Student Loan Refinance (SLR) Interest Rate Disclosure
Actual rate and available repayment terms will vary based on your income. Fixed rates range from 2.69% APR to 6.14% APR (excludes 0.25% Auto Pay discount). Variable rates range from 1.99% APR to 5.99% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan refinance loans are based on a publicly available index. If you apply before 12/15/2021, the index is the one-month London Interbank Offered Rate (LIBOR) and your rate will be calculated each month by adding a margin between 1.89% - 5.89% to the LIBOR. If you apply on or after 12/15/2021, the variable rate will be based on the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. In each case, the variable rate is based on the rate published on the 25th day, or the next business day, of the preceding month, rounded to the nearest hundredth of a percent, plus a margin and will change on the 1st of each month. The rate will not increase more than once per month. The maximum rate for your loan is 8.95% if your loan term is 10 years or less. For loan terms of more than 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95%. Please note, we are not able to offer variable rate loans in AK, IL, MN, NH, OH, TN, and TX.
Private Student Loan (SLO) Interest Rate Disclosure
Actual rate and available repayment terms will vary based on your income. Fixed rates range from 3.19% APR to 13.03% APR (excludes 0.25% Auto Pay discount). Variable rates range from 1.24% APR to 11.69% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan refinance loans are based on a publicly available index. If you apply before 12/15/2021, the index is the one-month London Interbank Offered Rate (LIBOR) and your rate will be calculated each month by adding a margin between 1.15% - 11.60% to the LIBOR. If you apply on or after 12/15/2021, the variable rate will be based on the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. In each case, the variable rate is based on the rate published on the 25th day, or the next business day, of the preceding month, rounded to the nearest hundredth of a percent, plus a margin and will change on the 1st of each month. The rate will not increase more than once per month. Although the rate will vary after you are approved, it will never exceed 36% (the maximum allowable for this loan). Please note, Earnest Private Student Loans are not available in Nevada.