We offer a variety of repayment terms to help you pay back your loan. If your application has been approved, your loan offer will include a broad range of monthly payment amount options for you to choose from. Feel free to use our Student Loan Refi Calculator here to find a plan that works best for you!
Term Lengths
We offer customizable repayment loan terms between 5 and 20 years. However, not all applications will be approved for all repayment period terms. We carefully consider the information provided in the application, the credit report, and the expected cost of an Earnest loan. Therefore, we may only offer options that support the anticipated affordable repayment. For more information on what we look for in an application, you can review our eligibility criteria here.
How Does It Work?
We see value in offering our applicants more flexibility when choosing their repayment terms. To make this possible, we use complex calculations based on the prices, the amount to be financed, and the current date. Additionally, we take into account holidays and estimated time until the first payment is due, which means the available repayment terms are subject to change daily as time passes.
Within the Select Loan step of the loan acceptance process, repayment terms are assigned in a sequence of $1-$5 increments, with monthly payments rounded to the nearest $1. When the slider bar is moved to the far left or right, you may see some repayment options no longer available because if another $1-$5 increment were applied, it would then exceed the approved repayment terms. In most cases, if your payoff exceeds the total loan amount when increased by another $1-$5 increment, the slider will move as far to the right as possible before exceeding the approved repayment terms. You will also see highlighted ranges that are categorized for specific financial goals, such as lower payments, balanced repayment, or faster loan payoff.
When does Repayment Begin?
The repayment period starts 25-60 days after the funds have been disbursed to your previous loan servicer(s).
If you have any questions, you’re always welcome to contact us by clicking the "Get In Touch" button found at the bottom of this article or through chat by clicking the green button found in the corner of the page.