Earnest vs. CommonBond Student Loan Refinancing Comparison

Debtors who wish to refinance their pupil loans have an extended listing of lenders to select from. Earnest and CommonBond are two veteran refinance firms which might be close to the highest of that listing.

Each personal lenders provide fastened rate of interest and variable rate of interest loans with an obtainable autopay low cost. Whenever you evaluate refinancing with Earnest vs. CommonBond, charges actually matter. However so do issues like customer support, compensation choices, eligibility necessities and extra.

Let’s check out what Earnest and CommonBond have in widespread. And extra importantly, what units them aside, so you may make one of the best resolution when refinancing your pupil mortgage.

Be aware: You probably have a federal pupil mortgage, refinancing will trigger you to lose eligibility for quite a lot of advantages. For instance, you’ll not be capable of be part of Earnings-Pushed Reimbursement plans or apply for federal forgiveness applications. Study extra in regards to the professionals and cons of federal pupil mortgage refinancing. 

Earnest vs. CommonBond pupil mortgage refinancing comparability




Mounted and variable

Mounted, variable and hybrid


5 to twenty years

5, 7, 10, 15, and 20 years


$5,000 to $500,000

$5,000 to $500,000




Credit score Rating



*As of April 28, 2021

Earnest pupil mortgage refinance

Earnest’s staff of design, math, know-how and finance professionals used knowledge science and streamlined designs to ship a low-cost, customized monetary expertise. In 2017, monetary service and help firm Navient bought Earnest, which has led the corporate to providing decrease rates of interest.

There are pluses and minuses to refinancing your pupil mortgage with Earnest. Let’s discover each:


  • Zero charges: No origination charges or prepayment penalties.
  • Various utility course of: Earnest evaluations greater than your credit score rating to get your charge estimate, comparable to your present financial savings whole, training and incomes potential.
  • Choice to skip funds: Debtors could request to overlook one cost each 12 months when surprising occasions influence their price range.
  • Personalised pupil mortgage funds: Earnest permits you to set your most well-liked month-to-month cost primarily based in your price range (pending their approval).
  • Versatile cost choices: Chances are you’ll enhance your cost at any time and make extra or early funds to repay your mortgage sooner with out being penalized. It’s also possible to select to make biweekly fairly than month-to-month funds.
  • In-house servicing: Earnest doesn’t work with third events. You’ll at all times deal straight with Earnest to debate your pupil mortgage.


  • Minimal credit score rating required: Earnest requires a minimal credit score rating of 650 to qualify for his or her pupil mortgage refinancing program.
  • No cosigner choice: Earnest doesn’t provide a cosigner choice for pupil mortgage refinancing, however hopes to take action sooner or later.
  • Location restrictions: Earnest doesn’t provide pupil mortgage refinancing in Kentucky or Nevada. In addition they don’t provide variable-rate loans in Illinois, Minnesota, New Hampshire, Ohio, Tennessee or Texas.

CommonBond pupil mortgage refinance

CommonBond was based in 2012 and has funded $3 billion in pupil loans with decrease charges, simpler choices and offering a memorable buyer expertise. Let’s take a look at the professionals and cons of refinancing with CommonBond:


  • Zero charges: No origination charges or prepayment penalties.
  • Make a dent in your principal: Funds that exceed the month-to-month minimal are utilized to the mortgage’s principal.
  • Grace interval: Grace interval deferment is obtainable for debtors who graduated this yr.
  • Deferment and forbearance choices: Educational deferment is obtainable for debtors who return to high school. As much as 24 months of forbearance can be obtainable within the occasion of monetary hardship.
  • Social mission: In partnership with Pencils of Promise, CommonBond is dedicated to funding the training of 1 little one in a growing nation for every mortgage that it funds.
  • Cosigner launch: Cosigner launch is obtainable if the borrower meets sure necessities.


  • Graduates solely: It’s essential to have at the least an undergraduate diploma to qualify for CommonBond pupil mortgage refinancing.
  • Faculty restrictions: It’s essential to have graduated from a faculty in CommonBond’s eligible community to use or pupil mortgage refinancing.

Earnest vs. CommonBond: Borrower ranking

Pupil Mortgage Planner® just lately surveyed debtors who refinanced their pupil loans with a bunch of eight distributors, together with Earnest and CommonBond.

We requested them to charge their lender on a scale of 1 to 10 in a lot of classes, together with the lender’s app, web site and customer support. The decrease the borrower’s ranking for every class, the extra unfavourable the expertise for the lender.

Earnest vs. CommonBond pupil mortgage refinance lender ranking

Our survey members held each lenders in excessive regard. CommonBond and Earnest completed first and second, respectively within the general lender ranking class.

CommonBond scored an 8.23 out of 10, whereas Earnest was not far behind with 7.92 out of 10. Within the different classes comparable to app expertise, customer support and web site, each lenders positioned a minimum of third. In truth, CommonBond ranked first throughout the board. Earnest in the meantime was ranked second for app expertise and customer support, and third within the web site class.



Total ranking



App expertise



Customer support



Web site



CommonBond actually topped Earnest, however our survey revealed extra folks use the latter.

Quite a few traders fund CommonBond, which makes their capital costlier than bank-connected lenders. When CommonBond is securing capital, it’s rates of interest can enhance. Nevertheless, the lender can nonetheless provide aggressive charges.

Earnest vs. CommonBond utility processes

Each Earnest and CommonBond’s pupil mortgage utility processes solely contain a few steps. When making use of with both lender, the preliminary step is a charge estimate that requires a “comfortable credit score pull.” A “arduous credit score inquiry” is required to get your precise charge, which can present up in your credit score report.

When evaluating functions, Earnest wants extra info to fill out your profile, comparable to monetary accountability. CommonBond requires you to add supporting documentation after estimated charges are acquired and also you signal e-loan paperwork.

To get a charge estimate, Earnest analyzes info in addition to your credit score rating and gives an prompt charge estimate. Your closing charge is made obtainable upon approval. With CommonBond, you will need to full an internet utility to get a preliminary resolution in minutes.

All in all, Earnest will have a look at extra knowledge different lenders don’t, comparable to your whole financial savings, training and incomes potential. When you’re accredited to refinance with Earnest, you may set up your month-to-month cost primarily based in your price range.

With CommonBond, as soon as your utility is accredited, they repay your current pupil mortgage and work straight with debtors.

Earnest vs. CommonBond pupil mortgage refinance eligibility necessities

Earnest and CommonBond have related pupil mortgage refinancing utility processes, however you’ll have to satisfy a number of extra eligibility necessities once you refinance your pupil mortgage with Earnest.

Together with being a U.S. citizen or having a 10-year (non-conditional) everlasting resident card, Earnest additionally requires debtors to stay in one of many 47 states it lends in. You additionally need to be the first borrower on the scholar loans you wish to refinance. The coed mortgage debt additionally have to be from a accomplished diploma or diploma that can be completed by the top of the semester.

It’s essential to have a written job provide for a place that may start inside six months or a constant revenue. Your loans additionally need to be in good standing to refinance from Earnest.

In the meantime, CommonBond requires debtors to be a United States citizen, everlasting resident or H1-B, J-1, L-1, E-2, and E-3 visa holder and to have graduated from one of many colleges of their eligible community of greater than 2,000 colleges.

Total borrower suggestions

Pupil Mortgage Planner® asks debtors for prolonged suggestions as a part of our consumer survey. The feedback concerning the Earnest and CommonBond’s utility course of matched the excessive marks the lenders posted in our evaluation, 8.72 and 9.07, respectively.

Suggestions for Earnest

Survey members who refinanced their pupil mortgage via Earnest shared related sentiments about fast the lender’s utility course of and that’s simple to finish.

Feedback like, “Earnest made it very easy to test my charges and their customer support is nice — fast to reply, very clear solutions. I’ve had an ideal expertise to date,” had been widespread amongst respondents.

Suggestions for CommonBond

CommonBond additionally acquired optimistic suggestions each by way of its utility course of ease and the service staff’s helpfulness.

“CommonBond made it extremely simple to use, after which had common observe up afterwards. I used to be texting with them after I had questions, and received real-time responses.”

Who must you refinance your pupil mortgage with?

That is by no means a straightforward query. Who you refinance your pupil mortgage with is about discovering one of the best lender for you. Given how excessive each lenders rank in our borrower survey, your refinancing alternative comes all the way down to objectives, match, price range and monetary wants. With that in thoughts, take into account the next variations.

Refinance your pupil mortgage with Earnest if:

  • You need flexibility in the way you pay. Refinancing with Earnest can permit you to pay month-to-month or biweekly.
  • You might have stable credit score and received’t want a cosigner. Earnest presently doesn’t provide a cosigner choice.
  • Your funds are in fine condition. Along with your credit score rating, Earnest will test to see when you’ve got sufficient cash saved for at the least two months of dwelling bills.

Refinance your pupil mortgage with CommonBond if:

  • You propose to overpay every month. In that case, the extra funds go in the direction of the principal with CommonBond pupil mortgage refinancing.
  • You reside in Kentucky or Nevada. Since Earnest doesn’t presently lend in both of those states, residents might want to have a look at CommonBond or different personal lenders.
  • You additionally wish to give again. CommonBond covers the price of a toddler’s training each time it funds a pupil mortgage, via its Social Promise.
Refinance pupil loans, get a bonus in 2021

1 Disclosures
$1,050 BONUS1 For 100k+. $300 bonus for 50k to 99k.1
VISIT LAUREL ROAD Variable 1.64-5.65percent1 Mounted 2.25-5.75percent1

2 Disclosures
$1,050 BONUS2 For 100k+. $300 bonus for 50k to 99k.2
VISIT COMMONBOND Variable 2.49-6.84%%2 Mounted 2.59-6.74percent2

3 Disclosures
$1,000 BONUS3  For 100k or extra. $200 for 50k to $99,9993
VISIT EARNEST Variable 1.88-5.64percent3 Mounted 2.44-5.79percent3

4 Disclosures
$1,000 BONUS4 For 100k+. $300 bonus for 50k to 99k.4
VISIT SPLASH Variable 1.88-6.15percent4 Mounted 2.44-6.62percent4

5 Disclosures
$1,275 BONUS5  For 150k+. Tiered 300 to 575 bonus for 50k to 149k.5
VISIT ELFI Variable 2.39-6.01percent5 Mounted 2.47-5.99percent5

6 Disclosures
$1,000 BONUS6 For $100k or extra. $200 for $50k to $99,9996
VISIT SOFI Variable 2.25-6.59percent6 Mounted 2.49-6.94percent6

7 Disclosures
$1,250 BONUS7  $350 for 50k to 100k7
VISIT CREDIBLE Variable 1.80-8.90percent7 Mounted 2.15-9.15percent7

Undecided what to do along with your pupil loans?

Take our 11 query quiz to get a personalised advice of whether or not you must pursue PSLF, IDR forgiveness, or refinancing (together with the one lender we predict may provide the finest charge).

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