Earnest is a digital lender offering flexible student loan refinancing for physicians and other professionals. Borrowers can consolidate federal and private loans, customize repayment terms, and qualify based on more than just credit score. While Earnest is known for its user-friendly platform and personalized approach, many physicians discover better options when they check their rates with LeverageRx.
Who is Earnest?
Earnest is a San Francisco-based fintech company founded in 2013 and later acquired by Navient in 2017. The company evaluates more than credit scores when reviewing applicants, taking into account income potential, spending habits, and savings behavior.
Earnest allows borrowers to refinance both federal and private loans, giving physicians and medical residents a simple way to combine multiple loans and potentially reduce their long-term interest costs.
The lender has strong customer feedback, including an A+ rating from the Better Business Bureau and high satisfaction scores on Trustpilot.
The Benefits of a Student Loan Refinance With Earnest
Competitive and Transparent Pricing
Earnest’s rates are typically among the most competitive in the market for qualified borrowers. The company evaluates your financial profile as a whole, not just your credit score, which can help medical professionals with strong earning potential secure favorable terms.
Customizable Repayment Terms
Borrowers can choose repayment lengths ranging from short-term to long-term options, allowing them to control how quickly they want to pay off debt. Earnest also allows flexible payment scheduling and even lets borrowers skip one payment per year once they’ve made six consecutive on-time payments.
No Fees
Earnest does not charge application fees, origination fees, late fees, or prepayment penalties. Borrowers can make extra payments anytime to pay down their balance faster.
Autopay Discount
Enrolling in autopay offers a small rate reduction and ensures borrowers never miss a payment.
Cosigner Release
If a parent or relative cosigned your original loan, Earnest’s refinance program allows that cosigner to be released from responsibility once eligibility requirements are met.
User-Friendly Platform
Earnest’s website and mobile experience are simple and intuitive. Borrowers can manage loans, make payments, and track progress from one clean dashboard. Their “Customer Happiness Team” is also known for responsive support.
The Drawbacks of Refinancing With Earnest
No Cosigner Option for Refinancing
Earnest does not allow new cosigners on refinance applications. Borrowers must qualify based on their own income, credit, and financial history.
Minimum Refinance Amounts
The minimum refinance amount starts at $5,000 in most states, with higher minimums in some locations. The program is not available in Nevada.
No Income-Driven Repayment Plan
Refinancing federal loans through Earnest removes access to income-driven repayment plans and federal protections like forbearance or deferment.
Strict Eligibility Standards
While Earnest looks at more than credit, approval still depends on strong financial indicators, including consistent income, solid savings habits, and a history of on-time payments.
No Student Loan Forgiveness
Borrowers who refinance federal loans lose eligibility for federal student loan forgiveness programs.
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Eligibility Requirements for Earnest Student Loan Refinancing
Borrowers must meet the following basic requirements:
- U.S. citizen or 10-year permanent resident card holder
- Minimum credit score of 680
- Steady income or verified employment offer within six months
- Loans must be current and in good standing
- No recent bankruptcies or accounts in collections
- Debt must come from a completed or nearly completed degree
- Loans must originate from a U.S. institution
Earnest also considers your savings patterns, debt-to-income ratio, and history of making timely payments when determining eligibility.
Key Takeaways
Earnest is one of the most well-known names in student loan refinancing, offering transparent pricing, flexible repayment options, and a strong reputation for customer satisfaction. Still, every borrower’s situation is unique. Physicians often qualify for better rates and medical-specific programs when they check their rates with LeverageRx.
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