Earnest offers private student loans for undergraduate and graduate students, along with MBA, medical, veterinary, and law school borrowers. Parents and guardians can also apply or cosign loans.
The lender charges no application fees, origination fees, late fees, or prepayment penalties. Earnest provides a nine-month grace period, longer than the six-month standard most lenders offer. Repayment terms range from 5 to 15 years, though not all borrowers qualify for every term length.
Earnest offers a student loan rate match guarantee. If you find a lower rate from a competitor, Earnest will match it and provide a $100 Amazon gift card. To qualify, you must submit a completed application, documentation of the competing offer without discounts, and a valid email address.
The lender's skip-a-payment program lets borrowers skip one monthly payment per year without penalty, provided they have made at least the last six months of payments on time. Interest still accrues during the skipped month, and the borrower won't be reported as delinquent.
Earnest introduced a cosigner release program in May 2026. Borrowers can manually apply for removal, or Earnest will automatically review them once their balance drops to 50% or less of the original principal and they have made at least 36 months of required payments. No application is needed for the automatic review.
Most applicants receive a lending decision within 24 hours. Undergraduate loans include a $25 per month in-school repayment option and offer a 0.25% autopay discount. Earnest services all its own loans rather than hiring a third party.
Drawbacks include no loans for students pursuing associate degrees (though refinancing of associate degree loans is available) and no dedicated parent loans, though parents can cosign or refinance Parent PLUS loans.