SoFi vs. Earnest - Which Student Loan Refinancing Company is Best

November 21, 2022

SoFi vs. Earnest - A Battle for Student Loan Refinancing

We all know that student loans can be overwhelming and stressful, especially if you are struggling to make ends meet. This is where student loan refinancing comes in - it allows you to lower your monthly payments and potentially save thousands of dollars in interest charges over the life of your loan. SoFi and Earnest are two companies that offer student loan refinancing options, but which one is the best? Let's take a closer look.

Interest Rates

One of the most important factors when choosing a student loan refinancing company is the interest rate they offer. SoFi and Earnest both offer competitive interest rates, but SoFi tends to be slightly lower. The interest rate you qualify for will depend on several factors, including your credit score, income, and loan term.

Here's a breakdown of current interest rates offered by SoFi and Earnest:

  • SoFi: 2.25% - 6.88% variable APR, 2.99% - 6.94% fixed APR
  • Earnest: 2.25% - 6.43% variable APR, 2.99% - 6.43% fixed APR

Loan Terms

SoFi and Earnest both offer a range of loan terms, but SoFi offers more flexibility. SoFi offers loan terms of 5-20 years for both variable and fixed-rate loans, while Earnest offers 5-20 years for fixed-rate loans and 5-20 for variable rate loans.

Loan Amounts

The amount you can refinance with SoFi or Earnest will depend on several factors, including your credit score, income, and debt-to-income ratio. In general, both companies offer refinancing up to $100,000 for undergraduate loans and up to $500,000 for graduate and professional loans.


Neither SoFi nor Earnest charge origination fees or prepayment penalties. This makes them both attractive options as you won't have to worry about any hidden fees or charges.

Customer Service

SoFi and Earnest both have good customer service ratings, but SoFi may have a slight edge over Earnest. SoFi's customer service is available seven days a week, while Earnest's customer service is available Monday through Friday.

Referral Bonuses

Both SoFi and Earnest offer referral bonuses, which can be a nice added perk. SoFi offers a $100 bonus for each person you refer who refinances their loans, while Earnest offers a $200 bonus.

Final Verdict

So, which student loan refinancing company is better? The answer depends on your individual needs and preferences. SoFi may be the better option if you're looking for slightly lower interest rates and more flexible loan terms, while Earnest may be a better fit if you value excellent customer service and a wider range of repayment options.

Ultimately, it's important to do your research and compare rates and terms carefully before choosing a student loan refinancing company. Both SoFi and Earnest are excellent options, but which one is right for you will depend on your individual circumstances.


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