As the cost of higher education continues to rise, more and more students are turning to student loans to finance their education. One lender that is making a difference in the student loan industry is Earnest Student Loans. In this article, we will take a closer look at what Earnest Student Loans is and how it is helping students finance their education.
What is Earnest Student Loans?
Earnest Student Loans is a lending company that provides student loans to undergraduate, graduate, and professional students. The company was founded in 2013 with the goal of offering innovative and affordable student loans to help students achieve their academic goals. The loans provided by Earnest Student Loans come with competitive interest rates, flexible repayment options, and no fees.
How Does Earnest Student Loans Work?
To apply for a loan with Earnest Student Loans, students can visit the company’s website and fill out an application. The application process is straightforward and can be completed in just a few minutes. Once the application is submitted, the company will review the application and provide a decision within a few days.
If the loan is approved, borrowers can choose between fixed and variable interest rates and have the option to make bi-weekly or monthly payments. Additionally, the company allows borrowers to switch between the two repayment plans at no cost, providing added flexibility. Earnest Student Loans also offers a 0.25% discount for borrowers who sign up for automatic payments, which can result in substantial savings over the life of the loan.
As the cost of education continues to rise, many students are turning to student loans to finance their education. Earnest Student Loans is one lender that provides student loans to help students cover their education costs. In this review, we will take a comprehensive look at Earnest Student Loans, including its pros and cons.
Overview of Earnest Student Loans
Earnest Student Loans is a lending company that provides student loans to undergraduate, graduate, and professional students. The company was founded in 2013 and has grown to become one of the most reputable lenders in the student loan industry. The loans provided by Earnest Student Loans come with competitive interest rates, flexible repayment options, and no fees.
Pros of Earnest Student Loans
- Flexible Repayment Options
One of the biggest advantages of taking out a loan with Earnest Student Loans is the flexible repayment options. Borrowers can choose between fixed and variable interest rates and have the option to make bi-weekly or monthly payments. Additionally, the company allows borrowers to switch between the two repayment plans at no cost, providing added flexibility.
- No Fees
Another significant advantage of Earnest Student Loans is that the company does not charge any fees. This means that borrowers do not have to worry about origination fees, prepayment penalties, or late fees. This makes it easier for students to manage their loans without worrying about hidden costs.
- Competitive Interest Rates
Earnest Student Loans offers competitive interest rates, which can help students save money over the life of the loan. Additionally, the company offers a 0.25% discount for borrowers who sign up for automatic payments. This can result in substantial savings over the life of the loan.
- In-House Servicing
Earnest Student Loans services its loans in-house, which means that borrowers can communicate directly with the lender rather than a third-party servicer. This can make it easier for students to manage their loans and get the help they need when they need it.
Cons of Earnest Student Loans
- Not Available in All States
One of the drawbacks of Earnest Student Loans is that the loans are not available in all states. Currently, the loans are only available to residents of 36 states and the District of Columbia. This can be a significant limitation for students who live in states where Earnest Student Loans is not available.
- Strict Eligibility Requirements
Earnest Student Loans has strict eligibility requirements, which can make it difficult for some students to qualify for a loan. For example, borrowers must have a credit score of at least 650, and they must have a minimum income of $35,000 per year. Additionally, the company requires that borrowers have a cosigner if their credit score is below 700.
- Limited Loan Amounts
Earnest Student Loans has a maximum loan amount of $500,000, which can be a limitation for students who need to borrow more than that amount to cover their education costs. Additionally, the company does not offer loans for vocational or trade schools, which can be a disadvantage for students pursuing those types of education.
Conclusion
Overall, Earnest Student Loans is a reputable lender that provides flexible repayment options, competitive interest rates, and no fees. However, the company’s strict eligibility requirements and limited availability may be a drawback for some students. It is important for students to carefully consider their options and compare lenders before making a decision on which lender to choose for their student loans.
