Earnest vs. SoFi: Navigating Your Student Loan Refinance Options

If you’re comparing Earnest vs. SoFi for student loan refinancing, you’re looking at two of the strongest lenders in the space — and two very different philosophies.

Earnest is built around flexibility. Its Precision Pricing tool lets you dial in your exact monthly payment, which generates roughly 180 possible repayment schedules instead of forcing you into a standard 5- or 10-year box. SoFi is built around the total package: competitive rates plus member benefits like career coaching, financial planning, and a new SmartStart option that lets recent grads make interest-only payments for their first nine months.

Both lenders charge no application fees, no origination fees, and no prepayment penalties. Both offer a 0.25% autopay rate discount. And as of July 2026, their advertised rate ranges are nearly identical.

Here’s how they compare, what’s changed for 2026, and how to decide which one fits your situation. If you want to see how these two stack up against the rest of the market, check out our full list of the best student loan refinance lenders.

Company Overviews

Earnest and SoFi are two popular student loan refinancing companies. Here’s how they stack up:

What’s New For 2026

A few things have changed since we last compared these lenders — both with the companies themselves and with the federal loan landscape around them.

SoFi launched SmartStart. SmartStart lets recent graduates refinance and make interest-only payments for the first nine months of the loan. It’s available on fixed-rate loans with 7-, 10-, 15-, or 20-year terms, and you can only use it once as a primary borrower. It’s a direct answer to Earnest’s long-standing flexibility advantage — though remember that paying only interest for nine months means a higher total cost over the life of the loan.

SoFi dropped its late fee. SoFi previously charged a small late fee on refinanced loans. Today, SoFi refinance loans carry no late fees at all, matching Earnest’s no-fees-period approach.

Earnest raised its maximum. Earnest now refinances up to $550,000, up from $500,000 — relevant if you’re carrying medical, dental, or law school debt.

The federal repayment system was overhauled. The SAVE plan is gone, interest resumed for former SAVE borrowers, and the new Repayment Assistance Plan (RAP) is now the centerpiece of federal income-driven repayment. That makes the decision to refinance federal loans more consequential than ever — more on that below.

Earnest

Earnest’s pitch is customization. Instead of picking from four or five preset terms, Precision Pricing lets you choose the exact monthly payment you want, and Earnest builds the loan term around it. In practice that means about 180 different repayment options between 5 and 20 years.

Eligibility: You’ll need a credit score of at least 650, consistent income (or a written job offer), and a completed degree — or one you’ll finish by the end of the current semester. Earnest also looks deeper than your credit score: it wants to see savings covering at least two months of essential expenses, and it evaluates your broader financial habits, like whether your accounts are in good standing. See how Earnest’s requirements compare in our guide to the minimum credit score needed to refinance student loans by lender.

Loan amounts: $5,000 to $550,000 in most states. California residents need at least $10,000, and New Mexico residents need at least $10,001.

Flexibility features: Beyond Precision Pricing, Earnest lets you skip one payment per year (after making at least six months of on-time payments — the skipped amount is spread across your remaining payments), change your payment date, make biweekly payments, and access up to 12 months of forbearance for hardship after three consecutive on-time payments.

Cosigners: Earnest allows cosigners and offers cosigner release, which SoFi does not.

The catch: Earnest isn’t available everywhere. Refinancing isn’t offered in Mississippi or Nevada, and variable-rate loans aren’t available in Alaska, Illinois, Minnesota, New Hampshire, Ohio, Tennessee, or Texas. The two-months-of-savings requirement also trips up some otherwise qualified borrowers.

Check out our full Earnest review for more details.

SoFi

SoFi is the biggest name in student loan refinancing, and its pitch goes beyond the loan itself: refinancing makes you a SoFi member, which comes with career coaching, financial planning sessions, member events, and rate discounts on other SoFi products.

Eligibility: SoFi doesn’t publish a hard credit score minimum, but approved borrowers typically have strong credit — the average is in the mid-700s. You’ll need to be employed (or have an offer starting within 90 days), have an eligible degree, and refinance at least $5,000 in loans from a Title IV accredited school.

Loan terms: 5, 7, 10, 15, or 20 years — simple and standard, without Earnest’s custom-payment engine.

SmartStart: SoFi’s newest option lets recent grads make interest-only payments for the first nine months after refinancing, easing the transition out of school. It’s limited to fixed-rate loans on 7- to 20-year terms and can only be used once.

Specialty programs: SoFi refinances Parent PLUS loans (including transferring a Parent PLUS loan into the child’s name) and offers a medical residency refinance program with $100 monthly payments during residency. If you’re weighing that option, read our guide on whether refinancing medical school loans makes sense. Borrowers facing job loss may qualify for unemployment protection, which pauses payments in three-month increments while SoFi’s career team helps with the job search.

The catch: No cosigner release — if you refinance with a cosigner, they’re on the loan until it’s paid off or refinanced again. And the lack of a published credit minimum means fair-credit borrowers may have better luck with Earnest.

Check out our full SoFi review for more details.

Comparing Loan Features

SoFi and Earnest have comparable loan terms. Both offer variable rate loans and the rates provided on their websites include a 0.25% reduction with autopay. Earnest offers customized loan terms compared to only five terms offered by SoFi. Both require borrowers to take out loans with a minimum of $5,000. Some states, like California, have higher requirements.
There are no prepayment penalties for paying your loans off early. SoFi charges a late fee while Earnest does not. Both offer forbearance if borrowers fall on economic hardship. Unlike federal student loans, neither SoFi nor Earnest charge application or origination fees.

Related: The Definitive Guide To Student Loan Debt

Borrower Eligibility And Requirements

To qualify for refinancing, borrowers will need a 665 credit score with Earnest and a minimum of a 650 with SoFi. Neither company discloses the exact criteria, however, the higher your credit score, the better chance of getting the lowest rate.
You’ll also need to show proof of income to qualify. If you carry too much consumer debt or aren’t current on your rent, that can negatively affect your chances of qualifying for a loan.
Earnest does look deeper into your personal finances to make sure you’re spending within your means. You’ll also need to show you have an emergency fund of at least two months’ worth of expenses in savings. If you aren’t good with managing money or haven’t started saving yet, Earnest might not be the right company for you to refinance with.
While SoFi is harder to qualify for, it might feel less invasive than Earnest. You don’t need to have savings and SoFi isn’t going to evaluate your spending habits as part of its underwriting criteria.

Repayment Flexibility And Options

When it comes to flexible repayment terms, Earnest offers greater flexibility. Borrowers can use precision pricing to choose a term between five to 20 years that fits within their budget. While SoFi offers similar term lengths, they are only available in fixed terms.
Earnest borrowers can also opt between bimonthly or monthly payments. This helps borrowers take advantage of lower monthly payments, making their loans more affordable.
Both Earnest and SoFi offer solutions for borrowers who have suddenly lost a job, are enduring financial hardship, or are making a big transition like going back to school. After making three months of on-time payments, Earnest borrowers are eligible for forbearance up to 12 months. SoFi also offers forbearance and deferment depending on your situation.

Related:
How To Select The Best Student Loan Repayment Plan

Additional Benefits And Features

Earnest allows borrowers to skip one monthly payment each year. This can come in handy if you’re facing an unexpected financial hardship. If you elect to skip a payment, it’s tacked onto the end of your loan. Interest will still accrue on the skipped payment, but it will be distributed across your remaining payments rather than being applied to the next payment that’s due.
Earnest also takes a deeper look into a borrower’s finances than other lenders. While this might seem invasive, it allows you to get a customized refinancing offer that meets your specific needs and goals.
SoFi takes a more holistic approach to borrowing. They want to make sure borrowers are set up for success to capitalize on their education. That’s why they offer exclusive networking events and career coaching.
SoFi offers flexible refinancing options for borrowers pursuing advanced degrees in medical or dental fields. While an individual is in residency – where their income is rather meager – SoFi offers $100 monthly payments. This can help future doctors and dentists work toward repaying their loans without being crippled by them.

Application Process And Customer Experience

When you’re ready to apply, start by getting your rate. Both SoFi and Earnest will do a soft pull on your credit. Your credit score will only be affected if you move forward.
After you receive your rate, you’ll be prompted to continue through the application process. You’ll have to provide information to verify your identity and income, as well as the loans you’d like to finance.
To finish your application choose your loan terms. While Earnest offers more flexibility, both lenders offer borrowers the option to choose a term length that fits within their budget.
SoFi offers customer support Monday through Thursday from 5am–7pm PT and Friday through Sunday 5am–5pm PT. Earnest also provides a number of calculators and tools borrowers can use to plan out how they’ll refinance their loan before applying.

Red Flags And Considerations

Before you refinance your student loans with Earnest or SoFi there are some things you’ll want to consider first.
Earnest is owned by Navient, a student loan servicer. A number of lawsuits have been filed against Navient, claiming the company misallocated student loan payments. By the end of 2024, Navient will no longer service federal student loans.
SoFi has also taken legal action. The company sued to block President Biden’s student loan payment pause arguing it adversely affected their refinancing business.
While both companies offer refinancing options, there are some conflicts of interest that borrowers may want to be mindful of before refinancing.

Earnest Vs Sofi: Which Is The Best Option For Student Loan Refinancing

Choose Earnest if you want maximum control over your payment, you have fair-to-good credit (650s to low 700s), you want the option to skip a payment in a tight month, or you need a cosigner with the ability to release them later. Just make sure you meet the savings requirement and live in an eligible state.

Choose SoFi if you have strong credit and want the lowest possible variable rate, you’re a recent grad who’d benefit from SmartStart’s interest-only runway, you’re refinancing Parent PLUS loans, you’re a medical resident, or you value the member benefits like career coaching and unemployment protection.

Either way: both lenders let you check your rate with a soft credit pull that won’t affect your score. The smartest move is to get quotes from both (it takes a few minutes each) and compare your actual offers — advertised ranges only tell you so much. You can also compare offers from multiple lenders at once using our student loan refinancing tool or a marketplace like Credible [AFFILIATE].

Rates have held steady through the first half of 2026 with the Fed on hold, so there’s no obvious reason to rush or to wait — the right time to refinance is when the rate you’re offered beats the rate you have. If you’re holding out for a rate drop, here’s what to consider if rates fall.

You Are Looking To Transfer Parent Plus Loans

One of the challenges with federal student loans is that there are borrowing limits. For students who financed their education using Parent PLUS loans, refinancing can be a way to move the loans of their parents’ name into their name. SoFi allows borrowers to move PLUS loans into their name, however Earnest does not.

You Want To Have Some Flexibility In Repayment

Both SoFi and Earnest have repayment flexibility, especially if you face financial hardship and need to put your loans in forbearance. But Earnest is the better choice if you’re looking for greater flexibility. Not only can borrowers skip one payment per year, they can also customize their loan terms.

You Fear You Do Not Have Job Security

With layoffs on the rise, you might be concerned about job security. SoFi is the best option if you’re worried about this. You can put your loans in forbearance if you face sudden unemployment to pause your payments. SoFi also offers career coaching and networking events that can help you find your next job in the meantime.

Conclusion

Refinancing your student loans can be a good option to consider, especially if you want to lower your monthly payment or your interest rate. Doing so with a private lender can come with tradeoffs you’ll want to consider.
Start by evaluating your financial situation. Get a rate quote from both SoFi and Earnest to see what your options are. Select a custom loan term to help you stay within your budget. After you review your options, make the best decision for your personal financial situation that helps you achieve your goals.

Frequently Asked Questions

Is Earnest or SoFi better for student loan refinancing?

Neither is categorically better — they work better for different borrowers. Earnest offers more payment flexibility, a published 650 credit score minimum, and cosigner release. SoFi offers a slightly lower variable rate floor, member benefits, the SmartStart interest-only option, and specialty programs for Parent PLUS borrowers and medical residents. Since both use soft credit pulls to show your rate, check both and compare real offers.

What credit score do I need to refinance with Earnest or SoFi?

Earnest requires a minimum credit score of 650. SoFi doesn’t publish a minimum, but its typical approved borrower has a score well into the 700s. If your credit is in the 650–700 range, Earnest is likely your better bet — or consider applying with a cosigner. Our lender-by-lender credit score guide covers the full market.

Can I refinance federal student loans in 2026?

Yes, but think carefully first. Refinancing federal loans with a private lender permanently forfeits access to the Repayment Assistance Plan (RAP), Income-Based Repayment, Public Service Loan Forgiveness, and federal hardship protections. It generally only makes sense if you have stable income, won’t pursue forgiveness, and can lock in a meaningfully lower rate.

Do Earnest or SoFi charge fees to refinance?

No. Neither lender charges application fees, origination fees, prepayment penalties, or late fees. The cost of the loan is the interest rate — which is why comparing your actual rate offers is the whole game.

Does checking my rate hurt my credit score?

No. Both Earnest and SoFi use a soft credit inquiry to show you a preliminary rate, which doesn’t affect your score. A hard inquiry only happens if you proceed with a full application.

Can I refinance my student loans more than once?

Yes. There’s no limit on how many times you can refinance, and since neither lender charges fees, it can pay to refinance again whenever rates drop or your credit improves. The exception: SoFi’s SmartStart interest-only option can only be used once per borrower.

What is SoFi SmartStart?

SmartStart is SoFi’s refinancing option for recent graduates, launched in 2025. It lets you make interest-only payments for the first nine months of your refinanced loan before full principal-and-interest payments begin. It’s available on fixed-rate loans with 7-, 10-, 15-, or 20-year terms. Keep in mind that deferring principal for nine months increases the total amount you’ll pay over the life of the loan.

Is refinancing the same as consolidation?

No. Federal student loan consolidation combines federal loans into one Direct Consolidation Loan and keeps federal protections, but doesn’t lower your rate. Refinancing with a private lender like Earnest or SoFi can lower your rate, but converts federal loans into private ones and removes those protections.