Loan amounts and conditions
Earnest will refinance loans as small as $5,000 (or $10,000 in California). You can refinance a maximum of $500,000. Before completing your loan documents, you will select a repayment term between five and 20 years. Similar to Earnest’s private student loans, you can select your exact repayment schedule, down to the exact number of months.
Borrowers in Kentucky and Nevada are not eligible for Earnest refinance loans.
Loan costs and fees
As of March 17, 2022, Earnest offers Variable APRs from 1.74% to 7.99% and Fixed APRs from 2.44% to 7.99% (including Auto Payout Discount).
Similar to their private student loans, Earnest does not charge origination fees, late fees, or prepayment penalties on their refinanced loans. There is an $8 repayment fee if your loan payment cannot be honored.
For refinanced loans, Earnest only offers standard repayment. You’ll start making full payments to Earnest as soon as your old student loan is paid off. In certain situations, you can temporarily suspend your loans if you have documented difficulties. You can also suspend your loans if you enter a higher school or if you do your military service. During periods when your loan is suspended, interest will continue to accrue.
Outstanding Benefits and Features
Earnest’s refinanced loans offer similar benefits to their private loans: you can skip a payment once every 12 months, get a 0.25% rate reduction when you’re signed up for autopay, and adjust your payment date if necessary.