Requirements
The main requirements to apply for a private student loan with Earnest are:
Being a US citizen or having a green card,
Being of legal age if you are a borrower or a co-signer,
Being enrolled at school full-time.
Earnest issues its student loans for borrowers with a minimum credit score of 650 for student loan refinance and private loans and 700 for Parent PLUS loans. There is no income requirement. However, you will need to provide a job offer or have a consistent income source. You will need to connect your checking account to Earnest so that the lender can verify your income. The minimum debt-to-income ratio (DTI) you need to meet is 65%.
There is an option for international students to take a private student loan. They need to provide a co-signer who meets all the above-mentioned criteria.
The requirements for taking a private student loan with Earnest and taking a student loan refinancing are different. You will need to decide on the option first. It is also good to pre-qualify to see if you are eligible and what terms the company can offer you.
Application details
The information Earnest requires you to provide while submitting an application is:
Your permanent address,
Loan amount,
Employment,
Income,
School details and the graduation date.
Take notice that Kentucky and Nevada's residents are not eligible for taking a student loan refinancing. You can't opt for variable rates if you are a resident of Alaska, Illinois, Minnesota, New Hampshire, Ohio, Tennessee, or Texas. Kentucky residents can't take a private student loan.
How to apply for a loan?
You will need to complete an application on the Earnest website. Provide all the required information and get a response from the company.
Earnest will send a request to your school and verify all the information. This takes a few weeks to process, so you need to apply at least a month before your school starts.
If you take a student loan refinance, Earnest will contact your lender to make payments towards your existing debt.
