Rate Disclosures
Earnest Operations LLC Refinance Education Loan - Application & Solicitation Disclosure
last updated: 04/09/2025
Fixed Disclosure
Loan Interest
Rate & Fees
Your starting interest rate* (excluding auto pay discount) will be between
After your starting rate is set, your rate will then remain fixed for the term of the loan.
CREDITOR
Earnest Operations LLC
300 Frank H. Ogawa Plaza, Suite 340
Oakland, CA 94612
Your starting interest rate (upon approval)
The starting interest rate you pay will be determined after you apply. It will be based on your credit history and other factors. If approved, we will notify you of the rate you qualify for within the stated range.
Your interest rate during the life of the loan
Your rate is fixed. This means that, upon approval, your interest will never change during the life of your loan. For more information on this rate, see the Reference Notes.
*You could be qualified for an even lower rate (as low as
4.24%) if your loan balance is in excess of $100k and your degree type is a JD, MBA, DDS, DO, DVM, MD, PharmD, or other Graduate Medical degree.
Loan Fees
Origination Fees
We do not charge origination fees.
Late Charge
If a payment is late, you will not have to pay a penalty.
Prepayment Charge
If you pay off early, you will not have to pay a penalty.
Returned Payment Charge
If your payment is returned, you will not have to pay a penalty.
Florida Stamp Tax
For Florida residents a Florida documentary stamp tax is required by law, calculated as $.35 for each $100 (or portion thereof) of the principal loan amount, the amount of which is provided in the Final Disclosure. Lender will add the stamp tax to the principal loan amount. The full amount will be paid directly to the Florida Department of Revenue. Certificate of Registration No. 78-8016373916-1.
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Loan Cost Examples
This example provides an estimate based on payment beginning immediately upon loan disbursement.
Repayment Option
Repayment Option | Amount Provided | Interest Rate | Loan Term | Total of Payments |
Make Full Payment Pay both the principal & interest amounts. | $10,000 | 10.14% | 20 Years | $23,383.20 |
About This Example
The repayment example is based on the loan amount and loan term shown in the above table. It is based on the highest starting rate currently charged and associated fees. The example assumes that all payments are made on the date they are due.
Federal Loan Alternatives
Think carefully before taking out a private refinance loan to pay off your Federal student loans. If you refinance your Federal student loans through a private refinance loan program, you will not be able to select Income-Driven Repayment or other flexible payments plans that are available to Federal student loan borrowers. In addition, Federal student loans offer deferment (e.g., Economic Hardship Deferment), forbearance, and loan forgiveness options (e.g., Public Service Loan Forgiveness) that are not available to you if you take out a private refinance loan.
You may also lose certain protections under The Preservation of Consumers’ Claims and Defenses [Holder in Due Course Rule].
The Servicemembers Civil Relief Act provides that interest rate reductions are available only if the loan is entered into before you began your active military service.
)
Next Steps
Find out about Federal loan consolidation options
Federal Student loans can also be consolidated into a Federal Direct Consolidation Loan, which may provide you with features and benefits not available with private consolidation loans such as this one. For more information about Federal Loan Consolidation options, see https://studentaid.ed.gov/manage-loans/consolidation.
To apply for this loan, complete your application online
If you are approved, we will ask you to contact your existing student lender and inquire about your ten-day repayment schedule. If you are approved for this loan, the loan terms will be available for 30 days (terms will not change during this period, except as permitted by law).
Reference Notes
Fixed Interest Rate
This loan has a fixed interest rate and will not increase or decrease for the life of the loan.
Eligibility Criteria
You must be at the age of majority or older at the time you apply.
You are a U.S. Citizen, Permanent Resident (2-year conditional or 10-year non-conditional), Asylee or Deferred Action for Childhood Arrivals (DACA) or hold an H-1B visa with a U.S. Citizen cosigner.
Your current enrollment status is less than half-time and your student loans are in repayment, or your degree will be complete at the end of this semester.
You must reside in the District of Columbia or one of the states in which Earnest Operations LLC is authorized to lend (all but NV). *Please note, we are not able to offer variable rate loans in AK, IL, MN, NH, OH, TN, and TX.
Your debt was incurred solely for the payment of qualified post-secondary education costs (as defined by 26 U.S. Code Section 221).
See earnest.com/eligibility for full eligibility details.
Repayment Options
This EARNEST OPERATIONS LLC Refinance Education Loan does not have a grace period. Monthly payments of principal and interest begin the month after the loan proceeds are disbursed unless we grant you a deferment and align your repayment begin date to the expiration of the grace period on the student loans that you are refinancing with us. You understand that interest will continue to accrue during this deferment period but will not be capitalized at the end of this deferment period.
Interest will not be capitalized on loans made to Michigan residents under the Regulatory Loan Act of 1963.
Auto Pay Discount
You can take advantage of the 0.25% Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction.
Bankruptcy Limitations
If you file for bankruptcy you may still be required to pay back this loan.
Prepayments
You may prepay your principal at any time without being charged a prepayment penalty.
State Notices
Private education loans are one tool that students use to finance their education. Your lender and your institutionʹs Financial Aid Office provide assistance with eligibility for the loans. For borrowers who have existing private education loans, Virginia has a Student Loan Advocate to assist borrowers who are struggling with repayment. You can contact the Student Loan Advocate at: State Council of Higher Education for Virginia, James Monroe Building, 10th Floor, 101 N. 14th Street, Richmond, VA 23219; studentloan@schev.edu; 804‐786‐2832. In addition, resources for prospective and current private education loan borrowers are available online at https://schev.edu/privateloan.
More information about loan eligibility and repayment deferral or forbearance options are available in your loan application and Credit Agreement.
)
Variable Disclosure
Loan Interest
Rate & Fees
Your starting interest rate* (excluding auto pay discount) will be between
After the starting rate is set, your rate will then vary with the market.
Although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of more than 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans).
CREDITOR
Earnest Operations LLC
300 Frank H. Ogawa Plaza, Suite 340
Oakland, CA 94612
Your starting interest rate (upon approval)
The starting interest rate you pay will be determined after you apply. It will be based on your credit history and other factors. If approved, we will notify you of the rate you qualify for within the stated range.
Your interest rate during the life of the loan
Your rate is variable. This means that your rate could be lower or higher than rates on this form. The variable rate is based upon the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York on the twenty-fifth day, or the next business day, of the preceding calendar month, and using the daily interest rate based on actual days in the year and rounding up, plus a margin and will change on the 1st of each month. For more information on this rate, see the Reference Notes.
*You could be qualified for an even lower rate (as low as
5.98%) if your loan balance is in excess of $100k and your degree type is a JD, MBA, DDS, DO, DVM, MD, PharmD, or other Graduate Medical degree.
Loan Fees
Origination Fees
We do not charge origination fees.
Late Charge
If a payment is late, you will not have to pay a penalty.
Prepayment Charge
If you pay off early, you will not have to pay a penalty.
Returned Payment Charge
If your payment is returned, you will not have to pay a penalty.
Florida Stamp Tax
For Florida residents a Florida documentary stamp tax is required by law, calculated as $.35 for each $100 (or portion thereof) of the principal loan amount, the amount of which is provided in the Final Disclosure. Lender will add the stamp tax to the principal loan amount. The full amount will be paid directly to the Florida Department of Revenue. Certificate of Registration No. 78-8016373916-1.
)
Loan Cost Examples
This example provides an estimate based on payment beginning immediately upon loan disbursement.
Repayment Option
Repayment Option | Amount Provided | Interest Rate | Loan Term | Total of Payments |
Make Full Payment Pay both the principal & interest amounts. | $10,000 | 10.24% | 20 Years | $23,544.00 |
About This Example
The repayment example is based on the loan amount and loan term shown in the above table. It is based on the highest starting rate currently charged and associated fees. The example assumes that all payments are made on the date they are due.
Federal Loan Alternatives
Think carefully before taking out a private refinance loan to pay off your Federal student loans. If you refinance your Federal student loans through a private refinance loan program, you will not be able to select Income-Driven Repayment or other flexible payments plans that are available to Federal student loan borrowers. In addition, Federal student loans offer deferment (e.g., Economic Hardship Deferment), forbearance, and loan forgiveness options (e.g., Public Service Loan Forgiveness) that are not available to you if you take out a private refinance loan.
You may also lose certain protections under The Preservation of Consumers’ Claims and Defenses [Holder in Due Course Rule].
The Servicemembers Civil Relief Act provides that interest rate reductions are available only if the loan is entered into before you began your active military service.
)
Next Steps
Find out about other federal loan consolidation options
Federal Student loans can also be consolidated into a Federal Direct Consolidation Loan, which may provide you with features and benefits not available with private consolidation loans such as this one. For more information about Federal Loan Consolidation options, see https://studentaid.gov/manage-loans/consolidation.
To apply for this loan, complete your application online
If you are approved, we will ask you to contact your existing student lender and inquire about your ten-day repayment schedule. If you are approved for this loan, the loan terms will be available for 30 days (terms will not change during this period, except as permitted by law and the variable rate may change based on the market).
Reference Notes
Variable Interest Rate
This loan has a variable interest rate that is based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York on the twenty-fifth day, or the next business day, of the preceding calendar month, and using the daily interest rate based on actual days in the year and rounding up. Your rate will be calculated each month by adding a margin between
1.80%and
5.91%to the 30-day Average Secured Overnight Financing Rate (SOFR). The rate will not increase more than once per month. If the interest rate increases, your Monthly Payments will be higher. The maximum rate for your loan is 8.95% if your loan term is 10 years or less. For loan terms of more than 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95%. Please note, we are not able to offer variable rate loans in AK, IL, MN, NH, OH, TN, and TX.
Eligibility Criteria
Borrower
You must be at the age of majority or older at the time you apply.
You are a U.S. Citizen, Permanent Resident (2-year conditional or 10-year non-conditional), Asylee or Deferred Action for Childhood Arrivals (DACA) or hold an H-1B visa with a U.S. Citizen cosigner.
Your current enrollment status is less than half-time and your student loans are in repayment, or your degree will be complete at the end of this semester.
You must reside in the District of Columbia or one of the states in which Earnest Operations LLC is authorized to lend (all but NV). *Please note, we are not able to offer variable rate loans in AK, IL, MN, NH, OH, TN, and TX.
Your debt was incurred solely for the payment of qualified post-secondary education costs (as defined by 26 U.S. Code Section 221).
See earnest.com/eligibility for full eligibility details.
Repayment Options
This EARNEST OPERATIONS LLC Refinance Education Loan does not have a grace period. Monthly payments of principal and interest begin the month after the loan proceeds are disbursed unless we grant you a deferment and align your repayment begin date to the expiration of the grace period on the student loans that you are refinancing with us. You understand that interest will continue to accrue during this deferment period but will not be capitalized at the end of this deferment period.
Interest will not be capitalized on loans made to Michigan residents under the Regulatory Loan Act of 1963.
Auto Pay Discount
You can take advantage of the 0.25% Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction.
Bankruptcy Limitations
If you file for bankruptcy you may still be required to pay back this loan.
Prepayments
You may prepay your principal at any time without being charged a prepayment penalty.
State Notices
Private education loans are one tool that students use to finance their education. Your lender and your institutionʹs Financial Aid Office provide assistance with eligibility for the loans. For borrowers who have existing private education loans, Virginia has a Student Loan Advocate to assist borrowers who are struggling with repayment. You can contact the Student Loan Advocate at: State Council of Higher Education for Virginia, James Monroe Building, 10th Floor, 101 N. 14th Street, Richmond, VA 23219; studentloan@schev.edu; 804‐786‐2832. In addition, resources for prospective and current private education loan borrowers are available online at http://schev.edu/privateloan.
More information about loan eligibility and repayment deferral or forbearance options are available in your loan application and Credit Agreement.
)