Refinancing Your Student Loans With Earnest
Finding the right company to refinance your student loan with is critical to saving the most money. For the most part, the best bank to do business with will be the one which offers you the best interest rate. There are some other considerations such as additional fees. Earnest receives very high marks in all of these categories. This is one of the reasons they are quickly becoming one of the most popular student loan refinance companies. Loans can be refinanced starting at $5,000 all the way up to $500,000.
Earnest Student Loan Interest Rates
There are two types of rates offered with Earnest – fixed rates and variable rates. Fixed rates will remain the same over the life of your loan. For this reason, the initial rate is typically a little bit higher than variable rates. Conversely, variable rates differ based on the current federal interest rate. These rates may rise over the life of your loan if the federal interest rate increases. For most consumers, fixed rates will be the best option. These allow you to anticipate exactly what you will owe over the life of your own. If you have the ability to pay off your loan in the event of a big rate increase, a variable rate may be the best choice for you.
Current rate offers are 3.89-7.89% for fixed rates and 2.57-7.27% for variable rates. These rates reflect a discount of 0.25% for customers who use the autopay feature with this loan. In addition to saving on interest rate, the autopay feature it the best option to make sure you never miss a payment. Loan terms are variable with Earnest. You can select the years you would like your loan to cover with terms from 5-20 years. The sooner you pay off your loan, the more money you will save. For this reason, customers should try to set up a loan term which is a short as possible while still affordable.
Earnest Student Loans Fees and Additional Details
One of the biggest catches with student loan refinancing companies is the types of fees they charge their customers. This is an area with Earnest excels. There are no fees for paying off your loan early. Early payments are encouraged. There are no origination fees with your new loan. Finally, customers will not be subject to a late payment fees.
Another great benefit for Earnest customers is that they will have the option to apply with a co-signer. Co-signers can be great for students or newly graduated individuals who may not have great credit. Putting a co-signer on your application will mean that they are subject to the details of the loan as well. With this in mind, applicants can get much better rates when applying with a co-signer and should be considered when necessary and available.
Refinancing With Earnest – Accessing Pre-Qualified Offers
Customers can visit the Earnest Offers page to access their pre-qualified offers. You will be asked to provide the offer confirmation code you received with your letter or email. Customers will then need to provide some simple information to get their quote. The entire process will take about 2 minutes. Once completed, you will then be able to submit documentation to complete your loan process if you decide to accept your rate. View your rate will require completing the following details:
Customers will need to submit their basic information such as name and address. You will then need to provide your education details including university attended and your degree information. Next, you will provide your financial details. This will include earnings, savings, and retirement accounts. Once you complete all sections of the pre-qualification application you will be provided with your loan offer. Checking your rate will not impact your credit score. Once you select a term and rate type you can proceed with a credit check and full application process.
Final Thoughts – Earnest Student Loans
Ultimately, applicants for student loans need to shop around and find the best student loan refinance deal for them. The interest rate will be the key factor. Checking your rate with Earnest does not require a credit check. Furthermore, the features and benefits customers get with an Earnest Refinance are among the best in the business. For this reason, Earnest is definitely a company to consider when looking for the best student loan refinance offer.