Earnest (Co-Signer)

Earnest accepts co-signers on private student loan applications. A co-signer is a creditworthy adult who applies alongside the student borrower and takes on equal legal responsibility for the loan.

Before applying for any private student loan, completing the FAFSA and fully exploring federal student loan options is the recommended first step. Federal loans carry income-driven repayment, deferment, forgiveness programs, and other protections that private loans do not offer.

A co-signer on an Earnest loan can help students with limited credit history improve their approval chances or access a better interest rate. Both the student and the co-signer's credit profiles are reviewed during the application process.

The co-signer is fully liable for the loan alongside the primary borrower. Missed payments will affect both the student's and the co-signer's credit. It is important that co-signers understand the commitment they are taking on before applying.

Earnest is known for some flexibility in repayment terms, allowing borrowers to select their loan term and, in some cases, their monthly payment amount within certain limits. This applies to co-signed loans as well and can be a useful feature for managing repayment after graduation.

Co-signer release options may be available after the borrower meets qualifying criteria, typically a defined number of on-time payments and a passing credit review at the time of the application for release. Co-signer release is not automatic and is subject to Earnest's approval.

Both the borrower and the co-signer should review the annual percentage rate, total repayment cost, repayment term options, and co-signer release terms before committing. Getting quotes from multiple lenders for comparison is always a good practice before signing any student loan agreement.