Earnest vs. SoFi: Which Student Loan Refinancing Lender Is Better?

Refinancing your student loans can help lower your interest rate or reduce your monthly payments. Choosing the right lender is key. Earnest and SoFi® are two well-known student loan refinance companies offering competitive rates, no fees, and a range of borrower perks. While they share some similarities, their eligibility requirements, repayment options, and benefits differ in ways that could impact your decision.

Here's how Earnest and SoFi compare to help you determine which is the better fit for your refinancing needs.

Earnest vs. SoFi overview

Earnest: Best for fair credit borrowers

Earnest was founded in 2013 with a mission to make higher education more accessible and affordable. In 2017, Earnest became a subsidiary of Navient.

Earnest requires a minimum credit score of 665 to refinance, which is lower than many other lenders accept. It also evaluates borrowers' full financial profiles when making lending decisions rather than relying solely on factors such as credit scores and annual income. This gives borrowers with fair credit a better shot at approval and the opportunity to secure a lower interest rate or more manageable payments with Earnest.

Learn More: Earnest Student Loan Refinancing Review 2025

SoFi: Best for member perks

SoFi introduced student loan refinancing in 2011 and was the first lender to offer it for both federal and private loans. The company started as a way to connect recent graduates with alumni investors and has since grown into a full-service financial platform.

One of SoFi's biggest advantages is its member benefits. SoFi borrowers can take advantage of financial advisers, networking events, referral bonuses, and travel discounts.

Learn More: SoFi Student Loan Refinancing Review 2025

Eligibility requirements

Both Earnest and SoFi require borrowers to be old enough to be legally considered an adult (18 in most states), U.S. citizens, permanent residents, or non-permanent resident aliens. Additionally, they both require the refinanced debt to have been used for education at a Title IV-accredited school within the United States.

Earnest and SoFi have differing eligibility requirements for credit, income, and other factors. Compare the common requirements for each lender in the table below:

In addition to these qualifications, each lender has its own individual eligibility criteria.

Earnest's eligibility requirements

• You must have enough savings to cover at least two months of expenses, including housing.
• Your spending must be lower than your income, with a bank balance that shows steady growth.
• The loans you refinance must be for a degree that has been completed or will be within the next semester.
• If you didn't complete your degree, you may still qualify if your last date of attendance was more than six years ago, your credit score is 700 or higher, and you attended a not-for-profit school.

See Also: How To Refinance Student Loans With Bad Credit

SoFi's eligibility requirements

• You must have a job, enough non-employment income, or a job offer that starts within 90 days.
• The debt you refinance must be an education loan.
• Bar loans and residency loans are not eligible for refinancing.

Special features and benefits

Earnest's refinancing benefits

Earnest stands out for its flexible repayment terms, allowing you to choose from 180 options between five and 20 years. This level of customization makes it easier to find a repayment plan that fits your budget.

Shorter terms have higher monthly payments but lower interest rates, which can reduce the total cost of the loan. For example, refinancing to a seven-year term instead of 10 years could help you repay your loan faster while saving on interest.

Earnest also allows you to skip one payment every 12 months after making six consecutive on-time payments with no fee or penalty. While this can provide relief during tight financial periods, it will also increase your future monthly payments because of the accrued interest during the skipped month.

SoFi's refinancing benefits

SoFi offers a variety of perks designed to support your overall financial well-being. These benefits include:

• Financial planning: SoFi provides one-on-one sessions with certified financial planners. If you need help with budgeting, saving, or investing, you can schedule a session at no cost.
• Exclusive member events: SoFi hosts networking events, educational workshops, and social gatherings across the country so members can connect.
• Online community: Members can join a private group to access resources, participate in giveaways, and engage with other borrowers.
• Travel discounts: SoFi partners with travel companies to offer savings on flights, hotels, rental cars, and more.
• Referral bonuses: You can earn up to $1,000 by referring friends to SoFi's products.
• Financial education tools: SoFi Learn provides guides, calculators, and other resources to help you make informed financial decisions.

Other perks include priority access at SoFi Stadium in Los Angeles and a 20% discount on estate planning services through Trust & Will.

Which lender is better: Earnest or SoFi?

The best lender for refinancing depends on your financial priorities. Earnest and SoFi each have advantages that may appeal to different types of borrowers.

• Earnest is a good choice if flexibility is a priority: The lender offers customizable loan terms, allowing you to choose a specific repayment period that fits your budget. Earnest also provides a skip-a-payment option once every 12 months for struggling borrowers.
• SoFi is a good fit if you value extra perks and financial resources: SoFi provides free financial planning, networking events, travel discounts, and referral bonuses. These benefits can help you save money and access more financial tools in one place.

Before refinancing, make sure it's the right move for you. “The most common mistake I see borrowers make is refinancing a federal loan into a private loan and not realizing the protections will be lost. The protections and benefits offered on federal student loans, such as loan forgiveness and income-driven repayment, go away if you refinance to a private loan,” says Robert Farrington, founder of The College Investor.

How to choose the right refinancing lender

When comparing refinancing offers, looking beyond just the interest rates is essential. Farrington advises borrowers to compare loans with the same repayment term. “Make sure you're comparing the same loan term (5, 7, 10 years), and then look for the lowest rate,” he says.

A student loan refinance calculator can also help you weigh the trade-offs between different terms and rates. Shorter terms typically come with lower interest rates but higher monthly payments, while longer terms reduce your monthly bill but increase the total cost of the loan due to added interest.

If you already have private student loans, refinancing periodically could help you secure a better rate.

“Refinancing a private student loan can sometimes lower your interest rate,” Farrington explains. “This might happen because the rates in the market drop, or you might qualify for a better rate because you have a higher paying job and better credit than when you first took out the loan.”

Before applying, prequalify with each lender to see where you're eligible and which offers the best terms for your situation.