The information provided on this page is updated as of 11/21/2019. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at hello@earnest.com, or call 888-601-2801 for more information on our student loan refinance product.
Variable Rates: Starting variable rates range from 3.65% to 11.25% APR (with autopay), and will never exceed 13.95% (sometimes lower in certain states as required by law). For variable rate loans, the variable interest rate is derived from the one-month LIBOR rate plus a margin of between 1.58% and 9.98%. The current one-month LIBOR rate is 2.27%. Changes in the one-month LIBOR rate may cause your monthly payment to increase or decrease. Interest rates for variable rate loans are capped at 13.95%, unless required to be lower to comply with applicable law.
Overview: Discover stands out, partly for its repayment flexibility. Enrolled students can either defer or begin repaying their loan right away, while graduates might qualify to postpone payments if necessary. The lender is also a top choice for borrowers who don’t have a Social Security number but do have a permanent resident or citizen cosigner. Drawbacks could include Discover’s lone 15-year repayment term option for undergrads and its lack of a cosigner release policy.
Receiving federal student loans like the Direct Subsidized and Direct Unsubsidized Loans starts with completing the FAFSA, or Free Application for Federal Student Aid. You can perform the entire process online at the FAFSA website. Some loans are awarded based on your family’s financial need, so you’ll want to gather the following pieces of personal and financial information when applying:
Due to routine system maintenance, the StudentLoans.gov website is unavailable from 3 a.m. ET until 11 a.m. ET on Sunday, December 8, 2019. You may not sign master promissory notes, complete counseling or TEACH Grant processing flows, or submit Loan Consolidation applications or Income-Driven Repayment Plan requests. Please attempt to log in to the website after the outage period ends. We apologize for any inconvenience this outage may cause and appreciate your understanding and patience while we complete this important activity.
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