Submit a request

Is Earnest Dropping Rates with the Recent Federal Rate Cut? | General Questions

We completely understand your desire to take advantage of lower rates. Unfortunately, the Fed’s interest rate isn’t the only factor in how our interest rates are set. We are committed to offering you the most competitive rates we can find and to offering you the best rate possible based on the market conditions. We understand this is a time of uncertainty and we are doing our absolute best to provide as much information and support as we can as quickly as possible. 

Due to recent events, we want Earnest clients to explore all their options before applying to refinance their federal student loans.

Refinancing a federal student loan with a private lender means you will no longer have access to benefits of your federal loans, including the temporary 0% interest rate on federally held loans, suspension of payments (which may last for a number of months), or any other relief measures implemented for federal loans to address the COVID-19 crisis.

Please carefully review your current and potential benefits with a federal loan servicer before refinancing.  

If you want to consider what your options are with Earnest at this time, take a look below:

  • If you are looking to APPLY: we recommend visiting our 2 min Rate Check to see potential rate estimates we may be able to provide. You can also check our headline rates at any time here under the “today’s rate” section.

  • If you have an APPLICATION IN REVIEW: Your application will be reviewed against the current rates at the time you submitted the application. If approved, you’ll have up to 30 days to consider our offer to make sure we’re a good fit for you.

  • If you are recently APPROVED and have NOT SIGNED your offer: You have 30 days from the date you receive your loan offer to decide if our offer is right for you at this time.

  • If you recently ACCEPTED your loan offer: You have 3 business days to contact us and rescind your signed loan offer from the date that you signed. 

    • If you are 4 days or more past signing your loan agreement, we will have already begun processing payoff to your former servicers and we’re unable to void or rescind the offer at that time.

  • If you are an ACTIVE CLIENT: Your rate will remain the same as outlined in your loan agreement. If you agreed to a fixed rate loan, your APR will not change. For those with variable rate loans, your loan’s APR will continue to fluctuate based on the 1-month LIBOR interest rate index.
Have more questions? Submit a request