Here at Earnest, we offer merit-based lending. This means that rather than basing our decision entirely on a credit score, we look at an in-depth profile of your finances. We analyze your income, employment, and credit history. When we review a Parent Loan application, we will look at both the financial eligibility of the borrower and the enrollment status of the student. These eligibility requirements must be met in order for an application to be approved. The financial requirements for the borrower include:
- A minimum FICO score of 650.
- A minimum income of $35,000 per year (in USD).
- U.S. Citizenship or possess a 10-year (non-conditional) Permanent Resident Card, are a Deferred Action for Childhood Arrivals (DACA) Recipient, or an Asylee.
- No bankruptcy or current collections on the credit report.
In addition, students must meet the following enrollment criteria:
- Enrolled in a Bachelor’s or Graduate degree program at least half-time.
- Attending a school that is a Title IV-accredited, not-for-profit, 4-year institution.
We encourage you to visit our eligibility page here to review our full requirements and guidelines for both the borrower and the student. For more information on current review and funding timelines, we invite you to check out this article.