with the right company.
One such lender is Earnest Private Student Loans. This review will help you understand the lender’s offerings, advantages and drawbacks to help you make your final decision.
Earnest student loans overview
Earnest is a private student loan lender offering multiple financial products, including student loans and student loan refinancing. It offers student loans for undergraduate and graduate students, but parents, guardians and sponsors can also take out loans. Money named it to our best student loans list because the company offers a unique amount of flexibility when it comes to paying back your loans, including five repayment terms and four types of in-school payment options.
Pros
- No fees at all, including late fees
- Nine-month grace period
- Student loan rate match guarantee
- Skip-a-payment program
Cons
- No option for students pursuing an associates degree
- No dedicated parent loans
Pros explained
No late fees
Earnest doesn’t charge application or origination fees, or prepayment penalties. But those are fairly standard; the vast majority of student lenders offer the same. What is more unique is that Earnest also does not charge fees for late payments.
Nine-month grace period
A grace period gives you time to get on your feet financially before beginning loan repayment. Grace periods start once you’ve graduated, left school or dropped below half-time enrollment. Most student loan providers offer a standard six-month grace period. However, Earnest offers an additional three months for its student loans with its nine-month grace period. (The nine-month grace period is not available for borrowers who choose Earnest’s principal and interest repayment plan while in school.)
Student loan rate match guarantee
When you apply for a student loan through Earnest and find a lower rate from one of its competitors, you can submit that information to Earnest’s student loan rate match guarantee. That’s a critical advantage, because different lenders have different underwriting models, which means you may qualify for a slightly lower rate with one of Earnest’s competitors. If so, Earnest will match the lower rate you find and give you a $100 Amazon gift card. To be eligible, you must meet several requirements, including:
- Submit a completed student loan application
- Submit documentation of a competitive rate offer that doesn’t include discounts
- Provide a valid email address
Skip-a-payment program
Earnest has a unique skip-a-payment benefit, where borrowers have the option to skip one monthly payment every year without penalty. Interest still accrues, but you won’t be reported at delinquent to the credit bureaus.
Cons explained
No options for pursuing an associates degree
Earnest only offers loans for students who are pursuing bachelor’s and graduate degrees. If you want to borrow for a two-year degree, you’ll have to find another lender. (You should start with the federal government, as federal loans will cover the costs of most two-year programs.)
Earnest does, however, offer associate degree loan refinancing, though. Note that you will lose benefits associated with your underlying federal loans, such as income-driven repayment plans and certain deferment and forbearance options, if you refinance into a private loan.
No dedicated parent loans
Some private student loan lenders offer parent loans that parents and guardians can use to borrow cash for their child’s education. While Earnest does give parents the opportunity to cosign loans, it does not have any dedicated parent loan offerings. (There are options for parents looking to refinance Parent PLUS loans, though).
Earnest student loans offerings
Earnest offers multiple private student loan products. Undergraduate, graduate, MBA, medical, law students can all apply for loans through Earnest. Earnest offers repayment options of 5-, 7-, 10-, 12- and 15-year terms, though not all borrowers are eligible for every term length.
You can apply and upload your documents on your computer or mobile device. Usually, you will hear back about the approval of your loan in as little as one day. Earnest will send the money to your school once you sign.
Earnest services all of its own loans, which means after you take out a loan, attend school, then enter repayment and pay down your debt, you’ll be dealing with Earnest the entire time. (Many other lenders hire a separate company to manage the repayment process.)
Undergraduate loans
Earnest’s undergraduate loans can cover any college-certified expenses, including books, laptops, tuition and study abroad costs. The undergraduate loans have several benefits available, including:
- Multiple in-school repayment options, including a flat $25 per month bill
- Eligibility check with a soft credit inquiry
- 0.25% autopay discount
- No fees, including application fees, late fees or prepayment penalties
- Ability to skip a payment once a year with no penalty
- A nine-month grace period
- 100% rate match guarantee
Graduate student loans
Graduate student loans contain all of the same benefits as undergraduate student loans, including autopay discounts, the annual skipped payment option and no fees.
MBA student loans
Students pursuing an MBA can apply for a loan through Earnest. These MBA student loans have the same benefits as graduate student loans.
Medical school student loans
For students looking to attend medical school, Earnest can provide funding to qualified applicants. The pricing and terms of these loans are the same as the graduate student loans. Medical residents can defer their loan payments for up to 48 months while they’re completing their residency or fellowship.
Law school student loans
Earnest offers private student loans to law school students. These loans are in line with the graduate student loans package.
Cosigned loans
Applying for student loans with a creditworthy cosigner can help you get a lower interest rate. Earnest says adding a cosigner also makes getting approved five times likelier. Students who don’t meet some eligibility requirements, like a minimum credit score of 650, can still get financing with a cosigner.
Earnest student loans pricing
Earnest’s private student loan terms and rates will vary depending on the type of loan you’re applying for and your credit history. Applying with a cosigner can help reduce your rates. Earnest provides both variable and fixed rates for its private student loans, and as mentioned, there are no fees associated with the loans.9
Earnest student loans financial stability
Founded in 2013, Earnest is a private student loan lender that has worked with 420,000 students and parents. In 2017, Earnest was acquired by student loan giant Navient, and today Earnest is an independent subsidiary of Navient.
Earnest student loans accessibility
Earnest is an online lender, so anyone with internet access can apply through its site or mobile app. To determine if you are eligible for private student loans through Earnest, it offers a quick eligibility check that takes just minutes to complete on its site.
Availability
Earnest offers student loans to individuals who meet its eligibility requirements in every state and Washington, D.C.
Contact information
Earnest provides multiple lines of communication if you need to speak with a representative. You can email the customer service team at hello@earnest.com or call a representative at 1-888-601-2801 between 6 a.m. and 5 p.m. PST, Monday through Friday, excluding holidays.
If you cannot find answers to your questions in the Help Center section of its website, the Earnest site has a virtual team member help bot available 24/7. It can help with FAQs or connect you to a customer service representative.
User experience
Online reviews for Earnest are positive. Many satisfied customers cite excellent customer service and an application process that is simple and fast. Unhappy customers noted representatives not following up on their issues and getting denied loans or low rates after a hard credit inquiry.
Earnest student loans customer satisfaction
Earnest is accredited by the Better Business Bureau (BBB) and has an A+ rating. Customer reviews on the BBB site have averaged 1.13 out of five stars, though that’s based on only nine reviews. Complaints on the site range from trouble modifying payments to getting denied for a loan after being pre-approved.
On TrustPilot, the lender looks much stronger, with a 4.6 (out of five stars) based on more than 8,000 borrower reviews.
Earnest student loans FAQs
Is Earnest student loans legit?
Earnest is a legitimate company that offers private student loans to those who qualify. Its site notes it has served over 400,000 clients. In addition to student loans, you can also apply for student loan refinancing opportunities and search for scholarships.
Is Earnest a federal student loan?
No, Earnest is not a federal student loan. Federal student loans are loans issued by the U.S. Department of Education. Earnest issues private student loans to those who meet its eligibility requirements. It also offers other financial products.
Is Earnest good for student loans?
Earnest provides private student loans for students in multiple degree programs, and it's one of the biggest players in the industry. It has a rate match guarantee3, doesn't charge any fees9 on its loans and offers several repayment options1, but whether Earnest is a good fit for you depends on your personal needs and financial situation.
Will Earnest student loans be forgiven?
Earnest, like almost all other private lenders, does not offer student loan forgiveness. Earnest loans also don't qualify for any federal forgiveness programs. But they may qualify for local or state-run forgiveness programs.
Earnest Disclosure
Disclosure
- 1 Repayment terms and repayment options available vary based on loan type.
- 2 You can take advantage of the Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment from a checking or savings account. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. It is important to note that the 0.25% Auto Pay discount is not available when loan payments are deferred during the interim period as a result of selecting the deferred repayment option.
- 3 Residents of Hawaii must request a loan of at least $1,501.
- 4 Nine-month grace period is not available for borrowers who choose our Principal and Interest Repayment plan while in school.
- 5 Earnest does not charge fees for origination, late payments, returned check, or prepayments. Florida Stamp Tax: For Florida residents, Florida documentary stamp tax is required by law, calculated as $0.35 for each $100 (or portion thereof) of the principal loan amount, the amount of which is provided in the Final Disclosure. Lender will add the stamp tax to the principal loan amount. The full amount will be paid directly to the Florida Department of Revenue. Certificate of Registration No. 78-8016373916-1.
- 6 Available interest rates are subject to change. Interest rates as of 06/04/2026. Earnest's loan cost examples and APR disclosures apply. Actual rate and available repayment terms will vary based on your financial profile.
- 7 To qualify for automatic cosigner release, the outstanding principal balance of your loan must be paid down to 50% or less of the original principal balance. The primary borrower must have made 36 months of required payments after the end of the Interim Period and meet eligibility and minimum credit requirements. To request cosigner release, the primary borrower must have made 12 consecutive monthly on-time principal and interest payments immediately preceding the application and satisfy eligibility and credit criteria. Additional terms and conditions apply.
- 8 Earnest Private Student Loans are subject to credit approval.
- 9 To be eligible for the Loyalty Discount, applicants must have previously obtained an Earnest Private Student Loan and apply using the same email address associated with that loan. Only one Loyalty Discount may be applied per eligible Earnest Private Student Loan. Not all applicants may qualify. This offer cannot be combined with Earnest's Rate Match program. Earnest may modify or discontinue this offer at any time.