SoFi vs. Earnest Student Loan Refinance Comparison

SoFi and Earnest are monetary firms that present quite a few companies, together with personal scholar loans and scholar mortgage refinancing. The businesses have similarities like mounted and variable charges, charge quotes that received’t have an effect on your credit score rating, and a 0.25% autopay low cost. It’s the variations between the 2, nonetheless, that’ll allow you to determine which firm can higher serve your scholar mortgage refinancing wants.

SoFi vs. Earnest: Lender Comparability

Let’s discover SoFi vs. Earnest scholar mortgage refinance that will help you discover the refinancing possibility you want.




Mounted and variable

Mounted and variable


5, 7, 10, 15 or 20 years

5 to twenty years


$5,000 to whole steadiness

$5,000 to $500,000




Credit score Rating

Doesn’t disclose


Observe that refinancing with both personal lender will trigger federal scholar mortgage debtors to lose eligibility for quite a lot of advantages. Examples embody federal Revenue-Pushed Reimbursement plans, forbearance and deferment, and forgiveness packages. Earlier than you determine to refinance your federal loans, just be sure you’ve fastidiously weighed the advantages and disadvantages.

Earnest scholar mortgage refinance

Earnest contains a crew of design, math, finance and expertise professionals who use information science and a streamlined design to convey prospects a low-cost, customized monetary expertise. The Earnest scholar mortgage refinance division helps debtors lower your expenses over the course of their loans. Take into account the professionals and cons of refinancing via Earnest.


  • Various utility course of: Earnest appears to be like at extra than simply your credit score rating to get your charge estimate — different elements embody your financial savings, training and incomes potential.
  • Personalised reimbursement time period: If you happen to’re authorised for scholar mortgage refinancing, Earnest means that you can set your most well-liked month-to-month cost primarily based in your funds. It provides 180 reimbursement choices starting from 5 to twenty years.
  • Skip funds possibility: Debtors can request to skip one cost each 12 months when surprising occasions affect their funds.
  • Versatile cost choices: You may improve your cost at any time to repay your mortgage quicker and make further or early funds with out prepayment penalties. You can also decide to make funds biweekly as a substitute of month-to-month.
  • In-house servicing: Earnest doesn’t work with third events. It manages scholar loans in-house; you’ll all the time take care of Earnest while you talk about your account.


  • Minimal credit score rating: You will need to have a minimal credit score rating of 650 to qualify for Earnest scholar mortgage refinancing.
  • Location restrictions: Earnest doesn’t lend in Kentucky or Nevada. The corporate doesn’t supply variable-rate loans in Illinois, Minnesota, New Hampshire, Ohio, Tennessee or Texas.
  • No cosigner possibility: Earnest at present doesn’t supply a cosigner possibility for scholar mortgage refinancing, however it’s engaged on permitting this function sooner or later.

SoFi scholar mortgage refinance

SoFi is without doubt one of the most acknowledged names within the scholar mortgage refinancing trade. Greater than 250,000 folks have refinanced their scholar mortgage via SoFi, totaling roughly $18 billion in scholar loans. Evaluate the professionals and cons of refinancing via SoFi.


  • No hidden charges: SoFi doesn’t cost utility or origination charges. It additionally doesn’t apply prepayment penalties.
  • Cosigners are allowed: You might add a cosigner while you apply for scholar mortgage financing with SoFi to assist strengthen your profile.
  • Deferment is accessible: You might defer your scholar mortgage refinance funds when you return to graduate faculty half- or full-time, endure incapacity rehabilitation, or serve on lively navy responsibility.
  • Further advantages: All SoFi members have entry to free profession teaching and monetary recommendation.


  • Not all SoFi loans permit cosigner launch: The excellent news is SoFi permits debtors so as to add cosigners to their mortgage. Debtors with in-school loans disbursed after Might 1, 2019, could apply for a cosigner launch after they’ve made 24 consecutive, on-time, full principal and curiosity funds. SoFi doesn’t supply a cosigner launch possibility on all of their loans.
  • Restricted cost flexibility: Whereas Earnest provides as much as 180 totally different reimbursement phrases, you solely get 5 choices with SoFi (5, seven, 10, 15 or 20 years)

SoFi vs. Earnest: Borrower score

Scholar Mortgage Planner® just lately carried out a survey amongst debtors who refinanced their scholar loans with Earnest, SoFi and 6 different lenders. Contributors have been requested to charge a number of totally different classes on a scale from 1 to 10 — a rating of 1 signifies the participant had a extremely unfavourable impression of the lender, whereas 10 represents a extremely optimistic impression of the lender.

SoFi vs. Earnest scholar mortgage refinance lender score

Earnest and SoFi’s general lending scores have been related, as have been their marks within the different classes in questions together with utility expertise, customer support and ease of web site use.

Each Earnest and SoFi’s lender scores fell on the optimistic aspect; their common scores in customers’ app expertise, customer support and web site expertise have been all higher than 8.4 (out of 10).

Earnest and SoFi’s common lender scores have been related, however their place among the many different six lenders that survey-takers refinanced their scholar loans with diverse a bit extra:



General score



App expertise



Customer support



Web site



Earnest’s scores have been adequate for a second-place end in general score, app expertise, and customer support. The lender scored third place for ease of web site use. SoFi’s lender rating diverse a bit extra: general score (5), app expertise (3), customer support (6) and ease of web site use (2).

SoFi vs. Earnest: Like/dislike ratio

Survey contributors’ sentiment for SoFi and Earnest differed much more when it got here to their like/dislike ratios. Individuals who refinanced their scholar loans have been requested which lender they preferred the very best of the eight in addition to the least.

The variety of debtors who named a lender as most preferred was divided by the quantity of people that stated they preferred that lender the least to find out every firm’s like/dislike ratio.

In January 2019, SoFi and Earnest had related like/dislike ratios of two.4 and a pair of.7, respectively. The hole widened a bit by the top of the yr, nonetheless. In December 2019, Earnest noticed a 4.5-point enchancment its ratio, whereas SoFi’s solely elevated by 0.4.

January 2019

December 2019










What precipitated such a major soar in good will for Earnest and never SoFi? It could possibly be as a result of Navient acquired Earnest in 2017.

Having a mum or dad firm supplies Earnest with extra capital to work with, so it may well supply decrease charges. Plus, Earnest doesn’t should spend time elevating funds and might give attention to its prospects.

In the meantime, SoFi operates a lot of totally different divisions and doesn’t spend as a lot time or give attention to scholar mortgage refinancing. Bear in mind, Earnest completed second in customer support within the survey, whereas SoFi got here in sixth out of eight firms.

SoFi vs. Earnest: Borrower Profile

It’s fascinating and may be useful to take a look at what individuals who refinance their scholar loans earn as their wage and what they do for a residing. These elements might provide you with some perception into which lender chances are you’ll wish to refinance your scholar mortgage with primarily based on what folks in your wage bracket and/or occupation are doing.

Listed here are just a few takeaways from our survey relating to contributors’ wage and occupation because it pertains to who they refinanced their scholar loans with:

  • Virtually half (45%) of Earnest’s debtors earned between $100,000 to $200,000 yearly.
  • SoFi debtors’ earnings breakdown was extra balanced throughout the board. 4 out of 5 wage brackets comprised between 20% to 25% of contributors. Solely the below-$50,000 threshold had much less (7%).
  • Thirty-one % of physicians refinanced their scholar loans with SoFi in comparison with 15% who used Earnest. That is sensible as a result of SoFi doesn’t cap how a lot debtors can refinance — medical scholar mortgage debt can get excessive.
  • Thirty-three % of legal professionals, nonetheless, refinanced their scholar mortgage via Earnest.
  • Earnest and Sofi borrower occupations have been even amongst doctor’s assistants (29%) and dentists (about 20%).

General borrower suggestions

Our survey contributors additionally had the chance to supply prolonged ideas together with their lender scores. A lot of our respondents who most just lately refinanced their scholar loans via SoFi or Earnest had a optimistic expertise.

Suggestions for SoFi

  • Lowered rate of interest and time period plan and referral bonuses
  • Cheap minimal month-to-month funds helps ease money stream pressures
  • Good customer support, akin to a consultant taking time to clarify what “over financing” a mortgage meant

Suggestions for Earnest

  • Straightforward, easy course of and user-friendly web site
  • Good customer support — reps reply shortly and supply clear solutions
  • Gave consideration different lenders wouldn’t regardless of borrower’s low earnings and lack of cost historical past

Last verdict on SoFi vs. Earnest scholar mortgage refinance

If you wish to refinance your scholar loans to a decrease rate of interest or extra enticing time period, each SoFi and Earnest are robust choices. However the questions is which lender is best for you. Each lenders have benefits — any disadvantages they’ve are relative to your scholar mortgage refinancing wants and preferences.

SoFi is perhaps higher for you if:

  • You want a cosigner. Earnest doesn’t at present supply a cosigner possibility. Simply keep in mind SoFi doesn’t supply cosigner launch for all loans — you’ll should reapply to see when you qualify by yourself.
  • You’re refinancing greater than $500,000. SoFi lets your refinance your scholar loans as much as your whole excellent mortgage steadiness.
  • You anticipate returning to high school or go on lively navy responsibility. SoFi provides mortgage deferment for debtors in these circumstances.

Earnest is perhaps a greater for you if:

  • You received’t want a cosigner. In case you have a stable credit score historical past, refinancing with Earnest could possibly be a viable possibility.
  • You’re in search of flexibility together with your mortgage. Earnest permits its shoppers to skip a scholar mortgage cost as soon as each 12 months in case you ever run into monetary troubles. Earnest additionally provides a biweekly autopayment possibility.
  • Your funds are so as. Earnest appears to be like at different elements apart from your credit score rating when deciding whether or not or to not settle for your utility. The lender will wish to know in case you have sufficient financial savings to cowl a minimum of two months of normal bills and also you spend lower than you earn.
Refinance scholar 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

Unsure what to do together with your scholar loans?

Take our 11 query quiz to get a customized suggestion of whether or not you need to pursue PSLF, IDR forgiveness, or refinancing (together with the one lender we predict might provide the greatest charge).

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