Earnest vs. KeyBank Student Loan Refinancing Comparison

Earnest and KeyBank are two frontrunners for student loan refinancing opportunities. Both lenders offer competitive interest rates for borrowers, especially those with six-figure debt.

But when comparing Earnest vs. KeyBank, each student loan refinance lender has its own reputation and offers various benefits and loan terms that may not be available across the board.

For example, KeyBank has no maximum loan limit. So, it's great for medical, dental and law professionals with ultra-high debt. Whereas Earnest provides a more customized approach to lending.

In this review, we’ll compare what each lender typically offers to help you decide which student loan refinancing lender is the better option for your financial situation.

Earnest vs. KeyBank: Student loan refinancing basics

Your primary goal with student loan refinancing is to save money by finding the lowest interest rate. Earnest and KeyBank offer similar, competitive fixed and variable rates that will benefit high debt borrowers.

But let’s look at some other important Earnest vs. KeyBank comparisons for refinancing with each lender.

• Each lender offers loan terms ranging from 5 to 20 years.
• Earnest provides loans ranging from $5,000 to $500,000.
• KeyBank allows refinancing loans over $500,000.
• Both refinancing lenders have no application or origination fees.

Although they have similar interest rates, loan terms and loan amounts, they have some distinct differences. For example, Earnest doesn’t offer variable rate loans to residents of Alaska, Illinois, Minnesota, Mississippi, New Hampshire, Ohio, Tennessee or Texas.

Earnest

4.5 out of 5

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Earnest: Best for flexible repayment

• Positives: Flexible repayment terms, custom loan payments
• Allows cosigners: Yes
• Deferment or forbearance available: Yes, up to 36 months
• Interest rates: Fixed starting at 3.80% APR; Variable starting at 5.73% APR
• Bonus: $200 for refinancing 50k to $99,999; $1,000 for refinancing 100k to $199,999; $1,500 for refinancing $200k or more.

Visit Earnest Up to $1,500 Bonus More Information

Who has better refinancing perks?

While you will want to use refinancing interest rates as an important deciding factor, there are many other features and perks offered by each lender that you should weigh before choosing a lender, such as the following:

• Option to use or release a cosigner. Both lenders offer cosigner release, but there’s important nuance to Earnest’s policy. For Earnest refinance loans, cosigner release is currently limited to certain eligible borrowers, including Connecticut residents whose credit agreement was signed on or after October 1, 2025 and explicitly states that cosigner release is available.
• Ability to transfer loan to another person. KeyBank gives your family more flexibility than Earnest by allowing you to refinance a Parent PLUS loan into your own name.
• Factors used to determine loan approval. Earnest requires a credit score minimum of 665 (without a cosigner), but the company also looks at your education, earning potential and other financial data to determine your interest rate. KeyBank's credit score requirement is a bit higher, and the lender uses traditional data to determine whether your loan will be approved.
• Programs to earn cash. You can earn a hefty Earnest cash-back bonus or KeyBank refinancing bonus by using our affiliate links to refinance your student loans.

For a detailed breakdown of each lender, check out our Earnest refinance review and KeyBank refinance review.

KeyBank vs. Earnest comparison based on borrower feedback

We surveyed over 1600 Student Loan Planner® readers to better understand their experiences with the major loan refinancing lenders listed on our website.

KeyBank and Earnest ranked in the overall top three, with Earnest taking home the silver medal and KeyBank taking the bronze. Earnest student loan services ranked higher in terms of customer service and technology, but KeyBank earned plenty of praise for its interactions and quick response to borrowers’ needs.

Application process comparison

Earnest’s application process may be more robust because it considers additional education and financial factors when making decisions for student loans. Part of this process requires access to your banking information, which some of our survey respondents said felt invasive.

Our survey showed that Earnest has an advantage over the KeyBank student loan application process. KeyBank's application process can get dragged out, sometimes taking 30 days to get a finalized answer. Earnest’s processing time, by comparison, tends to be faster and more web-friendly.

The real question: Should you refinance with Earnest or KeyBank?

Earnest and KeyBank are both popular refinancing lenders with solid reputations and competitive interest rates. It can be difficult to determine which lender is the best choice, especially when they offer similar benefits.

Here are a few scenarios that may help you choose a lender based on your unique situation.

• If you have six figures’ worth of debt, both lenders are great options. We recommend checking fixed and variable rates with at least three lenders before moving forward with refinancing your student loans. Both of these lenders should be at the top of your research list if you’re carrying a loan amount over $100,000, but KeyBank tends to be more powerful for ultra-high debt over $500,000.
• If you’re a Parent PLUS borrower, KeyBank wins again. Earnest doesn’t offer the option to transfer your parents’ loan to your name yet, but KeyBank can help you make the transfer.
• If you want to customize your monthly payment, Earnest has more flexible terms. Earnest uses its Precision Pricing tool to match your rate and term based on how much you can afford to pay each month, which means you can choose an unusual loan term, like 10.5 years, if it better fits your needs than a standard term of 10 or 20 years.
• If you’ve received rates from multiple lenders, KeyBank may match it. KeyBank tends to do a better job of matching rates from other lenders than Earnest.

If you decide to refinance with Earnest, use our referral link to receive a cashback bonus up to $1,500, depending on how much you refinance.

Interested in seeing how each of these lenders stacks up against their competition? Check out our refinancing comparison: SoFi® vs. Earnest.