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Earnest Education Loan

US Lender

A US-based private student lender offering no-fee loans with flexible repayment terms, for study at eligible US schools — best suited to borrowers with strong credit or a creditworthy US-based cosigner.

Interest Rate
From 3.04% Fixed APR
High Loan Amount
Based on Cost of Attendance
Repayment Tenure
5 to 15 Years
Coverage
Eligible US Schools
Check Eligibility Apply Now
Loan Amount
Based on School-Certified Cost
Interest Rate
Fixed 3.04%–16.74% / Variable 5.24%–17.10%
Processing Time
Rate Check Without Hard Credit Pull
Repayment Tenure
5 to 15 Years
Moratorium
9-Month Grace Period After Graduation
Collateral
Unsecured; Cosigner Usually Needed
Coverage
Eligible US Schools Only
Overview Eligibility Documents Loan Process Expenses Covered University Coverage Calculator FAQs

Why Choose Earnest Education Loan?

No Fees, Ever

No origination fees, application fees, or prepayment penalties — a rarity among private student lenders in the US.

Fixed or Variable Rates

Choose fixed APR from 3.04% to 16.74%, or variable APR from 5.24% to 17.10%, with an extra 0.25% discount for autopay.

Flexible In-School Payments

Choose from full payments, fixed $25/month, interest-only, or fully deferred payments while enrolled, plus a 9-month grace period after graduation.

Cosigner Release

Cosigned borrowers can apply to release their cosigner after 12 consecutive, on-time principal and interest payments.

Expenses Covered

Tuition Fees
Accommodation & Living Expenses
Travel Expenses
Laptop & Equipment
Insurance
Visa Charges
Books & Supplies
Exam & Other Study Related Expenses

Earnest Loan Highlights

  • No origination, application, or prepayment fees
  • Loan amount based on your school's certified cost of attendance
  • 0.25% autopay discount, plus an extra 0.25% for returning borrowers
  • Repayment terms from 5 to 15 years depending on cosigner status
  • No collateral required — loans are unsecured
  • Full discharge on death or total permanent disability
  • Cosigner release available after 12 consecutive on-time payments
  • Rate check available without a hard credit inquiry

Eligibility Criteria

US Citizen or Permanent Resident

Earnest primarily serves US citizens and permanent residents; other visa holders should check current eligibility, as this can vary.

Eligible US School

Applicant must be enrolled at least half-time at a Title IV-eligible degree-granting US institution.

Cosigner Usually Needed

Independent borrowers with strong US credit can apply alone; most students, especially those without an established credit history, will need a creditworthy US-based cosigner.

No Collateral Required

Loans are unsecured — no property or asset needs to be pledged, regardless of whether you apply alone or with a cosigner.

Documents Required

Standard checklist for education loan applications — confirm the exact current list with Earnest directly before applying.

Borrower Documents

  • Government-Issued ID
  • Social Security Number
  • Proof of Enrollment
  • Income / Employment Verification
  • School-Certified Cost of Attendance
  • Bank Account Details (for disbursal)

Cosigner Documents (if applicable)

  • Government-Issued ID
  • Social Security Number
  • Proof of Income
  • Credit History Consent
  • Address Proof

Not Required by Earnest

  • No Collateral Documents
  • No Property or Asset Papers
  • No Application Fee

How Earnest Education Loan Works

1

Check Eligibility

2

Apply & Upload Documents

3

Application Login

4

Credit Evaluation

5

Sanction Letter

6

Visa Approval

7

Disbursement of Loan

University Coverage

Earnest funds loans for students enrolled at least half-time at Title IV-eligible degree-granting institutions across the United States — it is a US-focused lender and does not offer loans for study in India or other countries. Coverage and terms are primarily aimed at US citizens and permanent residents; confirm your specific eligibility and school with Earnest directly or our counsellors before applying.

EMI Calculator

Estimate your monthly EMI for an Earnest education loan based on amount, tenure, and interest rate.

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Frequently Asked Questions

Earnest primarily serves US citizens and permanent residents enrolled at least half-time at an eligible US school. Most applicants without an established US credit history will need a creditworthy cosigner.
No collateral is ever required — loans are unsecured. A cosigner isn't mandatory if you qualify independently with strong credit, but most student borrowers apply with a creditworthy US-based cosigner to access better rates.
Yes, loan amounts are based on your school's certified cost of attendance, which typically includes tuition as well as room, board, books, and other education-related expenses.
Cosigned loans offer terms of 5, 7, 10, 12, or 15 years; independent undergraduate borrowers can choose 10, 12, or 15 years. A 9-month grace period typically applies after graduation.
Section 80E deductions in India generally apply to loans taken from specified Indian banks or approved financial institutions. Since Earnest is a US-based lender, borrowers should confirm with a tax advisor whether interest paid qualifies for this deduction.
View All FAQs

Still not sure if Earnest Education Loan is right for you?

Compare with other banks and choose the best loan for your study abroad journey.

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*Interest rates, fees, and terms shown are indicative and subject to change based on credit profile, cosigner status, and loan term selected. Confirm current rates with Earnest before applying.

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