SAN FRANCISCO, Aug. 6, 2019 /PRNewswire/ -- Earnest, a leading financial technology company, announced today it has refinanced $6 billion in student loans since its inception in 2013 for over 75,000 clients across the U.S.
"One in five adults carries student loan debt in America. That's an estimated $1.6 trillion. At Earnest, we give our clients the tools they need to take charge of their financial futures," said Susan Ehrlich, CEO of Earnest. "While this $6 billion milestone validates our user-centric, data-driven approach to building financial tools, it also highlights the demand for more affordable avenues to finance--or refinance--their education."
Earnest uses technology, data, and design to build more affordable products and create an automated, faster experience for clients with competitive rates. Earnest is the only lender to offer precision pricing, enabling clients to pick the exact monthly payment down to the dollar that fits their monthly budget. The company offers an intuitive two-minute rate check and other tools to quickly let prospective clients assess the pros and cons of refinancing to decide if it is the right option for them--providing peace of mind. Clients also have access to an in-house client happiness team that's dedicated to making the Earnest experience personal, engaging and thoughtful.
"It's clear there's still work to be done - college tuition continues to rise and students are taking on debt without fully understanding their path to financial freedom when they graduate," continued Ehrlich. "We're committed to making this process easier and more transparent to ensure our clients make the right decision for their particular situation."
"I graduated from UCLA with over $35,000 in student loans. Wow, did they feel overwhelming! Refinancing through Earnest, however, allowed me to reduce my monthly payment by nearly 20% and saved me thousands of dollars of interest over the life of my loans," shared Earnest client, Logan Allec.
In April 2019, Earnest launched a private student loan product in an effort to modernize the woefully outdated student loan application process. That month, the company also hired Pamela Rice as Chief Technology Officer and VP of Engineering to help drive innovation across the student loan ecosystem. Prior to joining Earnest, Rice was the CTO at On Deck, where she helped scale the company and go public in December 2014, and Head of Credit Underwriting Technology at PayPal.
Earnest is a technology company using technology, data, and design and exceptional service to build more affordable financial products, deliver them to more people, and engage through more human experiences.
Founded in 2013 on the belief that financially responsible people deserve better options and access to credit, Earnest's lending products are built for a new generation seeking to reach life's milestones. The company's mission is to empower people with the financial capital they need to live better lives. Earnest is a subsidiary of Navient. Learn more at earnest.com.