Earnest

What Earnest does

Earnest is a technology-driven consumer lender founded in 2013, headquartered in Oakland, California, and operating as a wholly-owned subsidiary of Navient Corporation (NASDAQ: NAVI). The company originates private student loans, refinances existing federal and private student debt, and offers personal loans for debt consolidation and major purchases, serving over 420,000 borrowers and having refinanced $24B in cumulative student loans. Its product suite includes Student Loan Refinancing, New Private Student Loans, Personal Loans, Parent PLUS Refinancing, the Payoff Path debt management tool, a Campus Partnerships program covering 1,300+ universities, and an Employer Student Loan Benefits channel.

Underlying the lending business is a proprietary AI-driven underwriting system that evaluates education, career trajectory, and financial habits beyond traditional credit scores, supported by Plaid for bank-data integration and Experian for credit reporting. The platform supports 180-way payment-term customization, a 9-month grace period (50% longer than competitors), and a skip-payment feature. Loans are originated through partner FDIC-insured banks (FinWise Bank, One American Bank) and serviced with MOHELA support following Navient's 2024 exit from federal servicing.

Earnest generates revenue primarily through recurring interest income on its loan portfolio under a no-fee philosophy (no origination, late, or prepayment fees), with rate-drop rewards on personal loans and Auto Pay/loyalty discounts on refinancings. The company distributes through a digital-first direct-to-consumer website and iOS app, a 1,300+ university partnership channel, an emerging employer-benefits channel under Secure 2.0, and phone-based Client Happiness support. Recognition includes CNBC Top FinTech Companies 2024, U.S. News #1 Best Private Student Loan Lender 2026, and a 4.7/5 Trustpilot rating.

Name

Earnest

Legal name

Earnest LLC

Website

https://earnest.com

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

101–250 employees

Short description

Earnest is a fintech lender (and Navient subsidiary) that refinances student loans, originates new private student loans, and offers personal loans, serving 420,000+ U.S. borrowers via a proprietary AI underwriting model and a 1,300+ university partnership network.

Ownership category

akta.pro rank

Product category

Consumer Lending

NAICS

Credit Intermediation and Related Activities (522), Mortgage and Nonmortgage Loan Brokers (52231), Mortgage and Nonmortgage Loan Brokers (522310), Depository Credit Intermediation (5221)

SIC

Personal Credit Institutions (6141), Mortgage Bankers & Loan Correspondents (6162), Loan Brokers (6163)

akta.pro primary industry

Student Loan Refinance & Consolidation (FSAKAIAH)

akta.pro secondary industries

Student Loan Intermediation & Refinancing (FSAEAEAL), Secured-to-Unsecured Refinance Personal Loans (Unsecured Installment) (FSAKAAAI), Financial Literacy, Debt Counseling & Default Prevention (EDALAJAK)

Keywords

• Student loan refinancing
• Private student loans
• Personal lending
• Fintech lending
• Education finance

Headquarters

HQ city

San Francisco

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure, Others

Revenue model

1. Student Loan Interest: Earnest originates and services student loans, generating revenue through interest charged on refinanced and new private student loans. Fixed rates from 4.45% APR, variable from 5.88% APR. No origination, late, or prepayment fees.
2. Personal Loan Interest: Earnest offers personal loans for debt consolidation and major purchases, generating revenue through interest. Features rate drop reward up to 0.75% as borrowers repay.
3. Parent PLUS Refinancing: Refinancing of parent student loans with competitive rates, expanding the lending portfolio and revenue through interest on refinanced balances.

Pricing tiers

Go-to-market motion4 records

Distribution channels6 records

Marketing channels9 records

Core offering

Earnest is a fintech lender that refinances student loans and originates private student loans, personal loans, and Parent PLUS loan refinancings, originated through partner banks (FinWise Bank and One American Bank). It applies a proprietary AI-driven underwriting model that evaluates education, career trajectory, and financial habits beyond traditional credit scores, and offers no origination, late, or prepayment fees with customizable terms, a 9-month grace period, and a penalty-free Skip-a-Payment feature. The company distributes directly to consumers online and via mobile app, with channel partnerships spanning 1,300+ universities and an employer student loan benefit program.

Product overview

Earnest is a fintech company offering a suite of education finance and personal lending products. The core products include Student Loan Refinancing (refinancing existing federal and private student loans), Private Student Loans (new in-school loans), and Personal Loans (debt consolidation and major purchases). The company also offers specialized products including Parent PLUS Refinancing for parents, and Job Offer Refinancing for graduate students. Supporting tools include Payoff Path (free debt management planning), Campus Partnerships (university lender relationships), and Employer Benefits (corporate student loan programs). Earnest acquired Going Merry in 2021 to expand scholarship tools. The company positions itself as a modern lender emphasizing no fees, flexible repayment options, and human-centered customer service.

Differentiator

Problem solved

Functional benefit

Brands

• NaviRefi: A student loan refinancing product that joined Earnest to help borrowers lower the costs of their student loans with competitive rates and flexible repayment plans.
• Payoff Path

Products and services

• Student Loan Refinancing
• Private Student Loans
• Personal Loans
• Parent PLUS Refinancing
• Job Offer Refinancing + Grace Period Match Student loan refinancing option for graduate students with signed job offers starting within six months, allowing them to qualify using future income and preserve the existing grace period for up to 9 months. Targets graduate students facing federal Grad PLUS rates of 8.94-9.08% APR.
• Payoff Path
• Employer Student Loan Benefits Program
• Campus Partnerships Program

Quantifiable outcome

• Total student loans refinanced: $24 billion
• +5 more outcomes

Named customers8 records

Segments6 records

Ideal customer profiles7 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

AI capability2 records

Feature5 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• Going MerrycoreStrategic or Co-development Partner · 15 September 2021Earnest acquired Going Merry in September 2021 to expand access to scholarship and financial aid tools. Going Merry helped students secure nearly $100 million in financial aid and integrated its services with Earnest's offerings to make higher education more accessible.
• FinWise BankcoreChannel Partner/ Reseller/ DistributorFinWise Bank, Member FDIC, is one of the lending banks originating Earnest loans. Located in Murray, UT. Part of the bank's lending network for student and personal loans.
• One American BankcoreChannel Partner/ Reseller/ DistributorOne American Bank, Member FDIC in Sioux Falls, SD, is one of the lending banks originating Earnest loans. Provides banking infrastructure for Earnest lending products.
• MOHELA (Higher Education Loan Authority of the State of Missouri)coreImplementation/ SI/ Consulting PartnerMOHELA (NMLS# 1442770) provides servicing support for Earnest loans. Earnest transitioned from Navient servicing to MOHELA following Navient's 2024 prohibition from servicing federal student loans.
• University Partners (1,300+)coreChannel Partner/ Reseller/ DistributorOver 1,300 universities partner with Earnest as a preferred lender. Partnerships cover all major U.S. regions (West, Southwest, Midwest, East). Includes certification platforms: ELMOne, Great Lakes, Commonline, and direct CASHI platform.
• Plaid TechnologiescoreTechnology or IntegrationPlaid gathers account transaction data from financial institutions for Earnest's loan application and servicing. Enables secure access to bank account information for income verification and loan decisions.
• Corporate EmployersminorChannel Partner/ Reseller/ DistributorEmployers partner with Earnest to offer student loan benefits to employees as part of compensation packages. Helps with retention and recruitment while leveraging Secure 2.0 tax advantages.

Scale indicators14 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• SoFi: SoFi is the largest direct competitor in online student loan refinancing and personal loans, also offering a tech-forward, mobile-first lending platform with a similar direct-to-consumer brand and member-focused value proposition that closely mirrors Earnest's positioning.
• College Ave: College Ave is a direct competitor in private student loans and student loan refinancing, marketing itself to undergraduate and graduate students with comparable customizable term options and online application flows.
• CommonBond: CommonBond is a fintech lender focused on student loan refinancing and private student loans for graduate and undergraduate borrowers, competing head-to-head with Earnest for the same digitally native, refinancing-oriented borrower segment.
• Laurel Road: Laurel Road (a KeyBank brand) provides student loan refinancing with a particular focus on healthcare, legal, and other professional graduates — directly overlapping Earnest's medical, law, and MBA target segments.
• Splash Financial: Splash Financial is a student loan refinancing marketplace that aggregates lender offers, competing with Earnest for refinancers by offering rate comparison across multiple lender partners in a similar digital-first experience.

Broad incumbents

• Sallie Mae: Sallie Mae is the dominant incumbent in private student loan origination, serving undergraduate, graduate, and parent borrowers with a broad product set that overlaps Earnest's in-school loan and refinance offerings.
• Discover Student Loans: Discover Student Loans is a broad incumbent offering undergraduate, graduate, and consolidation loans, with a rewards/cashback differentiation and brand recognition that competes with Earnest across the full student lending lifecycle.
• Citizens Bank Student Lending: Citizens Bank offers a student loan refinancing product line alongside its broader retail and commercial banking franchise, competing with Earnest for refinancing borrowers via established bank-channel distribution.
• Marcus by Goldman Sachs: Marcus by Goldman Sachs is a broad incumbent in online personal loans with a no-fee, digital-first experience that directly competes with Earnest's personal loan product for debt consolidation and large-purchase financing.

Emerging players

• Upstart: Upstart is an AI-driven consumer lending platform using alternative data and machine learning for underwriting — directly comparable to Earnest's alternative-credit underwriting approach, though primarily focused on personal loans and auto refinance.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/meetearnest
• LinkedInlinkedin.com/company/earnest-inc
• Instagraminstagram.com/meetearnest
• Xx.com/meetearnest

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries1 record

Funding overview

Funding rounds6 records

Investors19 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Earnest