Earnest Student Loans

4.9 out of 5 stars
53 Review

From Product Users in the last year


Application Process

4.5 out of 5 stars

Customer Service

4.5 out of 5 stars

5 5

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3 star reviews (1) See All

These reviews were written by current and former product users in the last year.

May 26, 2016
First I was excited, now I am frustrated
acohen05 Product User

I graduated in 2011 with about 100,000 in loans at 7.8% with 20 year payoffs.  I refinanced in 2014 with SoFi for about 71,000 at 6.63%.  At the time I had a cosigner and was making less than I owed.  I was super excited about the lower rate and shorter term so I signed without hesitation.  I have no complaints about SoFi really but I felt like with my current financial standing that I could get an even better rate.  I shopped around, common bond said I needed to be making 80,000 to not need a cosigner for my 56,000 loan which I was just shy of. SoFi told me that they would match any rate I was accepted for. At the end of the day, I chose Earnest because their flexible payment term and choose your payment price with multiple autopay per month was the most attractive offer.  They also did not require me to have a cosigner and gave me a new rate of 5.15%. I signed the loan agreement and gave my 10 day payoff on May 11.  It is now May 26th and they keep telling me my payoff is on a waiting list because their finance team is backed up with all the new loans coming in.  They won't even provide me with a new esitmated pay off date, they just say make whatever payments you still owe Sofi and we will work it out when we actually send a check to them.  I have been making smaller $200 payments on my Sofi loan in the mean while to keep it from going over the 10 day payoff amount.

I thought the loan process was simple, just sent them pay stubs and that was about it, but I do have excelent credit scores and no marks on my history

It would have been a 5 star review except for this loan payoff process.  I would still recommened Earnest just maybe not until they have time for things to either calm down or for them to hire more staff to meet the demand

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