Ask Terry Questions School loan refinance with Earnest

School loan refinance with Earnest

By Terry Savage on January 29, 2020 | College Savings / Student Loans

What do you think about Earnest to refinance my student loan? Is this company reputable? I am currently with Nelnet. I have about 30k left to pay. Nelnet’s Accrued interest rate is 5.74 for one of my direct loan stafford-unsub. The other is 6.21. Earnest is offering a fixed rate from 3.99%APR. I don’t know anything about this. Thanks for the help

Terry Says

It’s definitely worth considering refinancing your student loans. But keep some things in mind. With Federal student loans, you get some benefits that a consolidated loan won’t give you. You can have a deferral of a federal student loan if you lose your job. Or income based repayments if you want to stretch out repayment — and add to the interest building up. You give that up when you refinance.T
Earnest is a good place to go, and I’m assuming you have a good job or they wouldn’t grant you credit! They are known for granting “flexible” payment arrangements. Yes, it’s a good idea to save on interest. But don’t stretch out the loan for too long, or you’ll be paying a larger amount in the end! And do make sure that there are NO FEES involved.

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