If you have a plan to refinance your student loan with Earnest, you need to know much about it so that you will understand more when you apply for it. Here, we have some information about it and you can directly read it below.
The Requirements for Refinancing with Earnest
Refinancing can be a good solution for employed or graduates if they have high-interest, unsubsidized Direct Loans, Graduate PLUS loans and private loans. To be eligible to refinance with Earnest, you need to have a strong history of financial responsibility. For instance, some clients may have a limited credit history, but present healthy savings patterns and a career with strong earning potential. You also need to have an income that supports the life of the Earnest loan and your everyday living expenses. The team of Earnest will also need your positive payment history because it shows that you are committed to making your payments in full for all of your existing debts.
From the list below, you are able to read the requirements that you need to meet for being eligible to refinance in Earnest.
- At last, your age is 18 years old.
- You must be a citizen of the United States or have a 10-year (non-conditional) Permanent Resident Card.
- You live in a state where Earnest lends.
- Your student loans were used to pay for a completed degree from a college or university which is accredited under Title IV.
- You graduated or you are in your final semester.
- You are employed or have consistent income in USD.
The Difference Between Refinancing Student Loans with Earnest from Other Refinancing or Consolidation Options
The student loan refinancing with Earnest is unique because of these things.
- Earnest has merit-based rates. Earnest offers their clients low interest rates that they have earned by being financially responsible. It is able to save you thousands or tens of thousands of dollars over other lending choices that only look at your credit score.
- There are no fees for origination, prepayment or anything else. The business of Earnest is built on interest payments and there are no hidden fees or gimmicks.
- There are no middlemen. Other lenders pass you to a third party to manage your loan. However, with Earnest, they believe in doing everything themselves so that they can guarantee that you have a great experience.
- It has precision pricing. You are able to set the exact payment amount that you want without having to be restricted to standardized options that are not right for you. You are also able to specify the exact number of months where you want to pay off your loan.
- There is radical flexibility. This student loan refinance program is specifically designed to flex with you and your life because Earnest makes it easy for you to select the most optional terms for your financial situation when you sign. Also, Earnest will schedule extra payments to save on interest whenever you have extra funds available. If you decide to attend an accredited graduate school at least half time, you may be able to apply for a deferment when you pursue your degree. After 6 months of on-time payments, you can skip a payment every 12 months. It can help you when you face a hard time in your life, but note that the principal and interest from that payment will be spread out across your remaining payments so you will have increased monthly payments.
The Things Which Happen to Our Loan If We Go Back to School
In Earnest, there is deferment up to 36 months. This is for clients who return to an accredited graduate school at least half time. If you want to be eligible for deferment, you have to make sure that your current enrollment status needs to be more than half-time. The team of Earnest may ask for additional documentation to confirm your enrollment status. The acceptable forms of documentation include an official letter on school letterhead which confirms the start and end dates of the program that you are enrolled in and also verification form from the National Clearing House.
It is important for you to note that interest continues to accrue during the deferment period. If you want to request a deferment or want additional information, you can contact the Client Happiness team by clicking on the Get In Touch button in the Earnest website on the Help page.
Checking The Eligibility of Our School and Program To Refinance with Earnest
Earnest can refinance student loans which used to pay for any college or university degree which is accredited with the U.S. Department of Education under Title IV. If you want to check whether your school is Title IV accredited, you are able to check it on the website of Earnest in Help Center about Student Loan Refinancing by clicking a link there.
It is important to know that Earnest can only refinance loans for completed degrees, not certificates or other credentials. If you want to check whether your school is accredited, you can reach out to your school directly.
Refinancing with Earnest While Having Student Loans from An Associate Degree
If you have student loans from an associate degree, you are able to refinance with Earnest as long as the education was obtained at a Title IV-accredited school. Also, you will be required that your current enrollment status must be less than half-time and your student loans are in repayment or your degree will be complete at the end of this term.
How about refinancing student loans for schooling that we did not complete? For now, Earnest can only refinance loans for completed degrees.
Decreasing Our Auto Payment Amount at Earnest
With Earnest, you are able to decrease your Auto Payment amount as long as your new amount does not fall below the minimum amount needed, result in a balloon payment or push your final payment date beyond your original loan term.
If you want to file a request to change your Auto Payment amount, you can contact Client Happiness. You have to be ready to specify what you want your new amount to be or you can request the Earnest team to lower it as much as possible.
It is important to note that changes may take a full payment cycle to apply. After Earnest implements the change, the new Auto Payment will be your minimum amount due.