If you're considering private lenders to help you finance your education as a student, there are several reasons to consider Earnest as a potential lender. Earnest provides loans for a variety of educational circumstances including undergraduate and graduate loans, law school and medical school loans and even half-time student loans. Plus, applicants can borrow up to the cost of attendance for their school.
Below, CNBC Select provides a full breakdown of what you need to know about Earnest student loans. Read on to find out more.
- Student loan refinancing available
- Offers the option to apply with a co-signer
- Nine-month grace period
- Borrowers can skip one payment per year without penalty
- No physical branches
- Student loan refinancing not available in Mississippi
Actual rate and available repayment terms will vary based on your financial profile. Our lowest rates are only available for the most credit qualified existing cosigned loan borrowers who receive the 0.25% Loyalty discount and requires selection of our shortest term offered, full principal and interest payment while in school, and enrollment in our 0.25% Auto Pay discount. Enrolling in Auto Pay is not required as a condition for approval. Interest rates are subject to change.
Residents of Hawaii must request a loan of at least $1,501.
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.
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 and without notice, however, once a Loyalty Discount is earned, it will not be taken away.
Nine-month grace period is not available for borrowers who choose our Principal and Interest Repayment plan while in school.
Earnest clients may skip a payment through a single, one-month forbearance during a 12 month period. Your first request to skip a pay can be made once you've made at least 6 months of consecutive on-time full principal and interest payments, and your loan is in good standing. The interest accrued during the skipped month will result in an increase in your remaining minimum payment. The final payoff date on your loan will be extended by the length of the skipped payment periods. Any unpaid accrued interest may capitalize (added to the principal balance) at the end of the forbearance period by adding unpaid accrued interest to the outstanding principal as permitted by law and the terms of the loan agreement. Please note that skipping a payment is not guaranteed and is at Earnest's discretion. Your monthly payment and total loan cost may increase as a result of postponing your payment and extending your term.
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Undergraduate and graduate students, parents, students in MBA, law, health professional and dental programs
$5,000 (or state-mandated minimum) up to the cost of attendance
5, 7, 10, 15, years; up to 20 years for refinancing loans
Terms apply.
Undergraduate, graduate, Master's, PhD, MBA, law school, medical school, health professions, dental school, medical and dental residency loans, bar study loans.
$1,000 up to 100% of the cost of attendance
10 to 15 years
What can Earnest student loans be used for?
Earnest offers several types of student loans that can be used for undergraduate and graduate school, MBA school, medical school and law school. You can also apply for a parent loan and can apply for loans even if you're an international student or if you're refinancing an existing loan.
Another option Earnest offers is co-signed student loans. This just means that if you're looking to get approved for better rates and terms, or if you're concerned about being approved on your own, you can get a parent or other trusted family member to be your co-signer on the loan. According to Earnest's website, co-signers can improve their student's chances of getting approved by as much as five times.
How to qualify
In order to qualify for a student loan from Earnest, borrowers should attending or planning to attend school at an eligible four-year institution, and residing in a state where Earnest can lend money. Earnest can provide loans in all states except for Nevada.
They must also be a U.S. Citizen, a Permanent Resident, Deferred Action for Childhood Arrivals (DACA) or Asylee or have a cosigner who is.
There are also some additional criteria, depending on the specific type of loan you're applying for and your circumstances as a borrower.
Co-signed student loan
You must...
- Have enough savings to cover at least two months of normal daily life expenses
- Spend less than you earn
- Have an increasing bank account balance
- Not carry large amounts of non-student and non-mortgage debt from credit cards, personal loans and other forms of debt
- Have strong on-time payment history
- Not be regularly charged late, overdraft or insufficient funds fees
Independent undergraduate student loan
- Same as the above
Independent graduate student loan
You must...
- Not carry large amounts of non-student and non-mortgage debt from credit cards, personal loans and other forms of debt
- Have strong on-time payment history
- Not be regularly charged late, overdraft or insufficient funds fees
Parent loan
- Same as the above
Terms, rates and fees
Interest rates can fluctuate depending on the benchmark rate set by the Federal Reserve but as of the time of this writing, Earnest offers rates starting at 1.99% APR1 with a co-signer and without a co-signer. These rates are inclusive of Auto Pay and Loyalty discounts.
Of course, applying with a co-signer who has a better credit situation than you do can help you qualify for an even lower interest rate.
Earnest doesn't charge any origination fees, prepayment fees or extra payment fees. The lender boasts zero fees on its student loans and according to its website, it generates revenue primarily from collecting interest.
Typical term lengths for Earnest student loans include 5, 7, 10, 12, and 15 years. Term length approval will depend on your credit report, the information provided in your application and other factors.
Student loan repayment options
Earnest offers four general repayment options: deferred, fixed, interest-only and full repayment.
The deferred option means that you pay $0 while you're still in school and during your nine month grace period. However, you may still accrue interest on your loan balance even though you aren't required to make a payment during this time.
The fixed option means you'll make a fixed low monthly payment of just $25 while you're still in school and during your grace period. After you graduate and your grace period has ended, you'll then be required to make the full monthly payment. This option helps you get a small headstart on repaying your loan even if you can't afford to make the full payment right away.
The interest-only option involves making payments that only cover your accrued interest while you're still in school and during your grace period. Full payment will be due after your grace period ends. This option is only available to those with co-signed loans.
Lastly, the full repayment option, as the name suggests, involves making your fully monthly payment even while you're still in school and after you graduate. As you can imagine, this option lets you pay the least amount in interest and helps you repay the loan the fastest. Of course, you should always choose the option that works best for your circumstances.
Benefits and features
Earnest offers a nine month grace period on their student loans. Depending on the repayment option you choose, full payment may not be due during this time.
This lender also lets qualified borrowers skip one payment every 12 months. You'll pretty much enter a one-month forbearance that won't affect your standing with your loan. To be eligible for your first skipped payment, you must have made at least six consecutive on-time payments in full. And then if you want to skip a payment for a second time, you must have made at least 12 more consecutive on-time payments in full.
You'll also be required to submit a request form to skip a payment.
Lastly, Earnest offers a 0.25% discount for signing up for auto pay. This discount is also typically offered by many other lenders, though.
Earnest student loan pros and cons
Before applying for an Earnest student loan, consider these pros and cons.
- Offers multiple repayment options that may account for different needs
- Offers a nine-month grace period
- Offers a 0.25% interest rate discount if you sign up for autopay
- Offers the ability to skip one payment after making a certain number of consecutive on-time payments in full
- Offers both fixed and variable interest rates
- A variety of loan repayment terms
- Allows you to apply with a co-signer but a co-signer is not required
- Offers loans for half-time students
- Students can borrow up to the cost of attendance
- Not available in all states (the only state it's not available in is Nevada)
- Doesn't offer an option for early co-signer release
How to apply
To apply, you can submit an online application from Earnest's website. Choose your desired type of loan and follow the steps to provide additional information.
How it compares
Ascent Funding is another solid student loan option but instead of offering repayment terms of up to 15 years like Earnest does, Ascent offers terms as long as 20 years. This can be a huge draw for someone who would prefer to have a bit more time to repay their loan despite accruing more in interest.
Another big difference between the two is that while Earnest allows you to borrow up to the cost of attendance for your school, Ascent only lets you borrow up to $200,000 for undergraduate loans and up to $400,000 for graduate student loans. Most borrowers probably won't need to borrow this much money but if you happen to be someone who needs more than that, the lower funding limit from Ascent can definitely be a deal breaker for you.
- Considers borrowers with no credit
- High loan limit
- Co-signer release available after just 12 payments
- Up to 1% interest rate discount for autopay*
- 1% cash back rewards*
- Considers alternative requirements like the borrower’s school, program, graduation date, major, GPA, cost of attendance and Satisfactory Academic Progress (SAP) to grant approval
- Maximum fixed APR is on the high side
- Doesn't offer student loan refinancing
Disclosure: *Ascent Funding, LLC products are made available through Bank of Lake Mills or DR Bank, each Member FDIC. Subject to credit approval. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations, terms and conditions may apply for Ascent's Terms and Conditions please visit AscentFunding.com/Ts&Cs. Annual Percentage Rates (APRs) displayed above are effective as of 7/15/2026 and reflect an Automatic Payment Discount (ACH). The ACH discount consists of 0.25% on credit-based college student loans submitted prior to 6/1/2025, a 0.5% discount for on credit-based college student loans submitted on or after 6/1/2025 and a 1.00% discount on outcomes-based loans when you enroll in automatic payments. Loans subject to individual approval, restrictions and conditions apply. Loan features and information advertised are intended for college student loans and are subject to change at any time. For more information, see repayment examples or review the Ascent Student Loans Terms and Conditions. The final amount approved depends on the borrower's credit history, verifiable cost of attendance as certified by an eligible school and is subject to credit approval and verification of application information. Lowest interest rates require full principal and interest (Immediate) payments, the shortest loan term, a cosigner, and are only available for our most creditworthy applicants and cosigners with the highest average credit scores. Actual APR offered may be higher or lower than the examples above, based on the amount of time you spend in school and any grace period you have before repayment begins. Variable rates may increase after consummation.1% Cash Back Graduation Reward subject to terms and conditions. For details on Ascent borrower benefits, visit AscentFunding.com/BorrowerBenefits. Ascent applicants and borrowers that agree to the AscentUP Terms of Service and Privacy Policy, as well as students associated with an Ascent parent loan application, have access to the AscentUP platform.
Funding U also has a few stark differences compared to Earnest. First off, Funding U only allows applicants to borrow up to $20,000 per school year. While this ensures that some students don't borrow more than they may need, this limit may not be enough for some students.
Next, Funding U offers repayment terms of only five or 10 years, making it less flexible with repayment time horizon compared to Earnest, which offers repayment terms that range from five years to 15 years. Funding U also only offers fixed rate loans. However, one factor that makes Funding U a very attractive option is that it offers a 0.5% rate discount for making interest-only payments in school. Earnest doesn't offer a comparable discount for doing the same thing, but it does offer a 0.25% rate discount for signing up for autopay.
- Considers borrowers' earning potential
- Borrowers have hardship protections
- No co-signer required
- No fee for paying off loan early
- 0.5% interest rate discount for making interest-only payments in school
- Loan officer assigned to each borrower for hands-on help
- Promises an approval decision in just minutes
- Only fixed-rate loans
- Not available in every U.S. state
- Non-cosigned loans tend to charge higher interest rates
FAQs
What is the minimum credit score for Earnest student loans?
Earnest approves student loan applicants with a credit score of 650 or higher. If your credit score is below 650, you can still apply with a co-signer.
Does Earnest do a hard credit check on student loan borrowers?
Earnest does conduct a hard credit check on student loan applicants. This can temporarily lower your credit score, but making timely, in-full payments will repair the damage quickly.
What kind of student loans does Earnest approve?
Earnest offers a variety of educational financing, including undergraduate and graduate private student l, MBA loans, law school loans, medical school loans and student loan refinancing.
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At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every student loan review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of student loan products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
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1Actual rate and available repayment terms will vary based on your financial profile. Our lowest rates are only available for the most credit qualified existing cosigned loan borrowers who receive the 0.25% Loyalty discount and requires selection of our shortest term offered, full principal and interest payment while in school, and enrollment in our 0.25% Auto Pay discount. Enrolling in Auto Pay is not required as a condition for approval. Interest rates are subject to change.
