Bank Introduction
Citizens Disclosures
You can take advantage of the Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. For multi-party loans, only one party may enroll in Auto Pay.
Skip-a-Payment Disclosure
Earnest clients may skip one payment every 12 months. Your first request to skip a payment can be made once you’ve made at least 6 months of consecutive on-time payments, and your loan is in good standing. The interest accrued during the skipped month will result in an increase in your remaining minimum payment. The final payoff date on your loan will be extended by the length of the skipped payment periods. Please be aware that a skipped payment does count toward the forbearance limits. Please note that skipping a payment is not guaranteed and is at Earnest’s discretion. Your monthly payment and total loan cost may increase as a result of postponing your payment and extending your term.
Grace Period Disclosure
Nine-month grace period is not available for borrowers who choose our Principal and Interest Repayment plan while in school.
Student Loan Refinance (SLR) Interest Rate Disclosure
Actual rate and available repayment terms will vary based on your income. Fixed rates range from 5.21% APR to 9.24% APR (excludes 0.25% Auto Pay discount). Variable rates range from 5.57% APR to 9.19% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan refinance loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. 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. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account.
Private Student Loan (SLO) Interest Rate Disclosure
Actual rate and available repayment terms will vary based on your income. Fixed rates range from 4.68% APR to 16.15% APR (excludes 0.25% Auto Pay discount). Variable rates range from 5.64% APR to 16.45% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan origination loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. 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. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account. It is important to note that the 0.25% Auto Pay discount is not available while loan payments are deferred.
Student Loan Refinancing Loan Cost Examples
These examples provide estimates based on payments beginning immediately upon loan disbursement. Variable APR: A $10,000 loan with a 20-year term (240 monthly payments of $72) and a 5.89% APR would result in a total estimated payment amount of $17,042.39. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed APR: A $10,000 loan with a 20-year term (240 monthly payments of $72) and a 6.04% APR would result in a total estimated payment amount of $17,249.77. Your actual repayment terms may vary. Terms and Conditions apply. Visit https://www.earnest. com/terms-of-service, e-mail us at [email protected], or call 888-601-2801 for more information on our student loan refinance product.
Student Loan Origination Loan Cost Examples
These examples provide estimates based on the Deferred Repayment option, meaning you make no payments while enrolled in school and during the separation period of 9 billing periods thereafter. Variable APR: A $10,000 loan with a 15-year term (180 monthly payments of $157.12) and an 11.69% APR would result in a total estimated payment amount of $21,290.40. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed APR: A $10,000 loan with a 15-year term (180 monthly payments of $173.51) and an 13.03% APR would result in a total estimated payment amount of $22,827.79. Your actual repayment terms may vary.
Loan Fees Disclosure
Earnest does not charge fees for origination, late payments, or prepayments. Florida Stamp Tax: For Florida residents, Florida documentary stamp tax is required by law, calculated as $0.35 for each $100 (or portion thereof) of the principal loan amount, the amount of which is provided in the Final Disclosure. Lender will add the stamp tax to the principal loan amount. The full amount will be paid directly to the Florida Department of Revenue. Certificate of Registration No. 78-8016373916-1.
Earnest Loans are made by Earnest Operations LLC or One American Bank, Member FDIC. Earnest Operations LLC NMLS #1204917, 535 Mission St, Suite 1663, San Francisco, CA 94105303 2nd St., Suite 401N, San Francisco, CA 94107. Visit earnest.com/licenses for a full list of licensed states.
Advertiser Disclosure:
THIS IS AN ADVERTISEMENT. YOU ARE NOT REQUIRED TO MAKE ANY PAYMENT OR TAKE ANY OTHER ACTION IN RESPONSE TO THIS OFFER.
Loan reviews
Earnest is an online lender offering private student loans to college and graduate students, as well as student loan refinancing. The company was founded in 2013. Borrowers can choose their own loan terms to fund up to the full cost of their education.Pros
- There are no origination, application or late fees.
- You can choose from a range of monthly payment and loan term options.
- Earnest offers a rate match feature for in-school loans, though not for student loan refinancing.
Cons
- There are no origination, application or late fees.
- You can choose from a range of monthly payment and loan term options.
- Earnest offers a rate match feature for in-school loans, though not for student loan refinancing.
How to apply for a federal PLUS loan
Difference between Private Student Loan and Federal PLUS Loan
Private student loans and Federal PLUS loans are both options available to students and their families to finance education expenses. However, there are several key differences between these two types of loans. Here are some important distinctions:
1. Source of Funds:
Private Student Loan: Private student loans are offered by private financial institutions such as banks, credit unions, and online lenders. These loans are not funded or guaranteed by the federal government. Federal PLUS Loan: Federal PLUS loans are federal loans available to parents of dependent undergraduate students or to graduate or professional students. They are issued by the U.S. Department of Education.
2. Borrower Eligibility:
Private Student Loan: Private student loans often require a credit check and typically consider the borrower's creditworthiness, income, and debt-to-income ratio. Students may need a co-signer if they have limited credit history or insufficient income. Federal PLUS Loan: Federal PLUS loans do not require a credit check for eligibility. However, borrowers with an adverse credit history may face additional requirements or need an endorser (co-signer) to qualify.
3. Interest Rates:
Private Student Loan: Interest rates for private student loans can vary based on the borrower's creditworthiness and market conditions. Some private lenders may offer both fixed and variable interest rate options. Federal PLUS Loan: Federal PLUS loans have a fixed interest rate set by the federal government for each academic year. The interest rate is generally higher than the rates offered for federal direct student loans.
4. Repayment Options:
Private Student Loan: Private student loans may offer various repayment options, including immediate repayment, interest-only payments, or deferred payments while in school. Repayment terms can vary among lenders. Federal PLUS Loan: Federal PLUS loans typically offer a deferment option while the student is enrolled at least half-time. After graduation or leaving school, borrowers have a six-month grace period before they are required to begin repayment. Federal PLUS loans also provide access to federal loan forgiveness and income-driven repayment plans.
5. Loan Limits:
Private Student Loan: Private student loans often have higher loan limits compared to federal loans. The maximum loan amount varies among lenders and is typically based on the cost of attendance minus other financial aid received. Federal PLUS Loan: The loan limit for Federal PLUS loans is determined by the cost of attendance minus any other financial aid received. The maximum amount is not as high as some private loans but can still cover a significant portion of education expenses.
6. Loan Forgiveness and Discharge:
Private Student Loan: Private student loans generally have fewer options for loan forgiveness or discharge. However, some private lenders may offer loan discharge or forgiveness in specific circumstances, such as death or permanent disability. Federal PLUS Loan: Federal PLUS loans are eligible for certain forgiveness and discharge programs, such as Public Service Loan Forgiveness (PSLF) and Total and Permanent Disability (TPD) discharge. It's important to carefully review the terms, interest rates, repayment options, and benefits offered by both private student loans and Federal PLUS loans. Compare the options available to you based on your specific financial situation, loan needs, and future plans to make an informed decision about which type of loan best suits your needs.
Bank Introduction
Sallie Mae
4.4 
FIXED APR4.50% to 15.49% with autopay
VARIABLE APR6.12% to 16.45% with autopay
MAX. LOAN AMOUNTCost of attendance, minus aid
MIN. CREDIT SCOREMid 600s
Citizens Disclosures
Lowest rates shown include the auto debit discount: Additional information regarding the auto debit discount: Advertised APRs for undergraduate students assume a $10,000 loan to a student who attends school for 4 years and has no prior Sallie Mae-serviced loans. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment. *These rates will be effective 06/26/2023.
Terms:
Examples of typical costs for a $10,000 Smart Option Student Loan with the most common fixed rate, fixed repayment option, 6-month separation period, and two disbursements: For a borrower with no prior loans and a 4-year in-school period, it works out to a 10.28% fixed APR, 51 payments of $25.00, 119 payments of $182.67 and one payment of $121.71, for a Total Loan Cost of $23,134.44. For a borrower with $20,000 in prior loans and a 2-year in-school period, it works out to a 10.78% fixed APR, 27 payments of $25.00, 179 payments of $132.53 and one payment of $40.35 for a total loan cost of $24,438.22. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years.
Loan reviews
Sallie Mae is a publicly traded consumer bank that offers private student loans to pay for undergraduate, graduate and professional degrees, among other educational needs. Congress started Sallie Mae in 1972 as a government-sponsored entity that serviced student loans. The lender went private in 2004 and today provides a range of student loan products. Additionally, Sallie Mae Bank offers savings products and other tools to help families plan and pay for college, including a credit card that earns bonus cash back to help you pay off any student loan.Pros
- Student loans can completely cover school-certified expenses, such as tuition and fees, books, and other related costs.
- Borrowers pay no loan origination fee.
- Autopay enrollment qualifies you for a 0.25-percentage-point interest rate discount.
Cons
Difference between Private Student Loan and Federal PLUS Loan
Private student loans and Federal PLUS loans are both options available to students and their families to finance education expenses. However, there are several key differences between these two types of loans. Here are some important distinctions:
1. Source of Funds:
Private Student Loan: Private student loans are offered by private financial institutions such as banks, credit unions, and online lenders. These loans are not funded or guaranteed by the federal government. Federal PLUS Loan: Federal PLUS loans are federal loans available to parents of dependent undergraduate students or to graduate or professional students. They are issued by the U.S. Department of Education.
2. Borrower Eligibility:
Private Student Loan: Private student loans often require a credit check and typically consider the borrower's creditworthiness, income, and debt-to-income ratio. Students may need a co-signer if they have limited credit history or insufficient income. Federal PLUS Loan: Federal PLUS loans do not require a credit check for eligibility. However, borrowers with an adverse credit history may face additional requirements or need an endorser (co-signer) to qualify.
3. Interest Rates:
Private Student Loan: Interest rates for private student loans can vary based on the borrower's creditworthiness and market conditions. Some private lenders may offer both fixed and variable interest rate options. Federal PLUS Loan: Federal PLUS loans have a fixed interest rate set by the federal government for each academic year. The interest rate is generally higher than the rates offered for federal direct student loans.
4. Repayment Options:
Private Student Loan: Private student loans may offer various repayment options, including immediate repayment, interest-only payments, or deferred payments while in school. Repayment terms can vary among lenders. Federal PLUS Loan: Federal PLUS loans typically offer a deferment option while the student is enrolled at least half-time. After graduation or leaving school, borrowers have a six-month grace period before they are required to begin repayment. Federal PLUS loans also provide access to federal loan forgiveness and income-driven repayment plans.
5. Loan Limits:
Private Student Loan: Private student loans often have higher loan limits compared to federal loans. The maximum loan amount varies among lenders and is typically based on the cost of attendance minus other financial aid received. Federal PLUS Loan: The loan limit for Federal PLUS loans is determined by the cost of attendance minus any other financial aid received. The maximum amount is not as high as some private loans but can still cover a significant portion of education expenses.
6. Loan Forgiveness and Discharge:
Private Student Loan: Private student loans generally have fewer options for loan forgiveness or discharge. However, some private lenders may offer loan discharge or forgiveness in specific circumstances, such as death or permanent disability. Federal PLUS Loan: Federal PLUS loans are eligible for certain forgiveness and discharge programs, such as Public Service Loan Forgiveness (PSLF) and Total and Permanent Disability (TPD) discharge. It's important to carefully review the terms, interest rates, repayment options, and benefits offered by both private student loans and Federal PLUS loans. Compare the options available to you based on your specific financial situation, loan needs, and future plans to make an informed decision about which type of loan best suits your needs.