Student Loan Refinancing
With a lower1 rate or a shorter term, you may be able to save thousands. Plus, alumni and their families receive a cash bonus when using the link below.
To refinance2 a student loan, select a lender (such as our partner, Earnest) to (a) issue a new loan and (b) pay off your existing federal or private student loan.
Our lending partner, Earnest, offers:
- Low rates: Low fixed and variable rates available across different loan periods
- No fees: No application or origination fees. No prepayment penalties.
- Easy online application process: Check rate options in minutes and avoid all that paper.
- Skip a payment3 once per year: Manage financial fluctuations annually with no penalty fees.
- Cash bonus: Receive a cash bonus of $500 when you refinance $100,000 or more (Bonus not available to residents of KY, MA, or MI).
1 Choosing to refinance to a longer term may lower your monthly payment, but increase the amount of interest you may pay. Choosing to refinance to a shorter term may increase your monthly payment, but lower the amount of interest you may pay. Review your loan documentation for the total cost of your refinanced loan.
2 Please note that you will lose benefits associated with your underlying federal loans, such as federal Income-driven Repayment Plans, Economic Hardship Deferment, Public Service Loan Forgiveness, or other deferment and forbearance options, if you refinance into a private loan. If you file for bankruptcy, you may still be required to pay back this loan.
3 Earnest clients may skip a payment through a one, one-month forbearance during a 12 month period. Your first request to skip a payment can be made once you’ve made at least 6 months of consecutive on-time full principal and interest payments, and your loan is in good standing. The interest accrued during the skipped month will result in an increase in your remaining minimum payment. The final payoff date on your loan will be extended by the length of the skipped payment periods. Any unpaid accrued interest may capitalize (added to the principal balance) at the end of the forbearance period by adding unpaid accrued interest to the outstanding principal as permitted by law and the terms of the loan agreement.
Interest will not be capitalized on loans originated to Michigan residents under the Regulatory Loan Act of 1963. Please be aware that a skipped payment does count toward the forbearance limits. Please note that skipping a payment is not guaranteed and is at Earnest’s discretion. Your monthly payment and total loan cost may increase as a result of postponing your payment and extending your term.
Frequently Asked Questions
Will this hurt my credit score?
When you check your rate with Earnest, there’s no impact on your credit. Only after you submit a full application and authorize a “hard inquiry” might your score dip—but most borrowers see it bounce back quickly, especially with consistent on-time payments.
Do I lose access to federal programs?
Yes. When you refinance federal loans with a private lender, you forfeit benefits like PSLF, income-driven repayment, and federal deferment or forbearance options. That’s why refinancing is generally recommended only for borrowers who don’t plan to use those benefits.
Is it hard to qualify?
Not necessarily. While good credit and stable income help, Earnest uses a holistic review process that considers your full financial picture—not just your credit score.
If your credit score or income isn’t quite where it needs to be, adding a creditworthy cosigner can increase your chances of approval and help you qualify for a lower interest rate. Cosigners share responsibility for repayment, so lenders are more confident in offering favorable terms.
Can I refinance more than once?
Yes. If rates drop or your financial situation improves, you can refinance again4—there’s no lifetime limit. In fact, Earnest allows you to refinance just 30 days after your loan is disbursed, while many other lenders require a three-month waiting period. That means you can move quickly if market conditions, or your own financial situation, improve.
4 You may be able to refinance your Earnest Student Loan Refinance again. To be eligible, the loan must have been disbursed more than 30 days ago, it must not be past due, and you must not be enrolled in a hardship or bankruptcy forbearance, skip a pay or any interest only repayment program. Keep in mind that a hard credit check will be required each time you refinance, which may impact your credit. Please review our Eligibility Guide & Requirements for further details.
How to refinance your student loans
- Check rates. A soft credit pull will not affect your credit score.
- Submit application. Enter details about income, employment, education, and outstanding loans.
- Customize your loan. Choose exact loan term (down to the month) and use tools that help identify the monthly payment and interest that work best.
- Loan approval and payoff. With additional paperwork (or phone calls) Earnest can pay off loans directly.
- Start repayment. Begin payments based on the schedule you chose, and get access to tools like auto pay, biweekly payments, and the ability to skip one payment each year.
Partner
Earnest is a financial technology company on a mission to make higher education accessible and affordable for everyone. Since 2013, they’ve helped hundreds of thousands of borrowers take control of their student loans with smarter, more flexible refinancing options.
Meyer & Associates receives compensation from Earnest on a per-funded loan basis.
Questions?
If you need a quote or an application or simply have questions, call 800-635-7801, or email info@meyerandassoc.com. Trained customer service representatives will be happy to provide the information you need. And naturally you’ll be under no obligation.
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