For Private Student Loans, we don’t ask that you link your financial accounts, but we do ask that you provide an estimate of your current savings. For cosigned loans, we will look to see if you have enough savings to cover at least two months of normal expenses. You’ll want to make sure you provide an accurate estimate, as well as review our other minimum eligibility criteria.
If you’re applying for an Earnest Personal Loan or Student Loan Refinance, it may be a good idea to wait until you have accumulated enough savings to cover at least two months' worth of normal living expenses, including housing. When we review an application, we’ll look at your connected checking and savings accounts to make sure you’d still be able to comfortably make your loan payments in the event of a financial emergency.
We calculate your expenses by reviewing the total of all outgoing transactions from your connected financial accounts and cross-comparing them with the balances shown on your credit report. Your total savings should show you consistently spend less than you earn, and be documented throughout the last several months of transaction history we review. For more information on the factors we will consider in the review, take a look at our eligibility guidelines here.