Earnest's pitch is flexibility. It lets you pick your own repayment term instead of forcing you into fixed buckets, and it charges nothing for anything, not even a late fee. The trade off is a starting rate that is roughly half a point above the cheapest lenders, and variable rates that are simply unavailable in eight states.
Rates, fees and state restrictions verified against Earnest's own disclosures in August 2026. Rates change without notice.
Fixed rates from 4.45% APR and variable from 5.88% APR, both including the 0.25% autopay discount. No fees of any kind, including no late fees.
- Genuinely no fees, and Earnest is one of very few lenders that waives late fees too
- Customisable repayment terms rather than a short list of fixed options
- Both fixed and variable rates on offer, so you can pick your risk
- Cosigners are allowed if your own credit is not strong enough
- The 0.25% autopay discount is already baked into the advertised rates, so the headline is honest
- Variable rates are unavailable in AK, IL, MN, MS, NH, OH, TN and TX
- The 4.45% fixed starting rate is higher than the cheapest competitors advertise
- Earnest does not publish the top of its refinance rate range, so a weak profile could be quoted far higher
- Adding a cosigner does not guarantee approval or a better rate, in Earnest's own words
- Refinancing a federal loan here permanently forfeits every federal protection
Earnest is the right pick when you want to control the shape of the loan, not just the rate. Being able to set your own term lets you tune the monthly payment precisely, and the total absence of fees means there is no hidden drag. If you only care about the lowest possible number, check a cheaper starting rate elsewhere first.
Earnest refinance rates in 2026
Both advertised rates already include the 0.25% autopay discount, which matters when you compare lenders. Some competitors quote a rate before autopay and then show the discount separately, which makes their headline look better than it is. Earnest's is the post discount number.
| Product | Fixed APR | Variable APR | What to know |
|---|---|---|---|
| Student loan refinancingExisting debt | From 4.45% | From 5.88% | Both include the 0.25% autopay discount. Variable not offered in AK, IL, MN, MS, NH, OH, TN, TX. |
| Private student loansNew borrowing | 2.79% to 16.74% | 5.24% to 17.10% | Nine month grace period after leaving school, which is longer than the usual six. |
Note that the variable rate starts higher than the fixed rate here. That is unusual and it is worth pausing on. A variable rate that begins above the fixed rate offers you no upfront saving in exchange for taking on interest rate risk. Unless you have a specific reason to expect rates to fall and you plan to clear the balance quickly, the fixed rate is the more rational choice at these levels.
Refinancing federal loans is permanent
Earnest says this plainly in its own disclosures, and so will we. If you refinance a federal loan into an Earnest loan, you lose the benefits attached to the underlying federal loans, including federal income driven repayment plans, economic hardship deferment, Public Service Loan Forgiveness and other deferment and forbearance options. That change cannot be undone.
If you are unsure how much you would be giving up, read how the federal repayment plans work and then decide whether refinancing makes sense for you at all.
The state restriction most reviews skip
Earnest does not offer variable rates in Alaska, Illinois, Minnesota, Mississippi, New Hampshire, Ohio, Tennessee or Texas. If you live in one of those eight states, your only Earnest option is a fixed rate starting at 4.45% APR. That is not a dealbreaker, since fixed is the sensible choice at current pricing anyway, but it does mean the variable rate you saw advertised is not available to you and you should not build a comparison around it.
Who Earnest actually suits
Earnest works best for borrowers with private debt who care about payment structure. The ability to customise your term, which Earnest markets as up to 180 different configurations, lets you land on a monthly payment that fits your budget rather than rounding to the nearest five year increment. Combined with zero fees, that makes it a strong choice if you are optimising cash flow rather than purely chasing the lowest APR.
It is a poor fit if you are in public service and on track for loan forgiveness, if you depend on income driven repayment, if your income is unstable, or if your credit is weak enough that the starting rates shown here are unrealistic for you. Earnest is clear that adding a cosigner does not guarantee approval or a lower rate, so do not treat a cosigner as a fix for a thin file. If your goal is simply to clear the debt faster, our guide on how to pay off student loans covers approaches that do not involve surrendering federal protections.
Fees, or the lack of them
This is where Earnest genuinely stands out. There is no origination fee, no application fee, no prepayment penalty and no late fee. The late fee waiver is rare. Most lenders that advertise no fees still charge you for a missed payment, so if your income is lumpy and the occasional late payment is a real possibility, that alone can be worth more than a small rate difference.
Missing a payment still damages your credit report even without a fee, so this is a cushion rather than a licence.
Earnest private student loans
If you are still in school, refinancing is the wrong product. Earnest's private student loans run 2.79% to 16.74% fixed and 5.24% to 17.10% variable, with a nine month grace period after you leave school. That extra three months over the standard six month grace is a meaningful cushion while you find work.
Federal aid should always come first, because federal loans carry protections no private lender matches. Once you have maxed that out, compare the field in our roundup of the best private student loans.
Is Earnest legitimate?
Yes. Earnest is an established student loan refinancing and private student loan lender, and its rate and fee disclosures are published openly on its own site, which is where every figure on this page came from. The real question is whether refinancing suits your loans, and that turns on whether your balance is federal or private.
Where to go next
Earnest is one of the few refinance lenders from that era still operating. CommonBond exited in 2022, which is worth knowing if you are working from an older comparison.
