If you just graduated and your loans are still in the grace period, Earnest can match it for up to 9 months. In the event of death or total and permanent disability, Earnest will discharge all student loans. Note that interest will still accrue during forbearance and deferment. If you go back to school, you can defer your loans for up to 3 years. If you run into financial hardship, Earnest may grant you a forbearance. This is good for those who want to get a head start on paying back loans.
When you enroll in auto-pay, you'll receive a 0.25% discount off your rate.Įarnest lets you refinance if you're in your final semester at school, as long as you have a written job offer. If you go with variable rate, you need to be sure your budget can handle potential rate increases. If rates rise substantially, you could end up paying more in interest than you would if you had chosen a fixed rate. One caution about variable rate loans: A variable rate may be lower to start, but it can go up or down based on the market. The APR will be based on prevailing interest rates and your financial profile at the time of your request. You can switch from a fixed rate to a variable rate (or vice versa) every 6 months without paying a fee. Schedule extra payments whenever you like and change your payment amount, all at no charge. You can increase your payments to pay off the loan faster. Just keep in mind that the principal and interest from the skipped payment would be spread out over the rest of the loan term. After you've made 6 months of on-time payments, you can be eligible to skip a payment. There's even no late fee if you accidentally miss a payment.Įarnest knows that life life happens. No application fee, origination fee, or prepayment penalty. Get My Rate > STUDENT LOAN REFINANCE FEATURES Check out some of those top student loan refinance lenders. You can get multiple rate quotes with no obligation. Shop around with different lenders to see which gives you the best rate.
And interest will be minimized.Ĭompare with other lenders. This way, you get a term tailored exactly to your budget. And Earnest will give you a custom term anywhere between 5 to 20 years (60 to 240 months, for a total of 180 term options). You say what you can afford to pay each month. The longer the term, the higher the interest rate, which means the more you'll end up paying.īut Earnest will use your budget to customize your rate and term - down to the month. Usually, when you apply for a loan, you're boxed into standard terms, such as 5, 10, 15, or 20-year terms. Earnest is the only student loan refinance lender that offers this. It could also exclude you if you don't have much savings or had a couple of late bill payments.Įarnest offers a special kind of term option called " Precision Pricing". But it does mean the qualification requirements are tougher. This kind of personalized approach is great if you've been financially responsible. It wants to see that you're capable of saving money and handling your finances responsibly. Earnest knows this and will still consider you for a loan. Most young college grads still haven't had time to establish a strong credit history, so your score could be low. Unlike lenders who only consider your credit score, Earnest will look at your bigger financial picture. When approving you for a loan, Earnest takes a more personalized approach. Minimum credit score of 650 MERIT-BASED LENDING.
MONEYWELL LOAN REVIEWS PLUS
Refinance federal, private, consolidated, and Parent PLUS loans.No origination fee or prepayment penalty.Custom terms of 60 months to 240 months.
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