For our Private Student Loans, we don’t charge any fees, including late fees, origination fees, application fees, or early repayment fees. You can pay off your loan at any time without penalty. For Personal Loans, Earnest offers an optional origination fee in certain states. Choosing an origination fee allows clients to buy down their interest rate by paying a small percentage upfront, which may result in savings over the life of the loan¹. Aside from this optional fee, there are no additional fees or penalties for Personal Loans.
The interest on an Earnest loan accrues every day, so paying early can help you save on interest and lower your total finance charge. You can learn more about the type of interest we charge in this article. Because we process all applications online, we cut down costs significantly and pass those savings on at lower rates for our clients.
For all loan documents executed in Florida, a stamp tax of $0.35 per $100 or a portion thereof (for example, $21 on a loan of $6,000) is levied by the state government. The transaction will be labeled “Florida Stamp Tax.” For both student loan refinance and private student loans, Earnest will add the stamp tax to the principal loan amount, and the amount of the stamp tax will be provided in the Final Disclosure. All of this tax goes directly to the Florida Department of Revenue. Certificate of Registration No. 78-8016373916-1.
1 You may qualify for a lower interest rate by electing to pay an optional origination fee that is equal to 1-8% of your total loan amount. The fee is deducted from your loan proceeds at disbursement. This fee is not required, and it will not impact your loan approval.