Earnest becomes nation’s largest refinancer of student loans

By Edlyn Cardoza

Earnest, a FinTech company dedicated to making higher education accessible and affordable for everyone, recently announced it has become the largest refinancer of student loans in the U.S. by origination volume. Earnest’s student loan refinance origination volume (including volume originated both under Earnest and NaviRefi brands) reached $4.4 billion in originations in the first three quarters of 2021 —57% higher than the next closest competitor.

“Earnest has always been focused on empowering people with the capital they need to live better lives,” said Earnest CEO David Green. “Student loan borrowers appreciate a simple, straightforward refinancing option that makes their lives easier. Becoming the largest refinancer in the market is a testament to the quality of our refinancing product, and we’re proud to have helped so many people improve their financial standing.”

Earnest has been refinancing student loans since 2015, helping more than 180,000 borrowers refinance more than $16.5 billion in student loan debt and empowering them to pay back their student loans on their own terms. In 2019, the company introduced its private student loan offering with one of the fastest application processes available, providing results in less than two minutes. In 2021, Earnest also acquired financial aid and scholarship application platform Going Merry to further its mission to make higher education accessible and affordable to everyone and minimize the debt students need to take on in the first place.

“People with student debt deserve clear, understandable student loan refinancing options that give them the flexibility they need to achieve financial stability. That’s why more and more people are choosing Earnest,” said Lena Chukhno, Earnest’s general manager for student loan refinancing. “Earnest strives to provide the highest savings, the simplest application experience, and exceptional customer service. By choosing us, customers can consolidate their private and federal loans, shorten the payback period and ultimately save money, gaining more freedom over their financial futures.”