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Best Graduate Student Loans of November 2022

Earnest offers a fee-free private loan option—no origination fees and no late fees—and borrowers can skip² one monthly bill every year, in addition to applying for standard forbearance when necessary. Borrowers have multiple repayment terms to choose from, and graduate students receive a nine-month grace period³ before they must make payments after graduation, which is longer than the typical six-month grace period.

Earnest doesn’t have a co-signer release program. That means borrowers who use a co-signer must keep that person on the loan unless they refinance it into their own name.

Extra Details Loan terms: 5, 7, 10, 12, or 15 years.

Loan amounts available: $1,000 up to total cost of attendance (no aggregate loan amount listed)

Eligibility⁵: Students must be attending school at least half-time. International students can apply with a U.S. citizen co-signer.

Forbearance options: Available for up to 12 months throughout the loan term

Co-signer release policy: None

¹You can take advantage of the Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment from a checking or savings account. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in AutoPay. Interest rate incentives for utilizing Auto Pay may not be combined with specific private student loan repayment programs that also offer an interest rate reduction. For multi-party loans, only one party may enroll in AutoPay. It is important to note that the 0.25% AutoPay discount is not available while loan payments are deferred.

²Earnest clients may skip one payment every 12 months. Your first request to reflect a price 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 amount. The final payoff date on your loan will be extended by the length of the missed payment periods. Please be aware that a skipped payment does count toward the forbearance limits. Please note that cutting a price is not guaranteed and is at Earnest’s discretion. Your monthly payment and total loan cost may increase due to postponing your payment and extending your term.

A ³Nine-month grace period is not available for borrowers who choose our Principal and Interest Repayment plan while in school.

Earnest’s Loan Cost Examples: These examples provide estimates based on principal and interest payments beginning immediately upon loan disbursement. Variable APR: A $10,000 loan with a 15-year term (180 monthly payments of $118.28) and an 11.69% APR would result in a total estimated payment amount of $21,290.40. Your starting rate will vary with the market after your starting rate is set for a variable loan. Fixed APR: A $10,000 loan with a 15-year term (180 monthly payments of $126.82) and a 13.03% APR would result in a total estimated payment amount of $22,827.79.

These examples provide estimates based on interest-only payments while in school. Variable APR: A $10,000 loan with a 15-year term (180 monthly payments of $145.41) and an 11.69% APR would result in a total estimated payment amount of $26,173.03. Your starting rate will vary with the market after your starting rate is set for a variable loan. Fixed APR: A $10,000 loan with a 15-year term (180 monthly payments of $156.59) and a 13.03% APR would result in a total estimated payment amount of $28,186.67. Your actual repayment terms may vary. Other repayment options are available.

These examples provide estimates based on fixed $25 payments while in school. Variable APR: A $10,000 loan with a 15-year term (180 monthly payments of $169.92) and an 11.69% APR would result in a total estimated payment amount of $30,584.74. Your starting rate will vary with the market after your starting rate is set for a variable loan. Fixed APR: A $10,000 loan with a 15-year term (180 monthly payments of $188.42) and a 13.03% APR would result in a total estimated payment amount of $33,915.55. Your actual repayment terms may vary. Other repayment options are available.

These examples provide estimates based on deferred payments. Variable APR: A $10,000 loan with a 15-year term (180 monthly payments of $174.79) and an 11.69% APR would result in a total estimated payment amount of $31,462.16. Your starting rate will vary with the market after your starting rate is set for a variable loan. Fixed APR: A $10,000 loan with a 15-year term (180 monthly payments of $193.75) and a 13.03% APR would result in a total estimated payment amount of $34,874.28. Your actual repayment terms may vary. Other repayment options are available.

Loan Eligibility Criteria: Eligible students must: 1) For college Freshmen, Sophomores and Juniors, attend, or be enrolled to attend, a Title IV school full-time. For college Seniors and Graduate students, treat, or be registered to participate in, a Title IV school at least half-time; and 2) pursue a Bachelor’s or Graduate degree. Earnest private student loans are subject to credit qualification, completion of a loan application, verification of application information, self-certification of the loan amount, and school certification.

Responsible borrowing tip: Explore all scholarship, grant, and federal options before applying for a private loan.

Earnest Private Student Loans are made by One American Bank, Member FDIC. One American Bank, 515 S. Minnesota Ave, Sioux Falls, SD 57104.

Earnest loans are serviced by Earnest Operations LLC, 535 Mission St., Suite 1663, San Francisco, CA 94105, NMLS #1204917, with support From Navient Solutions, LLC (NMLS #212430). One American Bank and Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by agencies of the United States of America.

 

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Anu K
Anu K
1 year ago

Thanks for inform

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