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 equals $840 in interest savings. 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 has refinanced $50B+ in student loans
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 (IDR)
✅ Gone
Caps payments at 5–10% of discretionary income
Public Service Loan Forgiveness (PSLF)
✅ Gone
Forgives remaining balance after 10 years for nonprofit/gov workers
SAVE/PAYE/IBR forgiveness (20–25 yr)
✅ Gone
Forgives balance after 20–25 years on IDR
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 lose IDR protection 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.
WealthVieu researches and writes data-driven personal finance guides using primary sources including the IRS, Bureau of Labor Statistics, Federal Reserve, and Census Bureau.
The content on Wealthvieu is for informational purposes only and should not be considered financial, tax, or investment advice. Consult a qualified professional before making financial decisions. Full disclaimer · Editorial policy
