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Compare Earnest and SoFi Student Loan Refinance Options

📉 Interest Rates & APRs

  • Earnest typically offers slightly lower starting APRs—fixed APRs begin around 4.25%, variable rates can start near 5.88% (plus a 0.25% autopay discount) SoFi’s fixed APRs start around 4.49%, with variable rates beginning at approximately 5.99% (also with a 0.25% autopay discount) .

  • LendEDU and Credible confirm Earnest’s cap on high-end APRs tends to be more favorable for borrowers with less-than-perfect credit 

✅ Eligibility & Flexibility

  • Credit scores: Earnest generally requires around 665, while SoFi may accept borrowers near 650 

  • Co-signers: SoFi allows co-signers and includes co-signer release options; Earnest does not 

  • Repayment flexibility:

  • Earnest offers unique features like customizable payment amounts, the ability to skip a payment annually (interest still accrues), and changing payment dates

  • SoFi provides typical structured repayment terms, including interest-only and deferred options 

🌍 State Availability

  • SoFi operates nationwide across all 50 states + DC .

  • Earnest is available in most states, excluding Kentucky and Nevada; also, variable rates are restricted in certain states (AK, IL, MN, NH, OH, TN, TX).

🎁 Borrower Perks & Services

  • SoFi offers a robust benefits package: access to career coaching, financial planning, networking events, member social community, and even medical resident discounts during residency .

  • Earnest focuses more on financial flexibility; while it lacks lifestyle perks, it shines with merit-based underwriting—looking at savings, education, and earning potential beyond credit scores 

🛡️ Fees & Charges

Both lenders are competitive here:

  • No origination fees, prepayment penalties, or late fees 

  • Borrowers qualify for a 0.25% APR discount with automatic payments

💬 Real User Experience

A Reddit user shared:

“I refi’d first with SoFi, then with Earnest… Even if the rates were equal, I’d probably still go with Earnest. Earnest has their own dashboard and they service their loans.” 

They also noted SoFi switched servicing to Mohela, causing some frustrations—whereas Earnest provides consistent in-house servicing 

🧭 Which Fits You Best?

Feature Earnest SoFi
Lowest APRs Generally slightly lower Very competitive
Flexibility Strong (skip-pay, custom terms) Standard repayment plans
Co-signer support ❌ No ✅ Yes with release option
Perks & Services Barebones Extensive (career, planning, events)
Servicing In-house, consistent Outsourced via Mohela (past complaints)
State availability Most U.S. states (limited exceptions) Nationwide

🎯 Final Takeaway

  • Choose Earnest if your goal is lowest possible rate, need highly flexible repayment, or you prefer a consistent servicing experience.

  • Go with SoFi if you value extra perks, might need a co‑signer option, or want supportive resources like career coaching and networking.

🧠 What to Do Next

  1. Pre‑qualify with both to compare your personalized APRs (soft pulls).

  2. Weigh the value of SoFi’s member perks and co‑signer option versus Earnest’s lower costs and flexibility.

  3. Confirm state-specific availability (e.g., avoid Earnest if you're in Kentucky or Nevada).


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