Earnest Student Loans vs SoFi Student Loans

Earnest is a merit-based lender with custom terms. How does it compare to SoFi? Read our comparison chart below.

Earnest sets itself apart by taking a more personalized approach to lending. Instead of just looking at your credit score, Earnest also considers your job, savings habits, and how you handle finances. It offers flexibility in payments, with the option to switch between fixed and variable rates. You also can skip a payment every 12 months without penalty. Minimum $5,000 in loans to be eligible.

While SoFi is one of the largest student loan refinancing providers. It refinances both federal and private loans, as well as Parent PLUS loans. It offers loan terms from 5 to 20 years. One unique benefit is that SoFi offers complimentary career coaching to borrowers out of work. Minimum $5,000 in loans to be eligible.

Compare Earnest with SoFi, side-by-side. Read on for an in-depth look, including ratings, reviews, pros and cons.

	Earnest Student Loans	SoFi Student Loans

	Learn More	Learn More
	OFFER Refinance Student Loans - Learn More Read Earnest Review	SPECIAL OFFER Refinance Student Loans - Learn More Read SoFi Review
	Benefits and Features
Variable APR	5.99% - 9.74% APR (includes 0.25% autopay discount)	5.74% - 9.99% APR (with AutoPay)
Fixed APR	5.19% - 9.74% APR (includes 0.25% autopay discount)	4.99% - 9.99% APR (with AutoPay)
Minimum Amount	$5,000	$5,000 (may be higher depending on state)
Maximum Amount	$500,000	No maximum
Loan Term	Custom term from 5 to 20 years (180 term options)	5 to 20 years
State Residency	Most states with the exception of: DE, KY, and NV and no variable rate loans to residents of: AK, IL, MN, NH, OH, TN and TX	All states eligible
Degree Requirements	Associates or higher	Associates or higher
Income Requirements	None	None
Employment Requirements	Must be employed or have an offer for a position to start within 6 months	Must be employed or have an offer to start within 90 days
Interest Only Payments	No	No
Origination Fees	None	None
Prepayment Penalty	None	None
Can Use a Cosigner	No	Yes
Can Release a Cosigner	Only on existing loans	No
Auto-Pay Interest Rate Reduction	Yes	Yes
Soft Credit Check	Yes	Yes
Unemployment Protection	Yes	Yes
	CreditDonkey® Reviews

Loan Term
Customer Service
Ease of Use
Interest Rates
Payment Flexibility
Pros & Cons	Pros: Looks beyond your credit score Custom term based on budget Option to skip one payment every 12 months Cons: Tougher requirements No co-signer option	Pros: Keep federal grace period Refinance Parent Plus loans Cons: Must have great credit score
Bottom Line	Merit-based lender with custom terms... Read full review	Good option if you have a great credit score... Read full review
	Learn More	Learn More
	Refinance Student Loans	Refinance Student Loans
		Terms Apply. SoFi Disclaimers
Earnest: Pricing information from published website as of 11/28/2023 SoFi: Pricing information from published website as of 5/9/2023

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Which is Better: Earnest or SoFi?

Still need help deciding which student loans is better? Read the in-depth reviews below. You may also be interested in comparing Earnest or ELFI.

Articles on Earnest Student Loans

Earnest

Earnest offers low student loan refinance rates and customizes payments based on your budget. But approval may be harder. Read on for the pros and cons.