- 529 Plans
- 529 Plan Ratings and Rankings
- Choosing a 529 Plan
- Resources
- College Savings 101
- How to Save for College
- Other Savings Options
- Tools and Calculators
- Student Loans
- Ratings and Reviews
- Paying for College
- Tools and Calculators
- For Professionals
- Advisor Resources
- Tools and Calculators
- Subscriptions
- 529 Plan Ratings and Rankings
- Choosing a 529 Plan
- Resources
- How to Save for College
- Other Savings Options
- Tools and Calculators
- Ratings and Reviews
- Paying for College
- Tools and Calculators
- Advisor Resources
- Tools and Calculators
- Subscriptions
- Account
Earnest Undergraduate Student Loan Review
Undergraduate Private Student Loans
Rewards: Autopay Discount
Flexibility: Allows borrowers to customize their payment due date, skip 1 payment every 12 months, and make biweekly payments
Yearly Loan Limits: Covers 100% of your Cost of Attendance
Overall Loan Limits: $1,000 (minimum)
Cosigner Terms: Cosigner optional, does not allow for cosigner release
Rewards: Autopay Discount
Flexibility: Allows borrowers to customize their payment due date, skip 1 payment every 12 months, and make biweekly payments
Yearly Loan Limits: Covers 100% of your Cost of Attendance
Overall Loan Limits: $1,000 (minimum)
Cosigner Terms: Cosigner optional, does not allow for cosigner release
The bottom line
By giving you a lot of options when it comes to repayment and avoiding fees altogether, Earnest can best be characterized as one of the most flexible private student loan lenders. Though they do not provide a cosigner release option and are not available in 7 states, they do rank as one of the best lenders for graduate students.
Pros- Borrowers can customize the payment due date and skip one payment every 12 months
- Biweekly payment option as alternative to monthly loan payments
- Offers a partial forbearance option
Cons- Does not offer cosigner release
- You must be enrolled full-time to borrow from them
- Not available in Arkansas, Illinois, Minnesota, New Hampshire, Ohio, Tennessee, and Texas
Loan comparison
Full review
When it comes to flexibility in repaying your student loans, Earnest really stands out from the pack. Borrowers are allowed to customize their payment due date, skip a payment every 12 months, select a biweekly payment schedule as opposed to a monthly one, and even get a 9-month grace period after graduation (as opposed to the standard 6 months). For borrowers in distress, they offer a partial forbearance option, not just a full forbearance, which really helps when it comes to avoiding debt spiraling out of control.
Earnest also charges below-average interest rates. When you combine that with their auto-debit discount, graduation reward, and no fees (not even on late payments), their loan is one of the most cost-effective.
On the downside, Earnest requires that you be enrolled full-time in school to borrow with them. They also don’t offer a cosigner release option, so make sure your cosigner (if you have one) knows that they’ll be responsible for this loan as long as it is outstanding. Lastly, Earnest student loans are not available to residents of seven states including Texas and Ohio.
Earnest - Undergraduate Private Student Loans
Other loans that Earnest offers:
Savingforcollege.com provides our readers with free access to objective information, articles and tools to help them make informed decisions about saving and paying for education. We are able to do this because we are compensated by our partners, including some private student lenders. Some, though not all, of the products featured here are offered by partners who may pay us a sales commission. Our partnerships do not influence our ratings or reviews, which are based on in-depth research and objective methodologies, though they may influence which products we write about and where those products appear on our site. Our opinions are our own.
Wondering how much that loan is going to cost you? Check out our free Loan Calculator
Input your loan terms and we’ll tell you how much you can expect to pay monthly and in total
The latest articles and tips to help parents stay on track with saving and paying for college, delivered to your inbox every week.
Saving For College is an unbiased, independent resource for parents and financial professionals, providing them with information and tools to understand the benefits of 529 college savings plans and how to meet the challenge of increasing college costs.