Earnest Graduate Student Loan Review
Graduate 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
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
- Not available in Arkansas, Illinois, Minnesota, New Hampshire, Ohio, Tennessee, and Texas
How does this loan compare?
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|---|---|---|---|
| Rates from (APR) i x While Savingforcollege.com strives to keep the information up to date, the lender rates, terms and other information are subject to change at any time. Interest rates listed include an autopay discount if available. |
Fixed:
3.69% - 14.30%
Variable:
5.89% - 15.97%
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Fixed:
3.59% - 14.49%
1
Variable:
5.59% - 14.49%
1
|
Fixed:
4.69% - 14.56%
Variable:
7.51% - 14.97%
|
| Loan repayment terms (Years) | Up to 15 years | 5, 8, 10, 15 years | 7, 10, 12, 15 years |
| Cosigner release? | None | Yes, after 24 months on-time principal and interest payments | Yes, after 12 months on-time principal and interest payments |
Full Review
When it comes to graduate loan repayment options, 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 student loan debt spiraling out of control.
Earnest also charges below-average interest rates on student loans. 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 loans for graduate students.
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, residents of states like New Hampshire and Texas, be aware that Earnest is not available for you.
Earnest - Private Student Loan Details
- Credit Check: Soft to check rates, hard to process application
- Repayment Terms: Up to 15 years
- Minimum Borrowing Limit: $1,000
- Yearly Borrowing Limit: 100% of Cost of Attendance
- Aggregate Borrowing Limit: None
- Application Fee: None
- Origination Fee: None
- Prepayment Penalty: None
- Late Fee: None
- Minimum Credit Score: 650
- Minimum Annual Income: $35,000
- Citizenship Restriction: Citizens or Residents
- Minimum Enrollment Restriction: Full-Time
- List of States where Loan is Not Available: AK, IL, MN, NH, OH, TN, and TX
- Approved Schools Include: Title IV
- Immediate Principal and Interest Repayment: Yes
- Fixed Monthly Repayment: Yes, 25
- Interest-Only Repayment: Yes
- Full Deferment: Yes
- Length of Grace Period: 9 months
- Maximum Deferment Period: 36 months
- Maximum Forbearance Period: 12 months
- Cosigner Release Option: None
- Death Discharge: Yes
- Disability Discharge: Yes
- US-Based Call Center: Yes
- Hours of Operation (in addition to weekdays): No Evenings or Weekends
- Application Timeline: Rate estimate in 2 minutes
- Scholarship Search Tool: None
- Sponsors a Scholarship: Yes
- Job and Career Assistance: Yes
- Financial Literacy Training: Yes
Other Loans that Earnest Offers:
