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Is Earnest Dropping Rates with the Recent Federal Rate Cut? | Student Loan Refinancing

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 appreciate 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.

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 you are approved, and the rates have since dropped, you may request to withdraw your approved offer with us and reapply to be reviewed for lower rates. If you reapply within 30 days from your initial application, there will not be another hard credit inquiry.

  • If you are recently APPROVED and have NOT SIGNED your offer: Your current approval can be withdrawn so you may reapply to be reviewed for lower rates. If you reapply within 30 days from your initial application, there will not be another hard credit inquiry.

  • 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. When we void a signed loan offer you will be able to reapply to be reviewed for lower rates. If you reapply within 30 days from your initial application, there will not be another hard credit inquiry.

    • 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. We offer re-refinance to our current clients after they have made 6-months of on-time, consecutive payments.

  • If you’re an ACTIVE CLIENT: We offer the ability to re-refinance your loan with us once you’ve made 6 months on-time and consecutive monthly payments (or 12 bi-weekly payments). We recommend beginning by logging into your account, clicking the ‘My Products’ tab, and selecting the ‘2 min Rate Check’ for Student Loan Refinance. You can find even more details about our re-refinance option here.
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