Earnest is a fintech company founded in 2013 that focuses on providing various financial products, including private student loans. Their approach involves using technology and data analysis to offer personalized loan options. Here’s a breakdown of what you might find with Earnest Student Loans:
Loan Features:
- Customizable Terms: Earnest allows borrowers to customize their loan terms, enabling them to choose the monthly payment and loan duration that fits their financial situation.
- Precision Pricing: Earnest claims to offer precision pricing, meaning your interest rate is based on your unique financial profile. Factors like your education, earning potential, and savings are taken into account.
- Forbearance and Skip a Payment: Earnest provides options for forbearance in case of financial hardship, and they also allow borrowers to skip a payment once a year, providing flexibility during challenging times.
- No Fees: Earnest does not charge origination fees or prepayment penalties. This can be advantageous for borrowers aiming to save on upfront costs and pay off their loans early.