Earnest Undergraduate Student Loan Review

When it comes to flexibility in repaying your student loans, Earnest really stands out from the pack. Borrowers are allowed to customize their payment due date, skip a payment every 12 months, select a biweekly payment schedule instead of a monthly one, and even recieve a 9-month grace period after graduation (as opposed to the standard 6 months). For borrowers in distress, they offer a partial forbearance option, not just a full forbearance, which really helps when it comes to avoiding debt spiraling out of control. 

Earnest also charges below-average interest rates. When you combine that with their auto-debit discount, graduation reward, and no fees (not even on late payments), their private loans are one of the most cost-effective. 

As an online lender, Earnest’s loan application process involves a soft credit check to determine rates and a hard credit check to process the application.

On the downside, Earnest requires that you be enrolled full-time in school to borrow with them. They also don’t offer a cosigner release option, so make sure your cosigner (if you have one) is aware that they'll be responsible for this loan as long as it remains outstanding. Lastly, Earnest student loans are not available to residents of seven states including Texas and Ohio.