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Do you match rates from competitors? | Private Student Loans

Yes, we match rates! Our rate match program(1) is available for both our student loan refinancing and private student loan products. For student loan refinance, please check out this article here for program specifics. 

In order to match a competitor's rate, you’ll first want to submit an application with us and receive an approval offer. If you’re approved, let our team know, and we can start the process of matching an approved offer from another lender. There are some important restrictions that apply:

  • We are only able to match offers based on the terms we provide which are 5, 7, 10, 12, and 15 years(2).
  • We’re unable to match rate estimate results or preliminary rate offers. 
  • You must upload a screenshot or copy of your final loan approval agreement or document. The image must legibly show: 
    • Your full name
    • A current loan offer issued either 15 days prior and/or within 30 days of an Earnest approval that has not already been disbursed 
    • The approved terms of the loan, which must align with your approved Earnest offer and include:
      • If the loan is cosigned or primary-only.
      • The in-school repayment plan.
      • The term length.
      • The loan amount (a lesser approved amount is acceptable, but we are unable to match an approval for a greater amount).
      • The contractual interest rate (not including any discounts for Auto Pay or good grades).
  • We’re unable to match rates that are lower than our headline rates. Currently, the lowest variable and fixed rates we offer can be found here
  • In some states, the regulations on variable rates are not aligned with our current rate ranges. As a result, we don’t offer variable rates in these markets. 

If you have any questions or would like to start the process, please click the Get In Touch button at the bottom of this page.

1- Terms and conditions apply. To qualify for this Earnest Rate Match Bonus offer: 1) you must submit a completed student loan application; 2) you must provide documentation of an eligible competitive rate offer exclusive of all discounts by calling Client Happiness at (888) 601-2801 or chat on Earnest.com and follow the instructions to send in your proof of lower rate, and 3) you must provide a valid email address during the application process. The bonus will be paid out in the form of a gift card. You will receive instructions on how to redeem the gift card via the email address you have provided. Limit one rate match bonus per application. A bonus cannot be issued to residents in KY, MA, or MI.

Bonuses that are not redeemed within 180 calendar days of the date they were made available to the recipient may be subject to forfeit. Bonus amounts of $600 or greater in a single calendar year may be reported to the Internal Revenue Service (IRS) as miscellaneous income to the recipient on Form 1099-MISC in the year received as required by applicable law. The recipient is responsible for any applicable federal, state, or local taxes associated with receiving the bonus offer; consult your tax advisor to determine applicable tax consequences. Additional terms and conditions may apply. 

2 -Earnest’s Loan Cost Examples: These examples provide estimates based on principal and interest payments beginning immediately upon loan disbursement. Variable APR: A $10,000 loan with a 15-year term (180 monthly payments of $118.28) and an 11.69% APR would result in a total estimated payment amount of $21,290.40.  For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed APR: A $10,000 loan with a 15-year term (180 monthly payments of $126.82) and a 13.03% APR would result in a total estimated payment amount of $22,827.79.

These examples provide estimates based on interest-only payments while in school.  Variable APR: A $10,000 loan with a 15-year term (180 monthly payments of $118.28) and an 11.69% APR would result in a total estimated payment amount of $26,173.03.  For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed APR: A $10,000 loan with a 15-year term (180 monthly payments of $126.82) and a 13.03% APR would result in a total estimated payment amount of $28,186.67.  Your actual repayment terms may vary.  Other repayment options are available.

These examples provide estimates based on fixed $25 payments while in school.  Variable APR: A $10,000 loan with a 15-year term (180 monthly payments of $162.65) and an 11.69% APR would result in a total estimated payment amount of $30,584.74.  For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed APR: A $10,000 loan with a 15-year term (180 monthly payments of $181.27) and a 13.03% APR would result in a total estimated payment amount of $33,915.55.  Your actual repayment terms may vary.  Other repayment options are available.

These examples provide estimates based on deferred payments. Variable APR: A $10,000 loan with a 15-year term (180 monthly payments of $174.79) and an 11.69% APR would result in a total estimated payment amount of $31,462.16.  For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed APR: A $10,000 loan with a 15-year term (180 monthly payments of $193.75) and a 13.03% APR would result in a total estimated payment amount of $34,874.28.  Your actual repayment terms may vary.  Other repayment options are available.  It is important to note that the 0.25% Auto Pay discount is not available while loan payments are deferred.

Loan Eligibility Criteria: Eligible students must: 1) For college Freshman, Sophomores, Juniors, and Seniors, or be enrolled to attend, a Title IV school at least half-time. There are no enrollment requirements for Graduate students; 2) be pursuing a Bachelor’s or Graduate degree. Earnest private student loans are subject to credit qualification, completion of a loan application, verification of application information, self-certification of the loan amount, and school certification.

Before applying for private student loans, it's best to maximize your other sources of financial aid first. It's recommended to use a 3-step approach to assembling the funds you need: 1) Look for funds you don't have to pay back, like scholarships, grants, and work-study opportunities. 2) Next, fill out a FAFSA® form to apply for federal student loans. Federal student loans do not require a credit check or cosigner and offer various protections if you're struggling with payments. 3) Finally, consider a private student loan to cover any difference between your total cost of attendance and the amount not covered in steps 1 and 2. For more information, visit the Department of Education website at https://studentaid.ed.gov. 

Earnest Private Student Loans are made by One American Bank, Member FDIC. One American Bank, 515 S. Minnesota Ave, Sioux Falls, SD 57104.   

Earnest loans are serviced by Earnest Operations LLC, 535 Mission St., Suite 1663 San Francisco, CA 94105, NMLS #1204917, with support From Navient Solutions, LLC (NMLS #212430). One American Bank and Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by agencies of the United States of America. 

© 2022 Earnest LLC. All rights reserved.

Earnest may discontinue this program at any time.

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