Earnest Becomes Nation's Leading Refinancer Of Student Loans

Rhea-AI Summary

Earnest has achieved the milestone of becoming the largest refinancer of student loans in the U.S. by origination volume, reaching $4.4 billion in the first three quarters of 2021. This figure is 57% more than its nearest competitor. Since its inception in 2015, Earnest has helped over 180,000 borrowers refinance more than $16.5 billion in student debt. Additionally, Earnest's acquisition of Going Merry in 2021 aims to enhance accessibility to higher education while minimizing debt burdens for students.

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• Achieved $4.4 billion in student loan refinancing in 2021, a 57% lead over competitors.
• Assisted over 180,000 borrowers in refinancing a total of $16.5 billion in student loan debt.
• Acquisition of Going Merry to improve educational accessibility and reduce student debt.

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• None.

SAN FRANCISCO, Nov. 11, 2021 /PRNewswire/ -- Earnest, a fintech company dedicated to making higher education accessible and affordable for everyone, today 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."

For more information about Earnest, visit www.earnest.com.

About Earnest
Earnest is a fintech lender focused on education finance, whose mission is to make higher education accessible and affordable for everyone. Founded in 2013 on the belief that financially responsible people deserve better options and access to credit, Earnest's lending products empower anyone seeking higher education to reduce the total price tag of their education, supercharge their ability to pay down student debt, and get on the right financial track fast.

Earnest is a subsidiary of Navient (Nasdaq: NAVI). Learn more at earnest.com.

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SOURCE Earnest

FAQ

What is Earnest's refinancing volume in 2021?

Earnest's student loan refinance origination volume reached $4.4 billion in the first three quarters of 2021.

How many borrowers has Earnest helped?

Earnest has helped over 180,000 borrowers refinance more than $16.5 billion in student loans.

What acquisition did Earnest make in 2021?

In 2021, Earnest acquired the financial aid platform Going Merry.

How does Earnest's refinancing compare to competitors?

Earnest's refinancing volume is 57% higher than that of the next closest competitor.