Comparing Earnest Student Loans to the Best Private Student Loans of 2024
Business Insider’s personal finance team has conducted a thorough comparison of Earnest student loans to the best private student loans of 2024 and has found Earnest to be an industry leader. With competitive interest rates and a lack of fees, Earnest stands out as a top pick for borrowers looking for financial assistance.
Earnest offers a variety of term lengths and allows borrowers to skip a payment once per year, making it a flexible option for those facing financial hardship. Additionally, Earnest does not require a cosigner for application, although having one can result in a lower interest rate.
For undergraduate student loans, Earnest offers competitive minimum interest rates and the unique perk of allowing borrowers to skip one payment every year. This feature can provide financial relief to students who may need it. Graduate student loans from Earnest also come with a significantly lower APR range compared to competitors, making them an attractive option for graduate students.
One standout feature of Earnest is its international student loans, which do not require a U.S.-based cosigner. This makes it a great option for international borrowers from countries like Canada, India, Mexico, or South Korea.
When it comes to eligibility, applicants must meet certain requirements such as attending a full-time eligible institution and passing a credit check. The application process is straightforward, and borrowers can expect a quick response from Earnest.
In terms of interest rates and fees, Earnest offers competitive rates with the option to reduce costs by 0.25% through AutoPay. The company also provides a 100% Rate Match Guarantee for existing customers.
Overall, Earnest student loans offer several repayment options and benefits, making them a strong choice for borrowers looking for financial assistance. With no origination fees, prepayment penalties, or late fees, Earnest provides a transparent and affordable lending option for students.