SoFi and Earnest are the two most popular online student loan refinancing lenders — both offer competitive rates, no fees, and a fully digital application. SoFi is the bigger brand with extensive member perks, while Earnest (now a subsidiary of Navient) offers uniquely flexible repayment terms. If you’re refinancing student loans in 2026, these are the two lenders to compare first. This is the complete breakdown.
TL;DR: SoFi wins for borrower perks (unemployment protection, career services, financial planning) and brand trust. Earnest wins for repayment flexibility (choose your exact payment, skip a payment, adjust terms mid-loan). Rates are close enough that both are worth quoting — your individual rate depends on your credit, income, and debt profile.
Side-by-Side Overview
| Feature | SoFi | Earnest |
|---|---|---|
| Fixed APR range | 4.49%-8.99% | 4.49%-9.74% |
| Variable APR range | 5.24%-9.49% | 5.49%-9.74% |
| Loan amounts | $5,000-$500,000+ | $5,000-$500,000 |
| Repayment terms | 5, 7, 10, 15, 20 years | Custom (5-20 years, choose any length) |
| Origination fee | $0 | $0 |
| Prepayment penalty | None | None |
| Late fee | None | None |
| Application time | ~5 minutes | ~5 minutes |
| Time to funding | 3-7 days | 3-5 days |
| Loans refinanced | Federal + private | Federal + private |
| Degree required | Yes (from Title IV school) | Yes (generally) |
| Co-signer option | ✗ (removed in 2023) | ✗ |
| Parent PLUS refinance | ✓ | ✓ |
| Autopay discount | 0.25% | 0.25% |
| Owned by | SoFi Technologies (public) | Navient (subsidiary) |
Rate Comparison
Fixed Rate Examples by Credit Profile ($60,000 Refinance)
| Credit Profile | SoFi Fixed | Earnest Fixed | Lower Rate |
|---|---|---|---|
| Excellent (780+, high income) | 4.49% | 4.49% | Tie |
| Very good (740-779) | 5.24% | 5.29% | SoFi |
| Good (700-739) | 6.49% | 6.24% | Earnest |
| Above average (680-699) | 7.49% | 7.24% | Earnest |
| Minimum qualifying | 8.99% | 9.74% | SoFi |
Variable Rate Examples by Credit Profile
| Credit Profile | SoFi Variable | Earnest Variable | Lower Rate |
|---|---|---|---|
| Excellent (780+, high income) | 5.24% | 5.49% | SoFi |
| Very good (740-779) | 5.99% | 6.24% | SoFi |
| Good (700-739) | 6.99% | 7.24% | SoFi |
| Above average (680-699) | 7.99% | 8.24% | SoFi |
SoFi has a slight edge on variable rates and for the highest-credit borrowers. Earnest is often more competitive for borrowers in the good-to-very-good credit range, likely due to its “merit-based” underwriting that weighs factors beyond FICO score.
Total Interest Paid: $60,000 at 10-Year Fixed Term
| Scenario | SoFi (5.24%) | Earnest (5.29%) | Savings |
|---|---|---|---|
| Monthly payment | $643 | $644 | $1/month |
| Total interest paid | $17,160 | $17,280 | $120 (SoFi) |
| Total paid | $77,160 | $77,280 | — |
| Scenario | SoFi (6.49%) | Earnest (6.24%) | Savings |
|---|---|---|---|
| Monthly payment | $681 | $674 | $7/month |
| Total interest paid | $21,720 | $20,880 | $840 (Earnest) |
| Total paid | $81,720 | $80,880 | — |
The rate difference matters more at lower credit tiers — a 0.25% rate gap on $60,000 over 10 years is worth roughly $900 in interest at today’s rates. Always get quotes from both.
Repayment Flexibility
This is Earnest’s biggest advantage.
Earnest’s Custom Repayment
| Feature | Details |
|---|---|
| Choose your term | Any length from 5-20 years (not just preset options) |
| Choose your payment | Set your exact monthly payment, term adjusts accordingly |
| Skip a payment | Skip one payment every 12 months (interest still accrues) |
| Bi-weekly payments | ✓ (pay half every 2 weeks, make 26 half-payments = 13 full payments/year) |
| Switch payment date | Change your due date anytime |
| Precision payment | See exactly how extra payments reduce interest/term |
SoFi’s Repayment Options
| Feature | Details |
|---|---|
| Terms available | 5, 7, 10, 15, or 20 years (preset) |
| Choose your payment | ✗ (payment determined by rate + term) |
| Skip a payment | ✗ (no skip option) |
| Bi-weekly payments | ✓ |
| Deferment | Up to 12 months for economic hardship |
| Forbearance | Up to 12 months (interest accrues) |
How Earnest’s Flexible Payments Save Money
| Strategy | Example ($60,000, 6.24%) | Outcome |
|---|---|---|
| Standard 10-year | $674/month | $20,880 total interest |
| Bi-weekly payments | $337 every 2 weeks | Pays off in 9.2 years, saves $2,100 |
| Choose $800/month | $800/month, 7.3-year term | Pays off 2.7 years early, saves $6,400 |
| Skip 1 payment/year | Skip December each year | Adds ~$300 interest/year, extends term slightly |
Earnest’s flexibility is genuine — the ability to pick your exact monthly payment and have the term automatically adjust is something no other major refinancing lender offers.
Borrower Benefits
SoFi Member Benefits
| Benefit | Details | Value |
|---|---|---|
| Unemployment protection | Payments paused + job placement help | High |
| Career coaching | 1-on-1 sessions with career advisors | Moderate |
| Financial planning | Access to certified financial planners | High |
| SoFi Events | Member-only networking events | Low |
| Rate discounts | Existing SoFi members may get rate discounts | Moderate |
| SoFi Invest | Free investment account + crypto | Moderate |
| SoFi Money | Checking/savings with competitive APY | Moderate |
| Referral bonuses | Earn for referring friends | Low |
Earnest Benefits
| Benefit | Details | Value |
|---|---|---|
| Client happiness guarantee | Will match competitor’s rate if lower | High |
| Skip-a-payment | Skip one payment per year | High |
| Flexible payments | Choose exact payment amount | High |
| Bi-weekly option | Built into the platform | Moderate |
| No fees anywhere | No origination, late, or prepayment fees | Standard |
SoFi’s member benefits ecosystem is far more extensive. Unemployment protection alone is worth considering — if you lose your job, SoFi pauses your payments and actively helps you find new employment. Earnest’s benefits are narrower but directly related to repayment flexibility.
Unemployment Protection Comparison
| Factor | SoFi | Earnest |
|---|---|---|
| Payment pause | ✓ (up to 12 months) | ✓ (forbearance available) |
| Job search assistance | ✓ (career coaching + placement) | ✗ |
| Interest during pause | Accrues | Accrues |
| Eligibility | Must have made 3+ on-time payments | Case-by-case |
| Resume review | ✓ | ✗ |
| Interview prep | ✓ | ✗ |
Application and Approval
Application Process
| Step | SoFi | Earnest |
|---|---|---|
| Pre-qualification | Soft credit pull, no impact to score | Soft credit pull, no impact to score |
| Time to pre-qualify | 2-3 minutes | 2-3 minutes |
| Full application | 5 minutes | 5 minutes |
| Documents needed | Pay stubs, tax returns, loan statements | Pay stubs, tax returns, loan statements |
| Hard credit pull | At full application | At full application |
| Approval decision | 1-3 business days | 1-2 business days |
| Funding timeline | 3-7 days after approval | 3-5 days after approval |
Eligibility Requirements
| Requirement | SoFi | Earnest |
|---|---|---|
| Minimum credit score | ~680 | ~650 (merit-based) |
| Income requirement | Sufficient to cover payments | Sufficient to cover payments |
| Employment | Must be employed or have offer letter | Must be employed or have offer letter |
| Degree | Required (Title IV school) | Required (with exceptions) |
| US citizenship/residency | Required | Required |
| Minimum loan balance | $5,000 | $5,000 |
| Max debt-to-income | ~50% | Flexible (merit-based) |
Earnest’s “merit-based” underwriting looks at factors beyond your credit score — including your savings rate, earning potential, and education. This can benefit borrowers with lower credit scores but strong financial habits.
Who Should Choose Each
Choose SoFi If You…
| Scenario | Why SoFi Wins |
|---|---|
| Want unemployment protection | Payment pause + active job placement |
| Value financial planning access | Certified financial planners at no cost |
| Have excellent credit (750+) | SoFi’s lowest rates match or beat Earnest |
| Want an all-in-one financial platform | Banking, investing, and loans in one place |
| Prefer a long track record | SoFi is one of the longest-running and largest student loan refinancers |
| May need career services | Free coaching, resume reviews, networking |
| Want variable rate | SoFi’s variable rates are consistently lower |
Choose Earnest If You…
| Scenario | Why Earnest Wins |
|---|---|
| Want to choose your exact payment | Pick any amount, term adjusts automatically |
| Have good (not excellent) credit | Merit-based underwriting is more flexible |
| Want to skip payments occasionally | Skip one payment per year at no penalty |
| Plan to pay extra aggressively | Precision payments + bi-weekly options |
| Value repayment control | Most flexible repayment in the industry |
| Want the fastest funding | Typically funds 1-2 days faster than SoFi |
| Have non-traditional income | Merit-based approach considers more factors |
Decision Matrix
| Your Situation | Best Choice | Confidence |
|---|---|---|
| Excellent credit, want lowest rate | Check both — rates nearly identical | High |
| Good credit, tight budget | Earnest (flexible payments) | High |
| Worried about job security | SoFi (unemployment protection) | Very High |
| Want to pay off fast | Earnest (choose higher payment, flexible) | High |
| Refinancing $100K+ | Check both — minor rate diff = big savings | High |
| Parent PLUS refinancing | Check both — similar terms | Medium |
| Variable rate preferred | SoFi (lower variable rates) | High |
| Want simplest process | Earnest (slightly faster approval) | Medium |
The Hidden Cost of Refinancing Federal Loans: What Both Lenders Don’t Tell You
Both SoFi and Earnest refinance federal student loans into private loans — and the rate savings look compelling. But refinancing federal loans permanently eliminates protections you cannot get back:
| Federal Protection | Lost When You Refinance | Value if You Hit Financial Trouble |
|---|---|---|
| Income-driven repayment (RAP, IBR) | ✅ Gone | Payment set by income (RAP: 1%–10% of income) |
| Public Service Loan Forgiveness (PSLF) | ✅ Gone | Forgives remaining balance after 10 years for nonprofit/gov workers |
| Income-driven forgiveness (20–30 yr) | ✅ Gone | Forgives any balance left after 20–30 years of income-driven payments |
| Federal forbearance (up to 3 years) | ✅ Gone | $0 payments during hardship |
| Death/disability discharge | ✅ Gone | Balance cancelled; family not liable |
| SoFi/Earnest unemployment protection | ✅ Partial replacement | 12 months max; income threshold conditions apply |
The refinancing math only works if your employment is stable. A borrower with $80,000 in federal loans at 6.8% who refinances to 5.2% saves ~$1,100/year — but if they lose their job, they have no income-driven plan to fall back on and face full private loan payments with no income-contingent fallback.
When refinancing makes clear sense:
- You work in the private sector (no PSLF eligibility)
- Your income is stable with no anticipated disruptions
- Your loan balance is high enough that rate savings exceed the value of federal protections
- You would never qualify for IDR relief anyway (high income relative to debt)
When to keep federal loans:
- You work for a qualifying employer (government, nonprofit, education, healthcare)
- Your income is variable or your job security is uncertain
- Your balance is under $30,000 (federal protections worth more than modest rate savings)
- You’re on an IDR plan with a forgiveness timeline already in progress
Rate Shopping Strategy: Use Both Lenders
Checking rates at both SoFi and Earnest takes under 10 minutes and requires only a soft credit pull — no hard inquiry, no impact on your credit score. Rate differences of 0.5–1.5% between lenders on the same borrower profile are common, representing thousands of dollars over a loan term.
The rate shopping sequence:
- Check SoFi rate (soft pull, takes 3 minutes)
- Check Earnest rate (soft pull, takes 3 minutes)
- Compare total interest paid — not just monthly payment — over your chosen term
- Choose the lower rate; use the other as a backup if the chosen lender’s approval conditions change
On a $60,000 refinance at a 10-year term, a 0.75% rate difference saves approximately $2,800 in total interest. That 6 minutes of comparison shopping returns $467/hour.
Refinancing Strategy: Use Both
The smartest approach is to pre-qualify with both — it takes 5 minutes total and doesn’t affect your credit score.
| Step | Action | Time |
|---|---|---|
| 1 | Pre-qualify with SoFi (soft pull) | 2 minutes |
| 2 | Pre-qualify with Earnest (soft pull) | 2 minutes |
| 3 | Compare rates, terms, and monthly payments | 5 minutes |
| 4 | Choose the lower rate | — |
| 5 | If Earnest’s rate is higher, try their rate-match guarantee | 5 minutes |
Both lenders let you pre-qualify without a hard credit pull. Compare your personalized rates, then choose the better offer. Earnest’s rate-match guarantee means you can show them SoFi’s offer and potentially get a match.
The Bottom Line
| Factor | Winner |
|---|---|
| Lowest fixed rates (excellent credit) | Tie |
| Lowest fixed rates (good credit) | Earnest |
| Lowest variable rates | SoFi |
| Repayment flexibility | Earnest |
| Borrower benefits | SoFi |
| Unemployment protection | SoFi |
| Application speed | Earnest (slightly) |
| Skip-a-payment | Earnest |
| Brand trust / track record | SoFi |
| Financial ecosystem | SoFi |
| Merit-based approval | Earnest |
| Overall | SoFi (benefits) / Earnest (flexibility) |
Related guides
- How to Refinance Student Loans in 2026: Step-by-Step Guide
- Student Loan Refinancing Rates Comparison
Part of the student loan guide.
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