Unique Selling Point:
Earnest stands out from other student loan providers in terms of the diversity and flexibility of it’s repayment plans. With Earnest, you can choose increase your repayments at any time without penalty in order to pay off your loan quicker, you can request to skip one payment every 12 months to help with emergencies, and you can choose between making payments biweekly or monthly.
Who is this app for:
If you’re looking for a private student loan for your undergraduate or postgraduate degree or if you currently have regular income and you’re looking to refinance your student loans, then Earnest may be for you. Earnest allows students who are looking to finance their undergraduate or postgraduate degrees, law school, medical school or business school from Title IV-accredited schools. Alternatively, if you have graduated from a Title IV-accredited school, and you have sufficient credit history, you can qualify to refinance your existing student loans up to $500,000.
Instead of just looking at your credit score, Earnest uses it’s own data and algorithms to build a more holistic profile of each applicant by looking at education, employment, finances, and earning potential. This may result in better rates for students who don’t have a particularly strong credit history, but may be in a strong financial position otherwise.
Bonus points:
– Earnest offers 9 month grace period after finishing your degree before beginning repayments.
– Earnest allows applicants to apply for a loan with a cosigner, increasing the chances of approval.