Credible
Get Rates
  • Refinance Student Loans
    • Compare Options
      • Best Refinancing Companies
      • Lender Reviews
      • Refinance Student Loans
      • Student Loan Consolidation
    • Learn the Basics
      • Fixed vs. Variable Rates
      • Forgiveness Programs
      • Consolidation vs Refinancing
      • Repayment Plans
      • More on Student Refi
    • How to
      • Consolidate Your Student Loans
      • Pay Off Your Student Loans
      • Lower Your Interest Rate
    • Tools
      • Current Student Loan Refi Rates
      • Refinancing Calculator
      • Repayment Calculator
      • Student Loan Score Calculator
  • Student Loans
    • Compare Options
      • Private Student Loans
      • Parent Student Loans
      • Law School Loans
      • Medical School Loans
      • Graduate Student Loans
    • Learn the Basics
      • Student Loan Limits
      • Living Expenses
      • Applying for FAFSA
      • Federal Student Loans
      • Student Loan Interest Rates
      • More on Student Loans
    • How To
      • Pay for College
      • Take Out Student Loans
      • Apply Without Cosigner
      • Apply for Student Loans
      • Pay for Grad School
    • Tools
      • Best Private Student Loans
      • Current Student Loan Rates
      • Student Loan Interest Calculator: Estimate Payments
      • Lender Reviews
  • Personal Loans
    • Compare Options
      • Best Personal Loan Lenders
      • Lender Reviews
      • Get Personal Loan Rates
    • Learn the Basics
      • How to Qualify
      • How to Get a Loan
      • Where to Get a Loan
      • Personal Loans with Cosigner
      • Pay Off Credit Card Debt
      • More on Personal Loans
    • Best for
      • Credit Card Consolidation
      • Debt Consolidation Loans
      • Home Improvement Loans
      • Good Credit
      • Fair Credit
      • Bad Credit
    • Tools
      • Current Personal Loan Rates
      • Personal Loan Calculator
  • Mortgages
    • Compare Options
      • Mortgage Refinance
      • Home Loan
      • Best Mortgage Refinance Companies
      • Best Mortgage Lenders
      • Mortgage Preapproval
      • Mortgage Payment Calculator
    • Compare Rates
      • Mortgage Refinance Rates
      • 30-Year Fixed Refinance Rates
      • 15-Year Fixed Refinance Rates
      • Home Loan Rates
      • 15-Year Fixed Mortgage Rates
      • 30-Year Fixed Mortgage Rates
    • Learn the Basics
      • How to Buy a House
      • How to Refinance Your Mortgage
      • How to Get the Best Rate
      • Cash-Out Refinancing
      • More on Home Loans and Refi
    • Pay Off Mortgage
      • Home Equity to Pay Off Debt
      • Paying Off Mortgage Early
      • Mortgage Refinance Cost
  • Insurance
    • Insurance Products
      • Insurance Products
      • Learn more about home insurance
    • Compare Options
      • Compare Insurance Quotes
      • Home Insurance Guide
    • Learn the Basics
      • What Home Insurance Covers
      • How Much Home Insurance You Need
      • Estimate Your Home Replacement Cost
      • How to Change Home Insurance
  • Company
    • About
    • Reviews
    • Blog
    • Lenders
    • Editorial Guidelines
    • FAQs
    • Press
  • Find My Rate
Advertiser Disclosure

Earnest vs. SoFi: Who is Best for Student Loan Refinancing?

Ashley Harrison Ashley Harrison Edited by Jamie Young Updated June 2, 2022

Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as "Credible."

Earnest and SoFi are two student loan refinancing companies that both offer fixed as well as variable rate loans, a 0.25% autopay rate discount, and certain unemployment protections to help in the event of involuntary job loss. However, there are also differences between the two to keep in mind.

Here’s what you should know about Earnest vs. SoFi:

  • Comparing Earnest vs SoFi
  • Earnest student loan refinancing
  • Requirements to borrow from Earnest
  • SoFi student loan refinancing
  • Requirements to borrow from SoFi
  • How to refinance student loans
  • Choosing a lender to refinance your student loans

Comparing Earnest vs SoFi

Here’s a side-by-side comparison of both lenders to help you make an informed decision. Keep in mind that neither Earnest nor SoFi are Credible partner lenders.

earnestsofi
Fixed rates from (APR)* 2.57%+ Check with lender
Variable rates from (APR)* 2.57%+ Check with lender
Loan terms5 to 20 years5 to 20 years
Loan amount$5,000 to $500,000$5,000 to full loan balance of your qualified student loans
Cosigner accepted?NoYes
Cosigner release?N/ANo
Min. credit score650650
State restrictionsResidents in Alabama, Delaware, Kentucky, Nevada, and Rhode Island can’t qualify for a loanNone
PerksYou can choose your own monthly payment with the Precision Pricing programYou’ll get access to both career coaching and wealth management services

Compare SoFi rates with other top refi lenders through Credible

  • Compare actual rates, not ballpark estimates – Unlock rates from multiple lenders with no impact on your credit score
  • Won’t impact credit score – Checking rates on Credible takes about 2 minutes and won’t impact your credit score
  • Data privacy – We don’t sell your information, so you won’t get calls or emails from multiple lenders

See More Refinancing Options
Credible is 100% free!

Earnest student loan refinancing

Best for: Borrowers with fair credit

Unlike other lenders that require good to excellent credit for refinancing, you might qualify with Earnest even if you have fair credit. With Earnest, you can refinance loan amounts from $5,000 to $500,000 ($10,000 minimum for California residents) with repayment terms from five to 20 years.

4.5
Credible rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Rates and terms
Fees and Discounts
Customer Experience
Earnest Student Loan Refinancing
Min. credit score
Minimum credit score needed to qualify
650
Loan amount
Range needed to refinance with this lender
$5,000 to $500,000
Cosigner release
Ability to release your cosigner
No

Earnest isn’t one of our partner lenders.
But you can use Credible to compare rates from other student loan refinancing lenders in 2 minutes.

Check Personalized Rates
Checking rates won't affect your credit score
View Details
  • Rates: Fixed, variable
  • Min. credit score: 650
  • Loan amount: $5,000 to $500,000
  • Cosigner release: No
  • Loan terms (years): 5, 7, 10, 12, ,15, 20
  • Repayment options: Academic deferral, military deferral, forbearance, death and disability discharge
  • Fees: None
  • Discounts: Autopay
  • Eligibility: Must be a U.S. resident, permanent resident, or visa holder. Not available in DE, KY, or NV.
  • Customer service: Phone, email, chat
  • Soft credit check: Yes
  • Loan servicer: Earnest
  • Max. undergraduate loan balance : $500,000
  • Max. graduate loan balance : $500,000
  • Offers Parent PLUS refinancing: Yes

Requirements to borrow from Earnest

To refinance your student loans with Earnest, you must:

  • Be a U.S. resident, permanent resident, or visa holder
  • Have a minimum credit score of 650
  • Be employed, have a written job offer that starts within 6 months, or demonstrate consistent income
  • Have graduated with an associate degree or higher from a Title IV-accredited school, or be or be within six months of graduating and have a job offer
  • Not live in Delaware, Kentucky, or Nevada

Pros

  • Accepts fair credit: Many lenders require borrowers to have good to excellent credit to qualify for refinancing. But with Earnest, you might qualify even if you have fair credit.
  • High loan maximum: With Earnest, you can refinance $5,000 up to $500,000 ($10,000 minimum for California residents). This could be helpful if you attended an expensive program, such as law or medical school.
  • Can defer one payment each year: Earnest allows borrowers to defer one monthly payment per year with no penalty. You’ll just need to have made at least six consecutive, on-time payments to defer for the first time.

Cons

  • Cosigners not accepted: Unlike many other lenders, Earnest doesn’t allow borrowers to refinance with a cosigner. This means you’ll need to qualify on your own merit, which might be difficult if you are a new graduate, have poor credit, or don’t have a stable income.
  • Limited availability: Earnest student loan refinancing isn’t available in Delaware, Kentucky, or Nevada.
  • Variable rate restrictions: Earnest offers both fixed- and variable-rate loans. However, its variable rates aren’t available to residents of Alaska, Illinois, Minnesota, New Hampshire, Ohio, Tennessee, or Texas.

SoFi student loan refinancing

Best for: High student loan balances

With SoFi, you can refinance loan amounts starting at $5,000 up to the full balance of your qualified education loans with terms from five to 20 years. SoFi borrowers also have access to several perks, such as unemployment protection, career coaching, and investing advice.

4.5
Credible rating
Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.
Rates and terms
Fees and Discounts
Customer Experience
SoFi Student Loan Refinancing
Fixed APR
Lowest fixed rate available from this lender
Check with lender
Variable APR
Lowest variable rate available from this lender
Check with lender
Min. credit score
Minimum credit score needed to qualify
Does not disclose
Loan amount
Range needed to refinance with this lender
$5,000 up to the full balance

Does refinancing make sense for you?
Compare offers from top refinancing lenders to determine your actual savings.

Check Personalized Rates
Checking rates won't affect your credit score
View Details
  • Fixed APR: Check with lender
  • Variable APR: Check with lender
  • Min. credit score: Does not disclose
  • Loan amount: $5,000 up to the full balance
  • Loan terms (years): 5, 7, 10, 15, 20
  • Repayment options: Academic deferment, military deferment
  • Fees: None
  • Discounts: Autopay, loyalty
  • Eligibility: Available in all 50 states
  • Customer service: Email, phone, chat
  • Soft credit check: Yes
  • Cosigner release: No
  • Max undergraduate loan balance: No maximum
  • Max graduate loan balance: No maximum
  • Offers Parent PLUS refinancing: Yes

Requirements to borrow from SoFi

To be eligible for student loan refinancing through SoFi, you must:

  • Be a U.S. resident, permanent resident, or visa holder
  • Have good credit
  • Be employed, have sufficient income from other sources, or have an offer of employment to start within the next 90 days
  • Have graduated with an associate degree or higher from a Title IV school

Pros

  • High loan amounts: With SoFi, you can refinance $5,000 up to the full balance of your qualified education loans.
  • No fees: Unlike some lenders, SoFi charges no fees for refinancing — for example, you don’t need to worry about late fees or prepayment penalties.
  • Borrower perks: With SoFi, you’ll have access to a variety of valuable perks, such as unemployment protection and free investing advice.

Cons

  • Might be hard to qualify if you don’t have good credit: SoFi doesn’t disclose its minimum credit score requirements — however, the average credit score of SoFi borrowers is 779. This means it might be difficult to get approved if you have poor or fair credit.
  • Doesn’t offer cosigner release: While SoFi allows borrowers to apply for refinancing with a cosigner, it doesn’t offer a cosigner release option for refinanced loans. If you have a cosigner on your SoFi loan, you’ll have to refinance again if you want to remove them from the loan.
  • Degree required: You must have graduated with an associate degree or higher from a Title IV school to refinance with SoFi. Most SoFi borrowers hold advanced degrees in fields like law or medicine.
Tip: Depending on your credit, you might qualify for a lower interest rate through refinancing. This could save you money on interest and potentially help you pay off your loan faster.

Or you could opt to extend your repayment term to reduce your monthly payment and lessen the strain on your budget — though keep in mind that this means you’ll pay more in interest over time.

You can use our calculator below to see how much you can save by refinancing your student loans.

Step 1. Enter your loan balance

? Enter the remaining amount of the loans you’d like to refinance $

Step 2. Enter current loan information

? Enter the average annual interest rate of the loans you’d like to refinance %
? Enter the monthly amount you currently pay on your loans (or enter remaining term) $
? Enter the amount of time left to repay your loan (or enter monthly payment) years

Step 3. Enter your new loan information to start calculating your savings

? Enter an estimated new interest rate. %
? Enter the monthly amount to pay on your new loan (or enter new loan term) $
? Enter the amount of time you have to repay your loan (or enter monthly payment) years
Lifetime Savings Increased Lifetime Cost $
New Monthly Payment $
Monthly Savings Increased Monthly Cost $

If you refinance your student loan at % interest rate, you can save will pay an additional $ monthly and pay off your loan by . The total cost of the new loan will be $.

Check Out: Laurel Road vs. SoFi: Which Should I Choose for Student Loan Refi?

How to refinance student loans

If you’re ready to refinance your student loans, follow these four steps:

  1. Research and compare lenders. In addition to Earnest and SoFi, be sure to shop around and compare as many student loan refinance companies as possible to find the right loan for your situation. Consider not only interest rates but also repayment terms, any fees charged by the lender, and eligibility requirements.
  2. Pick a loan option. After you’ve done your lender research, choose the loan option that best suits your needs.
  3. Complete the application. Once you’ve picked a lender, you’ll need to fill out a full application and submit any required documentation, such as tax returns or pay stubs. Also be prepared to provide information regarding each of the loans you want to refinance.
  4. Manage your payments. If you’re approved, continue making payments on your old loans while the refinance is processed. Afterward, you might consider signing up for autopay so you won’t miss any payments in the future — Earnest, SoFi, and many other lenders offer a rate discount to borrowers who opt for automatic payments.

Choosing a lender to refinance your student loans

If you’re struggling to manage your student loans — while also juggling other debt like a credit card or auto loan — a student loan refinance could be a huge help. With refinancing, you might be able to save money, get out of debt faster, and even reduce your monthly payment.

Before submitting your application, remember to consider as many lenders as possible to find the right loan for you. Credible makes this easy: You can compare your prequalified rates from vetted lenders in just two minutes.

Loading widget - loan-score-tool
About the author
Ashley Harrison
Ashley Harrison

Ashley Harrison is an authority on personal finance who enjoys helping people become debt-free.

Read More

Home » All » Student Loan Refinancing » Earnest vs. SoFi: Who is Best for Student Loan Refinancing?

  • Click to share on Facebook (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • Click to share on Twitter (Opens in new window)
  • Click to email a link to a friend (Opens in new window)

Related Articles

Student Loan Refinancing

Student Loan Refinance Lenders for International Students

Student Loan Refinancing

Laurel Road vs. SoFi: Which Should I Choose for Student Loan Refi?

Student Loan Refinancing

SoFi vs. Commonbond: Student Loan Refinancing Comparison

  • Read More
    • Refi Student Loans
    • In School Loans
    • Personal Loans
    • Mortgages
    • Insurance
  • Resources
    • Lender Reviews
    • Loan Calculators
    • Student Loan Score Calculator
    • Data Insights
    • Debt Statistics
    • Sitemap
  • Compare
    • Student Loan Refinance
      • Current Student Loan Refi Rates
    • Student Loan Consolidation
    • Private Student Loans
      • Current Student Loan Rates
    • Personal Loans
      • Current Personal Loan Rates
    • Refinance Mortgage
      • Mortgage Refinance Rates
        • 15-Year Fixed Refinance Rates
        • 30-Year Fixed Refinance Rates
    • Home Loans
      • Home Loan Rates
        • 15-Year Fixed Mortgage Rates
        • 30-Year Fixed Mortgage Rates
    • Insurance
  • Top Lenders
    • Best Student Loan Refi Companies
    • Best Private Student Loans
    • Best Personal Loans
    • Best Mortgage Lenders
    • Best Mortgage Refinance Companies
  • Company
    • About
    • Reviews
    • Blog
    • Editorial Staff
    • Editorial Guidelines
    • News
    • Press
  • Legal
    • Terms of Use
    • Privacy Policy

© 2023 Credible


Credible Operations, Inc. NMLS ID# 1681276 | NMLS Consumer Access | Licenses and Disclosures
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.