Earnest vs. SoFi (and others): How to choose a student loan refinance lender

By Corey Buhay | Published on May 29, 2026

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TL;DR

• SoFi and Earnest are both popular student loan lenders for refinancing, but they have some major differences.
• Earnest offers more flexible eligibility requirements and completely customizable loan terms, as well as an AutoPay discount.
• Earnest also offers a longer grace period and lets eligible borrowers skip one payment every 12 months.
• SoFi is available in more states.

Life shouldn’t be a comparison game—but lender shopping definitely is. For many borrowers, researching a refinance lender’s perks and policies is the most time-consuming step of the whole process. Every season, new rankings come out, and new companies announce that they’re the best student loan refinance lender of the year. But how do you sort through all the accolades and figure out what, exactly, a lender can offer you?

To assist you, we compiled the data, collated the features that matter most, and put them side-by-side. Below, you’ll see a clear comparison between two of the top lenders of 2025.

Earnest vs. SoFi (and others)

Both Earnest and SoFi are frequently voted the best student loan refinance lender of 2025. But which is the truth? Use this student loan refinance comparison chart to decide which lender is best for you.

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A closer look at the differences between Earnest and SoFi

Applying with a cosigner

Both SoFi and Earnest allow you to refinance your loans with a cosigner. If you don’t have stellar credit, a cosigner could help you become eligible for a refinance loan even if you wouldn’t otherwise. A creditworthy cosigner could also help you secure lower interest rates and more generous loan terms.

Cosigner release

A cosigner release allows qualified borrowers to remove a cosigner from their loan after meeting certain eligibility requirements, such as making a series of consecutive on-time payments. One of the main benefits of cosigner release is that it allows borrowers to remove their cosigner while keeping their existing interest rate, repayment term, and loan agreement intact.

Not all lenders offer cosigner release. Earnest offers cosigner release programs for eligible borrowers, while SoFi does not.

Degree completion requirement

To qualify for a SoFi student loan refinance, you must have at least a completed associate’s degree from an accredited institution. You’re not eligible to refinance if you’re still pursuing the degree associated with those loans. Many other lenders have similar policies.

In contrast, Earnest does let current students refinance, as long as they’re within 6 months of graduating and meet the other residency and credit score requirements.

Flexible eligibility criteria

Most lenders only look at your credit score when determining eligibility for a loan. But Earnest considers a range of factors, including your overall cash flow, current savings, and past repayment behavior.

Biweekly payment options

Most lenders require monthly payments. Some let you pay twice a month. But with Earnest, it’s easy to schedule payments at any frequency you want. You can choose to pay weekly, every 12 days, or every 27 days.

Option to skip one payment per year

Earnest’s Skip-a-Payment option allows eligible borrowers to skip a payment once every 12 months without penalty fees.

Customizable loan terms

Most lenders allow borrowers to choose 5-, 7-, 10-, or 15-year loan terms, but only in those increments. Earnest allows borrowers to adjust their loan term to any length between 5 and 20 years, giving borrowers 180 different repayment options.

Check your personalized rate

Want to see how an Earnest refinance may look for you? Earnest provides all prospective borrowers a free rate estimate that triggers only a soft credit check.

About the Author

Corey Buhay

Corey Buhay is a writer and editor based in Boulder, Colorado. She’s passionate about literature, the outdoors, and manual tax preparation. She has been writing about student loans and personal finance for Earnest since 2019.