Do you agree with me that a good student loan is a great solution to get more peace of mind with your studies? Well, that is a fact. Having extra cash on hand can give you the opportunity to take more courses, pay off student debts, buy materials, or for any other purpose.
Earnest is ideal for borrowers who want to refinance college debt and pay it off quickly, and it has two customizable payment options that make it easy to increase monthly minimum payments, make several extra payments at once, and make same-day payments.
In addition, it stands out as a great option for those who want to renegotiate college debt, pay it off quickly, and flex rates and terms to increase or decrease terms and payments. Another point is that it basically evaluates the earning potential of the borrower and the financial accounts he or she connects.
Pros and Cons for Earnest Student Loan
The Earnest student loan is available in several US states and offers great interest rates and good payment terms for most users. But there is a little more to this line of credit that may convince you to get a loan and fulfill your favorite business dreams.
Some advantages include:
- Fixed APR 3.99-8.74%
- Minimum credit score of 650
- Earnest offers a rate matching feature.
- No origination, application, or late fees.
- Customizable payments and loan terms.
- Option to skip a payment every 12 months.
- You can see if you qualify and what rate you will get without a credit check.
- You can choose your monthly payment and the length of the loan.
The Earnest student loan is an easy-to-use system that allows almost any student to get a student loan.
Cons for Earnest Student Loan
The Earnest student loan has some negative points that should be explored and discussed here. The first one is the fact that it is not present in all 50 states in the country, plus some states do not run variable rates like Alaska, Illinois, Minnesota, New Hampshire, Ohio, Tennessee or Texas.
Another point is that to be elected you need to be of legal age, be enrolled full time, this can be a complex situation for some. Finally, it should be mentioned that there is no guarantor release.
How to Qualify for Earnest Student Loan
In general, you need to meet the following criteria to qualify for an Earnest loan:
- Must have a Social Security number.
- Must live in the District of Columbia or in a state where Earnest lends.
- Must be of legal age in the state in which you reside.
- Must be enrolled in school full time.
- Must be pursuing a bachelor’s or graduate degree.
- Your school must be a four-year, Title IV qualified, non-profit institution.
- Must have no balances past due for at least 365 days.
How to Apply
To get this application, the best way to apply is online via the application form provided on the official Earnest student loan website.
Before applying for a loan, make sure you have evaluated your credit report and read all the details in the fine print to avoid confusion when the monthly payment due arrives. The Earnest student loan will likely perform an affordability assessment before providing access to funds.
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