Home » Private Student Loans

Earnest Private Student Loans Review: Term Flexibility and Borrower Protections

Caitlin See Student Loan Planner Written By Caitlin See Updated on June 23, 2026

Editorial Ethics at Student Loan Planner

What you need to know:

  • Earnest Private Student Loans come with flexible in-school repayment options1 and a wide range of loan terms2, including Rate Match3 of competitors' interest rates.
  • Customers have access to unique borrower benefits, like an extended grace period4 and the option to skip a payment5 once per year.
  • Earnest Private Student Loans may be difficult to qualify for without a cosigner.

Earnest is consistently one of the top refinancing lenders for student loans6. But it also offers private student loans that are packed with borrower benefits.

Borrowers can choose from multiple in-school repayment options1, depending on their financial needs. They can also take advantage of an extended grace period4 that’s three months longer than the industry standard.

But Earnest Private Student Loans might be hard to qualify for on your own. Read on for our Earnest Private Student Loans review, including rates, terms2 and what to expect when applying.

Earnest

Earnest private student loans
Read Review

  • Fixed interest rates starting at 2.29% APR1,2 for qualified cosigner borrowers
  • Variable interest rates starting at 4.74% APR1,2
  • Terms: 5, 7, 10, 12 or 15 years3
  • Loan amounts: Up to the full cost of attendance
  • Autopay2 discount: Yes
Visit Earnest Up to $300 Bonus

Earnest Private Student Loans review

Earnest Private Student Loans are available to undergraduate and graduate students with or without a cosigner.

Here’s a breakdown of its private student loan product.

Pros of Earnest Private Student Loans

  • Rate match. Earnest will match competitor's interest rates while still offering additional discounts such as autopay7 interest savings.
  • Flexible in-school repayment options.1 Choose from $25 fixed monthly payments, interest-only payments, deferred payment until after graduation, or interest and principal payments.
  • Customized repayment options.1 Choose to pay monthly or every two weeks.
  • Extended grace period. Earnest provides up to nine months4 of deferment after graduation, if eligible.
  • Forbearance is available. Borrowers are eligible for up to 12 months of forbearance for verifiable hardship (e.g. unpaid maternity leave, involuntary loss of employment, decrease in income, etc.).
  • Option to skip a payment. Eligible borrowers may skip one payment every 12 months5, but each instance counts toward your overall forbearance limit.
  • Deferment options might be available. You might be able to postpone payments if you’re enrolling in grad school or you’re active duty military personnel serving during a war, military operation or national emergency.
  • No fees.8 This includes no origination, late payment, prepayment or returned payment charges.
  • Autopay discount. Earnest offers a 0.25% interest rate discount7 for making automatic payments. But it can’t be combined with certain repayment programs that already offer a rate reduction.
  • Discount for returning borrowers. Receive an extra 0.25% interest rate discount for returning borrowers9.
  • Full loan discharge. This is available if you become totally and permanently disabled or pass away.
  • Check your rate. Borrowers can preview rates with a soft inquiry or credit pull, which will not affect credit scores.
  • Half-time enrollment. Undergraduate and graduate students attending school part-time are eligible.
  • Cosigner release. Earnest offers cosigner release10 for certain loans and borrowers. For Connecticut residents, eligibility is limited to loans with credit agreements signed on or after October 1, 2025, when the primary borrower resided in Connecticut at signing. For all other borrowers, only credit agreements signed on or after May 18, 2026, are eligible. Loans signed before these dates do not qualify for cosigner release.

Cons of Earnest

  • Cosigner credit history requirement. Borrowers who need a cosigner must choose someone with at least three years of credit history.
  • Savings requirement. Borrowers must have enough savings to cover at least two months of normal expenses, including housing.
  • On-time payment history. Both the borrower and cosigner must have a history of on-time payments on credit accounts reported to a credit bureau.

Earnest Private Student Loans eligibility requirements

To be eligible for an Earnest private student loan, you must:

  • Be a U.S. Citizen or possess a Permanent Resident Card, Deferred Action for Childhood Arrivals (DACA) or Asylee (or have a cosigner who meets this requirement).
  • Live in the District of Columbia or any U.S. state. You’ll also need to be the age of majority as defined by your state.
  • Be enrolled full-time at a four-year, Title IV-qualified school. Graduate students must be enrolled at least half-time.
  • Have a FICO score of 650 or more and at least three years of credit history. If applying with a cosigner, only the cosigner must meet this requirement.

Application process: What to expect

During the application process, borrowers can preview interest rates with a soft inquiry or credit pull, which will not affect credit scores. Once the application is submitted, then Earnest may perform a “hard inquiry.”

Because Earnest’s private student loans have rigid financial requirements, it encourages borrowers to apply with a cosigner. Earnest states that having a cosigner can increase your chance of approval by six times. And it might provide you with access to lower rates.

Earnest’s application process is straightforward. You’ll need to provide personal, professional and financial information, such as:

  • Your address, birthday, social security number and academic progress.
  • Relevant employment information (e.g. employer name, salary, estimated future earnings, etc.)
  • Requested loan amount.

If prompted, you might need to submit supporting financial documentation, like a recent pay stub or a recent monthly statement to verify a brokerage account. But you won’t need to do so with the initial application.

Once you’ve submitted your application, you should receive a response within 72 hours.

Are Earnest Private Student Loans right for you?

We always recommend exhausting all opportunities for federal financial aid (e.g. grants, scholarships and federal student loans) before turning to private student loans.

Private student loans typically have higher interest rates and fewer borrower protections in place. But, depending on your financial situation, you might need to use private loans to fill any remaining funding gaps.

Earnest Private Student Loans can be a good fit if you prioritize repayment flexibility both in-school and after graduation. It might be a good option, if you think you’ll benefit from unique perks, like being able to skip a payment every 12 months5.

As a company, Earnest has a solid reputation for its application process, customer service and competitive rates. And unlike other private lenders that partner with a third-party for loan servicing, Earnest functions as both the lender and loan servicer. So, you’ll have continuity throughout your repayment journey.

Shop around with at least three lenders to find the best rates and terms for your private student loans. If you decide to use Earnest, you might receive a cash-back bonus through Student Loan Planner®.

Get a Student Loan Plan


Disclosures

Earnest Private Student Loans are subject to credit approval.

1 Repayment terms and repayment options available vary based on loan type.

2 Available interest rates are subject to change. Interest rates as of 06/22/2026. Earnest’s Loan Cost Examples:
1.) These examples provide estimates based on principal and interest payments beginning immediately upon loan disbursement. Variable annual percentage rate (“APR”): A $10,000 loan with a 15-year term (180 monthly payments of 152.84) and a 16.85% interest rate without Auto Pay (16.85% APR) would result in a total estimated payment amount of 27,511.20. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed APR: A $10,000 loan with a 15-year term (180 monthly payments of $150.30) and a 16.49% interest rate without Auto Pay (16.49% APR) would result in a total estimated payment amount of $27,054.10.
2.) These examples provide estimates based on interest-only payments while in school. Variable interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $152.84) and a 16.85% interest rate without Auto Pay (16.85% APR) would result in a total estimated payment amount of $35,515.14. For a variable loan, after your starting rate is set, your rate will then vary with the market. Your actual repayment terms may vary. Other repayment options are available. The calculation assumes that the “in-school” period is 4 years (48 months) and includes our 9 month grace period, during which the monthly payment will be $140.42 for 57 months. Fixed interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $150.30) and a 16.49% interest rate without Auto Pay (16.49% APR) would result in a total estimated payment amount of $34,886.94. Your actual repayment terms may vary. Other repayment options are available. The calculation assumes that the “in-school” period is 4 years (48 months) and includes our 9 month grace period, during which the monthly payment will be $137.42 for 57 months.
3.) These examples provide estimates based on fixed $25 payments while in school. Variable interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $253.39) and a 16.85% interest rate without Auto Pay (14.92% APR) would result in a total estimated payment amount of $47,035.20. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $246.61) and a 16.49% interest rate without Auto Pay (14.65% APR) would result in a total estimated payment amount of $45,814.80. Your actual repayment terms may vary. Other repayment options are available. The calculation assumes that the “in-school” period is 4 years (48 months) and includes our 9 month grace period, during which the monthly payment will be $25.00.
4.) These examples provide estimates based on deferred payments. Variable interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $275.17) and a 16.85% interest rate without Auto Pay (14.67% APR) would result in a total estimated payment amount of $49,530.60. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $268.03) and a 16.49% interest rate without Auto Pay (14.39% APR) would result in a total estimated payment amount of $48,245.40. Your actual repayment terms may vary. Other repayment options are available. It is important to note that the 0.25% Auto Pay discount is not available when the deferred repayment option has been selected and the loan is in the interim period. The calculation assumes that the “in-school” period is 4 years (48 months) and includes our 9 month grace period, during which the monthly payment will be $0.

3 Terms and conditions apply. To qualify for this Earnest Rate Match and Bonus offer: 1) you must submit a completed student loan application; 2) you must provide documentation of an eligible competitive rate offer exclusive of all discounts by calling Client Happiness at (888) 601-2801 or chat on Earnest.com and follow the instructions to send in your proof of lower rate; and 3) you must provide a valid email address during the application process. The bonus will be paid out in the form of a gift card. You will receive instructions on how to redeem the gift card via the email address you have provided. Limit one rate match bonus per application. A bonus cannot be issued to residents in MA. Bonuses that are not redeemed within 180 calendar days of the date they were made available to the recipient may be subject to forfeit. Bonus amounts of $600 or greater in a single calendar year may be reported to the Internal Revenue Service (IRS) as miscellaneous income to the recipient on Form 1099-MISC in the year received as required by applicable law. Recipient is responsible for any applicable federal, state or local taxes associated with receiving the bonus offer; consult your tax advisor to determine applicable tax consequences. Additional terms and conditions may apply. Earnest may discontinue this program at any time.

4 Nine-month grace period is not available for borrowers who choose our Principal and Interest Repayment plan while in school.

5 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.

6 Please note that you will lose benefits associated with your underlying federal loans, such as federal Income-driven Repayment Plans, Economic Hardship Deferment, Public Service Loan Forgiveness, or other deferment and forbearance options, if you refinance into a private loan.

7 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.

8 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.

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 and without notice, however, once a Loyalty Discount is earned, it will not be taken away.

10 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. The primary borrower must meet our eligibility and minimum credit requirements. Additional terms and conditions may apply. To request cosigner release, the primary borrower must have made 12 consecutive, monthly on-time principal and interest payments (or an amount equal thereto) immediately preceding the cosigner release application. The primary borrower must satisfy certain eligibility and credit criteria at the time of application. Additional terms and conditions may apply.

Earnest Private Student Loans are made by FinWise Bank, Member FDIC. FinWise Bank, 756 East Winchester, Suite 100, Murray, UT 84107.

Earnest student loans are serviced by Earnest Operations LLC, 300 Frank H. Ogawa Plaza, Suite 340, Oakland, CA 94612. NMLS #1204917, with support from Higher Education Loan Authority of the State of Missouri (MOHELA) (NMLS# 1442770).

FinWise Bank and Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by agencies of the United States of America.

See Earnest disclosures.

Private student loan options for 2026

Lender Name Lender Offer Learn more
SoFi
sofi
$300 Cashback1
Bonus from Student Loan Planner®, not SoFi®
Visit SoFi®
Fixed 2.98 - 14.83% APR
Variable 4.39 - 15.86% APR
Sallie Mae
Sallie Mae Logo - small
$0 Cashback2
One of the top private student loan lenders by volume in the U.S.
Visit Sallie Mae
Fixed 2.29 - 17.64% APR
Variable 3.75 - 17.14% APR
Earnest
Earnest private student loans
$300 Cashback3
Bonus from Student Loan Planner®, not Earnest
Visit Earnest
Fixed 2.29 - 16.24% APR
Variable 4.74 - 16.60% APR
Caitlin See Student Loan Planner
Caitlin See
Caitlin is a personal finance writer specializing in student loans, budgeting, insurance, mortgages, and retirement planning. She holds a Master’s in Public Administration and worked for over a decade for local government and nonprofit organizations throughout Texas and California. Her work has appeared on The Ascent, MSN Money, Yahoo! Finance, The Plutus Foundation, The Financial Gym and more.
Read More from Caitlin
Share:
Pin

Table of Contents

Get a Plan