Student Loan Rate Match Documentation | Earnest | Earnest
Private Student Loan Rate Match: Required Documentation
Need help with your Rate Match? Give us a call at (888) 601-2801
In order to approve your rate match* request, you must provide a screenshot or copy of your final Loan Agreement from a competing lender. Some lenders may call this document an “Approval Disclosure” or “Loan Approval Disclosure”. The image or document must legibly show:
- Borrower’s full name and cosigner's name (if applicable)
- The competitor’s loan offer (loan approval disclosure). This document must have been issued within 15 days prior to the date your Earnest loan approval disclosure was issued, or up to 30 days after this date.
- The competitor’s approved term, loan amount, repayment option, and interest rate, excluding any discounts.
Please note that we cannot accept any images of check-out pages or general loan options from competing lenders, we must have your final Loan Agreement.
For additional reference, see the below example of a valid final competitor loan approval / agreement for Rate Match submission, as well as invalid examples that cannot be accepted.
Example of Valid Final Competitor Loan Approval / Agreement for Rate Match
Please reference the below image as an example of the proper documentation required to submit a Private Student Loan Rate Match with Earnest. For illustrative purposes only.
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Example of Invalid Final Competitor Loan Approval / Agreement for Rate Match
Please reference the below image as an example of improper documentation that cannot be submitted to process a Private Student Loan Rate Match with Earnest. For illustrative purposes only.
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Example of Invalid Final Competitor Loan Approval / Agreement for Rate Match
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Example of Invalid Final Competitor Loan Approval / Agreement for Rate Match
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Earnest Private Student Loans are subject to credit approval.
Before applying for private student loans, it’s best to maximize your other sources of financial aid first. It’s recommended to use a 3-step approach to assembling the funds you need: 1) Look for funds you don’t have to pay back, like scholarships, grants, and work-study opportunities. 2) Next, fill out a FAFSA® form to apply for federal student loans options. 3) Finally, consider a private student loan to cover any difference between your total cost of attendance and the amount not covered in steps 1 and 2. For more information, visit the Department of Education website at studentaid.gov.
*Terms and conditions apply. To qualify for this Earnest Rate Match and Bonus offer: 1) you must submit a completed student loan application; 2) you must provide documentation of an eligible competitive rate offer exclusive of all discounts by calling Client Happiness at (888) 601-2801 or chat on Earnest.com and follow the instructions to send in your proof of lower rate; and 3) you must provide a valid email address during the application process. The bonus will be paid out in the form of a gift card. You will receive instructions on how to redeem the gift card via the email address you have provided. Limit one rate match bonus per application. A bonus cannot be issued to residents in KY, MA, and MI. Earnest may discontinue this program at any time. Bonuses that are not redeemed within 180 calendar days of the date they were made available to the recipient may be subject to forfeit. Bonus amounts of $600 or greater in a single calendar year may be reported to the Internal Revenue Service (IRS) as miscellaneous income to the recipient on Form 1099-MISC in the year received as required by applicable law. Recipient is responsible for any applicable federal, state or local taxes associated with receiving the bonus offer; consult your tax advisor to determine applicable tax consequences. Additional terms and conditions may apply. Earnest may discontinue this program at any time.