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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 LoansSoFi Student Loans
 Learn MoreLearn More
 

Earnest Student Loans

SoFi Student Loans

SPECIAL OFFER
Refinance Student Loans - Learn More

Read Earnest Review

SPECIAL OFFER
Refinance Student Loans - Learn More

Read SoFi Review

 

Benefits and Features

Variable APR1.99%-5.64% APR (includes 0.25% autopay discount)2.25% to 6.43% APR (with AutoPay)
Fixed APR2.98%-5.79% APR (includes 0.25% autopay discount)2.99% to 6.88% APR (with AutoPay)
Minimum Amount
$5,000
$5,000 (may be higher depending on state)
Maximum Amount
$500,000
No maximum
Loan TermCustom term from 5 to 20 years (180 term options)
5 to 20 years
State ResidencyMost 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 RequirementsMust be employed or have an offer for a position to start within 6 monthsMust 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

 Earnest Student LoansSoFi Student Loans
Customer ServiceStarStarStarStarEmpty StarStarStarStarStarHalf Star
Loan TermStarStarStarStarStarStarStarStarStarHalf Star
Ease of UseStarStarStarStarStarStarStarStarStarStar
Interest RatesStarStarStarStarStarStarStarStarStarHalf Star
Payment FlexibilityStarStarStarStarEmpty StarStarStarStarStarEmpty Star
Pros & ConsPros:
  • 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 LineMerit-based lender with custom terms... Read full reviewGood option if you have a great credit score... Read full review
 Learn MoreLearn More

Refinance Student Loans

Refinance Student Loans

 Terms Apply. SoFi Disclaimers

Earnest: Pricing information from published website as of 01/08/2021

SoFi: Pricing information from published website as of 2/22/2021

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 CommonBond.


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.

Articles on SoFi Student Loans

SoFi Student Loan Refinance Reviews

Is student loan refinancing a good idea? Is SoFi legit? Is NOW a good time to refinance? Read on. The answers may surprise you.

Which Do You Think is Best?





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About CreditDonkey
CreditDonkey is a student loan comparison website. We publish data-driven analysis to help you save money & make savvy decisions.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

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*See the card issuer's online application for details about terms and conditions. Reasonable efforts are made to maintain accurate information. However, all information is presented without warranty. When you click on the "Apply Now" button you can review the terms and conditions on the card issuer's website.

CreditDonkey does not know your individual circumstances and provides information for general educational purposes only. CreditDonkey is not a substitute for, and should not be used as, professional legal, credit or financial advice. You should consult your own professional advisors for such advice.

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