What I love about Earnest is their transparancy. I looked into a ton of refinance companies before deciding on Earnest and my decision came down to 1) They have very competetive rates. 2) There were no hidden loops to jump through or hidden eligability requirements once you got into the application process that I dealt with with other companies 3) The app is concise and easy to use. Another great benefit with Earnest is that every so often you can refinance with them internally without a hard pull on your credit report. Its an awesome feature if your credit is improving or if their rates improve. With Earnest I am saving about $11,000 and reduced my loan term by about 2 years. I definitely recommend!
I tried to refinance a relatively small student loan balance. I am an extremely well qualified applicant and was offered an interest rate 2 points higher than every other lender I got a quote from. I called to ask about it because I thought something got messed up but they kept telling me that I was a very well qualified applicant but only the best applicants get the advertised rates and I was still getting a competitive rate from them. After confirming that my credit report was not messed up I simply went with another lender. Customer service was condescending and the interaction was so bad that I felt compelled to review the business. The response of customer service was boiler plate until I made a comment about false advertisement at which point a customer service rep called me directly within five minutes.
They LIE about rate - I met ALL criteria for offered low rate (autopayment enrolled on time and no missed payment) and they increased my interest rate! Also they DO NOT ACCEPT PRINCIPAL PAYMENTS!!!!!! Scam artists and LIARS! Horrible company.
My student loan rates were pretty high and I was able to get them into one and at a much lower rate. I did have a few questions along the way but they answered everything. Extra money in the pocket is certainly nice. Their interface could use some improvements but everything else was fantastic.
I used them for a consolidation student loan. After one year, my variable interest rate would go up each and every month. Adding at least $15 per month to my payment. Absolutely crazy! There are so many better options out there, please look elsewhere! Do not give your money to these crooks!
I consolidated my loans through Navient. My first mistake is having too much student loan debt, my second mistake is going through Navient. The interest rates are high and it is hard to budget when loan payments keep flucating so much.
I called to pay off my loan today, which has a 10.75% interest rate. I can get a line of credit with 0% for 15 months. Sallie Mae will not allow this cause they want to continue making money off me. There customer service is awful. They have also refused to change my last name after I got married despite receiving the appropriate paperwork and copy of my marriage license. My suggestion is to really compare and look at your options and keep in mind if you have to use Sallie Mae you will spend a lot of your time on the phone with customer service. I recommend staying away from Sallie Mae.
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